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): March 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 March 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.
Reimbur-
Realized ment of
Beginning Loss of Realized Interest Remaining
Class Balance Principal Interest Principal Losses Shortfall Balance
FXA-1 4490653 1043302 25821 0 0 0 3447351
FXA-2 20371789 13586 131568 0 0 0 20358203
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 15688836 1182409 79425 0 0 0 14506427
FXA-9 15688836 NA 31705 NA 0 0 14506427
FXP 80700 711 NA 0 0 NA 79988
FXS 7117874 NA 45970 NA 0 0 6970258
A-1 35023363 2308233 226193 0 0 0 32715131
A-2 6962000 0 44963 0 0 0 6962000
A-3 1951000 0 12600 0 0 0 1951000
A-4 13603071 10199 87853 0 0 0 13592871
P 1047162 17550 NA 0 0 NA 1029612
S 896409 NA 5789 NA 0 0 836204
B-1 5156584 3612 33303 0 0 0 5152972
B-2 2097594 1469 13547 0 0 0 2096124
B-3 1310996 918 8467 0 0 0 1310077
B-4 786597 551 5080 0 0 0 786046
B-5 436999 306 2822 0 0 0 436693
B-6 699199 490 4516 0 0 0 698709
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-1 298.212001 69.282861 1.714719 0.000000 228.929140
FXA-2 993.745807 0.662734 6.417941 0.000000 993.083073
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-8 567.083411 42.738975 2.870860 0.000000 524.344436
FXA-9 567.083411 0.000000 1.145981 0.000000 524.344436
FXP 991.528585 8.739387 0.000000 0.000000 982.789198
FXS 729.987392 0.000000 4.714501 0.000000 714.848370
A-1 806.165359 53.130738 5.206485 0.000000 753.034621
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-4 992.924855 0.744475 6.412639 0.000000 992.180380
P 962.703306 16.134945 0.000000 0.000000 946.568361
S 745.937906 0.000000 4.817512 0.000000 695.839572
B-1 993.412535 0.695917 6.415790 0.000000 992.716618
B-2 993.412536 0.695917 6.415790 0.000000 992.716619
B-3 993.412539 0.695914 6.415792 0.000000 992.716625
B-4 993.412536 0.695922 6.415795 0.000000 992.716614
B-5 993.412549 0.695913 6.415797 0.000000 992.716636
B-6 993.412732 0.695774 6.415793 0.000000 992.716958
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: March 25, 1998
