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
26, 1996
Equivantage Home Equity Loan Trust 1995-2
(Exact name of registrant as specified in its charter)
New York 33-87040
Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
c/o Equivantage Acceptance Corp.
Attention: John Smith
13111 Northwest Freeway
Houston, Texas _______77040_____
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code
(713) 895-1957
Equivantage Home Equity Loan Trust 1995-2
Form 8-K
INDEX
Page
Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Equivantage Home Equity Loan Trust 1995-2 makes
monthly remittances to security holders. The latest
remittance was made June 26, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement.................................................
.. ......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of June 26,
1996.
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
thereunto duly authorized.
Equivantage Home Equity Loan
Trust 1995-2
(Registrant)
By: Norwest Bank of Minnesota,
N.A.
Name: Kris Solie - Johnson
Title: Corporate Trust Officer
INDEX OF EXHIBITS
Page of
Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-
14 as of June 26, 1996.
EXHIBIT 21.1 PAGE 6
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Cover Page
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized
Aggregate
Ending
Class
Original Principal Losses
Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
__________________________________________________________
__
__________________________________________________________
__ _______________________________________________
A-1 Senior Sequential Pay Fixed
48,500,000.00 6.40000000% 0.00
0.00 0.00 0.7550538777
A-2 Senior Sequential Pay Fixed
20,000,000.00 6.85000000%
0.00
0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
6,952,000.00 7.40000000%
0.00
0.00 0.00 1.0000000000
R Residual Residual Residual
0.00 0.00000000% 0.00
0.00
0.00 0.0000000000
SUB. Subordinate Support Accretion
120.20 191.18392165% 1,138.19
0.00 0.00
_________________________________________________________
___
_________________________________________________________
___ _______________________________________________
Totals
75,452,120.20 1,138.19
0.00 0.00 0.8677502771
Report 1
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 7
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total
Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance
Distribution
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
A-1 05/31/1996 6.40000000%
39,891,727.00 212,755.88
3,271,613.93
0.00 36,620,113.07 3,484,369.81
A-2 05/31/1996 6.85000000%
20,000,000.00 114,166.67
0.00
0.00 20,000,000.00 114,166.67
A-3 05/31/1996 7.40000000%
6,952,000.00 42,870.67
0.00
0.00 6,952,000.00 42,870.67
R 05/31/1996
0.00000000%
0.00 0.00
0.00
0.00 0.00
0.00
SUB. 05/31/1996
191.18392165%
1,640,172.90 0.00
0.00
0.00 1,901,485.14 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
68,483,899.90 369,793.22 3,271,613.93
0.00 65,473,598.21 3,641,407.15
Report 2
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 8
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution
Date: June 26, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total
Principal Principal Ending
Distribution Principal Distribution
Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
__________________________________________________________
__
__________________________________________________________
__ _____________________________
A-1 29476YAC3 48,500,000.00
4.38671918 1.53879505 60.52928103 67.45595732
0.00000000 0.7550538777
A-2 29476YAD1 20,000,000.00
5.70833350 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 29476YAE9 6,952,000.00
6.16666715 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
R N/A 0.00
N/A N/A N/A N/A
N/A N/A
SUB. N/A 120.20
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000
__________________________________________________________
__
__________________________________________________________
__ _____________________________
Totals 75,452,120.20
0.8677502771
Report 3
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 9
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other
Total
Principal Balance Principal
Undistributed
Class Balance Principal
Principal Accretion Principal
Distribution Reduction* Balance Principal
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
A-1 39,891,727.00 74,631.56
2,935,670.13 261,312.24
0.00
3,271,613.93 0.00
36,620,113.07
0.00
A-2 20,000,000.00
0.00
0.00 0.00 0.00 0.00
0.00 20,000,000.00 0.00
A-3 6,952,000.00 0.00
0.00 0.00 0.00 0.00
0.00 6,952,000.00 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 1,640,172.90 0.00
0.00 (261,312.24) 0.00 0.00
0.00 1,901,485.14 0.00
__________________________________________________________
__
__________________________________________________________
__ ____________________________________________
Totals 68,483,899.90 74,631.56
2,935,670.13 0.00 0.00
3,271,613.93 0.00 65,473,598.21
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Notes:
Accretion Amount represents the Subordination Increase
Amount.
Report 4
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 10
Equivantage Home Equity Loan Trust 1995-2 Norwest Bank
Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning Negative
Ending
Principal/
Interest
Amortization
Principal/
Notional
Interest Shortfall/
Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
A-1 6.40000000% 39,891,727.00
212,755.88 0.00 0.00
0.00 0.00 212,755.88
36,620,113.07
A-2 6.85000000% 20,000,000.00
114,166.67 0.00 0.00
0.00 0.00 114,166.67 20,000,000.00
A-3 7.40000000% 6,952,000.00
42,870.67 0.00 0.00
0.00
0.00 42,870.67 6,952,000.00
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 191.18392165% 1,640,172.90
261,312.24 0.00 261,312.24
0.00 0.00 0.00 1,901,485.14
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
631,105.46 0.00 261,312.24
0.00 0.00 369,793.22
Notes:
Interest Shortfall amount represents the Interest
CarryForward Amount.
Report 5
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Page 1 of 1
EXHIBIT 21.1 PAGE 11
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085 11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Fund Account Summary
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
642,053.03 Interest Payments
369,793.22
Scheduled Principal
74,631.56
Scheduled Principal Payment
74,631.56 Other Principal
2,935,670.13
Other Principal Payments
3,196,982.37 Negative Amortization
0.00
Reserve Fund 1
0.00 Deposits from Reserve Fund
0.00
Fees and Expenses
10,947.57 Gain/Loss Adjustment
0.00
Other Withdrawals
0.00 Other Deposits
0.00
Total Deposit
3,652,354.72 Total Withdrawals
3,652,354.72
Ending Balance
0.00
__________________________________________________________
__
__________________________________________________________
__ ______________________________________________________
Report 6
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 12
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085 11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167 Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
X 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 1,138.19 1,138.19
__________________________________________________________
__
__________________________________________________________
__ _________________________________________________
Totals 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 1,138.19 1,138.19
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number
Balance
Number Balance Number Balance Number
Balance Number Balance
X 49 2,240,513.78 15
723,127.23
18 910,450.76 16 1,176,680.32 2
148,015.41 100 5,198,787.50
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 49 2,240,513.78 15
723,127.23
18 910,450.76 16 1,176,680.32 2
148,015.41 100 5,198,787.50
Report 7
06/18/96 -- 5:42pm
Page 1 of 1
EXHIBIT 21.1 PAGE 13
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
744,211.02| 744,211.02
|
Positive Amortization
74,631.56| 74,631.56
Negative Amortization
0.00| 0.00
Regular Curtailments
24,711.31| 24,711.31
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
0.00| 0.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
2,910,958.82| 2,910,958.82
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
3,010,301.69| 3,010,301.69
|
Scheduled Interest
669,579.46| 669,579.46
Servicing Fee
27,526.43| 27,526.43
Master Servicing Fee
2,436.46| 2,436.46
Spread
0.00| 0.00
Total Pass-Through Interest
631,105.45| 631,105.45
|
Beginning Balance
68,483,899.90| 68,483,899.90
Ending Balance
65,473,598.21| 65,473,598.21
Gross P&I Distribution
3,652,354.72| 3,652,354.72
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution 3,652,354.72|
3,652,354.72
|
Beginning Loan Count
1404| 1404
Number of Loan Payoffs
48| 48
Ending Loan Count
1356| 1356
|
Weighted Average Maturity 235.0000000000|
235.0000000000
Weighted Average Gross Rate 11.732616760%|
11.732616760%
Weighted Average Net Rate 11.250288560%|
11.250288560%
Weighted Average Pass-Through Rate
11.058461050%| 11.058461050%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
789,575.21| 789,575.21
|
|
Report 8
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Page 1 of 1
EXHIBIT 21.1 PAGE 14
Equivantage Home Equity Loan Trust 1995-2
Norwest Bank Minnesota, N.A.
Contact: Reid
Denny
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2085
11000 Broken Land Parkway
Distribution Date: June 26, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
__________________________________________________________
__
__________________________________________________________
__ ___________________________________________
Subordination
120.20 0.00 0.00 1,138.19
2.90420138% 1,901,485.14 65,473,598.21
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
__________________________________________________________
_ Senior 3,010,301.69 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
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