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): September 25, 1997
FINANCIAL ASSET SECURITIES CORP. (as depositor)
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-29381 06-1442101
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Mego Mortgage Home Loan Owner
Trust 1997-4, a Trust created pursuant to the
Sale and Servicing Agreement, dated August 16,
1997, by U.S. Bank, National Association, as
trustee for the Trust, the Trustee has caused to
be filed with the Commission, the Monthly
Report dated September 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 September 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date September 25, 1997.
Principal Interest Ending Balance
Cede & Co $210,330.21 $251,689.97 $73,109,931.79
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
Certificatholders: 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 September 25, 1997.
MEGO MORTGAGE HOME LOAN OWNER TRUST 1997-4
HOME LOAN ASSET-BACKED NOTES, SERIES 1997-4
HOME LOAN ASSET-BACKED CERTIFICATES, SERIES 1997-4
DISTRIBUTION STATEMENT
Distribution Date: 25-Sep-97
Beginning Ending
Certificate Principal Interest Total Certificate
ClassBalance DistributionDistributionDistribution Balance
A-1 23600000.00 210330.21 101775.00 312105.21 23389669.79
A-2 18000000.00 0.00 50775.00 50775.00 18000000.00
A-3 4150000.00 0.00 12156.04 12156.04 4150000.00
A-4 7957000.00 0.00 24500.93 24500.93 7957000.00
M-1 9715000.00 0.00 30359.38 30359.38 9715000.00
M-2 5315000.00 0.00 16941.56 16941.56 5315000.00
B 4583262.00 0.00 15182.06 15182.06 4583262.00
Total 73320262.00 210330.21 251689.97 462020.18 73109931.79
AMOUNTS PER $1,000 UNIT PASS THROUGH
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistributionBalance Interest Rate
A-1 8.91229703 4.31250000 13.22479703 991.0877030 5.7500%
A-2 0.00000000 2.82083333 2.82083333 1000.0000000 6.7700%
A-3 0.00000000 2.92916627 2.92916627 1000.0000000 7.0300%
A-4 0.00000000 3.07916677 3.07916677 1000.0000000 7.3900%
M-1 0.00000000 3.12500051 3.12500051 1000.0000000 7.5000%
M-2 0.00000000 3.18749953 3.18749953 1000.0000000 7.6500%
B 0.00000000 3.31250101 3.31250101 1000.0000000 7.9500%
Statement to Securityholders
Sale and Servicing Agreement Dated August 15, 1997
i) Collected Amount 499471.90
ii) Beginning Pool Principal Balance 73320262.07
Principal Collections on Non-Defaulted Loans 57441.99
Principal Balance of Defaulted Loans 0.00
Ending Pool Principal Balance 73262820.08
iii) Class Factors Beginning Ending
Class A-1 1.00000000 0.99108770
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 442029.91
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
442029.91
Principal Collections (Regular Installments) 41966.03
Principal Collections (Curtailments and Paid in Fulls) 15475.96
Substitution Adjustment 0.00
Principal from Defaulted Mortgage Loans 0.00
57441.99
Total Payments 499471.90
v) Optimal Principal Balances:
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Amounts distributed to the Residual Instrument 0.00
vii) Servicer Fee 30550.11
Indenture Trustee Fee 1680.26
Owner Trustee Fee 333.33
Master Servicer Fee 4888.02
Reimbursements to the Master Servicer 0.00
viii) LIBOR Information: Current Next
Original Period Period
Class A-1 Note Interest Rate 5.75000% 5.75000% 5.81250%
One-Month LIBOR 5.62500% 5.62500% 5.68750%
ix) Overcollateralization Amount 152888.29
Overcollateralization Deficiency Amount 5346131.37
Overcollateralization Target Amount 5499019.66
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 152888.22
x) Weighted Average Home Loan Interest Rate of the Home Loans
Beginning Ending
13.899% 13.899%
xi) Performance information in Servicer's Monthly Remittance Report
61+ Day Delinquency Amount 0.00
61+ Day Delinquency Percentage (Rolling Six Month) 0.000%
Net Delinquency Calculation Amount 0.00
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.
U. S. BANK NATIONAL ASSOCIATION
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: September 30, 1997
