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): April 27, 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 April 27, 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 April 27, 1998.
Reimbur
Realized ment of
Interest
Beginning Loss of
Realized Short- Remaining
Class Balance Principal Interest Principal Losses
fall Balance
FXA-1 7485731.30 2440215.02 42731.05 0.00 0.00
0.00 5045516.28
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 16212341.27 1403123.56 135102.84 0.00 0.00
0.00 14809217.71
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 199901.07 291.93 NA 0.00 0.00 NA
199609.14
FXS 6815473.24 NA 45436.49 NA 0.00
0.00 6568303.24
A-1 31890319.94 3107506.83 192670.68 0.00 0.00
0.00 28782813.11
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 15651902.24 1243002.76 117389.27 0.00 0.00
0.00 14408899.48
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 701055.88 6866.54 NA 0.00 0.00 NA
694189.34
S 1825084.64 NA 11787.00 NA 0.00
0.00 1684898.78
B-1 7045740.67 4847.18 46286.44 0.00 0.00
0.00 7040893.49
B-2 2709899.73 1864.30 17802.47 0.00 0.00
0.00 2708035.43
B-3 1517543.67 1044.01 9969.38 0.00 0.00
0.00 1516499.66
B-4 1018921.96 700.98 6693.73 0.00 0.00
0.00 1018220.98
B-5 541979.74 372.86 3560.49 0.00 0.00
0.00 541606.88
B-6 715418.78 492.18 4699.89 0.00 0.00
0.00 714926.60
R 0.00 0.00 0.00 0.00 NA
0.00 0.00
RP 0.00 0.00 5.18 0.00 NA
0.00 0.00
Reimburse
Interest ment of
Beginning Principal Amount Realized
Remaining
Class Balance DistributedDistributed Losses Balance
FXA-1 346.757777 113.03686 1.979409 0.00000 233.72092
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-8 666.597917 57.69181 5.554982 0.00000 608.90611
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 985.724916 1.43953 0.000000 0.00000 984.28539
FXS 743.710841 0.00000 4.958072 0.00000 716.73942
A-1 682.925380 66.54669 4.126007 0.00000 616.37869
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-5 725.483929 57.61463 5.441130 0.00000 667.86930
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 976.274494 9.56219 0.000000 0.00000 966.71231
S 643.278942 0.00000 4.154508 0.00000 593.86830
B-1 994.153618 0.68394 6.531014 0.00000 993.46968
B-2 994.153621 0.68394 6.531013 0.00000 993.46968
B-3 994.153608 0.68394 6.531011 0.00000 993.46967
B-4 994.153617 0.68394 6.531016 0.00000 993.46968
B-5 994.153608 0.68394 6.531008 0.00000 993.46967
B-6 994.153602 0.68394 6.531018 0.00000 993.46966
R 0.000000 0.00000 0.000000 0.00000 0.00000
RP 0.000000 0.00000 207.200000 0.00000 0.00000
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: April 30, 1998
