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
For the fiscal year ended DECEMBER 31, 1999

_______________________ or

[    ] Transition Report Pursuant to Section 13 or 15d of the Securities
      Exchange Act of 1934
For the transition period from _____________  to ________

Commission file Number   0-15483
    Financial Asset Securitization, Inc.
    Mortgage Participation Securities Series 1997-NAMC1
(Exact name of registrant as specified in its charter)

Virginia                                 53-1526174
(State or other jurisdiction          (I.R.S. Employer
of incorporation or organization)      Identification No.)

901 East Byrd Street
Richmond, Virginia                                             23219

(Address of Principal Executive Offices)               (Zip Code)

Registrant's telephone number, including area code:   (804) 344-7575

    Securities registered pursuant to Section 12(b) of the Act
          NONE
    Securities registered pursuant to Section 12(g) of the Act

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 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.
     X Yes               No


                                        PART I

Item 2.  Properties
    Not applicable on reliance of Relief Letters

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
    There are under 300 participants in the DTC system holding
    positions in the Cede certificates.
    The following were Noteholders and Certificateholders of record
    as of the end of the reporting year.
    Mortgage Participation Securities:
    Series 1997-NAMC 1 Class FXA-1    Cede & Co.
    Series 1997-NAMC 1 Class FXA-2    Cede & Co.
    Series 1997-NAMC 1 Class FXA-3    Cede & Co.
    Series 1997-NAMC 1 Class FXA-4    Cede & Co.
    Series 1997-NAMC 1 Class FXA-5    Cede & Co.
    Series 1997-NAMC 1 Class FXA-6    Cede & Co.
    Series 1997-NAMC 1 Class FXA-7    Cede & Co.
    Series 1997-NAMC 1 Class FXA-8    Cede & Co.
    Series 1997-NAMC 1 Class FXA-9    Cede & Co.
    Series 1997-NAMC 1 Class FXP      The Bank of New York
                                      Attn: Corporate Trust/MBS Unit/Parker Road
                                      101 Barclay Street, Floor 12E
                                      New York, NY 10286
    Series 1997-NAMC 1 Class FXS      Solomon Smith Barney Inc.
                                      333 West 34th Street
                                      New York, NY  10001
    Series 1997-NAMC 1 Class A-1      Cede & Co.
    Series 1997-NAMC 1 Class A-2      Cede & Co.
    Series 1997-NAMC 1 Class A-3      Cede & Co.
    Series 1997-NAMC 1 Class A-4      Cede & Co.
    Series 1997-NAMC 1 Class P        Norwest Bank Minnesota
                                      110000 Broken Land Parkway
                                      Columbia, MD  21044
    Series 1997-NAMC 1 Class S        Hare & Co.
                                      c/o The Bank of New York
                                      P O Box 11203
                                      New York, NY 10286
    Series 1997-NAMC 1 Class B-1      Cudd & Co.
                                      c/o Chase Manhattan Bank
                                      P O Box 1508
                                      Church Street Station
                                      New York, NY 10008
    Series 1997-NAMC 1 Class B-2      Salkeld & Co.
                                      c/o Bankers Trust Co.
                                      P O Box 704
                                      Church Street Station
                                      New York, NY 10008
    Series 1997-NAMC 1 Class B-3      Norwest Bank MN N.A.
                                      Investors Building
                                      733 Marquette
                                      Minneapolis, MN 55479
    Series 1997-NAMC 1 Class B-4      Salkeld & Co.
                                      c/o Bankers Trust Co.
                                      P O Box 704
                                      Church Street Station
                                      New York, NY 10008
    Series 1997-NAMC 1 Class B-5      The Bank of New York
                                      Attn: Corporate Trust/MBS Unit/Parker Road
                                      101 Barclay Street, Floor 12E
                                      New York, NY 10286
    Series 1997-NAMC 1 Class B-6      Norwest Bank MN N.A.

    There is no established public trading market for the notes.

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 12.  Security Ownership of Certain Beneficial Owners and Management
    The Notes are represented by one or more notes registered in the name of
    of Cede & Co., the nominee of The Depository Trust Company.  An investor
    holding Notes is not entitled to receive a certificate representing such
    Note, except in limited circumstances.  Accordingly, Cede & Co. is the
    sole holder of Notes, which it holds on behalf of brokers, dealers,
    banks and other participants in the DTC system.  Such participants may
    hold Notes for their own accounts or for the accounts of their customers.
    The address of Cede & Co. is:
    Cede & Co.
    c/o The Depository Trust Company
    Seven Hanover Square
    New York, New York 10004

Item 13.  Certain Relationships and Related Transactions.
    There has not been, and there is not currently proposed, any transactions
    or series or transactions, to which any of the Trust, the Registrant,
    the Trustee or the Servicer is a party with any Noteholder who, to the
    knowledge of the Registrant and Servicer, owns of record or beneficially
    more than five percent of the Notes.


Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

    (a) 1.  Not Applicable
          2.  Not Applicable
          3.  Exhibits
               99.1  Annual Summary Statement
               99.2  Annual Statement as to Compliance.
               99.3  Annual Independent Public
                        Accountant's Servicing Report.

    (b)   Reports on Form 8-K
    The registrant has filed Current Reports on Form 8-K with the
    Securities and Exchange Commission dated:
    January 25, 1999, February 25, 1999, March 25, 1999, April 26, 1999;
    May 25, 1999, June 25, 1999, July 26, 1999, August 25, 1999;
    September 27, 1999, October 25, 1999, November 26, 1999;
    and December 27, 1999.

    (c)    See (a) 3 above

    (d)    Not Applicable



                       SIGNATURES

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 behalf by the undersigned thereunto duly authorized.

Financial Asset Securitization, Inc.
Mortgage Participation Securities Series 1997-NAMC 1

    /s/  Richard Tarnas, Vice President
       Bank One



Date March 31, 2000


                       EXHIBIT INDEX

    Exhibit Number     Description
             99.1      Annual Summary Statement
             99.2      Annual Statement of Compliance
             99.3      Report of Independent Accountants




       EXHIBIT 99.1 -- Summary of Aggregate Amounts or End of Year
       Amounts for the period ending December 31, 1999

    Financial Asset Securitization, Inc.
    Mortgage Participation Securities Series 1997-NAMC 1
              Summary of Aggregate Amounts or End of Year Amounts

    Pool Balance                        61,997,928.30
    Principal          Collections      29,313,550.47
    Realized Loss                          135,728.51
    Interest           Collections       6,088,248.63
    Servicer           Fees                193,991.10
    Trustee            Fees                      0.00




    Delinquent Report
                       Number         Stated Principal Bal
    30-59 days                       1    $147,617.62
    60-89 days                       2    $454,691.06
    90+ days                         6  $1,070,028.16
    REO Properties                   1    $116,178.14




    Certificate        Balance        Interest        Principal

    Class FXA-1                  0.00            0.00          0.00
    Class FXA-2         20,034,445.09    1,560,948.10    194,196.85
    Class FXA-3                  0.00        8,144.97  1,329,790.22
    Class FXA-4          1,234,358.39      495,068.44 11,966,016.60
    Class FXA-5          5,125,000.00      397,187.52          0.00
    Class FXA-6          4,001,000.00      310,077.48          0.00
    Class FXA-7          1,000,000.00       77,499.96          0.00
    Class FXA-8            411,452.80      126,276.49  4,697,893.59
    Class FXA-9            411,452.80       65,773.01          0.00
    Class FXP               64,793.88            0.00      1,696.32
    Class FXS            3,226,370.40      303,139.80          0.00
    Class A-1                    0.00      260,789.37 12,854,786.26
    Class A-2            4,678,048.32      508,809.96  2,283,951.68
    Class A-3            1,951,000.00      151,202.52          0.00
    Class A-4           13,350,925.86    1,040,933.51    145,264.99
    Class P                596,303.99            0.00    241,815.07
    Class S                316,866.55       30,554.15          0.00
    Class B-1            5,066,969.87      394,897.54     51,642.90
    Class B-2            2,061,140.41      160,636.28     21,007.26
    Class B-3            1,288,212.39      100,397.66     13,129.54
    Class B-4              772,927.01       60,238.56      7,877.73
    Class B-5              429,404.78       33,465.95      4,376.52
    Class B-6              534,787.78       45,063.22      5,751.27

           EXHIBIT 99.2 -- Servicer's Annual Statement of Compliance


           EXHIBIT 99.3 -- Report of Independent Auditors