UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

~~Form~~FORM 8-K

CURRENT REPORT

Pursuant to Section 13 orOR 15(d) of ~~the~~The Securities Exchange Act of 1934

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2005

FINANCIAL ASSET SECURITIES CORP..

(as depositor under the Pooling and Servicing Agreement, dated as of May 1 2005, providing for the issuance of Asset Backed Pass-Through Certificates, Series 2005-OPT1)

Financial Asset Securities Corp.

(Exact name of registrant as specified in its charter)

Delaware	333-121661-03	06-1442101	~~06-1442101~~
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(I.R.S. Employer Identification Number)
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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

600 Steamboat Road, Greenwich, Connecticut	06830
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code (203) 625-2700

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12~~(b)~~ under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 92 - ~~Financial~~Completion ~~Statements~~of ~~and~~Acquisition ~~Exhibits~~or Disposition of Assets

Item 9.01.	Financial Statements and Exhibits
	(a)	Financial Statements.
		Not applicable.
	(b)	Pro Forma Financial Information.
		Not applicable.
	(c)	Exhibits.

Item 2.01 Completion of Acquisition or Disposition of Assets

Exhibit No.	Item 601(a) of Regulation S-K Exhibit No.	Description
1	5.1, 8.1, 23.1	Opinion and Consent of Thacher Proffitt & Wood LLP.

On May 12, 2005, a single series of certificates, entitled Soundview Home Loan Trust 2005-OPT1, Asset-Backed Certificates, Series 2005-OPT1 (the “Certificates”), were issued pursuant to a pooling and servicing agreement, dated as of May 1, 2005 (the “Agreement”), between Financial Asset Securities Corp. (the “Depositor”), Option One Mortgage Corporation, as servicer (the “Servicer”) and Deutsche Bank National Trust Company (the “Trustee”).

~~SIGNATURES~~On May 12, 2005, following the closing of the initial issuance of the Certificates, the Trustee purchased from the Depositor certain Subsequent Mortgage Loans, as defined in the Agreement, with an aggregate Stated Principal Balance equal to $490,293,104 with funds on deposit in the pre-funding accounts (the “Group I Pre-Funding Account” and the “Group II Pre-Funding Account” together the “Pre-Funding Accounts”) established pursuant to the Agreement at a purchase price equal to the Stated Principal Balance thereof, which Subsequent Mortgage Loans were conveyed to the Trustee pursuant to a Subsequent Transfer Instrument, dated June 6, 2005 (the “Instrument”), between the Depositor and the Trustee. Attached to the Instrument is the Mortgage Loan Schedule listing the Subsequent Mortgage Loans that are the subject of such Instrument.

~~Pursuant~~Section to8 ~~the~~- ~~requirements~~Other ~~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.~~Events

~~Dated:~~Item ~~May~~8.01. ~~31,~~Other ~~2005~~Events

~~FINANCIAL~~Description ~~ASSET~~of ~~SECURITIES~~the ~~CORP.~~Mortgage ~~By: /s/ Frank Skibo Name: Frank Skibo Title: Managing Director~~Pool

~~EXHIBIT~~The ~~INDEX~~Certificates, issued pursuant to the Agreement, evidence in the aggregate the entire beneficial ownership interest in a trust fund (the “Trust Fund”), consisting primarily of a segregated pool (the “Mortgage Pool”) of conventional, one- to four- family, first lien and second lien, adjustable-rate and fixed-rate mortgage loans having original terms to maturity of not greater than 30 years (the “Mortgage Loans”). After the Subsequent Transfer Date, the Trust Fund primarily consisted of the Mortgage Pool, which consisted of Group I Mortgage Loans having an aggregate Stated Principal Balance of approximately $376,435,568, and Group II Mortgage Loans having an aggregate Stated Principal Balance of approximately $113,857,537.

Exhibit Number	Item 601(a) of Regulation S-K Exhibit No.	Description
1	5.1, 8.1, 23.1	Opinion and Consent of Counsel

The tables attached as an exhibit hereto describe certain characteristics of the Mortgage Pool as of the respective applicable Cut-off Date, in the case of the Initial Mortgage Loans, or the applicable Subsequent Cut-off Date, in the case of the Subsequent Mortgage Loans.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(a)	Not applicable
(b)	Not applicable
(c)	Exhibits

Exhibit No.	Description
4.2	Subsequent Transfer Instrument, dated as June 6, 2005 between Financial Asset Securities Corp. as seller and Deutsche Bank National Trust Company, as trustee.
99.1	Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date relating to Soundview Home Loan Trust 2005-OPT1, Asset-Backed Certificates, Series 2005-OPT1.

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 the undersigned thereunto duly authorized.

Dated: June 23, 2005

FINANCIAL ASSET SECURITIES CORP.

By:

/s/ Frank Skibo

Name: Frank Skibo

Title: Managing Director

Index to Exhibits

Exhibit No.

Description

Sequentially

Numbered Page

4.2

Subsequent Transfer Instrument, dated as June 6, 2005, between Financial Asset Securities Corp. as seller and Deutsche Bank National Trust Company as trustee.

99.1

Characteristics of the Mortgage Pool as of the Subsequent Cut-off Date, relating to Soundview Home Loan Trust 2005-OPT1, Asset-Backed Certificates, Series 2005-OPT1.

Filing Compare · Soundview Home Loan Trust 2005-OPT1