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): January 26, 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 January 26,
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. Monthly Distribution Report dated January 26, 1998.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 6374776 1107651 36655 0 0 0 5267125
FXA-2 20398633 13402 131741 0 0 0 20385232
FXA-3 11623696 0 71195 0 0 0 11623696
FXA-4 13200375 0 82502 0 0 0 13200375
FXA-5 5125000 0 33099 0 0 0 5125000
FXA-6 4001000 0 25840 0 0 0 4001000
FXA-7 1000000 0 6458 0 0 0 1000000
FXA-8 17824175 1255338 95341 0 0 0 16568837
FXA-9 17824175 NA 30914 NA 0 0 16568837
FXP 80833 60 NA 0 0 NA 80773
FXS 7501378 NA 48446 NA 0 0 7296505
A-1 38368543 1734482 247797 0 0 0 36634060
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13623185 10008 87983 0 0 0 13613178
P 1065691 1685 NA 0 0 NA 1064007
S 965982 NA 6239 NA 0 0 923781
B-1 5163716 3555 33349 0 0 0 5160161
B-2 2100495 1446 13566 0 0 0 2099048
B-3 1312809 904 8479 0 0 0 1311905
B-4 787685 542 5087 0 0 0 787143
B-5 437604 301 2826 0 0 0 437302
B-6 700166 482 4522 0 0 0 699684
R 0 0 0 0 NA 0 0
RP 0 0 0 0 NA 0 0
Reimbur-
ment of
Beginning Realized Remaining
ClassBalance Principal Interest Losses Balance
FXA-1 423.331451 73.556086 2.434156 0.000000 349.775365
FXA-2 995.055292 0.653754 6.426399 0.000000 994.401539
FXA-31000.000000 0.000000 6.125000 0.000000 1000.000000
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-8 644.266672 45.375028 3.446156 0.000000 598.891644
FXA-9 644.266672 0.000000 1.117400 0.000000 598.891644
FXP 993.173279 0.736586 0.000000 0.000000 992.436693
FXS 769.318370 0.000000 4.968515 0.000000 748.307246
A-1 883.164477 39.924196 5.703771 0.000000 843.240281
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-4 994.393086 0.730488 6.422122 0.000000 993.662598
P 979.737968 1.548820 0.000000 0.000000 978.189148
S 803.832840 0.000000 5.191417 0.000000 768.715616
B-1 994.786464 0.684905 6.424663 0.000000 994.101559
B-2 994.786467 0.684905 6.424661 0.000000 994.101562
B-3 994.786469 0.684904 6.424665 0.000000 994.101565
B-4 994.786471 0.684909 6.424661 0.000000 994.101562
B-5 994.786484 0.684910 6.424663 0.000000 994.101574
B-6 994.786662 0.684905 6.424659 0.000000 994.101757
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: January 31, 1998
