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): July 25, 1997
Financial Asset Securitization, Inc.
(Exact name of registrant as specified in its charter)
Virginia 0-15483 53-1526174
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
901 East Byrd Steet Richmond, Virginia 23219
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (804) 344-7575
Item 5. Other Events
On June 26, 1997, the Registrant caused the issuance and sale of
$218,066,950 aggregate initial principal amount of Mortgage
Particiption Securities, Series 1997-NAMC 2 (the "Securities"),pursuant
to the Series 1997-2 NAMC 2 Pooling and Servicing Agreement (the
"Pooling and Servicing Agreement"), dated as of June 1, 1997, by and
among the Registrant, North American Mortgage Company, as Master
Servicer, and The First National Bank of Chicago, as Trustee.
The Securities evidence, in the aggregate, the entire beneficial
ownership interest in a trust (the "Trust"), which consists primarily of
two pools of conventional, one- to four-family, fixed rate, first-lien
Mortgage Loans (the "Mortgage Loans") transferred to the Trust by
the Registrant pursuant to the Pooling and Servicing Agreement. The
Mortgage Loans were purchased by the Registrant in a privately-
negotiated transaction with North American Mortgage Company
pursuant to a Loan Sale Agreement (the "Sales Agreement"), dated as
of June 1, 1997, by and between the Registrant DLJMC.
The Trustee has caused to be filed with the Commission, the Monthly
Report dated July 25, 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 July 25, 2027.
A. Monthly Report Information:
See Exhibit No. 1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certifi-
catholders: NONE
F. 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 July 25, 1997.
Reimbur-
Realized ment of Interest
Beginning Loss of Realized Short- Remaining
Class Balance Principal Interest Principal Losses fall Balance
FXA-1 21587782.00 1044180.15 123230.26 0.00 0.00 0.00 20543601.85
FXA-2 1733625.00 NA 11557.50 NA 0.00 0.00 1733625.00
FXA-3 15761954.00 0.00 95885.22 0.00 0.00 0.00 15761954.00
FXA-4 16448000.00 0.00 101429.33 0.00 0.00 0.00 16448000.00
FXA-5 4545000.00 0.00 29163.75 0.00 0.00 0.00 4545000.00
FXA-6 6223000.00 0.00 40190.21 0.00 0.00 0.00 6223000.00
FXA-7 1400000.00 0.00 9333.33 0.00 0.00 0.00 1400000.00
FXA-8 24321020.00 600403.55 202675.17 0.00 0.00 0.00 23720616.45
FXA-9 7272000.00 0.00 43935.00 0.00 0.00 0.00 7272000.00
FXA-10 9042000.00 0.00 54628.75 0.00 0.00 0.00 9042000.00
FXA-11 2178000.00 0.00 13158.75 0.00 0.00 0.00 2178000.00
FXP 202796.00 267.46 NA 0.00 0.00 NA 202528.54
FXS 9164144.00 NA 61094.29 NA 0.00 0.00 8975545.77
A-1 46696639.00 264628.96 282125.53 0.00 0.00 0.00 46432010.04
A-2 7241000.00 0.00 43747.71 0.00 0.00 0.00 7241000.00
A-3 2173000.00 0.00 14033.96 0.00 0.00 0.00 2173000.00
A-4 1650290.00 NA 10658.12 NA 0.00 0.00 1650290.00
A-5 21574430.00 105851.59 161808.23 0.00 0.00 0.00 21468578.41
A-6 7912000.00 0.00 46153.33 0.00 0.00 0.00 7912000.00
A-7 2283000.00 0.00 13317.50 0.00 0.00 0.00 2283000.00
A-8 6858000.00 0.00 40005.00 0.00 0.00 0.00 6858000.00
P 718093.00 615.19 NA 0.00 0.00 NA 717477.81
S 2837159.00 NA 18323.32 NA 0.00 0.00 2806446.18
B-1 7087175.00 4392.77 46558.42 0.00 0.00 0.00 7082782.23
B-2 2725836.00 1689.53 17907.08 0.00 0.00 0.00 2724146.47
B-3 1526468.00 946.14 10027.97 0.00 0.00 0.00 1525521.86
B-4 1024914.00 635.26 6733.06 0.00 0.00 0.00 1024278.74
B-5 545167.00 337.91 3581.42 0.00 0.00 0.00 544829.09
B-6 719626.00 446.04 4727.50 0.00 0.00 0.00 719179.96
R 25.00 25.00 0.16 0.00 NA 0.00 0.00
RP 25.00 25.00 5.52 0.00 NA 0.00 0.00
Reimburse
Interest ment of
Beginning Principal Amount Realized Remaining
Class Balance DistributedDistributed Losses Balance
FXA-1 1000.000000 48.36903 5.708334 0.00000 951.63097
FXA-2 1000.000000 0.00000 6.666667 0.00000 1000.00000
FXA-3 1000.000000 0.00000 6.083333 0.00000 1000.00000
FXA-4 1000.000000 0.00000 6.166666 0.00000 1000.00000
FXA-5 1000.000000 0.00000 6.416667 0.00000 1000.00000
FXA-6 1000.000000 0.00000 6.458334 0.00000 1000.00000
FXA-7 1000.000000 0.00000 6.666664 0.00000 1000.00000
FXA-8 1000.000000 24.68661 8.333333 0.00000 975.31339
FXA-9 1000.000000 0.00000 6.041667 0.00000 1000.00000
FXA-101000.000000 0.00000 6.041667 0.00000 1000.00000
FXA-111000.000000 0.00000 6.041667 0.00000 1000.00000
FXP 1000.000000 1.31886 0.000000 0.00000 998.68114
FXS 1000.000000 0.00000 6.666666 0.00000 979.41998
A-1 1000.000000 5.66698 6.041667 0.00000 994.33302
A-2 1000.000000 0.00000 6.041667 0.00000 1000.00000
A-3 1000.000000 0.00000 6.458334 0.00000 1000.00000
A-4 1000.000000 0.00000 6.458332 0.00000 1000.00000
A-5 1000.000000 4.90634 7.500000 0.00000 995.09366
A-6 1000.000000 0.00000 5.833333 0.00000 1000.00000
A-7 1000.000000 0.00000 5.833333 0.00000 1000.00000
A-8 1000.000000 0.00000 5.833333 0.00000 1000.00000
P 1000.000000 0.85670 0.000000 0.00000 999.14330
S 1000.000000 0.00000 6.458334 0.00000 989.17480
B-1 1000.000000 0.61982 6.569390 0.00000 999.38018
B-2 1000.000000 0.61982 6.569390 0.00000 999.38018
B-3 1000.000000 0.61982 6.569394 0.00000 999.38018
B-4 1000.000000 0.61982 6.569390 0.00000 999.38018
B-5 1000.000000 0.61983 6.569400 0.00000 999.38017
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 Securitization, Inc.
By /s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President,
The First National Bank of Chicago
Dated: July 31, 1997
