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 reported): December 26, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Sale and Servicing Agreement, dated as of
June 14, 1997, relating to the Mego Mortgage Home Loan Owner Trust
1997-3, Home Loan Asset Backed Notes and Certificates).
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-29381 06-1442101
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Mego Mortgage Home Loan Owner
Trust 1997-3, a Trust created pursuant to the
Sale and Servicing Agreement, dated June 14,
1997, by First Trust of New York, National
Association, as trustee for the Trust, the Trustee
has caused to be filed with the Commission, the
Monthly Report dated December 26, 1997. 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 August 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date December 26, 1997.
Principal Interest Ending Balance
Cede & Co $1,151,380.82 $574,654.64 $98,787,294.69
B. No delinquency in payment under the Certificate
Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Certificate Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. 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.
1. Monthly Distribution Report dated December 26, 1997.
MEGO MORTGAGE HOME LOAN OWNER TRUST 1997-3
HOME LOAN ASSET BACKED NOTES
SERIES 1997-3
DISTRIBUTION STATEMENT
Distribution Date: 26-Dec-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 28737036.51 1151380.82 144206.04 1295586.86 27585655.69
A-2 25700000.00 0.00 145847.50 145847.50 25700000.00
A-3 6500000.00 0.00 38187.50 38187.50 6500000.00
A-4 9451000.00 0.00 58202.41 58202.41 9451000.00
M-1 16213000.00 0.00 101331.25 101331.25 16213000.00
M-2 7584000.00 0.00 48474.40 48474.40 7584000.00
B 5753639.00 0.00 38405.54 38405.54 5753639.00
Total 99938675.51 1151380.82 574654.64 1726035.46 98787294.69
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution DistributionDistribution Balance Interest Rate
A-1 34.47247964 4.31754611 38.79002575 825.9178350 5.8275%
A-2 0.00000000 5.67500000 5.67500000 1000.0000000 6.8100%
A-3 0.00000000 5.87500000 5.87500000 1000.0000000 7.0500%
A-4 0.00000000 6.15833351 6.15833351 1000.0000000 7.3900%
M-1 0.00000000 6.25000000 6.25000000 1000.0000000 7.5000%
M-2 0.00000000 6.39166667 6.39166667 1000.0000000 7.6700%
B 0.00000000 6.67499994 6.67499994 1000.0000000 8.0100%
Statement to Securityholders
Sale and Servicing Agreement Dated June 14, 1997
i) Collected Amount 1824605.37
ii) Beginning Pool Principal Balance 102080583.11
Principal Collections on Non-Defaulted Loans 647937.23
Principal Balance of Defaulted Loans 29980.50
Ending Pool Principal Balance 101402665.38
iii) Class Factors Beginning Ending
Class A-1 0.86039031 0.82591784
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 1176668.14
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
1176668.14
Principal Collections (Regular Installments) 108569.61
Principal Collections (Curtailments and Paid in Fulls) 539367.62
Substitution Adjustment 0.00
Principal from Defaulted Mortgage Loans 0.00
647937.23
Total Payments 1824605.37
v) Optimal Principal Balances:
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Amounts distributed to the Residual Instrument 0.00
vii) Servicer Fee 85067.15
Indenture Trustee Fee 2339.35
Owner Trustee Fee 333.33
Master Servicer Fee 6805.37
Reimbursements to the Master Servicer 4024.71
viii) LIBOR Information: Current Next
Original Period Period
Class A-1 Note Interest Rate 5.82750% 5.82750% 6.14000%
One-Month LIBOR 5.68750% 5.68750% 6.00000%
ix) Overcollateralization Amount 2615370.69
Overcollateralization Deficiency Amount 5752760.45
Overcollateralization Target Amount 8368131.14
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 503443.59
x) Weighted Average Home Loan Interest Rate of the Home Loans
Beginning Ending
13.836% 13.834%
xi) Performance information in Servicer's Monthly Remittance Report
61+ Day Delinquency Amount 807672.29
61+ Day Delinquency Percentage (Rolling Six Month) 0.350%
Net Delinquency Calculation Amount 0.00
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 SECURITIES CORPORATION
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: December 31, 1997
