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): June 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 June 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 155717 155717 895 0 0 0
FXA-2 20330194 13968 131299 0 0 20316226
FXA-3 11623696 1650828 71195 0 0 9972868
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 10775909 1056921 54764 0 0 9718987
FXA-9 10775909 NA 21566 NA 0 9718987
FXP 79863 6894 NA 0 0 72969
FXS 6349043 NA 41004 NA 0 6162138
A-1 26770690 1272562 172894 0 0 25498129
A-2 6962000 0 44963 0 0 6962000
A-3 1951000 0 12600 0 0 1951000
A-4 13572166 10518 87654 0 0 13561647
P 1007485 21124 NA 0 0 986361
S 661045 NA 4269 NA 0 633682
B-1 5145574 3719 33232 0 0 5141855
B-2 2093115 1513 13518 0 0 2091602
B-3 1308196 945 8449 0 0 1307251
B-4 784917 567 5069 0 0 784350
B-5 436066 315 2816 0 0 435751
B-6 697706 504 4506 0 0 697202
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 10.340764 10.340764 0.059459 0.000000 0.000000
FXA-2 991.716781 0.681354 6.404838 0.000000 991.035427
FXA-31000.000000 142.022649 6.125000 0.000000 857.977351
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-8 389.502384 38.203122 1.979464 0.000000 351.299262
FXA-9 389.502384 0.000000 0.779511 0.000000 351.299262
FXP 981.249309 84.709113 0.000000 0.000000 896.540196
FXS 651.138389 0.000000 4.205268 0.000000 631.970027
A-1 616.205907 29.291740 3.979663 0.000000 586.914167
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-4 990.669020 0.767769 6.398071 0.000000 989.901251
P 926.226696 19.420436 0.000000 0.000000 906.806260
S 550.082465 0.000000 3.552616 0.000000 527.312702
B-1 991.291436 0.716434 6.402090 0.000000 990.575002
B-2 991.291440 0.716433 6.402089 0.000000 990.575007
B-3 991.291448 0.716434 6.402092 0.000000 990.575014
B-4 991.291429 0.716432 6.402092 0.000000 990.574997
B-5 991.291461 0.716440 6.402090 0.000000 990.575021
B-6 991.291951 0.716333 6.402097 0.000000 990.575618
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: June 25, 1998
