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Previous: FINANCIAL ASSET SECURITIES CORP CITYSCAPE HM EQ LN TR 1996-4, 8-K, 1997-12-24 |
Next: DELPHI INTERNATIONAL LTD, S-1/A, 1997-12-24 |
<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): 01/25/97
FINANCIAL ASSET SECURITIES CORP
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT
DATED AS OF DECEMBER 9, 1996, PROVIDING FOR THE ISSUANCE OF
CITYSCAPE HOME EQUITY LOAN TRUST 1996-4
HOME EQUITY PASS-THROUGH CERTIFICATES)
-------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-21071-12 41-1864716
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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 Equity Pass-Through Certificates
Series 1996-4 Distribution Statement dated 01/25/97.
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: 12/23/97
FINANCIAL ASSET SECURITIES CORP by First Trust National Association,
as Trustee for Cityscape Home Equity Loan Trust 1996-4, Home Equity
Pass-Through Certificates.
By: /s/ Lynn Steiner
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Name: Lynn Steiner
Title: Vice President
Company: First Trust National Association
<PAGE> 1
Cityscape Home Equity Loan Trust
Series 1996-4
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 1/25/97
<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 178779BB9 38,000,000.00 4.09444447 39.15418789 960.84581211
A-2 178779BC7 31,500,000.00 3.96611111 0.00000000 1,000.00000000
A-3 178779BD5 38,750,000.00 3.97222219 0.00000000 1,000.00000000
A-4 178779BE3 27,250,000.00 4.05166679 0.00000000 1,000.00000000
A-5 178779BF0 12,500,000.00 4.16166640 0.00000000 1,000.00000000
A-6 178779BG8 15,500,000.00 4.23500000 0.00000000 1,000.00000000
A-7 178779BH6 12,250,000.00 4.40000000 0.00000000 1,000.00000000
A-8 178779BJ2 14,250,000.00 4.53444421 0.00000000 1,000.00000000
A-9 178779BK9 20,000,000.00 4.25944450 0.00000000 1,000.00000000
A-IO 178779BL7 176,749,745.39 0.30555557 --- 994.08742967
A-10 178779BM5 25,462,546.00 4.52222217 2.85915202 997.14084798
<CAPTION>
INTEREST
Interest Month Current Current Interest
Certificate Carryover Interest Interest Interest Carryover
Class Rate Shortfall Accrual Amount Payment Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 6.700% 0.00 155,588.89 155,588.89 155,588.89 0.00
A-2 6.490% 0.00 124,932.50 124,932.50 124,932.50 0.00
A-3 6.500% 0.00 153,923.61 153,923.61 153,923.61 0.00
A-4 6.630% 0.00 110,407.92 110,407.92 110,407.92 0.00
A-5 6.810% 0.00 52,020.83 52,020.83 52,020.83 0.00
A-6 6.930% 0.00 65,642.50 65,642.50 65,642.50 0.00
A-7 7.200% 0.00 53,900.00 53,900.00 53,900.00 0.00
A-8 7.420% 0.00 64,615.83 64,615.83 64,615.83 0.00
A-9 6.970% 0.00 85,188.89 85,188.89 85,188.89 0.00
A-IO 0.500% 0.00 54,006.87 54,006.87 54,006.87 0.00
Total 0.00 920,227.84 920,227.84 920,227.84 0.00
A-10 7.400% 0.00 115,147.29 115,147.29 115,147.29 0.00
<CAPTION>
PRINCIPAL
Outstanding Class A Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distribution Principal Distribution Certificate Carryover
Class Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 38,000,000.00 0.00 1,487,859.14 1,487,859.14 1,487,859.14 36,512,140.86 0.00
A-2 31,500,000.00 0.00 0.00 0.00 0.00 31,500,000.00 0.00
A-3 38,750,000.00 0.00 0.00 0.00 0.00 38,750,000.00 0.00
A-4 27,250,000.00 0.00 0.00 0.00 0.00 27,250,000.00 0.00
A-5 12,500,000.00 0.00 0.00 0.00 0.00 12,500,000.00 0.00
A-6 15,500,000.00 0.00 0.00 0.00 0.00 15,500,000.00 0.00
A-7 12,250,000.00 0.00 0.00 0.00 0.00 12,250,000.00 0.00
A-8 14,250,000.00 0.00 0.00 0.00 0.00 14,250,000.00 0.00
A-9 20,000,000.00 0.00 0.00 0.00 0.00 20,000,000.00 0.00
A-IO 176,749,745.39 --- --- --- --- 175,704,700.09 ---
Total 210,000,000.00 0.00 1,487,859.14 1,487,859.14 1,487,859.14 208,512,140.86 0.00
A-10 25,462,546.00 0.00 72,801.29 72,801.29 72,801.29 25,389,744.71 0.00
</TABLE>
<TABLE>
<CAPTION>
INTEREST REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Aggregate Loan Balance 176,749,745.39 25,462,546.80
Weighted Average Net Mortgage Rate 11.582924% 11.555147%
Net Interest Due from Loans 1,251,114.86 179,803.23
Non-Supported Interest Shortfall 0.00 0.00
Interest Remittance Amount 1,251,114.43 179,803.28
Capitalized Interest 140,200.64 ---
Total Interest Available 1,391,315.07 179,803.28
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Scheduled Principal Received 78,110.73 14,720.32
Partial Prepayments Received 27,966.86 1,732.12
Paid in Full Principal Received 938,967.71 0.00
Repurchase Principal Received 0.00 0.00
Substitution Shortfall Amount Received 0.00 0.00
Net Recovery Proceeds 0.00 0.00
Termination Proceeds 0.00 0.00
Excess Pre-Funding Account Balance 0.00 0.00
Principal Remittance Amount 1,045,045.30 16,452.44
<CAPTION>
INSURED DISTRIBUTION AMOUNT Group 1 Group 2
<S> <C> <C>
Current Interest Amount 920,227.84 115,147.29
Overcollateralization Deficit 0.00 0.00
Insured Distribution Amount 920,227.84 115,147.29
Available Funds Shortfall 0.00 0.00
<CAPTION>
INSURED PAYMENTS Group 1 Group 2
<S> <C> <C>
Interest Reimbursement Amount 0.00 0.00
Prior Outstanding Balance 0.00 0.00
Additional Payment by Insurer 0.00 0.00
Current Reimbursement to Insurer 0.00 0.00
Outstanding Balance 0.00 0.00
Principal Reimbursement Amount 0.00 0.00
Prior Outstanding Balance 0.00 0.00
Additional Payment by Insurer 0.00 0.00
Current Reimbursement to Insurer 0.00 0.00
Outstanding Balance 0.00 0.00
Total Outstanding Reimbursement Amount 0.00 0.00
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS Group 1 Group 2
<S> <C> <C>
Overcollateralization Increase Amount 442,813.84 56,348.85
Overcollateralization Amount 442,813.84 56,349.65
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Deficiency Amount 7,423,489.31 2,546,253.88
<CAPTION>
CLASS A-9 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-9 Priority Percentage 0.00%
Class A-9 Pro Rata Distribution 141,700.87
Group 1 Principal Distribution Amount 1,487,859.14
Class A-9 Priority Distribution Amount 0.00
<CAPTION>
DELINQUENCY ADVANCE Group 1 Group 2
<S> <C> <C>
Interest Remittance Amount 1,251,114.43 179,803.28
Net Interest Received 534,756.07 71,528.29
Closing Date Deposit 251,929.36 33,416.92
Delinquency Advance 464,429.00 74,858.07
Prior Outstanding Delinquency Advance 0.00 0.00
Delinquent Payments Received 0.00 0.00
Delinquent Net Interest Due 434,707.01 63,531.91
Outstanding Delinquency Advance 434,707.01 63,531.91
Nonrecoverable Delinquency Advance 0.00 0.00
<CAPTION>
DISTRIBUTIONS Group 1 Group 2
<S> <C> <C>
Total Interest Available 1,391,315.07 179,803.28
Principal Remittance Amount 1,045,045.30 16,452.44
Insured Payment 0.00 0.00
Total Funds Available 2,436,360.37 196,255.72
Certificate Insurer Premium 26,064.02 7,405.34
Trustee Fee 2,209.37 901.80
Available Funds 2,408,086.98 187,948.58
Current Interest 920,227.84 115,147.29
Cross Collateralized Payment From Group 1 to 2 0.00 ---
Class A Principal 1,487,859.14 72,801.29
Reimbursement Amount 0.00 0.00
Group 2 Reimbursement Amount (Paid from Group 1) 0.00 ---
Preference Amount 0.00 0.00
Group 2 Overcollateralization Increase Amount From Group 1 0.00 ---
Expenses of Trustee 0.00 0.00
Servicer Indemnity Reimbursement 0.00 0.00
Class R Certificate Distribution 0.00 0.00
<CAPTION>
COLLATERAL CHARACTERISTICS Group 1 Group 2
<S> <C> <C>
Beginning Loan Balance 176,749,745.39 25,462,546.80
Ending Loan Balance 175,704,700.09 25,446,094.36
Beginning WAC 12.0829% 12.0551%
Ending WAC 12.0789% 12.0551%
Beginning WAM n/a n/a
Ending WAM n/a n/a
Beginning Loan Count 2,727.00 175.00
Ending Loan Count 2,709.00 175.00
Accumulated Realized Losses 0.00 0.00
<CAPTION>
DELINQUENCY INFORMATION
Group 1 Group 1 Group 2 Group 2
# of Loans Agg Loan Bal # of Loans Agg Loan Bal
<S> <C> <C> <C> <C>
30 days 132 7,260,654 8 979,170
60 days 23 1,531,321 0 0
90+ days 0 0 0 0
Foreclosure 0 0 0 0
Foreclosure Percentage 0.0000% 0 0.0000% 0
Bankruptcy 0 0 0 0
Bankruptcy Percentage 0.0000% 0 0.0000% 0
REO 0 0 0 0
REO Percentage 0.0000% 0 0.0000% 0
REO Book Value 0 0 0 0
</TABLE>
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