<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 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
-------- ------------ ----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation File Number) Identification Number)
600 Steamboat Road
Greenwich, Connecticut 06830
----------------------------------
(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 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: 12/23/97
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
--------------------------------------
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: 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>
A-1 178779BB9 38,000,000.00 0.00000000 0.00000000 0.00000000
A-2 178779BC7 31,500,000.00 3.86228349 223.23855333 490.89704222
A-3 178779BD5 38,750,000.00 5.41666658 0.00000000 1,000.00000000
A-4 178779BE3 27,250,000.00 5.52500000 0.00000000 1,000.00000000
A-5 178779BF0 12,500,000.00 5.67500000 0.00000000 1,000.00000000
A-6 178779BG8 15,500,000.00 5.77500000 0.00000000 1,000.00000000
A-7 178779BH6 12,250,000.00 6.00000000 0.00000000 1,000.00000000
A-8 178779BJ2 14,250,000.00 6.18333333 0.00000000 1,000.00000000
A-9 178779BK9 20,000,000.00 5.80833350 0.00000000 1,000.00000000
A-IO 178779BL7 209,999,350.24 0.33781652 --- 780.22199870
A-10 178779BM5 25,462,546.00 5.43239784 6.40399908 874.52535226
<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 0.00 0.00 0.00 0.00
A-2 6.490% 0.00 121,661.93 121,661.93 121,661.93 0.00
A-3 6.500% 0.00 209,895.83 209,895.83 209,895.83 0.00
A-4 6.630% 0.00 150,556.25 150,556.25 150,556.25 0.00
A-5 6.810% 0.00 70,937.50 70,937.50 70,937.50 0.00
A-6 6.930% 0.00 89,512.50 89,512.50 89,512.50 0.00
A-7 7.200% 0.00 73,500.00 73,500.00 73,500.00 0.00
A-8 7.420% 0.00 88,112.50 88,112.50 88,112.50 0.00
A-9 6.970% 0.00 116,166.67 116,166.67 116,166.67 0.00
A-IO 0.500% 0.00 70,941.25 70,941.25 70,941.25 0.00
Group 1 Total 0.00 991,284.43 991,284.43 991,284.43 0.00
A-10 7.400% 0.00 138,322.68 138,322.68 138,322.68 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
A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 22,495,271.26 0.00 7,032,014.43 7,032,014.43 7,032,014.43 15,463,256.83 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 170,259,011.61 --- --- --- --- 163,846,112.77 ---
Total 162,995,271.26 0.00 7,032,014.43 7,032,014.43 7,032,014.43 155,963,256.83 0.00
A-10 22,430,704.13 0.00 163,062.12 163,062.12 163,062.12 22,267,642.01 0.00
</TABLE>
<TABLE>
<CAPTION>
INTEREST REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Aggregate Loan Balance 170,259,011.61 23,283,890.71
Weighted Average Net Mortgage Rate 11.502642% 11.540630%
Net Interest Due from Loans 1,632,023.67 223,925.65
Non-Supported Interest Shortfall 0.00 0.00
Interest Remittance Amount 1,632,023.67 223,925.65
Capitalized Interest 0.00 ---
Total Interest Available 1,632,023.67 223,925.65
<CAPTION>
PRINCIPAL REMITTANCE AMOUNT Group 1 Group 2
<S> <C> <C>
Scheduled Principal Received 103,412.59 18,515.13
Partial Prepayments Received 24,026.42 (1,077.27)
Paid in Full Principal Received 5,727,434.16 67,340.66
Repurchase Principal Received 558,025.67 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 ---
Principal Remittance Amount 6,412,898.84 84,778.52
<CAPTION>
MAKE-WHOLE AMOUNT Group 1 Group 2
<S> <C> <C>
Cumulative Net Losses 0.00 0.00
Additional Servicing Compensation 45,327.56 2,249.38
Make-Whole Amount 0.00 0.00
Remaining Cumulative Net Losses 0.00 0.00
<CAPTION>
INSURED DISTRIBUTION AMOUNT Group 1 Group 2
<S> <C> <C>
Current Interest Amount 991,284.43 138,322.68
Overcollateralization Deficit 0.00 0.00
Insured Distribution Amount 991,284.43 138,322.68
Available Funds Shortfall 0.00 0.00
<CAPTION>
OVERCOLLATERALIZATION AMOUNTS Group 1 Group 2
<S> <C> <C>
Overcollateralization Increase Amount 619,115.59 78,283.60
Overcollateralization Amount 7,882,855.94 931,470.18
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Deficiency Amount 1,556,232.36 1,693,068.10
<CAPTION>
CLASS A-9 PRIORITY DISTRIBUTION AMOUNT
<S> <C>
Class A-9 Priority Percentage 0.00%
Class A-9 Pro Rata Distribution 862,848.89
Group 1 Principal Distribution Amount 7,032,014.43
Class A-9 Priority Distribution Amount 0.00
<CAPTION>
DELINQUENCY ADVANCE Group 1 Group 2
<S> <C> <C>
Interest Remittance Amount 1,632,023.67 223,925.65
Net Interest Received na na
Closing Date Deposit 0.00 0.00
Delinquency Advance 482,542.33 52,485.32
Prior Outstanding Delinquency Advance na na
Delinquent Payments Received na na
Delinquent Net Interest Due na na
Outstanding Delinquency Advance na na
Nonrecoverable Delinquency Advance 0.00 0.00
<CAPTION>
DISTRIBUTIONS Group 1 Group 2
<S> <C> <C>
Interest Remittance Amount 1,632,023.67 223,925.65
Principal Remittance Amount 6,412,898.84 84,778.52
Make-Whole Amount 0.00 0.00
Insured Payment 0.00 0.00
Total Funds Available 8,044,922.51 308,704.17
Certificate Insurer Premium 19,495.41 6,494.73
Trustee Fee 2,128.24 824.64
Available Funds 8,023,298.86 301,384.80
Current Interest 991,284.43 138,322.68
Cross Collateralized Payment From Group 1 to 2 0.00 ---
Class A Principal 7,032,014.43 163,062.12
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 170,259,011.61 23,283,890.71
Ending Loan Balance 163,846,112.77 23,199,112.19
Beginning WAC 12.0026% 12.0406%
Ending WAC 12.0050% 12.0393%
Beginning WAM 0.00 0.00
Ending WAM 0.00 0.00
Beginning Loan Count 2,662.00 160.00
Ending Loan Count 2,568.00 159.00
Realized Principal Loss 0.00 0.00
Accumulated Realized Principal Loss 0.00 0.00
Balance of Modified Loans 0.00 0.00
Maximum Collateral Amount 209,999,350.24 25,462,546.80
<CAPTION>
DELINQUENCY INFORMATION
Group 1 Group 1 Group 1 Group 2 Group 2 Group 2
# of Loans Agg Loan Bal Percent # of Loans Agg Loan Bal Percent
<S> <C> <C> <C> <C> <C>
30 days 103 5,904,164.51 3.6035% 8 932,825.17 4.0210%
60 days* 53 3,327,718.87 2.0310% 0 0.00 0.0000%
90+ days* 207 14,698,289.04 8.9708% 13 1,551,899.53 6.6895%
Foreclosure 164 11,556,598.62 7.0533% 12 1,465,094.51 6.3153%
REO 12 389,749.20 0.2379% 0 0.00 0.0000%
REO Book Value --- 0.00 0.0000% 0 0.00 0.0000%
Bankruptcy 32 2,193,782.15 1.3389% 1 158,239.18 0.6821%
*Including Foreclosures
</TABLE>
