UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-K

Pursuant to Section 13 or 15(d) of the 
Securities Exchange Act of 1934

(Mark One)
[ x  ]	Annual Report Pursuant to Section 13 or 15(d) of the Securities
 Exchange Act of 	1934  [Fee Required] 
For the fiscal year ended DECEMBER 31, 1997

or

[    ]	Transition Report Pursuant to Section 13 or 15(d) of the Securities
 Exchange Act 	of 	1934 [Fee Required]
For the transition period from                 to                

Commission file Number 33-99018-03

FINANCIAL ASSET SECURITIES CORP., (as depositor under the Pooling and
 Servicing Agreement, dated as of March 1, 1996 providing for the issuance of
 Financial Asset Securities Corp., Mego Mortgage FHA Title I Loan Trust
 1996-1, FHA Title I Loan Asset-Backed Certificates, Series 1996-1)
(Exact name of registrant as specified in its charter)
 
              Delaware             		 		41-1836604       
(State or other jurisdiction			 		(I.R.S. Employer 
of incorporation or organization)				 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  

Securities registered pursuant to Section 12(g) of the Act:
MEGO MORTGAGE FHA TITLE I LOAN ASSET-BACKED CERTIFICATES,
SERIES 1996-1 CLASS A-1, CLASS A-2, CLASS A-3, AND CLASS S
		(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports 
required tobe filed by Section 13 or 15(d) of the Securities Act of 
1934 during the preceding 12 months (or for such shorter period 
that the registrant was required to file suchreports), and 
(2) has been subject to such filing requirements for the past 90 days.
							x  Yes	   No



DOCUMENTS INCORPORATED BY REFERENCE.

List hereunder the following documents if incorporated by reference and the Part
of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) Any annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933.  The listed documents should be clearly
described for identification purposes.

	FORMS 8-K DATED  JANUARY 27,1997; FEBRUARY 25,1997;
	MARCH 25, 1997; APRIL 25, 1997; MAY 27, 1997; JUNE 25, 1997;
	JULY 25, 1997;  AUGUST 25, 1997;  SEPTEMBER 25, 1997;
	OCTOBER 27, 1997;  NOVEMBER 25, 1997;  DECEMBER 26, 1997;   


PART I

Item 3. Legal Proceedings
	There were no legal proceedings.

Item 4. Submission of Matters to a Vote of Security Holders
	There were no matters submitted to a vote of the Security Holders.
	
PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder matters
	1.	Number of Certificateholders of record as of the end of the
		 reporting year:
		There were four Certificateholders of record as of the end of the
		 reporting year.  They are:

			Class A-1:	Cede & Co.
			Class A-2:	Cede & Co.
			Class A-3:	Cede & Co.
			Class S:	Mego Mortgage Corp.

	2.	Principal market in which the Certificates are traded:
		The Certificates are not traded on any public market.

	3.	Aggregate Principal and Interest distributed on the certificates:

		For the period commencing January 1, 1997 and ending December
		31, 1997, the following amounts were distributed to the
		 Certificateholders:

		Principal		Interest
	          $17,039,246.83	 $5,244,015.03


Item 9. Changes in and Disagreements with Accountants on Accounting and
 Financial 	Disclosures:  Information required by Item 304 of Reg. S-K.

	There were no changes in and/or disagreements with Accountants on
	 Accounting and Financial Disclosures.

PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
	 
	EXHIBIT A -- DISTRIBUTIONS TO CERTIFICATEHOLDERS 
	FOR THE PERIOD ENDING DECEMBER 31, 1997

		MEGO Mortagage FHA Title I Loan Trust 1996-1
		FHA Title I Loan Asset-Backed Certificates, Series 1996-1
		Summary of Principal and Interest Distributions

		Date			Principal		Interest
		01/27/97	         $1,124,207.95   $  484,620.49
		02/25/97	         $1,230,161.60   $  477,197.64
		03/25/97	         $  955,481.23   $  469,277.70
		04/25/97	         $1,250,020.75	$  462,805.42
         	05/27/97             $1,876,466.59	$  455,025.01
		06/25/97	         $1,535,117.63	$  443,345.30
		07/25/97	         $1,833,425.41	$  433,639.43
		08/25/97	         $1,845,441.58	$  422,321.57 
		09/25/97	         $1,105,241.46	$  410,698.26
		10/27/97	         $1,126,578.73	$  403,569.89
		11/25/97	         $1,661,495.97	$  396,169.75	
            12/26/97	         $1,495,607.93	$  385,344.57
		Total		        $17,039,246.83	$5,244,015.03

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.


   (Registrant)           FINANCIAL ASSET SECURITIES CORPORATION

   (Printed Name, Title)     

	Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the 
registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/   Mark LeMay, Vice President

   (Printed Name, Title)       Mark LeMay, Vice President

Date                         March 24, 1998