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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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8-K
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 1996
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EQCC HOME EQUITY LOAN TRUST 1995-4
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(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-7059962
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
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(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
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Not Applicable
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(Former name or former address, if changed since last report)
Total Number of Pages 12
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Exhibit Index Located at Page 5
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Page 1 of 12
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Items 1 through 4, Item 6, and Item 8 are not included because they are not
applicable.
Item 5. OTHER EVENTS.
(a) MERGER. On September 26, 1994, EquiCredit Corporation (the "Company")
entered into an Agreement and Plan of Merger (the "Merger Agreement") with
Barnett Banks, Inc. ("Barnett Banks") and a Delaware corporation to be formed as
wholly-owned subsidiary of Barnett Banks (the "Merger Subsidiary"). The
transaction was consummated on January 27, 1995.
(b) On May 15, 1996, (the "May Remittance Date") a scheduled distribution was
made from EQCC Home Equity Loan Trust 1995-4 to holders of Class A-1
Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4
Certificates, Class A-5 Certificates, Class A-6 Certificates and Class R
Certificates. The information contained in the Trustee's Remittance Report in
respect of the May Remittance Date, attached hereto as Exhibit 99, is hereby
incorporated by reference.
(c) On February 19, 1996, a class action complaint was filed in the U.S.
District Court for the Northern District of Georgia by Elizabeth D. Washington
on behalf of herself and others similarly situated, against EquiCredit
Corporation of Ga., an affiliate of EquiCredit Corporation of America.
Plaintiff purports to represent a class (the "Class") consisting of all persons
who obtained "federally regulated mortgage loans" from February 16, 1995 to
February 16, 1996 on which a fee or yield spread premium ("YSP") was paid to a
mortgage broker. The action is brought pursuant to the Real Estate Settlement
Procedures Act ("RESPA") alleging that EquiCredit violated RESPA by paying a YSP
to Funding Center of Georgia, Inc. ("FCG"), failing to disclose such YSP on the
Good Faith Estimate of settlement costs, and failing to provide a Good Faith
Estimate and HUD "Special Information Booklet" within three days of receipt of
loan application. Plaintiff seeks judgment equal to three times the amount of
all YSP paid by EquiCredit to FCG and other brokers, as well as court costs and
litigation expenses, attorney fees and such other relief which may be granted by
the court. Management of EquiCredit denies that the Company has violated any
law, rule, or regulation as asserted in the Plaintiff's Complaint and intends to
vigorously contest this action.
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AS OF OCTOBER 1, 1993, OLD STONE CREDIT CORPORATION IS N/K/A EQUICREDIT
CORPORATION OF AMERICA.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) EXHIBITS
(Exhibit numbers conform to Item 601 of Regulation S-K):
99 - Trustee's Remittance Report in respect of the May Remittance
Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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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 the
undersigned hereto duly authorized.
EQCC HOME EQUITY LOAN TRUST 1995-4
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
May 15, 1996 BY: /s/ JOHN P. SILSBY, II
----------------------
John P. Silsby, II
Senior Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------ ------- ------------
99 -- Trustee's Remittance Report in respect
of the May Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the May Remittance Date.
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________________________________________________________________________________
FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION as agent for
BANK OF AMERICA ILLINOIS - TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
________________________________________________________________________________
FROM: APR. 15, 1996
TO: MAY 15, 1996
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 6.150000% Jul. 15, 2004 95,000,000.00 83,244,016.41 5,017,502.16 78,226,514.25 426,625.58
CLASS A-2 6.360000% Oct. 15, 2009 85,000,000.00 85,000,000.00 0.00 85,000,000.00 449,791.67
CLASS A-3 6.600000% Nov. 15, 2010 30,000,000.00 30,000,000.00 0.00 30,000,000.00 165,000.00
CLASS A-4 6.950000% Mar. 15, 2012 25,000,000.00 25,000,000.00 0.00 25,000,000.00 144,791.67
CLASS A-5 7.250000% Mar. 15, 2026 15,000,000.00 15,000,000.00 0.00 15,000,000.00 90,625.00
CLASS A-6 5.875000% Dec. 15, 2025 27,794,000.00 25,050,771.58 1,086,615.20 23,964,156.38 122,644.40*
CLASS R VARIABLE Dec. 15, 2025 0.00 0.00 0.00 0.00 865,729.54
-------------- -------------- ------------ -------------- ------------
TOTAL 277,794,000.00 263,294,787.99 6,104,117.36 257,190,670.63 2,265,207.86
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BP5 876.25280432 52.81581221 823.43699211 4.49079562
CLASS A-2 268917BQ3 1,000.00000000 0.00000000 1000.00000000 5.29166667
CLASS A-3 268917BR1 1,000.00000000 0.00000000 1000.00000000 5.50000000
CLASS A-4 268917BS9 1,000.00000000 0.00000000 1000.00000000 5.79166667
CLASS A-5 268917BT7 1,000.00000000 0.00000000 1000.00000000 6.04166667
CLASS A-6 268917BU4 901.30141685 39.09531554 862.20610132 4.41262152
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment Date
to the current Payment Date.
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<TABLE>
<CAPTION>
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FIRST TRUST of ILLINOIS, NATIONAL ASSOCIATION as agent for PYMT PER FROM DATE APR. 15, 1996
BANK OF AMERICA ILLINOIS - TRUSTEE PYMT PER TO DATE MAY 15, 1996
Remittance Statement Addendum for
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4 PER $1,000 PER $1,000
- ------------------------------------------------------------------------------- ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
95,000,000.00 85,000,000.00
---------------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 83,244,016.41 876.25280432
CLASS A-2 PRINCIPAL BALANCE (Beginning) 85,000,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,000,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 26,000,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,000,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 26,050,771.58
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 238,244,016.41 2507.83175168 2802.87078129
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 25,050,771.68
Total POOL PRINCIPAL BALANCE (Beginning) 263,294,787.99 2771.52408411 3097.58574106
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENT 110
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,416,723.50 48.49182632
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 1,070,136.04
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,486,859.54
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 204,039.84 2.14778779
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 3,578.89
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 207,618.73
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 377,238.82 3.97093495
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 12,900.27
MONTHLY PAYMENTS RECEIVED - Total Pool 390,139.09
ENDING CLASS A-1 PRINCIPAL BALANCE 78,226,514.25 823.43699211
ENDING CLASS A-2 PRINCIPAL BALANCE 85,000,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 30,000,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 25,000,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 16,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 23,964,166.38
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 233,226,614.26 2455.01593947 2743.84134412
Variable Rate POOL PRINCIPAL BALANCE (Ending) 23,964,156.38
Total POOL PRINCIPAL BALANCE (Ending) 257,190,670.63 2707.27021716 3025.77259565
</TABLE>
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6
30,000,000.00 25,000,000.00 15,000,000.00 27,794,000.00
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<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 901.30141685
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 7941.46721367 9529.76065640 15882.93442733
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 901.30141685
Total POOL PRINCIPAL BALANCE (Beginning) 8776.49293300 10531.79151960 17552.98586600 9473.08008887
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENT
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 38.50241203
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.12876484
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.46413866
MONTHLY PAYMENTS RECEIVED - Total Pool
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 862.20610132
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 7774.21714167 9329.06057000 15548.43428333
Variable Rate POOL PRINCIPAL BALANCE (Ending) 862.20810132
Total POOL PRINCIPAL BALANCE (Ending) 8573.02235433 10287.62682520 17146.04470867 9253.46012197
</TABLE>
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<TABLE>
<CAPTION>
_________________________________________________________________________________________________________________________________
FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION as agent for
BANK OF AMERICA ILLINOIS - TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
_________________________________________________________________________________________________________________________________
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,514,449.55 6,303,182.83 1,211,256.62
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 83,244,016.41
CLASS A-2 PRINCIPAL BALANCE (Beginning) 85,000,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,000,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 25,000,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,000,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 25,050,771.58
POOL PRINCIPAL BALANCE (Beginning) 263,294,787.99 238,244,016.41 25,050,771.58
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 110 99 11
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,486,859.54 4,416,723.50 1,070,136.04
(iv) AMOUNT OF CURTAILMENTS RECEIVED 207,618.73 204,039.84 3,578.89
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 390,139.09 377,238.82 12,900.27
(vi) INTEREST RECEIVED ON MORTGAGES 2,431,875.70 2,161,847.66 270,028.04
(vii) AGGREGATE ADVANCES 1,876,062.54 1,690,998.01 185,064.53
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 87 81 6
PRINCIPAL BALANCE 3,759,832.69 3,331,916.74 427,915.95
% OF PRINCIPAL 1.480000% 1.430000% 1.780000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 42 37 5
PRINCIPAL BALANCE 2,281,560.52 1,788,327.45 493,233.07
% OF PRINCIPAL 0.890000% 0.770000% 2.060000%
</TABLE>
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<TABLE>
<CAPTION>
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FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION as agent for
BANK OF AMERICA ILLINOIS - TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
- ---------------------------------------------------------------------------------------------------------------------------------
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------------------------------------------------------------------------- ---------------- -----------------
<S> <C> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 84 71 13
PRINCIPAL BALANCE 4,604,488.88 3,199,585.55 1,404,903.33
% OF PRINCIPAL 1.790000% 1.370000% 5.860000%
MORTGAGES IN FORECLOSURE:
NUMBER 24 20 4
PRINCIPAL BALANCE 1,277,130.53 841,164.63 435,965.90
% OF PRINCIPAL 0.500000% 0.360000% 1.820000%
MORTGAGES IN BANKRUPTCY
NUMBER 42 40 2
PRINCIPAL BALANCE 2,146,658.90 2,055,859.29 90,799.61
% OF PRINCIPAL 0.830000% 0.880000% 0.380000%
MORTGAGE LOAN LOSSES 19,500.00 19,500.00 0.00
78,226,514.25
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 85,000,000.00
ENDING CLASS A-2 PRINCIPAL BALANCE 30,000,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 25,000,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 15,000,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 23,964,156.38
ENDING CLASS A-6 PRINCIPAL BALANCE
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 167.25574533 167.34794266 166.35845271
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.974853% 10.477589%
</TABLE>
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<TABLE>
<CAPTION>
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FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION as agent for
BANK OF AMERICA ILLINOIS - TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
- ---------------------------------------------------------------------------------------------------------------------------------
FROM APR. 15, 1996
TO MAY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------------------------------------------------------------------------- ---------------- -----------------
<S> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 134,805.54 118,427.72 16,377.82
SERVICING FEES ACCRUED 134,437.17 117,579.28 16,857.89
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 14,478.20
(xiii) POOL PRINCIPAL BALANCE (ENDING) 257,190,670.63 233,226,514.25 23,964,156.38
(xiv) OTHER INFORMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 10,451.81
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5737 5446 291
NUMBER OF MORTGAGES OUTSTANDING (END) 5627 5347 280
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,438,037.07 2,152,077.91 285,959.16
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,120,782.49
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 1,000,000.00
EXCESS SPREAD 882,689.02
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 19,500.00
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS @ LESS THAN 7.95% 67,142.32 67,142.32
PRINCIPAL BALANCE OF MORTGAGE LOANS @ LESS THAN 7.85% 25,889.24 25,889.24
(xx) AGGREGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 19,500.00
(xxi) AMOUNT OF WITHDRAWALS FROM PRE-FUNDING ACCOUNT
USED TO PURCHASE MORTGAGE LOANS 0.00
PRINCIPAL BALANCE OF MORTGAGES PURCHASED 0.00
REMAINING PRE-FUNDED AMOUNT 0.00
AMOUNTS DISTRIBUTABLE TO FIXED RATE HOLDER CLASSES
USED TO REDUCE PRINCIPAL BALANCES 0.00
(xii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST AMOUNT 0.00
REINVESTMENT INCOME DISTRIBUTED TO RECEIVABLE 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST ACCOUNT 0.00
</TABLE>
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