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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): May 19, 1999
FINANCIAL ASSET SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-67329 06-1442101
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
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(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code (203) 622-2700
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Item 5. Other Events.
Filing of Computational Materials
Pursuant to Rule 424(b) under the Securities Act of 1933, concurrently
with, or subsequent to, the filing of this Current Report on Form 8-K (the
"Form 8-K"), Financial Asset Securities Corp. (the "Company") is filing a
prospectus and prospectus supplement with the Securities and Exchange
Commission relating to City Capital Home Loan Trust 1999-1 Asset Backed Notes.
In connection with the offering of the City Capital Home Loan Trust
1999-1 Asset Backed Notes, Greenwich Capital Markets, Inc.( "Greenwich
Capital"), as the underwriter of the Asset Backed Notes, has prepared certain
materials (the "Computational Materials") for distribution to its potential
investors. Although the Company provided Greenwich Capital with certain
information regarding the characteristics of the Home Loans in the related
portfolio, the Company did not participate in the preparation of the
Computational Materials.
For purposes of this Form 8-K, "Computational Materials" shall mean
computer generated tables and/or charts displaying, with respect to any Class
or Classes of Notes, any of the following: yield; average life; duration;
expected maturity; interest rate sensitivity; loss sensitivity; cash flow
characteristics; background information regarding the Home Loans; the proposed
structure; decrement tables; or similar information (tabular or otherwise) of
a statistical, mathematical, tabular or computational nature. The
Computational Materials, listed as Exhibit 99.2 hereto, are filed on Form SE
dated May 20, 1999.
Incorporation of Certain Documents by Reference
The consolidated financial statements of the Note Insurer, a wholly owned
subsidiary of MBIA Inc., and its subsidiaries as of December 31, 1998 and
December 31, 1997 and for each of the three years in the period ended December
31, 1998, prepared in accordance with generally accepted accounting
principles, included in the Annual Report on Form 10-K of MBIA Inc. for the
year ended December 31, 1998 and the consolidated financial statements of the
Note Insurer and its subsidiaries as of March 31, 1999 and for the three month
periods ended March 31, 1999 and March 31, 1998, included in the Quarterly
Report on Form 10-Q of MBIA Inc. for the period ended March 31, 1999, are
hereby incorporated by reference in (i) this Current Report on Form 8-K; (ii)
the prospectus; and (iii) the prospectus supplement for City Capital Home Loan
Trust 1999-1, City Capital Home Loan Trust Asset Backed Notes, Series 1999-1,
and shall be deemed to be part hereof and thereof.
In connection with the issuance of the Certificates, the Company is
filing herewith the consent of PricewaterhouseCoopers LLP
("PricewaterhouseCoopers") to the use of their name and the incorporation by
reference of their report in the prospectus supplement relating to the
issuance of the Certificates. The consent of PricewaterhouseCoopers is
attached hereto as Exhibit 23.1.
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* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the prospectus dated May 17, 1999 and the
prospectus supplement dated May 17, 1999, of Financial Asset Securities
Corp., relating to its City Capital Home Loan Trust 1999-1 Asset Backed
Notes.
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Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1 Consent of PricewaterhouseCoopers LLP
99.2 Collateral Term Sheets.
filed on Form SE dated May 20, 1999.
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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 hereunto duly authorized.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ John Paul Graham
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Name: John Paul Graham
Title: Vice President
Dated: May 20, 1999
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Exhibit Index
Exhibit Page
23.1 Consent of PricewaterhouseCoopers LLP
99.2 Collateral Term Sheets filed on Form SE dated May 20, 1999.
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Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus Supplement of
Financial Asset Securities Corp. relating to City Capital Home Loan Trust
1999-1, of our report dated February 2, 1999, on our audits of the
consolidated financial statements of MBIA Insurance Corporation and
Subsidiaries as of December 31, 1998 and 1997 and for each of the three years
in the period ended December 31, 1998. We also consent to the reference to our
Firm under the caption "Experts".
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
May 17, 1999
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BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
May 20 1999
BY MODEM
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.
City Capital Home Loan Trust 1999-1
Asset Backed Notes, Series 1999-1
Ladies and Gentlemen:
On behalf of Financial Asset Securities Corp. (the "Company"), we enclose
herewith for filing, pursuant to the Securities and Exchange Act of 1934, as
amended, the Company's Current Report on Form 8-K, for Collateral Term Sheets
in connection with the above-referenced transaction.
Very truly yours,
/s/ Edward B. Locke
Edward B. Locke
Enclosure
