<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): 12/25/97
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 333-21071-06 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 12/25/97.
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: 12/18/97
FINANCIAL ASSET SECURITIES CORP by First Bank 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 --------------------------------------
Name: Lynn Steiner
Title: Vice President
Company: First Bank National Association
<PAGE> 3
Cityscape Home Loan Owner Trust
Series 1997-1
DISTRIBUTION DETAIL REPORT
Distribution Date: 12/26/97
<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 3.66378308 35.92487694 636.32889113
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% 0.00 134,277.65 134,277.65 134,277.65 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 0.00 613,683.23 613,683.23 613,683.23 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 24,638,100.60 0.00 1,316,646.74 1,316,646.74 --- 23,321,453.86 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 104,078,042.60 0.00 1,316,646.74 1,316,646.74 0.00 102,761,395.86 0.00
Unreimbursed Principal
Loss Loss
Interest Reim- Principal
Payment bursement Distribution
<S> <C> <C> <C>
A-1 0.00 --- 1,316,646.74
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 1,316,646.74
</TABLE>
<TABLE>
<CAPTION>
AVAILABLE COLLECTION AMOUNT
<S> <C>
Interest Received 1,129,864.07
Scheduled Principal Received 124,128.01
Partial Prepayments Received 14,755.09
Paid in Full Principal Received 708,438.72
Net Recovery Proceeds 0.00
Repurchase Principal Received 0.00
Substitution Shortfall Amount Received 0.00
Termination Proceeds 0.00
Regular Principal Distribution Amount 847,321.82
Collection Account Reinvestment 10,743.30
Available Collection Amount 1,987,929.19
<CAPTION>
AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Available Collection Amount 1,987,929.19
Servicing Compensation 55,584.35
Servicing Compensation for Prior Distribution Date 0.00
Nonrecoverable Servicing Advance Reimbursement 0.00
Indenture Trustee Fee 1,345.23
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 336.31
Custodian Fee for Prior Distribution Date 0.00
Available Distribution Amount 1,930,329.97
<CAPTION>
REGULAR DISTRIBUTION AMOUNT
<S> <C>
Noteholders' Interest Distributable Amount 586,014.56
Certificateholders' Interest Distributable Amount 27,668.67
Regular Principal Distributable Amount 847,321.82
Regular Distribution Amount 1,461,005.05
<CAPTION>
OVERCOLLATERALIZATION ("OC") AMOUNTS
<S> <C>
OC Target Amount 0.00
OC Amount Prior to Distribution of Excess Spread 3,155,470.18
OC Amount After Distribution of Excess Spread 8,453,524.07
<CAPTION>
ALLOCATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C>
Senior Noteholders' Interest Distributable Amount 398,054.92
Mezzanine Noteholders Interest Distributable Amount 187,959.64
Certificateholders' Interest Distributable Amount 27,668.67
Principal from Reg Dist Amt to Senior Notes 847,321.82
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 469,324.92
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
1,930,329.97
<CAPTION>
COLLATERAL CHARACTERISTICS
<S> <C>
Beginning Loan Balance 107,618,519.04
Ending Loan Balance 106,386,190.96
Beginning WAC 14.0397%
Ending WAC 14.0357%
Beginning WAM n/a
Ending WAM n/a
Beginning Loan Count 3,048.00
Ending Loan Count 3,013.00
Realized Losses 385,006.26
Accumulated Realized Losses 1,759,545.70
<CAPTION>
Aggregate
DELINQUENCY INFORMATION Number Loan
of Loans Balance Percentage Book Value
<S> <C> <C> <C> <C>
30 - 59 days 99 3,178,073.47 2.99% ---
60 - 89 days 40 1,401,578.78 1.32% ---
90+ days 58 1,960,022.04 1.84% ---
Foreclosure 0 0.00 0.00% 0.00
Bankruptcy 54 2,027,884.35 1.91% ---
Foreclosed Proper 1 54,957.67 0.05% 40,162.95
<CAPTION>
LIQUIDATED AND DEFAULTED LOAN INFORMATION
Number of Balance of Loans Loans
Loans in Loans in Since Since
Due Period Due Period Closing Closing
<S> <C> <C> <C> <C>
Defaulted Combination Loans 0 0.00 0 0.00
Defaulted Debt Consolidation Loans 0 0.00 1 19,805.39
Total Defaulted Loans 0 0.00 1 19,805.39
Liquidated Combination Loans 7 213,775.31 30 1,026,822.00
Liquidated Debt Consolidation Loans 4 126,421.14 11 373,206.07
Liquidated Non-Defined Loans 1 44,809.81 10 359,517.63
Total Liquidated Loans 12 385,006.26 51 1,759,545.70
Deleted Combination Loans ( "Defective" per Sect. 0 0.00 0 0.00
Deleted Debt Consolidation Loans ( "Defective" per 0 0.00 0 0.00
Total Deleted Loans ( "Defective" per Sect. 3.05) 0 0.00 0 0.00
Deleted Combination Loans ( "Defaulted" per Sect. 0 0.00 0 0.00
Deleted Debt Consolidation Loans ( "Defaulted" per 0 0.00 0 0.00
Total Deleted Loans ( "Defaulted" per Sect. 3.05) 0 0.00 0 0.00
</TABLE>
