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 repo 6/25/99
Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997 NAMC1
(Exact name of registrant as specified in its charter)
Virgi 0-15483 53-1526174
(Stat(Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Steet
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 June 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: LegNONE
D. Item 2: ChaNONE
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.
1Monthly Distribution Report 6/25/99
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-220,150,403.53 16,269.31 130,138.02 0.00 0.00 20,134,134.22
FXA-3 0.00 0.00 0.00 0.00 0.00 0.00
FXA-4 5,867,105.73 803,840.97 36,669.41 0.00 0.00 5,063,264.76
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 1,955,701.90 267,946.99 8,755.84 0.00 0.00 1,687,754.91
FXA-9 1,955,701.90 NA 5,097.05 NA 0.00 1,687,754.91
FXP 66,097.36 631.31 NA 0.00 0.00 65,466.05
FXS 3,832,143.91 NA 24,749.26 NA 0.00 3,771,807.07
A-1 1,316,170.10 474,194.45 8,500.27 0.00 0.00 841,975.65
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 13,438,269.96 12,021.75 86,788.83 0.00 0.00 13,426,248.21
P 684,720.66 32,961.84 NA 0.00 0.00 651,758.82
S 372,164.58 NA 2,403.56 NA 0.00 371,729.33
B-1 5,097,882.10 4,298.33 32,923.82 0.00 0.00 5,093,583.77
B-2 2,073,714.86 1,748.47 13,392.74 0.00 0.00 2,071,966.39
B-3 1,296,071.43 1,092.80 8,370.46 0.00 0.00 1,294,978.63
B-4 777,642.43 655.68 5,022.27 0.00 0.00 776,986.75
B-5 432,024.47 364.27 2,790.16 0.00 0.00 431,660.20
B-6 571,923.83 482.25 3,693.67 10.95 0.00 571,430.63
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-2 982.94651 0.79362 6.34820 982.15289
FXA-3 0.00000 0.00000 0.00000 0.00000
FXA-4 444.46508 60.89531 2.77791 383.56977
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 70.69015 9.68512 0.31649 61.00502
FXA-9 70.69015 0.00000 0.18424 61.00502
FXP 812.11663 7.75670 0.00000 804.35993
FXS 393.01295 0.00000 2.53821 386.82499
A-1 30.29551 10.91498 0.19566 19.38054
A-2 1000.00000 0.00000 6.45833 1000.00000
A-3 1000.00000 0.00000 6.45833 1000.00000
A-4 980.89562 0.87750 6.33495 980.01812
P 629.49448 30.30330 0.00000 599.19118
S 309.69326 0.00000 2.00010 309.33107
B-1 982.10367 0.82807 6.34275 981.27559
B-2 982.10368 0.82807 6.34275 981.27561
B-3 982.10369 0.82807 6.34275 981.27561
B-4 982.10364 0.82807 6.34275 981.27557
B-5 982.10370 0.82808 6.34276 981.27562
B-6 812.58225 0.68517 5.24792 811.88152
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 6/30/99
