<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): 07/25/97
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 07/25/97.
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: 08/22/97
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: 7/25/97 Revised as of 8/21/97
<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 4.69437500 13.19864697 986.80135303
A-2 178779CQ5 27,500,000.00 3.95500000 0.00000000 1,000.00000000
A-3 178779CR3 12,438,000.00 4.30500000 0.00000000 1,000.00000000
A-4 178779CS1 7,800,000.00 4.08333333 0.00000000 1,000.00000000
M-1F 178779CU6 6,659,000.00 4.22333383 0.00000000 1,000.00000000
M-2F 178779CV4 4,867,000.00 4.36333265 0.00000000 1,000.00000000
B-1F 178779CW2 3,586,076.00 4.56749941 0.00000000 1,000.00000000
A-5 178779CT9 78,527,000.00 4.77493053 5.96177990 994.03822010
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 Current 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% 0.00 185,897.25 185,897.25 185,897.25 0.00
A-2 6.78000% 0.00 108,762.50 108,762.50 108,762.50 0.00
A-3 7.38000% 0.00 53,545.59 53,545.59 53,545.59 0.00
A-4 7.00000% 0.00 31,850.00 31,850.00 31,850.00 0.00
M-1F 7.24000% 0.00 28,123.18 28,123.18 28,123.18 0.00
M-2F 7.48000% 0.00 21,236.34 21,236.34 21,236.34 0.00
B-1F 7.83000% 0.00 16,379.40 16,379.40 16,379.40 0.00
Group I Total 0.00 445,794.26 445,794.26 445,794.26 0.00
A-5 5.92750% 0.00 374,960.97 374,960.97 374,960.97 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 0.00 472,685.89 472,685.89 472,685.89 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 39,600,000.00 522,666.42 --- 522,666.42 39,077,333.58 --- 522,666.42 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 102,450,076.00 522,666.42 0.00 522,666.42 101,927,409.58 0.00 522,666.42 0.00
A-5 78,527,000.00 468,160.69 0.00 468,160.69 78,058,839.31 0.00 468,160.69 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 97,549,924.00 468,160.69 0.00 468,160.69 97,081,763.31 0.00 468,160.69 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLECTION ACCOUNT
INTEREST REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Aggregate Loan Balance 80,183,777.04 97,549,923.60
Weighted Average Net Mortgage Rate 11.175225% 9.915780%
Net Interest Due from Loans 746,726.48 806,069.65
Net Prepayment Interest Shortfall 0.00 0.00
Interest Remittance Amount 522,676.01 751,475.84
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group I Group II
<S> <C> <C>
Scheduled Principal Received 44,453.33 22,746.85
Partial Prepayments Received 140,722.69 95,684.72
Paid in Full Principal Received 164,472.32 71,853.70
Net Liquidation Proceeds 0.00 0.00
Net Recovery 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 ---
<CAPTION>
CERTIFICATE ACCOUNT AMOUNT Group I Group II
<S> <C> <C>
Interest Remittance Amount 522,676.01 751,475.84
Principal Remittance Amount 349,648.34 190,285.27
Termination Price 0.00 0.00
Investment Losses 0.00 0.00
Unutilized Funding Amount 0.00 ---
Pre-Funding Account Earnings 15,214.37 ---
Capitalized Interest Requirement 81,673.68 ---
Amount Available 969,212.40 941,761.11
Less: Nonrecoverable Servicing Advance Reimbursement 0.00 0.00
Trustee Fee 751.72 914.53
Certificate Account Amount 968,460.68 940,846.58
<CAPTION>
REGULAR DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 380,055.34 374,960.97
Mezzannine Interest Distributable Amount 49,359.52 75,056.22
Class B Interest Distributable Amount 16,379.40 22,668.70
Regular Principal Distribution Amount 349,648.34 190,285.27
Regular Distribution Amount 795,442.60 662,971.16
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT Group I Group II
<S> <C> <C>
Senior Interest Distributable Amount 380,055.34 374,960.97
Mezannine Interest Distributable Amount 49,359.52 75,056.22
Class B Interest Distributable Amount 16,379.40 22,668.70
Principal from Reg Dist Amt to Senior Class 349,648.34 190,285.67
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 173,018.08 277,875.02
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 522,676.01 751,475.84
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 1,202,756.66 1,950,998.47
OC Amount Prior to Distribution of Excess Spread 0.00 0.00
OC Amount After Distribution of Excess Spread 0.00 277,875.02
OC Deficiency Amount Prior to Distribution of Excess Spread 1,202,756.66 1,950,998.47
OC Deficiency Amount After Distribution of Excess Spread 1,202,756.66 1,673,123.45
<CAPTION>
CLASS A-4 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-4 Priority Percentage 0.00%
Group 1 Senior Principal Distribution Amount 349,648.34
Class A-4 Pro Rata General Distribution Amount 31,226.47
Class A-4 Priority General Distribution Amount 0.00
Class A-4 Pro Rata Excess Distribution Amount 15,451.93
Class A-4 Priority Excess Distribution Amount 0.00
<CAPTION>
COLLATERAL CHARACTERISTICS Group I Group II
<S> <C> <C>
Beginning Loan Balance 80,183,777.04 97,549,923.60
Ending Loan Balance 79,834,128.70 97,359,638.33
Beginning WAC 11.6752% 10.4158%
Ending WAC 11.6716% 10.4067%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 1,377.00 1,032.00
Ending Loan Count 1,374.00 1,030.00
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 ----- -----
Maximum Collateral Amount 80,183,777.04 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
0.00 0.00 0.00
<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 11 665,872.59 0.8341% 9 405,506.15 0.4165%
60 days 2 120,500.00 0.1509% 0 0.00 0.0000%
90+ days * 0 0.00 0.0000% 0 0.00 0.0000%
Foreclosure 0 0.00 0.0000% 0 0.00 0.0000%
Bankruptcy 0 0.00 0.0000% 0 0.00 0.0000%
REO 0 0.00 0.0000% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% --- 0.00 0.0000%
* Includes Foreclosures
</TABLE>
