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): 7/26/99
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 July 26,
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: 7/26/99
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-220,134,134.22 16,434.33 130,032.95 0.00 0.00 20,117,699.89
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 5,063,264.76 1,399,090.34 31,645.40 0.00 0.00 3,664,174.42
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 1,687,754.91 466,363.45 7,795.32 0.00 0.00 1,221,391.46
FXA-9 1,687,754.91 NA 4,159.61 NA 0.00 1,221,391.46
FXP 65,466.05 274.68 NA 0.00 0.00 65,191.37
FXS 3,771,807.07 NA 24,359.59 NA 0.00 3,592,241.85
A-1 841,975.65 632,755.71 5,437.76 0.00 0.00 209,219.94
A-2 6,962,000.00 0.00 44,962.92 0.00 0.00 6,962,000.00
A-3 1,951,000.00 0.00 12,600.21 0.00 0.00 1,951,000.00
A-4 13,426,248.21 12,170.46 86,711.19 0.00 0.00 13,414,077.75
P 651,758.82 5,225.02 NA 0.00 0.00 646,533.80
S 371,729.33 NA 2,400.75 NA 0.00 360,906.86
B-1 5,093,583.77 4,346.09 32,896.06 0.00 0.00 5,089,237.68
B-2 2,071,966.39 1,767.90 13,381.45 0.00 0.00 2,070,198.49
B-3 1,294,978.63 1,104.94 8,363.40 0.00 0.00 1,293,873.69
B-4 776,986.75 662.96 5,018.04 0.00 0.00 776,323.79
B-5 431,660.20 368.31 2,787.81 0.00 0.00 431,291.89
B-6 571,430.63 487.57 3,690.53 0.00 0.04 570,943.06
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-2 982.15289 0.80167 6.34307 981.35121
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 383.56977 105.98868 2.39731 277.58109
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 61.00502 16.85702 0.28177 44.14801
FXA-9 61.00502 0.00000 0.15035 44.14801
FXP 804.35993 3.37490 0.00000 800.98502
FXS 386.82499 0.00000 2.49824 368.40933
A-1 19.38054 14.56473 0.12517 4.81581
A-2 1000.00000 0.00000 6.45833 1000.00000
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 980.01812 0.88835 6.32928 979.12976
P 599.19118 4.80360 0.00000 594.38758
S 309.33107 0.00000 1.99776 300.32525
B-1 981.27559 0.83727 6.33740 980.43832
B-2 981.27561 0.83727 6.33741 980.43834
B-3 981.27561 0.83727 6.33740 980.43834
B-4 981.27557 0.83727 6.33741 980.43830
B-5 981.27562 0.83726 6.33742 980.43835
B-6 811.88152 0.69273 5.24346 811.18879
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: July 31, 1999
