<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): 06/25/97
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 06/25/97.
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: 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: 6/25/97
<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 5.02938990 38.34257544 884.48126576
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 Unreimbursed
Interest Month Current Current Interest Loss
Certificate Carryover Interest Interest Interest Carryover Interest
Class Rate Shortfall Accrual Amount Payment Shortfall Accrual
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.540% 0.00 184,327.14 184,327.14 184,327.14 0.00 0.00
A-2 6.500% 0.00 54,166.67 54,166.67 54,166.67 0.00 0.00
A-3 6.630% 0.00 84,808.75 84,808.75 84,808.75 0.00 0.00
A-4 7.230% 0.00 124,801.85 124,801.85 124,801.85 0.00 0.00
M-1 7.580% 0.00 111,823.95 111,823.95 111,823.95 0.00 0.00
M-2 7.870% 0.00 76,135.69 76,135.69 76,135.69 0.00 0.00
B 8.170% 0.00 27,668.67 27,668.67 27,668.67 0.00 0.00
Total 0.00 663,732.72 663,732.72 663,732.72 0.00 0.00
<CAPTION>
PRINCIPAL
Outstanding Current
Beginning Principal Principal Principal Principal Ending Principal
Certificate Carryover Distribution Distribution Loss Certificate Carryover
Class Balance Shortfall Amount Payment Allocation Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 33,821,493.78 0.00 1,405,255.39 1,405,255.39 --- 32,416,238.39 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
M-2 11,609,000.00 0.00 0.00 0.00 0.00 11,609,000.00 0.00
B 4,063,942.00 0.00 0.00 0.00 0.00 4,063,942.00 0.00
Total 113,261,435.78 0.00 1,405,255.39 1,405,255.39 0.00 111,856,180.39 0.00
Unreimbursed Principal
Loss Loss
Interest Reim- Principal
Payment bursement Distribution
<S> <C> <C> <C>
A-1 0.00 --- 1,405,255.39
A-2 0.00 --- 0.00
A-3 0.00 --- 0.00
A-4 0.00 --- 0.00
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B 0.00 0.00 0.00
Total 0.00 0.00 1,405,255.39
</TABLE>
<TABLE>
<CAPTION>
AVAILABLE COLLECTION AMOUNT
<S> <C>
Interest Received 1,338,128.92
Scheduled Principal Received 134,740.44
Partial Prepayments Received 16,273.17
Paid in Full Principal Received 599,252.81
Net Recovery Proceeds 30,500.00
Repurchase Principal Received 0.00
Substitution Shortfall Amount Received 0.00
Termination Proceeds 0.00
Regular Principal Distribution Amount 780,766.42
Collection Account Reinvestment 9,583.19
Available Collection Amount 2,128,478.53
<CAPTION>
AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Available Collection Amount 2,128,478.53
Servicing Compensation 57,365.26
Servicing Compensation for Prior Distribution Date 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00
Indenture Trustee Fee 1,433.46
Indenture Trustee Fee for Prior Distribution Date 0.00
Owner Trustee Fee (in trust with Servicer) 333.33
Owner Trustee Fee for Prior Distribution Date 0.00
Custodian Fee 358.37
Custodian Fee for Prior Distribution Date 0.00
Available Distribution Amount 2,068,988.11
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 636,064.05
Certificateholders' Interest Distributable Amount 27,668.67
Regular Principal Distributable Amount 780,766.42
Regular Distribution Amount 1,444,499.14
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS
<S> <C>
Overcollateralization Target Amount 11,608,994.25
Overcollateralization Amount 1,375,133.37
Overcollateralization Deficiency Amount 10,233,860.88
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 448,104.41
Mezzanine Noteholders Interest Distributable Amount 187,959.64
Certificateholders' Interest Distributable Amount 27,668.67
Principal from Reg Dist Amt to Senior Notes 780,766.42
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 624,488.97
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
2,068,988.11
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C>
Beginning Loan Balance 114,676,971.85
Ending Loan Balance 113,855,802.73
Beginning WAC 14.0509%
Ending WAC 14.0475%
Beginning WAM n/a
Ending WAM n/a
Beginning Loan Count 3,227.00
Ending Loan Count 3,207.00
Accumulated Realized Losses 40,402.70
0.00 0.00
<CAPTION>
DELINQUENCY INFORMATION Number Aggregate
of Loans Loan Balance Percentage
<S> <C> <C> <C>
30 days 41 1,260,320.75 1.1069%
60 days 14 398,726.59 0.3502%
90+ days 21 846,492.78 0.7435%
Foreclosure 0 0.00 0.0000%
Bankruptcy 6 137,619.32 0.1209%
REO 0 0.00 0.0000%
Defaulted in Due Period 0 0.00
Defaulted Since Closing 0 0.00
Liquidated in Due Period 2 70,902.70
Liquidated Since Closing 2 70,902.70
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>
