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): January 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 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 January 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 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 of Reimburse-
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-220228641.94 15196.72 130643.31 0.00 0.00 20213445.22
FXA-3 1329790.22 1329790.22 8144.97 0.00 0.00 0.00
FXA-413200375.00 415957.18 82502.34 0.00 0.00 12784417.82
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 5109346.39 847873.78 25863.43 0.00 0.00 4261472.61
FXA-9 5109346.39 NA 10327.78 NA 0.00 4261472.61
FXP 66490.20 93.56 NA 0.00 0.00 66396.64
FXS 4893629.69 NA 31604.69 NA 0.00 4649710.84
A-1 12854786.26 2461171.70 83020.49 0.00 0.00 10393614.56
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 13496190.85 11268.42 87162.90 0.00 0.00 13484922.43
P 838119.06 18962.97 NA 0.00 0.00 819156.09
S 504338.05 NA 3257.18 NA 0.00 477734.05
B-1 5118612.77 4025.94 33057.71 0.00 0.00 5114586.83
B-2 2082147.67 1637.67 13447.20 0.00 0.00 2080510.00
B-3 1301341.93 1023.54 8404.50 0.00 0.00 1300318.39
B-4 780804.74 614.13 5042.70 0.00 0.00 780190.61
B-5 433781.30 341.18 2801.50 0.00 0.00 433440.12
B-6 694050.76 532.02 4482.41 17783.36 0.00 675735.38
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 InterestBalance
FXA-1 0.00000 0.000000 0.00000 0.000000
FXA-2 986.76302 0.741303 6.37284 986.021718
FXA-3 114.40339 114.403389 0.70072 0.000000
FXA-4 1000.00000 31.511012 6.25000 968.488988
FXA-5 1000.00000 0.000000 6.45833 1000.000000
FXA-6 1000.00000 0.000000 6.45833 1000.000000
FXA-7 1000.00000 0.000000 6.45833 1000.000000
FXA-8 184.68072 30.646961 0.93485 154.033761
FXA-9 184.68072 0.000000 0.37330 154.033761
FXP 816.94332 1.149541 0.00000 815.793780
FXS 501.87568 0.000000 3.24128 476.860113
A-1 295.89058 56.651081 1.91096 239.239504
A-2 1000.00000 0.000000 6.45833 1000.000000
A-3 1000.00000 0.000000 6.45833 1000.000000
A-4 985.12342 0.822512 6.36226 984.300907
P 770.52052 17.433511 0.00000 753.087013
S 419.68017 0.000000 2.71043 397.541898
B-1 986.09742 0.775595 6.36855 985.321821
B-2 986.09742 0.775594 6.36854 985.321830
B-3 986.09743 0.775592 6.36855 985.321837
B-4 986.09740 0.775600 6.36855 985.321799
B-5 986.09743 0.775591 6.36854 985.321837
B-6 986.09867 0.755887 6.36855 960.076410
R 0.00000 0.000000 0.00000 0.000000
RP 0.00000 0.000000 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: January 25, 1999
