<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): 09/25/97
FINANCIAL ASSET SECURITIES CORP
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 9, 1997, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME EQUITY LOAN TRUST, SERIES 1997-C
HOME EQUITY PASS-THROUGH CERTIFICATES
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(Exact name of registrant as specified in its charter)
Delaware 333-29381-01 41-1880561 & 41-1880562
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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 Equity Pass-Through Certificates
Series 1997-C Distribution Statement dated 09/25/97.
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: 09/23/97
FINANCIAL ASSET SECURITIES CORP by First Trust National Association,
as Trustee for Cityscape Home Equity Loan Trust, Series 1997-C, Home Equity
Pass-Through Certificates.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Trust National Association
<PAGE> 1
Cityscape Home Equity Loan Trust
Series 1997-C
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 9/25/97
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Certificate Balance)
Original Interest Principal Certificate
CUSIP Certificate istribution Distribution Balance
lass Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 178779CP7 39,600,000.00 4.75404470 46.06371309 911.58175257
A-2 178779CQ5 27,500,000.00 5.65000000 0.00000000 1,000.00000000
A-3 178779CR3 12,438,000.00 6.15000000 0.00000000 1,000.00000000
A-4 178779CS1 7,800,000.00 5.83333333 0.00000000 1,000.00000000
M-1F 178779CU6 6,659,000.00 6.03333383 0.00000000 1,000.00000000
M-2F 178779CV4 4,867,000.00 6.23333265 0.00000000 1,000.00000000
B-1F 178779CW2 3,586,076.00 6.52500114 0.00000000 1,000.00000000
A-5 178779CT9 78,527,000.00 4.96734295 10.96875556 972.58236737
M-1A 178779CX0 9,268,000.00 5.27430514 0.00000000 1,000.00000000
M-2A 178779CY8 5,609,000.00 5.44652701 0.00000000 1,000.00000000
B-1A 178779CZ5 4,145,924.00 5.79097205 0.00000000 1,000.00000000
<CAPTION>
INTEREST Current
Prior Interest rrent Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
lass Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> 0.00
A-1 5.76500% 0.00 188,260.17 188,260.17 188,260.17 0.00
A-2 6.78000% 0.00 155,375.00 155,375.00 155,375.00 0.00
A-3 7.38000% 0.00 76,493.70 76,493.70 76,493.70 0.00
A-4 7.00000% 0.00 45,500.00 45,500.00 45,500.00 0.00
M-1F 7.24000% 0.00 40,175.97 40,175.97 40,175.97 0.00
M-2F 7.48000% 0.00 30,337.63 30,337.63 30,337.63 0.00
B-1F 7.83000% 0.00 23,399.15 23,399.15 23,399.15 0.00
Group I Total 0.00 559,541.62 559,541.62 559,541.62 0.00
A-5 5.86500% 0.00 390,070.54 390,070.54 390,070.54 0.00
M-1A 6.12500% 0.00 48,882.26 48,882.26 48,882.26 0.00
M-2A 6.32500% 0.00 30,549.57 30,549.57 30,549.57 0.00
B-1A 6.72500% 0.00 24,008.93 24,008.93 24,008.93 0.00
Group II Total 0.00 493,511.30 493,511.30 493,511.30 0.00
<CAPTION>
PRINCIPAL
Beginning Principal Principal Ending Principal Optimal
Certificate Distribution Loss Principal Certificate Loss Reim- Principal rincipal
Clas Balance Amount Allocation Reduction Balance bursement istribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 37,922,760.44 1,824,123.04 --- 1,824,123.04 36,098,637.40 --- 1,824,123.04 0.00
A-2 27,500,000.00 0.00 --- 0.00 27,500,000.00 --- 0.00 0.00
A-3 12,438,000.00 0.00 --- 0.00 12,438,000.00 --- 0.00 0.00
A-4 7,800,000.00 0.00 --- 0.00 7,800,000.00 --- 0.00 0.00
M-1F 6,659,000.00 0.00 0.00 0.00 6,659,000.00 0.00 0.00 0.00
M-2F 4,867,000.00 0.00 0.00 0.00 4,867,000.00 0.00 0.00 0.00
B-1F 3,586,076.00 0.00 0.00 0.00 3,586,076.00 0.00 0.00 0.00
Grou 100,772,836.44 1,824,123.04 0.00 1,824,123.04 98,948,713.40 0.00 1,824,123.04 0.00
A-5 77,235,319.03 861,343.47 --- 861,343.47 76,373,975.56 --- 861,343.47 0.00
M-1A 9,268,000.00 0.00 0.00 0.00 9,268,000.00 0.00 0.00 0.00
M-2A 5,609,000.00 0.00 0.00 0.00 5,609,000.00 0.00 0.00 0.00
B-1A 4,145,924.00 0.00 0.00 0.00 4,145,924.00 0.00 0.00 0.00
Grou 96,258,243.03 861,343.47 0.00 861,343.47 95,396,899.56 0.00 861,343.47 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
INTEREST REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Aggregate Loan Balance 101,214,955.83 96,836,066.94
Weighted Average Net Mortgage Rate 11.168970% 9.406655%
Net Interest Due from Loans 942,055.66 759,086.23
Net Prepayment Interest Shortfall #N/A #N/A
Interest Remittance Amount 942,055.66 759,086.23
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Scheduled Principal Received 78,778.21 40,656.15
Partial Prepayments Received 11,586.26 7,360.68
Paid in Full Principal Received 1,352,193.42 548,659.55
Net Liquidation Proceeds 0.00 0.00
Blanket Policy Deductible Amounts 0.00 0.00
Purchase Price Amount Received 0.00 0.00
Substitution Shortfall Amount Received 0.00 0.00
Deposit from Pre-Funding Account Balance 0.00 ---
Principal Remittance Amount 1,442,557.89 596,676.38
<CAPTION>
CERTIFICATE ACCOUNT AMOUNT Group I Group II
<S> <C> <C>
Interest Remittance Amount 942,055.66 759,086.23
Principal Remittance Amount 1,442,557.89 596,676.38
Termination Price 0.00 0.00
Investment Losses 0.00 0.00
Unutilized Funding Amount 0.00 ---
Pre-Funding Account Earnings 0.00 ---
Capitalized Interest Requirement 0.00 ---
Amount Available 2,384,613.55 1,355,762.61
Less: Nonrecoverable Servicing Advance Reimbursement 0.00 0.00
Trustee Fee 948.89 907.84
Certificate Account Amount 2,383,664.66 1,354,854.77
<CAPTION>
REGULAR DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 465,628.87 390,070.54
Mezzannine Interest Distributable Amount 70,513.60 79,431.83
Class B Interest Distributable Amount 23,399.15 24,008.93
Regular Principal Distribution Amount 1,442,557.89 596,676.38
Regular Distribution Amount 2,002,099.51 1,090,187.68
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 465,628.87 390,070.54
Mezannine Interest Distributable Amount 70,513.60 79,431.83
Class B Interest Distributable Amount 23,399.15 24,008.93
Principal from Reg Dist Amt to Senior Class 1,442,557.89 596,676.38
Principal from Reg Dist Amt to Mezzanine Class 0.00 0.00
Principal from Reg Dist Amt to Class B 0.00 0.00
Loss Reimb. from Reg Dist Amt to Mezz. and Class B 0.00 0.00
Principal from Excess Spread to Senior Class 381,565.15 264,667.09
Principal from Excess Spread to Mezzanine Class 0.00 0.00
Principal from Excess Spread to Class B 0.00 0.00
Loss Reimb. from Excess Spread to Mezz. and Class B 0.00 0.00
Class R Certificate Distribution 0.00 0.00
<CAPTION>
DELINQUENCY ADVANCE Group I Group II
<S> <C> <C>
Interest Remittance Amount 942,055.66 759,086.23
Net Interest Received N/A N/A
Closing Date Deposit 0.00 0.00
Delinquency Advance N/A N/A
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS Group I Group II
<S> <C> <C>
Overcollateralization Target Amount 1,536,751.13 1,950,998.47
OC Amount Prior to Distribution of Excess Spread 442,119.39 577,823.91
OC Amount After Distribution of Excess Spread 823,684.54 842,491.00
OC Deficiency Amount Prior to Distribution of Excess Spread 1,094,631.74 1,373,174.56
OC Deficiency Amount After Distribution of Excess Spread 713,066.59 1,108,507.47
<CAPTION>
CLASS A-4 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-4 Priority Percentage 0.00%
Group 1 Senior Principal Distribution Amount 1,442,557.89
Class A-4 Pro Rata General Distribution Amount 131,354.79
Class A-4 Priority General Distribution Amount 0.00
Class A-4 Pro Rata Excess Distribution Amount 34,744.12
Class A-4 Priority Excess Distribution Amount 0.00
<CAPTION>
COLLATERAL CHARACTERISTICS Group I Group II
<S> <C> <C>
Beginning Loan Balance 101,214,955.83 96,836,066.94
Ending Loan Balance 99,772,397.94 96,239,390.56
Beginning WAC 11.6690% 9.9067%
Ending WAC 11.6548% 10.4534%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 1,784.00 1,024.00
Ending Loan Count 1,760.00 1,017.00
Available Funds Cap 0.11 0.09
Realized Principal Loss 0.00 0.00
Accumulated Realized Principal Loss 0.0000% 0.0000%
Realized Loss as a % of Max. Coll. Amt. 0.00 0.00
Balance of Mixed Use Loans 1,934,091.95 N/A
Maximum Collateral Amount 102,450,075.32 97,549,923.60
Liquidated Mortgage Loan Balance 0.00 0.00
Liquidated Mortgage Loan Count 0.00 0.00
Modified Loan Balance 0.00 0.00
Loan Balance of Largest Group II Loan 0.00 1,792,002.53
<CAPTION>
DELINQUENCY INFORMATION
Group I Group I Group I Group II Group II Group II
# of Loans Agg Loan Bal Percent # of Loans Agg Loan Bal Percent
<S> <C> <C> <C> <C> <C>
30 days 32 1,639,748.84 1.6435% 10 841,628.76 0.8745%
60 days 17 695,819.56 0.6974% 8 633,773.73 0.6585%
90+ days 4 325,937.89 0.3267% 4 156,598.79 0.1627%
Foreclosure* 2 191,400.00 0.1918% 2 103,950.00 0.1080%
Bankruptcy* 1 47,450.00 0.0476% 1 55,155.45 0.0573%
REO* 0 0.00 0.0000% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% --- 0.00 0.0000%
* Foreclosure, Bankruptcy, and REO loans are included in the appropriate delinquency category.
</TABLE>
