SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Seciton 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report(Date of earliest event reported): November 25, 2002

AMERICAN SOUTHWEST FINANCIAL SECURITIES CORPORATION in respect of Commercial

Mortgage Pass-Through Certificates, Series 1996-FHA1

(Exact name of registrant as specified in its governing instruments)

Arizona 33-92146 0742739

(State or other Jurisdiction (Commission Fil(I.R.S. Employer

of Incorporation) Number) Identification No.)

2390 Camelback Road Suite 225

Phoenix, Arizona 85016

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (212) 526-5594

Item 5 Other Events.

This current report on Form 8-K relates to the monthly

distribution reported to the holders of American Southwest

Financial Securities Corporation Commercial Mortgage

Pass-Through Certificates, Series 1996-FHA1, which was made

on November 25, 2002.

Not applicable

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

(a) Financial Statements

Not applicable

(b) Pro Forma Financial Information

Not applicable

(c)Exhibits

Item 601(a) of

Exhibit Regulation S-K

Number Exhibit No. Description

1 5

99.1 Monthly distribution report pursuant to Section 4.03 of

the Pooling and Servicing Agreement for distribution on

November 25, 2002.

Pursuant to the requirements of the Securities Exchange

Act of 1934, the Registrant has duly caused this report to

be signed on behalf of the Registrant by the undersigned

thereunto duly authorized.

LASALLE NATIONAL BANK, IN

ITS CAPACITY AS TRUSTEE

UNDER THE POOLING AND

SERVICING AGREEMENT ON

BEHALF OF AMERICAN SOUTHWEST FINANCIAL SECURITIES

CORPORATION

By: /s/Russell Goldenberg

Name: Russell Goldenberg

Title: Group Senior Vice President

Dated: November 27, 2002

ABN AMRO

LaSalle Bank N.A.

Administrator:

Jennifer Wilt (800) 246-5761

135 S. LaSalle Street Suite 1625

Chicago, IL 60603-4159

American Southwest Financial Securities Corporation

(Greystone Servicing Corporation, Inc., as Master Servicer)

Commercial Mortgage Pass-Through Certificates

Series 1996-FHA1

ABN AMRO Acct: 67-7662-00-9

Statement Date: 11/25/02

Payment Date: 11/25/02

Prior Payment: 10/25/02

Record Date: 10/31/02

WAC: 8.419515%

WAMM: 335

Number Of Pages

Table Of Contents 1

REMIC Certificate Report 3

Other Related Information 3

Asset Backed Facts Sheets 1

Delinquency Loan Detail 1

Mortgage Loan Characteristics 2

Loan Level Listing 3

Specially Serviced Loan DetaiAppendix A

Modified Loan Detail Appendix B

Realized Loss Detail Appendix C

Remic III

Original Opening

Class Face Value (1) Balance

CUSIP Per $1,000 Per $1,000

S 266,510,464.00N 123,560,813.51

02970K BF 3 1000.000000000 0.000000000 463.624623422

A-1 40,317,000.00 0.00

02970K BG 1 1000.000000000 0.000000000 0.000000000

A-2 38,978,000.00 0.00

02970K BH 9 1000.000000000 0.000000000 0.000000000

A-3 55,487,000.00 0.00

02970K BJ 5 1000.000000000 0.000000000 0.000000000

A-4 58,824,000.00 15,301,105.27

02970K BK 2 1000.000000000 0.000000000 260.116708656

A-Z 67,712,000.00 103,212,676.49

02970K BL 0 1000.000000000 0.0000000001524.289291263

B 5,192,464.00 5,047,031.75

9ABSA236 1000.000000000 0.000000000 971.991669080

R-III 0.00 0.00

9ABSA237 1000.000000000 0.000000000 0.000000000

266,510,464.00 123,560,813.51

Notes: (1) N denotes notional balance not included in total

Principal Principal Negative

Class Payment Adj. or Loss Amortization

CUSIP Per $1,000 Per $1,000 Per $1,000

S 0.00 0.00 0.00

02970K BF 3 0.000000000 0.000000000 0.000000000

A-1 0.00 0.00 0.00

02970K BG 1 0.000000000 0.000000000 0.000000000

A-2 0.00 0.00 0.00

02970K BH 9 0.000000000 0.000000000 0.000000000

A-3 0.00 0.00 0.00

02970K BJ 5 0.000000000 0.000000000 0.000000000

A-4 4,536,087.11 0.00 0.00

02970K BK 2 77.112863967 0.000000000 0.000000000

A-Z 0.00 0.00 623,404.57

02970K BL 0 0.000000000 0.000000000 9.206707378

B 0.00 0.00 0.00

9ABSA236 0.000000000 0.000000000 0.000000000

R-III 0.00 0.00 0.00

9ABSA237 0.000000000 0.000000000 0.000000000

4,536,087.11 0.00 623,404.57

Closing Interest Interest

Class Balance Payment Adjustment

CUSIP Per $1,000 Per $1,000 Per $1,000

S 119,648,130.97 184,541.27 85,838.64

02970K BF 3 448.943464261 0.692435363 0.322083564

A-1 0.00 0.00 0.00

02970K BG 1 0.000000000 0.000000000 0.000000000

A-2 0.00 0.00 0.00

02970K BH 9 0.000000000 0.000000000 0.000000000

A-3 0.00 0.00 0.00

02970K BJ 5 0.000000000 0.000000000 0.000000000

A-4 10,765,018.16 121,567.09 28,612.88

02970K BK 2 183.003844689 2.066623997 0.486415069

A-Z 103,836,081.06 0.00 0.00

02970K BL 0 1533.495998641 0.000000000 0.000000000

B 5,047,031.75 27,338.08 0.00

9ABSA236 971.991669080 5.264953209 0.000000000

R-III 0.00 0.00 0.00

9ABSA237 0.000000000 0.000000000 0.000000000

119,648,130.97 333,446.44 114,451.52

(2) Interest Paid minus Interest Adjustment minus Deferred Interest equals Accrual

Pass-Through

Class Rate (2)

CUSIP Next Rate (3)

S 0.95858187%

02970K BF 3 0.96904637%

A-1 6.67500000%

02970K BG 1 Fixed

A-2 7.00000000%

02970K BH 9 Fixed

A-3 7.12500000%

02970K BJ 5 Fixed

A-4 7.29000000%

02970K BK 2 Fixed

A-Z 7.24800000%

02970K BL 0 Fixed

B 6.50000000%

9ABSA236 Fixed

R-III

9ABSA237

(3) Estimated

Remic II

Original Opening

Class Face Value (1)Balance

CUSIP Per $1,000 Per $1,000

A-1 40,317,000 -

None 1000.000000 0.000000

A-2 38,978,000 -

None 1000.000000 0.000000

A-3 55,487,000 -

None 1000.000000 0.000000

A-4 58,824,000 15,301,105.27

None 1000.000000 260.116709

A-Z 67,712,000 103,212,676.49

None 1000.000000 1524.289291

B 5,192,46 5,047,031.75

None 1000.000000 971.991669

R-II -

9ABSA238 1000.000000 0.000000

266,510,464. 123,560,813.51

Principal Principal Negative

Class Payment Adj. or Loss Amortization

CUSIP Per $1,000 Per $1,000 Per $1,000

A-1 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-2 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-3 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-4 4,536,087.11 0.00 0.00

None 77.112864 0.000000 0.000000

A-Z 0.00 0.00 623,404.57

None 0.000000 0.000000 9.206707

B 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

R-II 0.00 0.00 0.00

9ABSA238 0.000000 0.000000 0.000000

4,536,087.11 0.00 623,404.57

Closing Interest Interest

Class Balance Payment Adjustment

CUSIP Per $1,000 Per $1,000 Per $1,000

A-1 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-2 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-3 0.00 0.00 0.00

None 0.000000 0.000000 0.000000

A-4 10,765,018.16 118,491.27 14,173.06

None 183.003845 2.014335 0.240940

A-Z 103,836,081.06 175,871.12 95,603.51

None 1533.495999 2.597341 1.411914

B 5,047,031.75 39,084.05 4,674.94

None 971.991669 7.527072 0.900332

R-II 0.00 0.00 0.00

9ABSA238 0.000000 0.000000 0.000000

119,648,130.97 333,446.44 114,451.51

Pass-Through

Class Rate (2)

CUSIP Next Rate (3)

A-1 8.18122971%

None 8.18927285%

A-2 8.18122971%

None 8.18927285%

A-3 8.18122971%

None 8.18927285%

A-4 8.18122971%

None 8.18927285%

A-Z 8.18122971%

None 8.18927285%

B 8.18122971%

None 8.18927285%

R-II 0.00000000%

9ABSA238 0.00000000%

Remic I

Original Opening

Class Face Value (1)Balance

CUSIP Per $1,000 Per $1,000

Regular Interes266,510,464.00123,560,813.51

None 1000.000000 463.624623

R-I 0.00 0.00

9ABSA239 1000.000000 0.000000

266,510,464.00123,560,813.51

Principal Principal Negative

Class Payment Adj. or Loss Amortization

CUSIP Per $1,000 Per $1,000 Per $1,000

Regular Interes 3,912,68 0.00 0.00

None 14.681159 0.000000 0.000000

R-I 0.00 0.00 0.00

9ABSA239 0.000000 0.000000 0.000000

3,912,682.54 0.00 0.00

Closing Interest Interest

Class Balance Payment Adjustment

CUSIP Per $1,000 Per $1,000 Per $1,000

Regular Interes119,648,130.97 956,851.01 114,451.51

None 448.943464 3.590294 0.429445

R-I 0.00 0.00 0.00

9ABSA239 0.000000 0.000000 0.000000

119,648,130.97 956,851.01 114,451.51

Pass-Through

Class Rate (2)

CUSIP Next Rate (3)

Regular Interes 8.18122971%

None 8.18927285%

R-I 0.00000000%

9ABSA239 0.00000000%

Other Related Information

Beginning

Loan Beginning

Asset Type Count Balance

Mortgage Loans: 32 88,164,537.24

GNMA Certificat 12 35,396,276.29

FHA Debentures: 0 0.00

Total: 44123,560,813.53

Current Wtd. Avg

Wtd. Avg. Term to

Asset Type Note Rate Maturity

Mortgage Loans: 8.581% 328

GNMA Certificat 8.047% 352

FHA Debentures: 0.000% 0

Total: 8.420% 335

Ending

Loan Ending

Asset Type Count Balance

Mortgage Loans: 31 84,277,701.22

GNMA Certificat 12 35,370,429.77

FHA Debentures: 0 0.00

Total: 43119,648,130.99

Available Distribution Amount: 4,869,533.55

Servicing Activity:

Prior Unreimbursed Advances: 25,300.05

Current Advances Made: 55,667.06

Reimbursed Prior Advances: 16,966.26

Advances Outstanding: 64,000.85

Aggregate Amount of Unpaid Advance Interest: 0.00

Current Accrued Servicing Fees Retained by The Master Serv 13,814.74

Aggregate Amount of Advance Interest Paid to Master Servic 0.00

Aggregate Amount of Advance Interest Paid to Trustee: 0.00

Accrued Net

Certificate Prepayment

Class Interest Int. Shortfalls

S 98,702.63 0.00

A-1 0.00 0.00

A-2 0.00 0.00

A-3 0.00 0.00

A-4 92,954.21 0.00

A-Z 623,404.57 0.00

B 27,338.09 0.00

R-III 0.00 0.00

Totals: 842,399.50 0.00

Allocated Prior Ending

Prepayment Unpaid Unpaid

Class Premiums Interest Interest

S 85,838.64 0.00 0.00

A-1 0.00 0.00 0.00

A-2 0.00 0.00 0.00

A-3 0.00 0.00 0.00

A-4 28,612.88 0.00 0.00

A-Z 0.00 0.00 0.00

B 0.00 7,719.45 7,719.45

R-III 0.00 0.00 0.00

Totals: 114,451.52 7,719.45 7,719.45

Other Actual

Interest Distribution

Class Shortfalls of Interest

S 0.00 184,541.27

A-1 0.00 0.00

A-2 0.00 0.00

A-3 0.00 0.00

A-4 0.00 121,567.09

A-Z 0.00 0.00

B 0.00 27,338.08

R-III 0.00 0.00

Totals: 0.00 333,446.44

Summary of Defaulted/Liquidated Mortgage Loans:

FHA Project Id *Status Date of Default

0 0.00 0.00

66 1.00 35,612.00

51.00

45 1N/A

0 0 0

0 0 0.00

Ending

FHA Project Id Balance FHA Benefits

0 0.00 0.00

66 0.00 980,669.95

45 0N/A

0 0 0

Liquidation Realized

FHA Project Id Proceeds Loss

0 0.00 0.00

66 71,069.95 19,367.64

45 181696.92 73259.77

0 0 0

0 0.00 0

0 0.00 0.00

FHA Project Id Description of Final Recovery Determination

0 0

66 Loan has been removed from the pool.

45 Loan has been removed from the pool.

0 0

Status of Claims Made Under the FHA Mortgage Insurance:

All remaining Insurance Proceeds have been received on # 66 & 51.

Aggrregate Realized Loss Information :

Cumulative realized losses on the Collateral Pool as of Cu153,151.70

Cumulative Principal realized losses on the Certificates a145,432.25

Cumulative Additional trust fund expenses applied to the Certificates

since the closing date : 0.00

*Status code

1. Final Settlement has been made.

2. Final Settlement has not been made.

Delinquent Loan Detail

Paid Outstanding

Disclosure Doc Thru Current P&I P&I

Control # Date Advance Advances**

9 10/01/02 55,667.06 55,667.06

Total 55,667.06 55,667.06

A. P&I Advance - Loan in Grace Period

B. P&I Advance - Late Payment but < one month delinq

2. P&I Advance - Loan delinquent 2 months

3. P&I Advance - Loan delinquent 3 months or More

7. P&I Advance - Loan in Foreclosure

8. P&I Advance - Loan in Bankruptcy

** Outstanding P&I Advances include the current period P&I Advance

Out. Property Special

Disclosure Doc Protection Advance Servicer

Control # Advances Description (1)Transfer Date

9 0.00 B

Total 0.00 0

Disclosure Doc Foreclosure Bankruptcy REO

Control # Date Date Date

Total

Loan Level Detail

Property

Disclosure Type Maturity

Control # Group Code Date

1 GNMA Multifamily 10/01/29

2 FHA Multifamily 09/01/27

3 GNMA Health Care 02/01/30

4 FHA Multifamily 03/01/21

5 FHA Multifamily 02/01/21

6 FHA Multifamily 11/01/29

7 FHA Health Care 12/01/34

8 FHA Multifamily 06/01/20

9 FHA Multifamily 09/01/31

10 GNMA Multifamily 03/01/31

11 FHA Health Care 10/01/31

12 GNMA Health Care 11/01/36

13 FHA Health Care 05/01/31

14 GNMA Multifamily 04/01/23

15 GNMA Multifamily 10/01/26

16 GNMA Multifamily 12/01/31

17 FHA Multifamily 06/01/31

18 FHA Multifamily 07/01/36

19 FHA Health Care 05/01/31

20 FHA Health Care 03/01/26

21 FHA Multifamily 09/01/29

22 FHA Health Care 10/01/26

23 FHA Health Care 08/01/30

24 FHA Multifamily 04/01/30

25 FHA Multifamily 06/01/36

26 GNMA Multifamily 10/01/31

27 FHA Multifamily 06/01/25

28 FHA Multifamily 12/01/20

29 FHA Health Care 10/01/31

30 FHA Health Care 12/01/31

31 FHA Multifamily 06/01/21

32 FHA Multifamily 10/01/23

33 GNMA Multifamily 10/01/31

34 FHA Multifamily 12/01/31

35 GNMA Multifamily 07/15/29

36 FHA Health Care 11/01/31

37 FHA Health Care 11/01/31

38 FHA Health Care 11/01/31

39 FHA Health Care 10/01/26

40 FHA Multifamily 06/01/31

41 FHA Health Care 11/01/17

42 GNMA Multifamily 10/01/34

43 FHA Health Care 03/01/36

44 FHA Multifamily 04/01/35

45 FHA Health Care 10/01/28

46 FHA Health Care 11/01/25

47 FHA Health Care 10/01/26

48 GNMA Health Care 08/15/31

49 FHA Health Care 06/01/32

50 GNMA Multifamily 11/01/26

51 FHA Multifamily 10/01/33

52 FHA Multifamily 05/01/22

53 FHA Health Care 05/01/36

54 FHA Health Care 05/01/32

55 GNMA Multifamily 04/01/24

56 FHA Health Care 12/01/34

57 GNMA Multifamily 01/01/30

58 FHA Multifamily 01/01/25

59 GNMA Multifamily 11/01/25

60 FHA Health Care 10/01/26

61 GNMA Multifamily 10/01/31

62 FHA Multifamily 09/01/27

63 FHA Multifamily 08/01/28

64 FHA Multifamily 11/01/29

65 GNMA Multifamily 07/01/30

66 FHA Multifamily 04/01/30

67 FHA Multifamily 05/01/30

68 FHA Health Care 12/01/35

69 FHA Multifamily 06/01/31

70 FHA Health Care 10/01/35

71 GNMA Multifamily 12/01/21

72 FHA Health Care 10/01/30

73 FHA Health Care 01/01/36

74 FHA Multifamily 12/01/27

75 GNMA Multifamily 11/01/34

76 FHA Health Care 11/01/30

77 FHA Multifamily 11/01/26

78 FHA Multifamily 01/01/36

79 FHA Multifamily 10/01/07

80 FHA Multifamily 08/01/34

81 FHA Multifamily 02/01/35

* NOI and DSCR, if available and reportable under the terms of the trust agreement,

are based on information obtained from the related borrower, and no other party to the

agreement shall be held liable for the accuracy or methodology used to determine such

figures.

(1) Legend:

A. P&I Adv - in Grace Period

B. P&I Adv - < one month delinq

1. P&I Adv - delinquent 1 month

2. P&I Adv - delinquent 2 months

3. P&I Adv - delinquent 3+ months

4. Mat. Balloon/Assumed P&I

5. Prepaid in Full

6. Specially Serviced

7. Foreclosure

8. Bankruptcy

9. REO

10. DPO

11. Modification

Operating

Disclosure Statement

Control # DSCR NOI Date

Ending

Disclosure Principal Note Scheduled

Control # Balance Rate P&I

6 7,656,059.55 7.500% 55,180

9 7,493,006.30 8.250% 56,823

10 7,241,878.18 7.750% 52,672

12 6,380,744.07 7.875% 44,993

13 5,672,522.77 7.875% 41,676

16 4,842,953.68 7.875% 35,392

17 4,808,350.85 8.275% 36,626

18 4,838,856.77 9.125% 38,605

19 4,556,533.78 7.875% 33,477

20 4,237,550.89 9.000% 36,256

22 3,723,549.37 8.500% 30,718

23 8.300% 29,321

26 3,613,147.24 8.250% 27,381

27 3,492,210.45 9.750% 31,938

29 3,348,772.06 8.500% 25,977

30 3,320,716.38 10.500% 30,515

31 2,994,162.83 8.250% 26,290

33 2,796,630.53 7.875% 20,468

36 2,729,993.97 8.250% 20,674

37 2,674,102.81 8.250% 20,251

38 2,645,821.03 8.250% 20,036

39 2,545,569.56 8.500% 20,771

40 2,363,426.01 8.275% 18,002

42 2,315,552.91 8.750% 17,998

43 2,162,902.35 9.125% 17,282

46 2,042,155.36 9.750% 18,584

47 2,002,492.55 8.500% 16,339

48 1,756,514.72 8.250% 13,330

49 1,754,511.39 10.500% 16,082

54 1,666,054.12 10.500% 15,277

55 1,574,319.84 9.000% 13,835

57 1,542,786.09 7.750% 11,356

59 1,404,086.36 8.250% 11,369

60 1,339,644.89 8.500% 10,931

61 1,293,548.52 8.000% 9,579

62 1,230,294.55 8.000% 9,516

73 683,640.66 8.750% 5,278

75 608,267.63 9.000% 4,836

76 558,676.70 8.500% 4,365

77 523,890.26 9.250% 4,535

78 471,157.14 8.625% 3,594

79 270,188.62 8.500% 5,619

80 299,702.47 8.750% 2,332

81 171,184.78 9.500% 1,422

119,648,130.99 967,500

Loan

Disclosure Prepayment Status

Control # Prepayment Date Code (1)

1 5

2 4/1/2002 5

3 1/1/1998 5

5 2/1/2002 5

6 4/1/2002 5

7 12/1/2001

8 5

9 B

11 1/1/2002

14 5

16 5

17 5

18 5

20 5

21 11/17/1999

23 3,812,117.42 11/1/2002

24 8/1/2002 5

25 3/1/2001 5

28 12/1/1997

31 5

32 7/1/2001

33 5

34 5/1/2002 5

38 5

39 5

40 5

41 8/1/2002

42 5

43 5

44 10/1/2002

45 7/1/2000

46 5

47 5

48 5

49 5

50 5

51 10/1/1999 5

52 6/1/2000 5

53 6/1/2002 5

55 5

56 12/1/2001

58 7/1/2002

62 12/1/2001 5

63 3/1/2002 5

64 1/1/2002

66 12/1/2001 5

67 12/1/2001 5

68 8/1/2002

69 7/1/2002

70 6/1/2002

71 12/1/2001 5

72 6/1/2002

74 6/1/2002 5

79 2/1/2002 5

80 12/1/2001 5

3,812,117.42

Specially Serviced Loan Detail

Ending

Disclosure Scheduled Interest Maturity

Control # Balance Rate Date

0 0 0 0

(1)

Legend :

1) Request for waiver of Prepayment Penalty

2) Payment default

3) Request for Loan Modification or Workout

4) Loan with Borrower Bankruptcy

5) Loan in Process of Foreclosure

6) Loan now REO Property

7) Loans Paid Off

8) Loans Returned to Master Servicer

Specially

Disclosure Property Serviced

Control # Type Status Code (1)Comments

0 0

0 0 0

0 0

Modified Loan Detail

Disclosure Modification Modification

Control # Date Description

0 0 0

Realized Loss Detail

Dist. Disclosure Appraisal

Date Control # Date

0 0 0

35879 66 0

36708 45 0

0 0 0

Current Total 0 0

Cumulative 0 0

* Aggregate liquidation expenses also include outstanding P&I

advances and unpaid servicing fees, unpaid trustee fees, etc..

Beginning

Disclosure Appraisal Scheduled

Control # Value Balance

0 0.00 0.00

66 0.00 1,009,467.78

45 0.00 254,956.69

0 0.00 0.00

Gross Proceeds

Disclosure Gross as a % of

Control # Proceeds Sched Principal

0 0.00

66 990,100.14 0.980814009

45 181,696.92 0.712657981

0 0.00 0

0 1,171,797.06 0

Aggregate Net

Disclosure Liquidation Liquidation

Control # Expenses * Proceeds

0 0.00

66 0.00 990,100.14

45 0.00 181,696.92

0 0.00 0.00

0 0.00 1,171,797.06

Net Proceeds

Disclosure as a % of Realized

Control # Sched. BalanceLoss

66 0.980814009 19,367.64

45 0.712657981 73,259.77

0 0 0.00

0 0 92,627.41

Distribution Delinq 1 Month Delinq 2 Months Delinq 3+ Months

Date # Balance # Balance # Balance

11/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

10/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

09/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

08/26/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

07/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

06/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

05/28/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

04/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

03/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

02/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

01/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

12/26/01 1 3529567 1 7183888 0 0

1.45% 1.682% 1.45% 3.424% 0.00% 0.000%

11/26/01 1 7188231 0 0 0 0

1.45% 3.378% 0.00% 0.000% 0.00% 0.000%

10/25/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

09/25/01 1 2173950 0 0 0 0

1.45% 1.020% 0.00% 0.000% 0.00% 0.000%

08/27/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

01/00/00 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

Distribution Foreclosure/BankruptcyREO Modifications

Date # Balance # Balance # Balance

11/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

10/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

09/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

08/26/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

07/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

06/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

05/28/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

04/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

03/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

02/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

01/25/02 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

12/26/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

11/26/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

10/25/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

09/25/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

08/27/01 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

01/00/00 0 0 0 0 0 0

0.00% 0.000% 0.00% 0.000% 0.00% 0.000%

Note: Foreclosure and REO Totals are Included in the Appropriate Delinquency Aging Category

Distribution Prepayments Curr Weighted Avg.

Date # Balance Coupon Remit

11/25/02 1 3812117 8.4195% 8.1812%

2.27% 3.085%

10/25/02 1 2148516 8.4337% 8.1961%

2.22% 1.708%

09/25/02 1 871324 8.4392% 8.2011%

2.17% 0.687%

08/26/02 3 6711661 8.4779% 8.2330%

6.12% 5.024%

07/25/02 3 7411653 8.4674% 8.2222%

5.77% 5.252%

06/25/02 4 4853669 8.4810% 8.2345%

7.14% 3.322%

05/28/02 1 2799828 8.4743% 8.2260%

1.75% 1.879%

04/25/02 2 15511406 8.5491% 8.3059%

3.33% 9.420%

03/25/02 1 1257187 8.5602% 8.3173%

1.64% 0.757%

02/25/02 1 7433857 8.5599% 8.3213%

1.61% 4.256%

01/25/02 2 8275074 8.5637% 8.3263%

3.13% 4.519%

12/26/01 5 26549533 8.5454% 8.3042%

7.25% 12.653%

11/26/01 0 0 8.5442% 8.3026%

0.00% 0.000%

10/25/01 0 0 8.5442% 8.3026%

0.00% 0.000%

09/25/01 0 0 8.5443% 8.3026%

0.00% 0.000%

08/27/01 0 0 8.5443% 8.3026%

0.00% 0.000%

01/00/00 0 0 0.0000% 0.0000%

0.00% 0.000%

Delinquent Loan Detail

Paid Outstanding

Disclosure DoThru Current P&I P&I

Control # Date Advance Advances**

9 10/01/02 55,667.06 55,667.06

Total 55,667.06 55,667.06

A. P&I Advance - Loan in Grace Period

B. P&I Advance - Late Payment but < one month delinq

1. P&I Advance - Loan delinquent 1 month

2. P&I Advance - Loan delinquent 2 months

3. P&I Advance - Loan delinquent 3 months or More

4. Matured Balloon/Assumed Scheduled Payment

** Outstanding P&I Advances include the current period P&I Advance

Out. Property Special

Disclosure DoProtectionAdvance Servicer

Control # Advances Description Transfer Date

9 0.00 B

Total 0.00

Disclosure DoForeclosurBankruptcy REO

Control # Date Date Date

Pool Total

Distribution of Principal Balances

Current Scheduled Number Scheduled Based on

Balances of Loans Balance Balance

0 to 500,000 4 1,212,233 1.01%

500,000 to 1,000,000 4 2,374,475 1.98%

1,000,000 to 1,500,000 4 5,267,574 4.40%

1,500,000 to 2,000,000 5 8,294,186 6.93%

2,000,000 to 2,500,000 5 10,886,529 9.10%

2,500,000 to 3,000,000 6 16,386,281 13.70%

3,000,000 to 3,500,000 3 10,161,699 8.49%

3,500,000 to 4,000,000 2 7,336,697 6.13%

4,000,000 to 5,000,000 5 23,284,246 19.46%

5,000,000 to 6,000,000 1 5,672,523 4.74%

6,000,000 to 7,000,000 1 6,380,744 5.33%

7,000,000 to 8,000,000 3 22,390,944 18.71%

8,000,000 to 9,000,000 0 0 0.00%

9,000,000 to 10,000,000 0 0 0.00%

10,000,000 to 11,000,000 0 0 0.00%

11,000,000 to 12,000,000 0 0 0.00%

12,000,000 to 13,000,000 0 0 0.00%

13,000,000 to 14,000,000 0 0 0.00%

14,000,000 to 15,000,000 0 0 0.00%

15,000,000 & Above 0 0 0.00%

Total 43 119,648,131 100.00%

Average Scheduled Balance is 2,719,276

Maximum Scheduled Balance is 7,656,060

Minimum Scheduled Balance is 171,185

Number Scheduled Based on

Property Types of Loans Balance Balance

MF- Housing 23 63,845,662 53.36%

Nursing Home 20 55,802,469 46.64%

Total 43 119,648,131 100.00%

Distribution of Mortgage Interest Rates

Current Mortgage Number Scheduled Based on

Interest Rate of Loans Balance Balance

7.000%or less 0 0 0.00%

7.000%to 7.125% 0 0 0.00%

7.125%to 7.375% 0 0 0.00%

7.375%to 7.625% 1 7,656,060 6.40%

7.625%to 7.875% 7 33,034,049 27.61%

7.875%to 8.125% 2 2,523,843 2.11%

8.125%to 8.375% 10 32,482,612 27.15%

8.375%to 8.625% 8 14,260,051 11.92%

8.625%to 8.875% 3 3,298,896 2.76%

8.875%to 9.125% 5 13,421,897 11.22%

9.125%to 9.375% 1 523,890 0.44%

9.375%to 9.625% 1 171,185 0.14%

9.625%to 9.875% 2 5,534,366 4.63%

9.875%to 10.125% 0 0 0.00%

10.125%& Above 3 6,741,282 5.63%

Total 43 119,648,131 100.00%

W/Avg Mortgage Interest Rate is 8.4195%

Minimum Mortgage Interest Rate is 7.5000%

Maximum Mortgage Interest Rate is 10.5000%

Number Scheduled Based on

Geographic Location of Loans Balance Balance

New York 6 19,386,180 16.20%

Texas 7 17,165,086 14.35%

Ohio 3 12,768,243 10.67%

Michigan 3 12,414,198 10.38%

Virginia 2 10,229,057 8.55%

Connecticut 4 8,284,068 6.92%

Colorado 3 8,049,918 6.73%

Massachusetts 1 7,241,878 6.05%

New Jersey 1 6,380,744 5.33%

New Hampshire 3 6,324,997 5.29%

Georgia 1 4,842,954 4.05%

Maryland 1 1,404,086 1.17%

Illinois 1 1,293,549 1.08%

South Dakota 1 1,230,295 1.03%

Pennsylvania 1 608,268 0.51%

Indiana 1 558,677 0.47%

California 1 523,890 0.44%

Arizona 1 471,157 0.39%

Florida 2 470,887 0.39%

Minnesota 0 0 0.00%

Maine 0 0 0.00%

North Carolina 0 0 0.00%

Kentucky 0 0 0.00%

Alabama 0 0 0.00%

Missouri

Nebraska

Oregon

Total 43 119,648,131 100.00%

Loan Seasoning

Number Scheduled Based on

Number of Years of Loans Balance Balance

1 year or less 0 0 0.00%

1+ to 2 years 0 0 0.00%

2+ to 3 years 0 0 0.00%

3+ to 4 years 0 0 0.00%

4+ to 5 years 0 0 0.00%

5+ to 6 years 15 40,890,800 34.18%

6+ to 7 years 16 57,563,076 48.11%

7+ to 8 years 5 5,193,215 4.34%

8+ to 9 years 2 4,537,253 3.79%

9+ to 10 years 2 3,420,566 2.86%

10 years or more 3 8,043,221 6.72%

Total 43 119,648,131 100.00%

Weighted Average Seasoning is 7.0

Distribution of Amortization Type

Number Scheduled Based on

Amortization Type of Loans Balance Balance

Fully Amortizing 43 119,648,131 100.00%

Total 43 119,648,131 100.00%

Distribution of Remaining Term

Fully Amortizing

Fully Amortizing Number Scheduled Based on

Mortgage Loans of Loans Balance Balance

60 months or less 1 270,189 0.23%

61 to 120 months 0 0 0.00%

121 to 200 months 0 0 0.00%

201 to 300 months 12 27,109,927 22.66%

301 to 500 months 30 92,268,015 77.12%

Total 43 119,648,131 100.00%

Weighted Average Months to Maturity is 335

Debt Service Number Scheduled Based on

Coverage Ratio (1) of Loans Balance Balance

0.500or less 0 0 0.00%

0.500to 0.625 0 0 0.00%

0.625to 0.750 0 0 0.00%

0.750to 0.875 0 0 0.00%

0.875to 1.000 0 0 0.00%

1.000to 1.125 0 0 0.00%

1.125to 1.250 0 0 0.00%

1.250to 1.375 0 0 0.00%

1.375to 1.500 0 0 0.00%

1.500to 1.625 0 0 0.00%

1.625to 1.750 0 0 0.00%

1.750to 1.875 0 0 0.00%

1.875to 2.000 0 0 0.00%

2.000to 2.125 0 0 0.00%

2.125& above 0 0 0.00%

Unknown 43 119,648,131 100.00%

Total 43 119,648,131 100.00%

Weighted Average Debt Service Coverage Ratio 0

(1) Debt Service Coverage Ratios are calculated as described in the prospectus, values are

updated periodically as new NOI figures became available from borrowers on an asset level.

Neither the Trustee, Servicer, Special Servicer or Underwriter makes any representation

as to the accuracy of the data provided by the borrower for this calculation.

NOI Aging

Number Scheduled Based on

NOI Date of Loans Balance Balance

1 year or less 0 0 0.00%

1 to 2 years 0 0 0.00%

2 Years or More 0 0 0.00%

Unknown 43 119,648,131 100.00%

Total 43 119,648,131 100.00%

AMERICAN SOUTHWEST FINANCIAL SECURITIES CORP 8-K