SECURITIES AND EXCHANGE COMMISSION    
    
                             Washington D.C. 20549    
    
                                   Form 10-K    
    
 Annual report pursuant to Section 13 or 15(d) of the Securities and Exchange
                   Act of 1934 For fiscal year ended 12/31/1998
    
                     Commission file number: 333-21071-12    
                                           
                Cityscape Home Equity Loan Trust    
    (AS DEPOSITOR UNDER THE TRUST AGREEMENT DATED AS OF DECEMBER 9, 1996,    
        PROVIDING FOR THE ISSUANCE OF TRUST CERTIFICATES SERIES 1996-4    
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            (Exact name of registrant as specified in its charter)    
    
                 Delaware                           41-1864716    
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         (State or Other Jurisdiction           (I.R.S. Employer         
            of Incorporation                 Identification Number)    
    
                      	600 Steamboat Road    
                     Greenwich, Connecticut  06830    
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                       (Address of Principal (Zip Code)    
                        Executive Offices)           `    
    
                 Registrant's telephone number: (203) 625-2700    
    
          Securities registered pursuant to Section 12(b) of the Act:    
                                           
                                     None    
                                           
          Securities registered pursuant to Section 12(g) of the Act:    
                                           
                                     None    
                                           
Indicate 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.    
                            _X_ YES         ___ no    
                                           
                                           
    
Item 1. Business:    
    
        Not applicable    
    
    
Item 2. Properties:    
    
        Not applicable    
    
    
Item 3. Legal Proceedings:    
    
        None    
    
    
Item 4. Submission of Matters to a Vote of Security-Holders    
    
        None    
    
    
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters 
    
        To the best knowledge of the registrant there is no established public 
        trading market for the certificates.    
    
        There are approximately 20 holders of record as of the end of the   
        reporting year.    
    
    
Item 6. Selected Financial Data    
    
        Not applicable    
    
    
Item 7. Management's Discussion and Analysis of 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    
    
    
Item 10. Directors and Executive Officers of the Registrant    
    
         Not applicable    
    
    
Item 11. Executive Compensation    
    
         Not applicable    
    
    
Item 12. Security Ownership of Certain Beneficial Owners and Management    
    
         Not applicable    
    
    
Item 13. Certain Relationships and Related Transactions    
         
         Not applicable    
    
    
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K    
    
         None
    
    
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.    
    
Date: 01/29/99
    
Financial Asset Securities Corp by U.S. Bank National Association fka 
First Trust National Association,  as Trustee for Cityscape Home Equity 
Loan Trust 1996-4, Home Equity Pass-Through Certificates.    
    
By:    /s/ Lynn Steiner
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Name:    Lynn Steiner    
Title:   Vice President    
Company: U.S. Bank National Association fka First Trust National Association