SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 25, 1998
Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997 NAMC1
(Exact name of registrant as specified in its charter)
Virginia 0-15483 53-1526174
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Steet
Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5. Other Events
On behalf of Financial Asset Securitization, Inc. Mortgage
Particiption Securities, Series 1997-NAMC 1, a Trust creat-
ed pursuant to the Pooling and Servicing Agreement, dated
April 1, 1997, by The First National Bank of Chicago, as
trustee for the Trust, the Trustee has caused to be filed
with the Commission, the Monthly Report dated August 25,
1998. The Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2) current
Commission policy in the area. The filing of the Monthly
Report will occur subsequent to each monthly distribution
to the holders of the Certificates, Due May 25, 2027.
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certifi-
catholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1.
Reimburse-
Realized ment of
Beginning Loss of Realized Remaining
Class Balance Principal Interest Principal Losses Balance
FXA-1 0 0 0 0 0 0
FXA-2 20302140 14392 131118 0 0 20287747
FXA-3 9328091 1463875 57135 0 0 7864216
FXA-4 13200375 0 82502 0 0 13200375
FXA-5 5125000 0 33099 0 0 5125000
FXA-6 4001000 0 25840 0 0 4001000
FXA-7 1000000 0 6458 0 0 1000000
FXA-8 9375106 780733 47706 0 0 8594373
FXA-9 9375106 NA 18701 NA 0 8594373
FXP 72910 64 NA 0 0 72846
FXS 6042116 NA 39022 NA 0 5835496
A-1 23136338 1705899 149422 0 0 21430439
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13551015 10745 87517 0 0 13540270
P 957551 26443 NA 0 0 931108
S 608183 NA 3928 NA 0 599956
B-1 5138101 3818 33184 0 0 5134283
B-2 2090075 1553 13498 0 0 2088522
B-3 1306296 971 8437 0 0 1305326
B-4 783777 582 5062 0 0 783195
B-5 435433 324 2812 0 0 435109
B-6 696693 518 4499 0 0 696175
R 0 0 0 0 NA 0
RP 0 0 0 0 NA 0
Reimbur
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 0.000000 0.000000 0.000000 0.000000 0.000000
FXA-2 990.348281 0.702066 6.396000 0.000000 989.646215
FXA-3 802.506449 125.938886 4.915352 0.000000 676.567563
FXA-41000.000000 0.000000 6.250000 0.000000 1000.000000
FXA-51000.000000 0.000000 6.458334 0.000000 1000.000000
FXA-61000.000000 0.000000 6.458333 0.000000 1000.000000
FXA-71000.000000 0.000000 6.458330 0.000000 1000.000000
FXA-8 338.869455 28.220129 1.724351 0.000000 310.649326
FXA-9 338.869455 0.000000 0.675974 0.000000 310.649326
FXP 895.822777 0.783890 0.000000 0.000000 895.038887
FXS 619.660922 0.000000 4.001977 0.000000 598.470593
A-1 532.550642 39.266271 3.439389 0.000000 493.284371
A-2 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-3 1000.000000 0.000000 6.458334 0.000000 1000.000000
A-4 989.125147 0.784279 6.388100 0.000000 988.340868
P 880.319877 24.310413 0.000000 0.000000 856.009464
S 506.093391 0.000000 3.268523 0.000000 499.247612
B-1 989.851743 0.735441 6.392793 0.000000 989.116302
B-2 989.851750 0.735443 6.392792 0.000000 989.116307
B-3 989.851753 0.735438 6.392794 0.000000 989.116315
B-4 989.851733 0.735439 6.392797 0.000000 989.116294
B-5 989.851761 0.735445 6.392792 0.000000 989.116316
B-6 989.852622 0.735286 6.392805 0.000000 989.117336
R 0.000000 0.000000 0.000000 0.000000 0.000000
RP 0.000000 0.000000 0.000000 0.000000 0.000000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Financial Asset Securitization, Inc.
By /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
The First National Bank of Chicago
Dated: August 25, 1998
