<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 SALE AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1997, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME LOAN OWNER TRUST 1997-1
HOME LOAN ASSET BACKED NOTES AND CERTIFICATES SERIES 1997-1)
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(Exact name of registrant as specified in its charter)
Delaware 333-21071-11 52-6837643
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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 and
Certficates Series 1997-1
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 t
undersigned thereunto duly authorized.
Date: August 13, 1997
FINANCIAL ASSET SECURITIES CORP by First Trust National Association,
as Trustee for Cityscape Home Loan Owner Trust 1997-1, Home Loan
Asset Backed Notes And Certificates Series 1997-1.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Trust National Association
<PAGE> 3
Cityscape Home Loan Owner Trust
Series 1997-1
DISTRIBUTION DETAIL REPORT
Distribution Date: 7/25/97
<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 178780AA0 36,650,000.00 4.82042292 34.05512688 850.42613888
A-2 178780AB8 10,000,000.00 5.41666700 0.00000000 1,000.00000000
A-3 178780AC6 15,350,000.00 5.52500000 0.00000000 1,000.00000000
A-4 178780AD4 20,714,000.00 6.02500000 0.00000000 1,000.00000000
M-1 178780AE2 17,703,000.00 6.31666667 0.00000000 1,000.00000000
M-2 178780AF9 11,609,000.00 6.55833319 0.00000000 1,000.00000000
B 178780AG7 4,063,942.00 6.80833289 0.00000000 1,000.00000000
<CAPTION>
INTEREST Prior Current Current nreimbursed nreimbursed
Interest Month Current Current Interest Loss Loss
Certificate Carryover Interest Interest Interest Carryover Interest Interest
Class Rate Shortfall Accrual Amount Payment Shortfall Accrual Payment
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 6.540% 0.00 176,668.50 176,668.50 176,668.50 0.00 0.00 0.00
A-2 6.500% 0.00 54,166.67 54,166.67 54,166.67 0.00 0.00 0.00
A-3 6.630% 0.00 84,808.75 84,808.75 84,808.75 0.00 0.00 0.00
A-4 7.230% 0.00 124,801.85 124,801.85 124,801.85 0.00 0.00 0.00
M-1 7.580% 0.00 111,823.95 111,823.95 111,823.95 0.00 0.00 0.00
M-2 7.870% 0.00 76,135.69 76,135.69 76,135.69 0.00 0.00 0.00
B 8.170% 0.00 27,668.67 27,668.67 27,668.67 0.00 0.00 0.00
Total 0.00 656,074.08 656,074.08 656,074.08 0.00 0.00 0.00
<CAPTION>
PRINCIPAL
Outstanding Current Principal
Beginning Principal Principal Principal Principal Ending Principal Loss
Certificate Carryover Distribution Distribution Loss Certificate Carryover Reim-
Class Balance Shortfall Amount Payment Allocation Balance Shortfall bursement
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 32,416,238.39 0.00 1,248,120.40 1,248,120.40 --- 31,168,117.99 0.00 ---
A-2 10,000,000.00 0.00 0.00 0.00 --- 10,000,000.00 0.00 ---
A-3 15,350,000.00 0.00 0.00 0.00 --- 15,350,000.00 0.00 ---
A-4 20,714,000.00 0.00 0.00 0.00 --- 20,714,000.00 0.00 ---
M-1 17,703,000.00 0.00 0.00 0.00 0.00 17,703,000.00 0.00 0.00
M-2 11,609,000.00 0.00 0.00 0.00 0.00 11,609,000.00 0.00 0.00
B 4,063,942.00 0.00 0.00 0.00 0.00 4,063,942.00 0.00 0.00
Total 111,856,180.39 0.00 1,248,120.40 1,248,120.40 0.00 110,608,059.99 0.00 0.00
Principal
Distribution
<S> <C>
A-1 1,248,120.40
A-2 0.00
A-3 0.00
A-4 0.00
M-1 0.00
M-2 0.00
B 0.00
Total 1,248,120.40
</TABLE>
<TABLE>
<CAPTION>
AVAILABLE COLLECTION AMOUNT
<S> <C>
Interest Received 1,273,304.74
Scheduled Principal Received 131,228.94
Partial Prepayments Received 25,029.06
Paid in Full Principal Received 524,183.99
Net Recovery Proceeds 0.00
Repurchase Principal Received 0.00
Substitution Shortfall Amount Received 0.00
Termination Proceeds 0.00
Regular Principal Distribution Amount 680,441.99
Collection Account Reinvestment 9,650.73
Available Collection Amount 1,963,397.46
<CAPTION>
AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Available Collection Amount 1,963,397.46
Servicing Compensation 57,090.65
Servicing Compensation for Prior Distribution 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00
Indenture Trustee Fee 1,423.20
Indenture Trustee Fee for Prior Distribution D 0.00
Owner Trustee Fee (in trust with Servicer) 333.33
Owner Trustee Fee for Prior Distribution Date 0.00
Custodian Fee 355.80
Custodian Fee for Prior Distribution Date 0.00
Available Distribution Amount 1,904,194.48
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 628,405.41
Certificateholders' Interest Distributable Amo 27,668.67
Regular Principal Distributable Amount 680,441.99
Regular Distribution Amount 1,336,516.07
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS
<S> <C>
Overcollateralization Target Amount 11,608,994.25
Overcollateralization Amount 1,975,791.73
Overcollateralization Deficiency Amount 9,633,202.52
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 440,445.77
Mezzanine Noteholders Interest Distributable Amount 187,959.64
Certificateholders' Interest Distributable Amount 27,668.67
Principal from Reg Dist Amt to Senior Notes 680,441.99
Principal from Reg Dist Amt to Mezzanine Notes 0.00
Principal from Reg Dist Amt to Certficates 0.00
Loss Reimb. from Reg Dist Amt to Mezz. Notes and Cert. 0.00
Principal from Excess Spread to Senior Notes 567,678.41
Principal from Excess Spread to Mezzanine Notes 0.00
Principal from Excess Spread to Certficates 0.00
Loss Reimb. from Excess Spread to Mezz. Notes and Cert. 0.00
Residual Holder 0.00
1,904,194.48
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C>
Beginning Loan Balance 113,855,802.73
Ending Loan Balance 113,151,530.13
Beginning WAC 14.0475%
Ending WAC 14.0471%
Beginning WAM n/a
Ending WAM n/a
Beginning Loan Count 3,207.00
Ending Loan Count 3,193.00
Realized Losses 23,830.61
Accumulated Realized Losses 64,233.31
<CAPTION>
DELINQUENCY INFORMATION Number Aggregate
of Loans Loan Balance Percentage
<S> <C> <C> <C>
30 days 41 1,236,628.61 1.0929%
60 days 17 638,504.35 0.5643%
90+ days 31 1,092,629.39 0.9656%
Foreclosure 0 0.00 0.0000%
Bankruptcy 17 515,291.71 0.4554%
REO 1 54,957.67 0.0486%
Defaulted in Due Period 0 0.00
Defaulted Since Closing 0 0.00
Liquidated in Due Period 1 23,830.61
Liquidated Since Closing 3 94,733.31
Deleted - Defective in Due Period 0 0.00
Deleted - Defective Since Closing 0 0.00
Deleted - Defaulted in Due Period 0 0.00
Deleted - Defaulted Since Closing 0 0.00
<CAPTION>
<S> <C> <C>
Number of
Number of Debt
Combination Consolidation
Loans Loans
Deleted - Defective in Due Period 0 0
Deleted - Defective Since Closing 0 0
Deleted - Defaulted in Due Period 0 0
Deleted - Defaulted Since Closing 0 0
</TABLE>
