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Previous: CARRIZO OIL & GAS INC, SC 13D/A, 1998-01-13 |
Next: NUVEEN INVESTMENT TRUST II, 497, 1998-01-13 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 8-K
Pursuant to Section 12 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): 12/25/97
FINANCIAL ASSET SECURITIES CORP
(AS DEPOSITOR UNDER THE SALE AND SERVICING AGREEMENT
DATED AS OF JUNE 2, 1997, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME LOAN OWNER TRUST 1997-3
HOME LOAN ASSET BACKED NOTES SERIES 1997-3
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(Exact name of registrant as specified in its charter)
Delaware 333-21071-10 None
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (203) 625-2700
<PAGE> 2
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 Cityscape Home Loan Asset Backed Notes Series 1997-3
Distribution Statement dated 12/25/97.
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.
Date: 12/16/97
FINANCIAL ASSET SECURITIES CORP by First Bank National Association,
as Trustee for Cityscape Home Loan Owner Trust 1997-3, Home Loan
Asset Backed Notes Series 1997-3.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Bank National Association
<PAGE> 1
Cityscape Home Loan Owner Trust
Series 1997-3
DISTRIBUTION STATEMENT
Distribution Date: 12/26/97
Issued on June 13, 1997
Pursuant to the Sale and Servicing Agreement dated as of June 2, 1997
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Certificate Balance) Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 178780AH5 50,100,000.00 4.23550220 40.73271377 804.75893533
A-2 178780AJ1 28,400,000.00 6.14166655 0.00000000 1,000.00000000
A-3 178780AK8 22,000,000.00 6.09166682 0.00000000 1,000.00000000
A-4 178780AL6 22,900,000.00 6.30833319 0.00000000 1,000.00000000
A-5 178780AM4 13,600,000.00 6.57500000 0.00000000 1,000.00000000
A-6 178780AN2 14,000,000.00 6.17500000 0.00000000 1,000.00000000
M-1 178780AP7 22,500,000.00 6.40000000 0.00000000 1,000.00000000
M-2 178780AQ5 15,500,000.00 6.53333355 0.00000000 1,000.00000000
B 178780AR3 9,000,000.00 6.80833333 0.00000000 1,000.00000000
<CAPTION>
INTEREST Prior Current Current
Interest Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
Class Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 5.81750% 0.00 212,198.66 212,198.66 212,198.66 0.00
A-2 7.37000% 0.00 174,423.33 174,423.33 174,423.33 0.00
A-3 7.31000% 0.00 134,016.67 134,016.67 134,016.67 0.00
A-4 7.57000% 0.00 144,460.83 144,460.83 144,460.83 0.00
A-5 7.89000% 0.00 89,420.00 89,420.00 89,420.00 0.00
A-6 7.41000% 0.00 86,450.00 86,450.00 86,450.00 0.00
M-1 7.68000% 0.00 144,000.00 144,000.00 144,000.00 0.00
M-2 7.84000% 0.00 101,266.67 101,266.67 101,266.67 0.00
B 8.17000% 0.00 61,275.00 61,275.00 61,275.00 0.00
Total 0.00 1,147,511.16 1,147,511.16 1,147,511.16 0.00
<CAPTION>
PRINCIPAL
Beginning Principal Principal Ending Loss Reim- Optimal
Certificate Distribution Loss Principal Certificate bursement Principal Principal
Class Balance Amount Allocation Reduction Balance Deficiencies Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 42,359,131.62 2,040,708.96 --- 2,040,708.96 40,318,422.66 --- 2,040,708.96 0.00
A-2 28,400,000.00 0.00 --- 0.00 28,400,000.00 --- 0.00 0.00
A-3 22,000,000.00 0.00 --- 0.00 22,000,000.00 --- 0.00 0.00
A-4 22,900,000.00 0.00 --- 0.00 22,900,000.00 --- 0.00 0.00
A-5 13,600,000.00 0.00 --- 0.00 13,600,000.00 --- 0.00 0.00
A-6 14,000,000.00 0.00 --- 0.00 14,000,000.00 --- 0.00 0.00
M-1 22,500,000.00 0.00 0.00 0.00 22,500,000.00 0.00 0.00 0.00
M-2 15,500,000.00 0.00 0.00 0.00 15,500,000.00 0.00 0.00 0.00
B 9,000,000.00 0.00 0.00 0.00 9,000,000.00 0.00 0.00 0.00
Total 190,259,131.62 2,040,708.96 0.00 2,040,708.96 188,218,422.66 0.00 2,040,708.96 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
<S> <C> <C> <C>
Deposits Interest Principal Total
Gross Interest 2,177,097.94 --- 2,177,097.94
Scheduled Principal --- 218,086.38 218,086.38
Partial Prepayments --- 93,712.82 93,712.82
Paid in Full Principal --- 783,349.48 783,349.48
Net Liquidation Proceeds 0.00 0.00 0.00
Post Liquidation Proceeds 0.00 0.00 0.00
Insurance Proceeds 0.00 0.00 0.00
Released Mortgage Property Proceeds 0.00 0.00 0.00
Purchase Price 0.00 0.00 0.00
Substitution Adjustment 0.00 0.00 0.00
Termination Price 0.00 0.00 0.00
Additional Servicing Compensation 0.00 --- 0.00
Capitalized Interest Requirement 0.00 --- 0.00
Total Deposits 2,177,097.94 1,095,148.68 3,272,246.62
Withdrawals
Servicing Fee (not including Collection Account earnings) 0.00 0.00 81,973.76
Additional Servicing Compensation (not withheld per 5.01(b)(1)) 0.00 0.00 0.00
Servicing Advance Reimbursement 0.00 0.00 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00 0.00 0.00
Legal or other expenses payable per 9.02 0.00 0.00 0.00
Amount withheld per court order 0.00 0.00 0.00
Total Withdrawals 0.00 0.00 81,973.76
Available Collection Amount 0.00 0.00 3,190,272.86
<CAPTION>
NOTE DISTRIBUTION ACCOUNT
<S> <C>
Available Collection Amount 3,190,272.86
Pre-Funding Earnings 0.00
Transfer of Pre-Funding Account Balance 0.00
Indenture Trustee Fee 1,844.41
Indenture Trustee Fee for Prior Distribution Date 0.00
Owner Trustee Fee (in trust with Servicer) 208.33
Owner Trustee Fee for Prior Distribution Date 0.00
Available Distribution Amount 3,188,220.12
Distribution of Regular Distribution Amount 2,242,659.84
Distribution of Excess Spread 945,560.28
Transfer of Residual Interest to Certificate Account 0.00
Total Distributions and Transfers 3,188,220.12
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 1,147,511.16
Regular Principal Distributable Amount 1,095,148.68
Total 2,242,659.84
Regular Distribution Amount 2,242,659.84
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 840,969.49
Mezzanine Noteholders Interest Distributable Amount 245,266.67
Class B Noteholders' Interest Distributable Amount 61,275.00
Principal from Reg Dist Amt to Senior Notes 1,095,148.68
Principal from Reg Dist Amt to Mezzanine Notes 0.00
Principal from Reg Dist Amt to Certificates 0.00
Loss Reimb. from Reg Dist Amt to Mezz. Notes and Cert. 0.00
Principal from Excess Spread to Senior Notes 945,560.28
Principal from Excess Spread to Mezzanine Notes 0.00
Principal from Excess Spread to Certificates 0.00
Loss Reimb. from Excess Spread to Mezz. Notes and Cert. 0.00
Residual Holder 0.00
3,188,220.12
<CAPTION>
OVERCOLLATERALIZATION ("OC") AMOUNTS
<S> <C>
OC Target Amount 15,999,971.87
OC Amount Prior to Distribution of Excess Spread 6,354,842.94
OC Amount After Distribution of Excess Spread 7,300,403.22
OC Deficiency Amount Prior to Distribution of Excess Spread 9,645,128.93
OC Deficiency Amount After Distribution of Excess Spread 8,699,568.65
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C> <C>
Beginning Ending
Loan Balance 196,737,025.92 195,518,825.88
Weighted Average Coupon 14.1690% 14.1684%
Weighted Average Maturity n/a n/a
Loan Count 5,016 4,992
Net Loan Losses 123,051.36
Cumulative Net Loan Losses 123,051.36
Net Delinquency Calculation Amount 0.00
<CAPTION>
DELINQUENCY INFORMATION
Aggregate
Number Loan
of Loans Balance Percentage Book Value
<S> <C> <C> <C> <C>
30 - 59 days 45 1,470,208.16 0.7520% ---
60 - 89 days 13 517,889.45 0.2649% ---
90+ days 22 743,775.97 0.3804% ---
Foreclosure 1 25,981.34 0.0133% 0.0000%
Bankruptcy 19 702,079.63 0.3591% ---
Foreclosed Properties (REO) 0 0.00 0.0000% 0.0000%
<CAPTION>
LIQUIDATED AND DEFAULTED LOAN INFORMATION
Number of Balance of
Number of Balance of Loans Loans
Loans in Loans in Since Since
Due Period Due Period Closing Closing
<S> <C> <C> <C> <C>
Liquidated Combination Loans 3 72,141.30 3 72,141.30
Liquidated Debt Consolidation Loans 1 50,910.06 1 50,910.06
Total Liquidated Loans 4 123,051.36 4 123,051.36
Defaulted Combination Loans ( "Defective" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Debt Consolidation Loans ( "Defective" per Sect. 3.06) 0 0.00 0 0.00
Total Defaulted Loans ( "Defective" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Combination Loans ( "Defaulted" per Sect. 3.06) 0 0.00 0 0.00
Defaulted Debt Consolidation Loans ( "Defaulted" per Sect. 3.06) 0 0.00 0 0.00
Total Defaulted Loans ( "Defaulted" per Sect. 3.06) 0 0.00 0 0.00
</TABLE>
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