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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, as amended
Date of Report (Date of earliest event reported): October 17, 2000
FINANCIAL ASSET SECURITIES CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF OCTOBER 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES, SERIES 2000-FF1)
Financial Asset Securities Corporation
(Exact name of registrant as specified in its charter)
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Delaware 333-84929 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 92618
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (203)625-2700
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On October 30, 2000, a single series of certificates, entitled
First Franklin Mortgage Loan Trust, Asset-Backed Certificates, Series 2000-FF1
(the "Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of October 1, 2000 (the "Agreement"), attached hereto as Exhibit 4.1,
among Financial Asset Securities Corporation as depositor (the "Depositor"),
Option One Mortgage Corporation ("Option One") as master servicer (the "Master
Servicer") and Wells Fargo Bank Minnesota, N.A. as trustee (the "Trustee"). The
Certificates consist of six classes of certificates (collectively, the
"Certificates"), designated as the "Class A Certificates", "Class M-1
Certificates", "Class M-2 Certificates", "Class C Certificates", "Class P
Certificates" and "Class R Certificates". The Certificates evidence in the
aggregate the entire beneficial ownership interest in a trust fund (the "Trust
Fund"), consisting of a pool of mortgage loans (the "Mortgage Pool") of
conventional, one- to four- family, adjustable rate, first lien mortgage loans
having original terms to maturity up to 30 years (the "Mortgage Loans"). The
Mortgage Pool consist of Mortgage Loans having an aggregate principal balance of
$494,145,467 as of October 1, 2000 (the "Cut-off Date"). The Mortgage Loans were
purchased pursuant to the Mortgage Loan Purchase Agreement, dated October 13,
2000 (the "Purchase Agreement") among First Franklin Financial Corporation,
Option One Owner Trust 2000-1 and the Depositor. The Class A Certificates, the
Class M-1 Certificates, the Class M-2 Certificates and the Class M-3
Certificates were sold by the Depositor to Greenwich Capital Markets, Inc. (the
"Underwriter"), pursuant to an Underwriting Agreement, dated October 13, 2000
(the "Underwriting Agreement") among the Depositor, Option One and the
Underwriter.
The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
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Initial Certificate
Class Principal Balance or Pass-Through Rate
Notional Amount -----------------
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A $ 462,026,000 Variable
M-1 $ 22,236,000 Variable
M-2 $ 7,413,000 Variable
C $ 2,470,367 Variable
P $ 100 N/A
R 100% N/A
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The Certificates, other than the Class C Certificates, the
Class P Certificates and the Class R Certificates, and the Mortgage Loans are
more particularly described in the Prospectus, dated October 13, 2000, and the
Prospectus Supplement, dated October 13, 2000, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class P Certificates and the Class R Certificates have not
been and will not be publicly offered by the Depositor. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the
Prospectus Supplement.
Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement,
dated as of October 1, 2000, by and
among Financial Asset Securities
Corporation as Depositor, Option One
Mortgage Corporation as Master
Servicer and Wells Fargo Bank
Minnesota, N.A. as Trustee, relating
to the Series 2000-FF1 Certificates.
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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 thereunto duly authorized.
Dated: October 30, 2000
FINANCIAL ASSET SECURITIES
CORPORATION
By: /s/ Frank Skibo
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Name: Frank Skibo
Title: Vice President
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Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
4.1 Pooling and Servicing Agreement, dated as of 7
October 1, 2000, by and among Financial Asset
Securities Corporation as Depositor, Option One
Mortgage Corporation as Master Servicer and Wells
Fargo Bank Minnesota, N.A. as Trustee, relating to
the Series 2000-FF1 Certificates.
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