SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
                       
                FORM 10-K
                       
Annual Report Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934 
for the fiscal year ended December 31, 1997
                       
Commission File Number:  33-92146
                       
American Southwest Financial Securities corporation
(Exact Name of registrant as specified in its charter)
                       
Delaware                      0742739
(State or Other Juris-            (I.R.S. Employer
diction of Incorporation)        Identification No.)
  
2390 Camelback Road, Suite 225, Phoenix, Az 85016
(Address of Principal Executive Office)
 
212526-5594 
(Registrant's telephone number, including area code) 

  
Securities registered pursuant to Section 12(b) of the Act:     None
  
Securities registered pursuant to Section 12(g) of the Act:     None
  
Indicate by check mark whether the registrant (1) 
has filed all reports required to be filed  by Section 13 or 15(d) of 
the Securities Exchange Act of 1934 during the preceding 12 months 
(or for such shorter period that the registrant was required to file 
such reports),and (2) has been subject to such filing requirements for 
the past 90 days. 
  
  Yes  X   No 
  
Indicate by check mark if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be 
contained, to the best of registrant's knowledge, in definitive proxy or 
information statements incorporated by reference in part III of this 
Form 10-K or any amendment to this Form 10-K.  

Not applicable.
  
Aggregate market value of voting stock held by non-affiliates of the 
Registrant as of December 31, 1997.  

Not applicable.
  
Number of shares of common stock outstanding  a
s of December 31, 1997.  

Not applicable.
    <PAGE>
              Table of Contents
                        
  
  PART I
  
  Item 1. Business..................................................3
  
  Item 2. Properties................................................3
  
  Item 3. Legal Proceedings.........................................3
  
  Item 4. Submission Of Matters To A Vote Of Security Holders.......3
  
  PART II
  
  Item 5. Market For Registrant's Common Equity And 
  Related Shareholder Matters.......................................3
  
  Item 6. Selected Financial Data...................................3
  
  Item 7. Management's Discussion And Analysis Of Financial Condition 
            And Results Of Operations...............................4
  
  Item 8. Financial Statements And Supplementary Data...............4
  
  Item 9. Changes In And Disagreements With Accountants On 
            Accounting And Financial Disclosure.....................4
  
  PART III
  
  Item 10. Directors And Executive Officers Of The Registrant.......4
  
  Item 11. Executive Compensation...................................4
  
  Item 12. Security Ownership Of Certain Beneficial Owners And 
            Management..............................................4
  
  Item 13. Certain Relationships And Related Transactions...........4
  
  PART IV
  
  Item 14. Exhibits, Financial Statement Schedules And Reports On 
            Form 8-K................................................4
  
  Signatures........................................................4
  
  Exhibit Index.....................................................4
    <PAGE>
PART I
  
ITEM 1.         BUSINESS
  
This Annual Report on Form 10-K relates to the Trust Fund formed, and 
the American Southwest Financial Corporation Commercial Mortgage 
Pass-THrough Certifiates Series 1996-FHA1 issued, pursuant to a Pooling 
and Servicing Agreement, dated as of December 1, 1996 (the "Pooling and 
Servicing Agreement"), by and among American Southwest Financial 
corporation as Depositor (the "Depositor"), Greystone Servicing 
Corporation ,Inc. As Master Servicer (the "Master Servicer"), Greystone 
Funding Corporation, as Seller (the "Seller"), Daiwa Finance Corp, as 
Seller (the "Seller"), and LaSalle National Bank, as trustee and REMIC 
administrator.  The Certificates have been registered pursuant to 
the Act under a Registration Statement on Form S-3 (No. 333-27083) 
(the "Registration Statement").
  
Capitalized terms used herein and not defined have the same 
meanings ascribed to such terms in the Pooling and Servicing Agreement.
  
This Annual Report is being filed by the Trustee, in its capacity as 
such under the Pooling and Servicing Agreement, on behalf of Registrant.  
The information contained herein has been supplied to the Trustee by 
one or more of the Borrowers or other third parties without independent 
review or investigation by the Trustee.  Pursuant to the Pooling and 
Servicing Agreement, the Trustee is not responsible for the accuracy 
or completeness of such information.
  
ITEM 2.         PROPERTIES
  
See Exhibits 99.1 and 99.2 hereto for Servicer s Annual Statement of
Compliance and Servicer s Independent Accountant s Report on Servicer's
servicing activities.
  
ITEM 3.         LEGAL PROCEEDINGS
  
Except for claims arising in the ordinary course of business and 
which are covered by liability insurance, there are no material pending 
legal proceedings involving the Trust Fund, the Mortgages comprising the 
Trust Fund or the Trustee, the Special Servicer or the Servicer with 
respect to or affecting their respective duties under the Pooling and 
Servicing Agreement.
  
ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY  HOLDERS
  
No matters were submitted to a vote of Certificateholders during 
the fiscal year covered by this report.
  
PART II
  
ITEM 5.         MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED       
                STOCKHOLDER MATTERS
  
There was one registered holder of the Certificate representing an 
equity interest in the Trust as of December 31, 1997.  To the 
Registrant's knowledge, as of that date, there was no principal market 
in which the Certificates representing an equity interest in the Trust 
were traded.
  
ITEM 6.         SELECTED FINANCIAL DATA
  
Not applicable.
  
ITEM 7.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF A FINANCIAL 
             CONDITION AND RESULTS OF OPERATIONS.
  
Not applicable.
  
ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY  DATA
  
Not applicable.
  


ITEM 9.        CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON        
               ACCOUNTING AND FINANCIAL DISCLOSURE
  
None.
  
PART III
  
The information required by Items 10, 11, 12 and 13 is not 
applicable as the trust fund does not have directors or officers and 
Certificateholders have no right to vote (except with respect to 
required consents to certain amendments to the Pooling and Servicing 
Agreement and upon certain events of default) or control the Trust 
Fund.
  
PART IV
 
ITEM 14.        EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS 
              ON FORM 8-K
  
(a)     
1.     Servicer's Annual Statement of Compliance for the period ended
       12/31/97.
2.     Servicer's Independent Accountant's Report on Servicer's servicing
       activities.

(b)    All current Reports on Form 8-K for the Trust have been filed as of 
      12/31/97. 
  
Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this report to be 
signed on its by the undersigned thereunto duly authorized.
  
  
                              LASALLE NATIONAL BANK, IN
                              ITS CAPACITY AS TRUSTEE UNDER 
                              THE POOLING AND SERVICING
                              AGREEMENT ON BEHALF OF Amercican 
                         Southwest Financial Securities 
                         Corporation, REGISTRANT      
                 
  
                              By: /s/ Russell Goldenberg
                              Name:  Russell Goldenberg
                              Title: Senior Vice President
                              Dated: April 14, 1998
  
  






EXHIBIT INDEX
  
  
Exhibit No.     Description
  
99.1   Servicer's Annual Statement of Compliance
99.2   Servicer's Independent Accountants' Report on Servicer's 
     servicing activities

  










Exhibit 99.1

  
 OFFICER'S CERTIFICATE

Pursuant to Article III, Section 3.18 of the Pooling and Servicing 
Agreement dated December 1, 1996, 1, Carole J. Jurney, Vice President 
of Greystone Servicing Corporation, Inc., Master Servicer of the 
aforementioned Pooling and Servicing Agreement, attest that (a) a review 
of the activities of the Master Servicer under this agreement has been 
made under my supervision, (b) to the best of my knowledge, based on the 
review, the Master Servicer has fulfilled all its obligations under this 
Agreement in all material respects throughout the year,(c) a review of 
the activities of each Sub-Servicer during the immediately preceding year 
and its performance under the related Sub-Servicing Agreement has been 
made and, (d) to the best of my knowledge, based on such review, each 
Sub-Servicer has performed and fulfilled its duties, responsibilities 
and obligations under the related Sub-Servicing Agreement in all material 
respects throughout such year.


By: /s/ Carole J. Jurney 
Title: Vice President
Greystone Servicing Corp






















































Exhibit 99.2



GROSS COLLINS CRESS, P.C.


Mr. Ryan Kutty
LaSalle National Bank
135 South LaSalle Street
Chicago, IL 60674

Re:           Series 1995 FHAI
  Series 1996 FHAI

January 16, 1998

Dear Mr. Kutty,

Attached is the independent Cenified Public Accountant's 
single audit report required for each institutional investor. 
We have expressed an opinion on the overall portfolio 
serviced by Greystone Servicing Corporation. which does not 
necessarily include tests of each specific investor's portfolio each 
year. We have adopted the audit procedures within The Uniform Single 
Audit Program to test the procedures and records relating to loans 
serviced for investors.

If we may be of any further assistance to you, please feel free to 
contact us at any time.

Sincerely,
/s/ CROSS, COLLINS + CRESS, P.C.
by                        Elizabeth A. Salvati, CPA, CFP, PFS
 Shareholder

Enclosures
KAP/jls

                     <PAGE>
To the Board of Directors of Greysione Servicing Corporation:



We have examined the financial statements of Greystone Servicing 
Corporation as of December 31, 1997 and have issued our 
report thereon dated February 27, 1998. Our examination was made 
in accordance with generally accepted auditing standards, and 
accordingly included such tests of the accounting records and 


The examination referred to above included tests relating 
to mortgage loans serviced for others in accordance with the 
requirements of the Uniform Single Audit Program for Mortgage 
Bankers. Our examination disclosed no exceptions or errors in 
recoTds relating to mortgage loans serviced for others that, in 
our opinion, paragraph 4 of that Program requires us to report.

We are independent Certified Public Accountants with respect 
to Greystone Servicing Corporation within the meaning of 
the Code of Professional Ethics of the American Institute of 
Certified Public Accountants.


/s/ Gross Collins Cress, P.C.
Atlanta, Georgia

February 27, 1998