SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 033-96500-01
Equicon Mortgage Loan Trust, Series 1995-2
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-1962412, 52-1962413
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on April 1, 1996, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Equicon Mortgage Loan
Trust, Series 1995-2 (the "Trust"), established pursuant to a Pooling Agreement
(the "Pooling Agreement") among Cargill Financial Services Corporation, as
Sponsor, (the "Sponsor"), Equicon Corporation, as Seller, (the "Seller"), and
Norwest Bank Minnesota, N.A., as Trustee, ( the "Trustee"), pursuant to which
the Equicon Mortgage Loan Trust, Series 1995-2, certificates registered under
the Securities Act of 1933 (the "Certificates") were issued. Item 14 of the
Original Form 10-K is amended to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
(b) Omitted.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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:
Equicon Mortgage Loan Trust, Series 1995-2
By: Norwest Bank Minnesota, N.A.,
as Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: October 1, 1995
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
<F1> Filed herewith.
(logo)KPMG Peat Marwick LLP
1600 Market Street
Philadelphia, PA 19103-7212
Independent Accountant's Report
We have examined management's assertion about Electronic Data Systems
Corporation-Consumer Asset Management Division's (the Division's) compliance
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) as of, and for the period ending, December 31, 1995 included in the
accompanying management assertion. Management is responsible for the Division's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the Division's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Division's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination of the Division's compliance with the minimum servicing
standards.
In our opinion, management's assertion that Division complied with the
aforementioned minimum servicing standards as of and for the period ending
December 31, 1995 is fairly stated, in all material respects.
/s/KPMG Peat Marwick LLP
Philadelphia, PA
April 17, 1996
(logo)Deloitte &
Touche LLP
Suite 1800 Telephone: (501) 370-3600
111 Center Street Facsimile: (501) 374-4809
Little Rock, Arkansas 72201 Facsimile: (501) 375-7817
INDEPENDENT ACCOUNTANT'S REPORT
To LSI Financial Group:
We have examined management's assertion about LSI Financial Group's compliance
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) as of and for the year ended December 31, 1995, included in the
accompanying management assertion. Management is responsible for LSI Financial
Group's compliance with those minimum servicing standards. Our responsibility is
to express an opinion on management's assertion about the entity's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about LSI Financial Group's compliance with
the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on LSI Financial Group's compliance with the minimum
servicing standards.
In our opinion, management's assertion that LSI Financial group complied with
the aforementioned minimum servicing standards as of and for the year ended
December 31, 1995, is fairly stated, in all material respects.
/s/Deloitte & Touche LLP
May 17, 1996
Deloitte Touche
Tohmatsu
International
(logo)EDS
April 17, 1996
Consumer Asset Management Division
of Electronic Data Systems Corporation
Management Report
The management of the Consumer Asset Management Division of Electronic Data
Systems Corporation (the Division) has the responsibility for the Division's
compliance with the minimum servicing standards in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (the USAP) for the year ended December 31, 1995 and for establishing and
maintaining an effective internal control structure over compliance. In
addition, as of and for the same period noted above, the Division had in effect
a fidelity bond and errors and omissions policy in the amount of $5,000,000.00.
Management has performed an evaluation of the Division's compliance with the
requirements and for the period referred to above. Based on this assessment,
management asserts that the division has complied with the minimum requirements
in the USAP for the year ended December 31, 1995.
Sincerely,
/s/Samuel C. Brenize
Executive Vice President
Consumer Asset Management Division,
Electronic Data Systems Corporation
Consumer Asset Management Division
190 South Warner Road
Wayne, Pennsylvania 19087-2127
(610) 989-1000
Fax:(610)341-3939
(logo)LSI
FINANCIAL GROUP
As of and for the year ended December 31, 1995, LSI Financial Group has complied
in all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS. As of and for this same period, LSI Financial Group had
in effect a fidelity bond and errors and omissions policy in the amount
of $1,000,000 and $5,000,000, respectively.
/s/Dennis R. James
Dennis R. James
Chief Operating Officer
May 17, 1996
415 NORTH McKINLEY
SUITE 1250
LITTLE ROCK, ARKANSAS 72205
501-663-9300
ELECTRONIC DATA SYSTEMS CORPORATION
ANNUAL STATEMENT OF COMPLIANCE
I, Samuel C. Brenize, Executive Vice President of the Consumer Asset
Management Division of the Electronic Data Systems Corporation, a Delaware
corporation, (the "Company") in connection with the consummation of the
transactions contemplated by the Pooling and Servicing Agreements dated as of
March 1, 1994, October 1, 1994, and the Servicing Agreement dated as of May 1,
1995 among Cargill Financial Services Corporation, Equicon Corporation, Norwest
Bank Minnesota, N.A., and the Company have been authorized on behalf of the
company to make the statement that I do hereby certify that (i) a review of the
activities of the Company during such preceding calendar year and of performance
under the Agreements has been made under my supervision, and (ii) to the best of
my knowledge, based on such review, the Company has fulfilled all its
obligations under these Agreements for the year 1995.
IN WITNESS WHEREOF, I have set my hand this 2nd day of July, 1996.
ELECTRONIC DATA SYSTEMS
CORPORATION
By:/s/Samuel C. Brenize
Samuel C. Brenize
Executive Vice President
Consumer Asset Management Division
Norwest Bank Minnesota, N.A.
Sixth Street & Marquette Avenue
Minneapolis, Minnesota 55479-0069 (logo)LSI
Attention : Corporate Trust Department FINANCIAL GROUP
-Equicon Mortgage Loan
Trust 1995-1, 1995-2,
-Access Financial Mortgage Loan
Trust 1996-1,1996-2
Cargill Financial Services Corporation
6000 Clearwater Drive
Minnetonka, Minnesota 55343-9497
Attention: Structured Finance
Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
Attention : General Counsel
Equicon Corporation
12800 Whitewater Drive
Suite 200
Minnetonka, Minnesota 55343
Attention: Operations
The undersigned Officer certifies the following for the 1995 fiscal year:
(I) I have reviewed the activities of the Servicer during such preceding
calendar year and of performance under this Agreement has been make under such
officer's supervision, and
(ii) to the best of such officer's knowledge, based on such review, the Servicer
has fulfilled all its obligations under this Agreement for such year, and there
there has been no default in the fulfillment of all such obligations.
Certified by:
/s/Tim Sambrano
OFFICER:
President
Title
7/30/96
Date
415 North McKinley
Suite 1250
Little Rock, Arkansas 72205
501-663-9300
