AMERICAN SOUTHWEST FINANCIAL CORP
15-15D, 1995-03-28
INVESTORS, NEC
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                               UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C., 20549


                                  FORM 15


CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g)
OF THE  SECURITIES EXCHANGE  ACT  OF 1934  OR SUSPENSION  OF  DUTY TO  FILE
REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.


                                             Commission File Number 2-79415


                  AMERICAN SOUTHWEST FINANCIAL CORPORATION                 
           (exact name of registrant as specified in its charter)

           2390 East Camelback Road, Suite 225, Phoenix, AZ  85016          
(Address,  including zip code and telephone number, including area code, of
registrant's principal executive offices)

      Various classes of mortgage backed bond issues in various series     
          (Title of each class of securities covered by this Form)

                                    None                                   
(Titles of all other classes of securities for which a duty to file reports
under section 13(a) or 15(d) remains)


Please place  an  X  in the  box(es)  to designate,  the  appropriate  rule
provision(s) relied upon to terminate or suspend the duty to file reports:

     Rule 12g-4(a)(1)(i)           Rule 12h-3(b)(1)(i)       
     Rule 12g-4(a)(1)(ii)          Rule 12h-3(b)(1)(ii)      
     Rule 12g-4(a)(2)(i)           Rule 12h-3(b)(2)(i)       
     Rule 12g-4(a)(2)(ii)          Rule 12h-3(b)(2)(ii)      
                                   Rule 15d-6               X

Approximate number of holders of  record as of the certification or  notice
date:                           235                                        

Pursuant to the requirements of the  Securities Exchange Act of 1934  (Name
of registrant as specified in charter) has caused this certification/notice
to be signed on its behalf by the undersigned duly authorized person.

Date:     March 28, 1995           By:  /s/ Mary C. Hislop                 
                                        Mary C. Hislop
                                        Vice President & Treasurer

Instruction:  This form is required by Rules  12g-4, 12h-3 and 15d-6 of the
General  Rules and Regulations under  the Securities Exchange  Act of 1934.
The  registrant shall file with the Commission three copies of Form 15, one
of which shall be manually  signed.  It may be signed by an  officer of the
registrant, by  counsel of by any  other duly authorized person.   The name
and title of the person  signing the form shall  be typed or printed  under
the signature.


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