<PAGE>
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): July 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 11
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Exhibit Index Located at Page 5
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Page 1 of 11
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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 July 15, 1996, (the "July 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 July 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.
<PAGE>
- 3 -
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 July
Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
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-4-
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
July 15, 1996 BY: /s/ JOHN P. SILSBY, II
-----------------------------------
John P. Silsby, II
Senior Vice President
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-5-
INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
99 -- Trustee's Remittance Report in respect of 7
the July Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the July Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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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: JUNE 15,1996
TO: JULY 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 73,002,777.11 4,815,162.01 68,187,615.10 374,139.23
CLASS A-2 6.350000% 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 5.871090% Dec 15,2025 27,794,000.00 22,640,626.50 459,111.12 22,181,515.38 103,386.23
CLASS R VARIABLE Dec 15, 2025 0.00 0.00 0.00 0.00 0.00
--------------- --------------- -------------- ---------------------------
TOTAL 277,794,000.00 250,643,403.61 5,274,273.13 245,369,130.48 1,327,733.80
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BP5 768.45028537 50.68591589 717.76436947 3.93830771
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 814.58683529 16.51835360 798.06848169 3.71973204
CLASS R
*Interest Payable reflects actual number of days from the previous Payment Date to the current Payment Date.
</TABLE>
<PAGE>
FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION as agent for
BANK OF AMERICA ILLINOIS - TRUSTEE
Remittance Statement Addendum for
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
<TABLE>
<CAPTION>
PYMT PER FROM DATE JUNE 15, 1996
PYMT PER TO DATE JULY 15, 1996
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
95,000,000.00 85,000,000.00 30,000,000.00
------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 73,002,777.11 768.45028537
CLASS A-2 PRINCIPAL BALANCE (Beginning) 85,000,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,000,000.00 1000.00000000
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) 22,640,626.50
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 228,002,777.11 2400.02923274 2682.38561306 7600.09257033
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 22,640,626.50
Total POOL PRINCIPAL BALANCE (Beginning) 250,643,403.61 2638.35161895 2948.74592482 8354.78012033
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 121
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,350,398.98 45.79893663
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 448,228.32
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,799,127.30
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 68,563.08 0.72171663
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 73.20
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 68,638.28
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 341,071.19 3.59022305
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 10,809.60
MONTHLY PAYMENTS RECEIVED - Total Pool 351,880.79
ENDING CLASS A-1 PRINCIPAL BALANCE 68,187,615.10 717.78436947
ENDING CLASS A-2 PRINCIPAL BALANCE 85,000,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 30,000,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 25,000,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 15,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 22,181,515.38
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 223,187,615.10 2349.34331684 2625.73684824 7439.58717000
Variable Rate POOL PRINCIPAL BALANCE (Ending) 22,181,515.38
Total POOL PRINCIPAL BALANCE (Ending) 245,368,130.48 2582.83295242 2886.69585271 8178.97101600
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6
25,000,000.00 15,000,000.00 27,794,000.00
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CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning)
CLASS A-4 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning) 814.58683529
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 9120.11108440 15200.18514067
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 814.58683529
Total POOL PRINCIPAL BALANCE (Beginning) 10025.73614440 16709.56024067 9017.89607865
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 16.12680147
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.00263366
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.38891847
MONTHLY PAYMENTS RECEIVED - Total Pool
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE 798.06848169
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 8927.50460400 14879.17434000
Variable Rate POOL PRINCIPAL BALANCE (Ending) 798.06848169
Total POOL PRINCIPAL BALANCE (Ending) 9814.78521920 16357.94203200 8828.13306757
</TABLE>
<PAGE>
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
<TABLE>
<CAPTION>
FROM JUNE 15, 1996
TO JULY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 6,601,678.19 6,037,332.37 564,345.81
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 73,002,777.11
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) 22,640,626.50
POOL PRINCIPAL BALANCE (Beginning) 250,643,403.61 228,002,777.11 22,640,626.50
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 121 115 6
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,799,127.30 4,350,898.96 448,228.32
(iv) AMOUNT OF CURTAILMENTS RECEIVED 68,636.28 68,583.08 73.20
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 351,880.79 341,071.19 10,809.60
(vi) INTEREST RECEIVED ON MORTGAGES 2,147,810.80 1,976,963.40 168,847.40
(vii) AGGREGATE ADVANCES 1,852,950.36 1,677,357.41 175,592.95
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 109 105 4
PRINCIPAL BALANCE 4,522,150.93 4,209,991.37 312,159.56
% OF PRINCIPAL 1.840000% 1.890000% 1.410000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 50 45 5
PRINCIPAL BALANCE 2,362,471.50 1,961,244.94 401,226.56
% OF PRINCIPAL 0.960000% 0.880000% 1.810000%
</TABLE>
<PAGE>
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
<TABLE>
<CAPTION>
FROM JUNE 15, 1996
TO JULY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 115 98 17
PRINCIPAL BALANCE 6,080,914.95 4,420,586.68 1,660,328.27
% OF PRINCIPAL 2.480000% 1.980000% 7.490000%
MORTGAGES IN FORECLOSURE:
NUMBER 42 35 7
PRINCIPAL BALANCE 2,518,651.16 1,598,093.33 920,557.83
% OF PRINCIPAL 1.030000% 0.720000% 4.150000%
MORTGAGES IN BANKRUPTCY
NUMBER 53 50 3
PRINCIPAL BALANCE 2,438,614.78 2,269,857.91 168,756.87
% OF PRINCIPAL 0.990000% 1.020000% 0.760000%
MORTGAGES LOAN LOSSES 20,776.17 20,776.17 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 68,187,615.10
ENDING CLASS A-2 PRINCIPAL BALANCE 85,000,000.00
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 15,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 22,181,515.38
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 165.7551598 165.76114317 165.69668351
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.954518% 10.535009%
</TABLE>
<PAGE>
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
<TABLE>
<CAPTION>
FROM JUNE 15, 1996
TO JULY 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 118,267.29 108,519.94 9,747.35
SERVICING FEES ACCRUED 123,582.20 112,385.04 11,197.16
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 23,797.87
(xiii) POOL PRINCIPAL BALANCE (ENDING) 245,369,130.48 223,187,615.10 22,181,515.38
(xiv) OTHER INFORMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5501 5237 264
NUMBER OF MORTGAGES OUTSTANDING (END) 5380 5122 258
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,249,100.42 2,052,387.15 196,713.27
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,100,006.32
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 2,547,863.80
EXCESS SPREAD 777,336.99
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 40,276.17
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.95% 25,851.36 25,851.36
PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.85% 25,851.36 25,851.36
(xx) AGGREGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 40,276.17
(xxi) AMOUNT OF WITHDRAWALS FROM PRE-FUNDING ACCOUNT
USED TO PURCHASE MORTGAGE LOANS 0.00
PRINCIPAL BALANCE OF MORTGAGES PURCHASES 0.00
REMAINING PRE-FUNDED AMOUNT 0.00
AMOUNTS DISTRIBUTABLE TO FIXED RATE HOLDER CLASSES
USED TO REDUCE PRINCIPAL BALANCES 0.00
(xxii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST AMOUNT 0.00
REINVESTMENT INCOME DISTRIBUTED TO RECEIVABLES 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST ACCOUNT 0.00
</TABLE>
