DEFINITION of 'Financial Asset Securitization Investment Trust - FASIT'
A financing tool that allows for the securitization of non-mortgage assets and usually involves debt obligations with short maturities such as credit card receivables, home equity loans and car loans. Financial Asset Securitization Investment Trust (FASIT) is similar to Real Estate Mortgage Investment Conduits (REMIC), created under the Small Business Job Protection Act of 1996.
BREAKING DOWN 'Financial Asset Securitization Investment Trust - FASIT'
FASITs are often attractive securitization vehicles because of their inherent flexibility. To qualify as a FASIT, an entity has to: elect to be treated as one, hold only eligible assets and have a single owndership interest, among other requirements.