UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2003

WACHOVIA ASSET SECURITIZATION, INC.
(Exact name of registrant as specified in its charter)

DELAWARE

333-97457

56-1967773

(State or Other
Jurisdiction of Incorporation)

(Commission
File Number)

(IRS Employer
Identification Number)

One Wachovia Center
301 South College Street
Charlotte, North Carolina 28288
(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code: (704) 374-2702

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Items 1 through 4, Item 6 and Item 8 are not included because they are not applicable.

Item 5. Other Events.

The financial statements of Financial Guaranty Insurance Company (“FGIC”) as of December 31, 2002 and 2001, and for each of the years in the three-year period ended December 31, 2002, that are included in this Form 8-K have been audited by KPMG LLP. The consent of KPMG LLP to the inclusion of their audit report on such financial statements in this Form 8-K and their being named as “Experts” in the Prospectus Supplement relating to the Wachovia Asset Securitization, Inc. Asset-Backed Notes, Series 2003-HE2, is attached hereto as Exhibit 23.1.

The financial statements of FGIC as of December 31, 2002 and 2001, and for each of the years in the three-year period ended December 31, 2002 are attached hereto as Exhibit 99.1. The unaudited financial statements of FGIC as of March 31, 2003 and for the three-month periods ended March 31, 2003 and 2002 are attached hereto as Exhibit 99.2.

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

            (a)        Not applicable.

            (b)        Not applicable.

            (c)        Exhibits:

23.1 Consent of KPMG LLP.

99.1 Financial Statements of FGIC as of December 31, 2002 and 2001 and for each of the years in the three-year period ended December 31, 2002.

99.2 Unaudited Financial Statements of FGIC as of March 31, 2003 and for the three-month periods ended March 31, 2003 and 2002.

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 by the undersigned hereunto duly authorized.

WACHOVIA ASSET SECURITIZATION, INC.

By:  /s/Robert Perret
     Name: Robert Perret
     Title: Vice President

Dated: June 25, 2002

Exhibit 23.1

CONSENT OF INDEPENDENT AUDITORS

The Board of Directors
Financial Guaranty Insurance Company:

We consent to the use of our report dated February 14, 2003 on the financial statements of Financial Guaranty Insurance Company as of December 31, 2002 and 2001, and for each of the years in the three-year period ended December 31, 2002, included in the Form 8-K of Wachovia Asset Securitization, Inc. (the “Registrant”) which Form 8-K is incorporated by reference in the registration statement (No. 333-97457) and to the reference to our firm under the heading “Experts” in the Prospectus Supplement of the Registrant.

/s/KPMG LLP

New York, New York
June 25, 2003

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

WACHOVIA ASSET SECURITIZATION INC 8-K