Class B-5 of Financial Asset Securitization Inc. 1997-NAMC1 has been downgraded from BBB to CCC/DR2 by Fitch Ratings.In addition, the rating agency placed class B-4 of the deal and class B-3 of series 1997-NAMC2 on Rating Watch Negative and affirmed the ratings on eight classes from the two deals. Fitch attributed the negative rating actions to a deterioration in the relationship between credit enhancement and expected losses. Fitch can be found on the Web at http://www.fitchratings.com.

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