<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): 11/25/97
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
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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 11/25/97.
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: 11/21/97
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: 11/25/97
<TABLE>
<CAPTION>
FACTORS (Per $1000 Of Original Certificate Balance)
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Class Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
A-1 178779CP7 39,600,000.00 4.06080682 37.83687215 827.19986389
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 4.55333783 31.14714630 922.44533845
M-1A 178779CX0 9,268,000.00 4.98437527 0.00000000 1,000.00000000
M-2A 178779CY8 5,609,000.00 5.14548583 0.00000000 1,000.00000000
B-1A 178779CZ5 4,145,924.00 5.46770756 0.00000000 1,000.00000000
<CAPTION>
INTEREST Current
Prior Interest urrent Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
Class Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> 0.00
A-1 5.82750% 0.00 160,807.95 160,807.95 160,807.95 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 0.00 532,089.40 532,089.40 532,089.40 0.00
A-5 5.92750% 0.00 357,559.96 357,559.96 357,559.96 0.00
M-1A 6.18750% 0.00 46,195.19 46,195.19 46,195.19 0.00
M-2A 6.38750% 0.00 28,861.03 28,861.03 28,861.03 0.00
B-1A 6.78750% 0.00 22,668.70 22,668.70 22,668.70 0.00
Group II Total 0.00 455,284.88 455,284.88 455,284.88 0.00
<CAPTION>
PRINCIPAL
Beginning Principal Principal Ending Principal Optimal
Certificate Distribution Loss Principal Certificate Loss Reim- Principal Principal
Class Balance Amount Allocation Reduction Balance bursement Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 34,255,454.75 1,498,340.14 --- 1,498,340.14 32,757,114.61 --- 1,498,340.14 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
Group 97,105,530.75 1,498,340.14 0.00 1,498,340.14 95,607,190.61 0.00 1,498,340.14 0.00
A-5 74,882,757.05 2,445,891.96 --- 2,445,891.96 72,436,865.09 --- 2,445,891.96 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
Group 93,905,681.05 2,445,891.96 0.00 2,445,891.96 91,459,789.09 0.00 2,445,891.96 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
INTEREST REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Aggregate Loan Balance 98,297,458.53 95,035,287.61
Weighted Average Net Mortgage Rate 11.135886% 9.953407%
Net Interest Due from Loans 912,191.05 788,270.75
Net Prepayment Interest Shortfall #N/A #N/A
Interest Remittance Amount 912,191.05 788,270.75
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Scheduled Principal Received 83,550.67 38,388.05
Partial Prepayments Received 65,063.30 8,067.43
Paid in Full Principal Received 812,977.82 1,939,741.57
Net Liquidation Proceeds 0.00 0.00
Blanket Policy Deductible Amounts 0.00 0.00
Purchase Price Amount Received 191,925.00 127,600.00
Substitution Shortfall Amount Received 0.00 0.00
Principal Remittance Amount 1,153,516.79 2,113,797.05
<CAPTION>
CERTIFICATE ACCOUNT AMOUNT Group I Group II
<S> <C> <C>
Interest Remittance Amount 912,191.05 788,270.75
Principal Remittance Amount 1,153,516.79 2,113,797.05
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 2,065,707.84 2,902,067.80
Trustee Fee 921.54 890.96
Distribution Account Amount 2,064,786.30 2,901,176.84
<CAPTION>
REGULAR PRINCIPAL DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Principal Remittance Amount 1,153,516.79 2,113,797.05
Regular Pre-Funding Distribution Amount 0.00 ---
Termination Price 0.00 0.00
Regular Principal Distribution Amount 1,153,516.79 2,113,797.05
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 438,176.65 357,559.96
Mezannine Interest Distributable Amount 70,513.60 75,056.22
Class B Interest Distributable Amount 23,399.15 22,668.70
Principal from Reg Dist Amt to Senior Class 1,153,516.79 2,113,797.05
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 344,823.35 332,094.91
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
Servicer pursuant to Section 3.11(ii) 34,356.76 0.00
<CAPTION>
DELINQUENCY ADVANCE Group I Group II
<S> <C> <C>
Interest Remittance Amount 912,191.05 788,270.75
Net Interest Received N/A N/A
Closing Date Deposit 0.00 0.00
Delinquency Advance 158,401.61 84,795.39
<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 1,191,927.78 1,129,606.56
OC Amount After Distribution of Excess Spread 1,536,751.13 1,461,701.47
OC Deficiency Amount Prior to Distribution of Excess Spread 344,823.35 821,391.91
OC Deficiency Amount After Distribution of Excess Spread 0.00 489,297.00
<CAPTION>
CLASS A-4 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-4 Priority Percentage 0.00%
Group 1 Senior Principal Distribution Amount 1,153,516.79
Class A-4 Pro Rata General Distribution Amount 109,733.53
Class A-4 Priority General Distribution Amount 0.00
Class A-4 Pro Rata Excess Distribution Amount 32,802.89
Class A-4 Priority Excess Distribution Amount 0.00
<CAPTION> COLLATERAL CHARACTERISTICS Group I Group II
<S> <C> <C>
Beginning Loan Balance 98,297,458.53 95,035,287.61
Ending Loan Balance 97,143,941.74 92,921,490.56
Beginning WAC 11.6359% 10.4534%
Ending WAC 11.6328% 10.7823%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 1,746.00 1,005.00
Ending Loan Count 1,727.00 985.00
Available Funds Cap 0.12 0.10
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 1,931,540.71 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 1,789,645.14
<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 1,812,699.65 1.8660% 21 1,640,353.90 1.7653%
60 days 11 709,310.06 0.7302% 7 1,137,645.88 1.2243%
90+ days 27 1,350,131.40 1.3898% 17 992,692.09 1.0683%
Foreclosure* 17 742,815.32 0.7647% 11 490,604.34 0.5280%
Bankruptcy* 4 417,325.43 0.4296% 3 293,086.02 0.3154%
REO 0 0.00 0.0000% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% --- 0.00 0.0000%
* Foreclosure and Bankruptcy loans are included in the appropriate delinquency category.
</TABLE>
