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): December 28, 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 December 28,
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.
Loss ofReimburse-
Beginning Prin- ment of Remaining
Class Balance Principal Interest cipal Losses Balance
FXA-1 0.00 0.00 0.00 0.00 0.00 0.00
FXA-220243652.57 15010.63 130740.26 0.00 0.00 20228641.94
FXA-3 3097505.76 1767715.54 18972.22 0.00 0.00 1329790.22
FXA-413200375.00 0.00 82502.34 0.00 0.00 13200375.00
FXA-5 5125000.00 0.00 33098.96 0.00 0.00 5125000.00
FXA-6 4001000.00 0.00 25839.79 0.00 0.00 4001000.00
FXA-7 1000000.00 0.00 6458.33 0.00 0.00 1000000.00
FXA-8 6052127.93 942781.54 27700.29 0.00 0.00 5109346.39
FXA-9 6052127.93 NA 15168.95 NA 0.00 5109346.39
FXP 66779.53 289.33 NA 0.00 0.00 66490.20
FXS 5141579.77 NA 33206.04 NA 0.00 4893629.69
A-1 15397838.37 2543052.11 99444.37 0.00 0.00 12854786.26
A-2 6962000.00 0.00 44962.92 0.00 0.00 6962000.00
A-3 1951000.00 0.00 12600.21 0.00 0.00 1951000.00
A-4 13507381.67 11190.82 87235.17 0.00 0.00 13496190.85
P 887817.54 49698.48 NA 0.00 0.00 838119.06
S 516451.36 NA 3335.42 NA 0.00 504338.05
B-1 5122591.91 3979.14 33083.41 0.00 0.00 5118612.77
B-2 2083766.30 1618.63 13457.66 0.00 0.00 2082147.67
B-3 1302353.58 1011.65 8411.03 0.00 0.00 1301341.93
B-4 781411.73 606.99 5046.62 0.00 0.00 780804.74
B-5 434118.52 337.22 2803.68 0.00 0.00 433781.30
B-6 694590.27 539.51 4485.90 0.00 0.00 694050.76
R 0.00 0.00 0.00 0.00 NA 0.00
RP 0.00 0.00 0.00 0.00 NA 0.00
Reimbur-
ment of
Beginning Realized Remaining
Class Balance Principal Losses InterestBalance
FXA-1 0.00000 0.000000 0.0000 0.00000 0.000000
FXA-2 987.49525 0.732226 0.0000 6.37757 986.763021
FXA-3 266.48200 152.078611 0.0000 1.63220 114.403390
FXA-4 1000.00000 0.000000 0.0000 6.25000 1000.000000
FXA-5 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-6 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-7 1000.00000 0.000000 0.0000 6.45833 1000.000000
FXA-8 218.75819 34.077466 0.0000 1.00125 184.680722
FXA-9 218.75819 0.000000 0.0000 0.54829 184.680722
FXP 820.49822 3.554903 0.0000 0.00000 816.943322
FXS 527.30468 0.000000 0.0000 3.40551 501.875683
A-1 354.42638 58.535798 0.0000 2.28900 295.890585
A-2 1000.00000 0.000000 0.0000 6.45833 1000.000000
A-3 1000.00000 0.000000 0.0000 6.45833 1000.000000
A-4 985.94027 0.816848 0.0000 6.36753 985.123420
P 816.21057 45.690047 0.0000 0.00000 770.520524
S 429.76014 0.000000 0.0000 2.77554 419.680167
B-1 986.86399 0.766579 0.0000 6.37350 986.097415
B-2 986.86400 0.766577 0.0000 6.37350 986.097424
B-3 986.86401 0.766582 0.0000 6.37349 986.097429
B-4 986.86398 0.766583 0.0000 6.37350 986.097399
B-5 986.86402 0.766589 0.0000 6.37349 986.097427
B-6 986.86520 0.766529 0.0000 6.37351 986.098674
R 0.00000 0.000000 0.0000 0.00000 0.000000
RP 0.00000 0.000000 0.0000 0.00000 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: December 28, 1998
