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): 8/25/1999
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 August 25,
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: 8/25/1999
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-220,117,699.89 16,689.77 129,926.81 0.00 0.00 20,101,010.12
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 3,664,174.42 671,266.20 22,901.09 0.00 0.00 2,992,908.22
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 1,221,391.46 223,755.40 5,713.82 0.00 0.00 997,636.06
FXA-9 1,221,391.46 NA 2,937.70 NA 0.00 997,636.06
FXP 65,191.37 92.31 NA 0.00 0.00 65,099.06
FXS 3,592,241.85 NA 23,199.90 NA 0.00 3,477,768.79
A-1 209,219.94 209,219.94 1,351.21 0.00 0.00 0.00
A-2 6,962,000.00 720,704.85 44,962.92 0.00 0.00 6,241,295.15
A-3 1,951,000.00 0.00 12,600.21 0.00 0.00 1,951,000.00
A-4 13,414,077.75 12,310.52 86,632.59 0.00 0.00 13,401,767.23
P 646,533.80 27,682.68 NA 0.00 0.00 618,851.12
S 360,906.86 NA 2,330.86 NA 0.00 360,473.34
B-1 5,089,237.68 4,420.61 32,867.99 0.00 0.00 5,084,817.07
B-2 2,070,198.49 1,798.21 13,370.03 0.00 0.00 2,068,400.28
B-3 1,293,873.69 1,123.88 8,356.27 0.00 0.00 1,292,749.81
B-4 776,323.79 674.33 5,013.76 0.00 0.00 775,649.46
B-5 431,291.89 374.63 2,785.43 0.00 0.00 430,917.26
B-6 570,943.06 466.46 3,687.34 33,805.16 0.00 536,671.44
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-2 981.35121 0.81414 6.33789 980.53708
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 277.58109 50.85206 1.73488 226.72903
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 44.14801 8.08779 0.20653 36.06022
FXA-9 44.14801 0.00000 0.10619 36.06022
FXP 800.98502 1.13418 0.00000 799.85084
FXS 368.40933 0.00000 2.37931 356.66932
A-1 4.81581 4.81581 0.03110 0.00000
A-2 1000.00000 103.51980 6.45833 896.48020
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 979.12976 0.89858 6.32355 978.23118
P 594.38758 25.44993 0.00000 568.93765
S 300.32525 0.00000 1.93960 299.96450
B-1 980.43832 0.85163 6.33200 979.58670
B-2 980.43834 0.85163 6.33200 979.58671
B-3 980.43834 0.85162 6.33200 979.58671
B-4 980.43830 0.85163 6.33200 979.58667
B-5 980.43835 0.85163 6.33200 979.58672
B-6 811.18879 0.66274 5.23893 762.49610
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: August 31, 1999
