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): 9/27/99
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 Street
Richmond, Virginia 23219
(Address of Principal Executive (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 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 September 27,
1999. 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
Certificate holders: 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 Distribution Report dated: 9/27/99
Loss of Reimburse-
Beginning Prin- ment of Remaining
Balance Principal Interest cipal Losses Balance
FXA-1 0.00 0.00 0.00 0.00 0.00 0.00
FXA-220,101,010.12 16,973.99 129,819.02 0.00 0.00 20,084,036.13
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 2,992,908.22 300,355.30 18,705.68 0.00 0.00 2,692,552.92
FXA-5 5,125,000.00 0.00 33,098.96 0.00 0.00 5,125,000.00
FXA-6 4,001,000.00 0.00 25,839.79 0.00 0.00 4,001,000.00
FXA-7 1,000,000.00 0.00 6,458.33 0.00 0.00 1,000,000.00
FXA-8 997,636.06 100,118.43 4,812.55 0.00 0.00 897,517.63
FXA-9 997,636.06 NA 2,254.03 NA 0.00 897,517.63
FXP 65,099.06 64.28 NA 0.00 0.00 65,034.78
FXS 3,477,768.79 NA 22,460.59 NA 0.00 3,441,402.85
A-1 0.00 0.00 0.00 0.00 0.00 0.00
A-2 6,241,295.15 319,139.24 40,308.36 0.00 0.00 5,922,155.90
A-3 1,951,000.00 0.00 12,600.21 0.00 0.00 1,951,000.00
A-4 13,401,767.23 12,491.04 86,553.08 0.00 0.00 13,389,276.19
P 618,851.12 871.05 NA 0.00 0.00 617,980.07
S 360,473.34 NA 2,328.06 NA 0.00 331,229.92
B-1 5,084,817.07 4,477.10 32,839.44 0.00 0.00 5,080,339.97
B-2 2,068,400.28 1,821.19 13,358.42 0.00 0.00 2,066,579.09
B-3 1,292,749.81 1,138.24 8,349.01 0.00 0.00 1,291,611.57
B-4 775,649.46 682.95 5,009.40 0.00 0.00 774,966.51
B-5 430,917.26 379.42 2,783.01 0.00 0.00 430,537.84
B-6 536,671.44 472.53 3,466.06 0.00 0.06 536,198.91
R 0.00 0.00 0.00 0.00 NA 0.00
RP 0.00 0.00 0.00 0.00 NA 0.00
Beginning Remaining
Class Balance Principal Interest Balance
FXA-1 0.00000 0.00000 0.00000 0.00000
FXA-2 980.53708 0.82800 6.33264 979.70908
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 226.72903 22.75354 1.41706 203.97549
FXA-5 1000.00000 0.00000 6.45833 1000.00000
FXA-6 1000.00000 0.00000 6.45833 1000.00000
FXA-7 1000.00000 0.00000 6.45833 1000.00000
FXA-8 36.06022 3.61885 0.17395 32.44137
FXA-9 36.06022 0.00000 0.08147 32.44137
FXP 799.85084 0.78979 0.00000 799.06105
FXS 356.66932 0.00000 2.30349 352.93974
A-1 0.00000 0.00000 0.00000 0.00000
A-2 896.48020 45.84017 5.78977 850.64003
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 978.23118 0.91175 6.31774 977.31943
P 568.93765 0.80080 0.00000 568.13686
S 299.96450 0.00000 1.93727 275.62986
B-1 979.58670 0.86251 6.32650 978.72419
B-2 979.58671 0.86251 6.32650 978.72420
B-3 979.58671 0.86251 6.32650 978.72421
B-4 979.58667 0.86251 6.32649 978.72416
B-5 979.58672 0.86252 6.32650 978.72420
B-6 762.49610 0.67136 4.92453 761.82473
R 0.00000 0.00000 0.00000 0.00000
RP 0.00000 0.00000 0.00000 0.00000
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: September 30, 1999
