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): January 26, 1998
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 January 26, 1998. 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 January 26, 1998.
Reimbur-
Realized ment of Interest
Beginning Loss of Realized Short- Remaining
Class Balance Principal Interest Principal Losses fall Balance
FXA-1 12334245.33 1992663.17 70407.98 0.00 0.00 0.00 10341582.16
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 19000236.69 1145781.26 158335.31 0.00 0.00 0.00 17854455.43
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 200761.36 288.96 NA 0.00 0.00 NA 200472.40
FXS 7544001.55 NA 50293.34 NA 0.00 0.00 7214862.54
A-1 40017952.39 2105321.44 241775.13 0.00 0.00 0.00 37912630.95
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 18902955.29 842128.60 141772.16 0.00 0.00 0.00 18060826.69
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 708986.56 664.90 NA 0.00 0.00 NA 708321.66
S 2289554.08 NA 14786.70 NA 0.00 0.00 2138994.44
B-1 7060045.63 4701.82 46380.35 0.00 0.00 0.00 7055343.81
B-2 2715401.63 1808.39 17838.59 0.00 0.00 0.00 2713593.24
B-3 1520624.74 1012.70 9989.61 0.00 0.00 0.00 1519612.04
B-4 1020990.68 679.96 6707.31 0.00 0.00 0.00 1020310.72
B-5 543080.12 361.68 3567.72 0.00 0.00 0.00 542718.44
B-6 716871.30 477.42 4709.42 0.00 0.00 0.00 716393.88
R 0.00 0.00 0.00 0.00 NA 0.00 0.00
RP 0.00 0.00 5.11 0.00 NA 0.00 0.00
Reimburse
Interest ment of
Beginning Principal Amount Realized Remaining
Class Balance DistributedDistributed Losses Balance
FXA-1 571.353061 92.30514 3.261474 0.00000 479.04792
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-8 781.226967 47.11074 6.510225 0.00000 734.11623
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 989.967060 1.42488 0.000000 0.00000 988.54218
FXS 823.208534 0.00000 5.488056 0.00000 787.29258
A-1 856.977145 45.08507 5.177570 0.00000 811.89207
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-5 876.174031 39.03364 6.571305 0.00000 837.14039
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 987.318579 0.92592 0.000000 0.00000 986.39265
S 806.988287 0.00000 5.211798 0.00000 753.92124
B-1 996.172047 0.66343 6.544265 0.00000 995.50862
B-2 996.172048 0.66343 6.544264 0.00000 995.50862
B-3 996.172039 0.66343 6.544264 0.00000 995.50861
B-4 996.172050 0.66343 6.544266 0.00000 995.50862
B-5 996.172035 0.66343 6.544270 0.00000 995.50861
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: January 31, 1998
