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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
8-K
_____________________________
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 15, 1996
EQCC HOME EQUITY LOAN TRUST 1995-4
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-7059962
--------------- ---------------- -------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
- -------------------------------------------------------------------------------
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Total Number of Pages 11
Exhibit Index Located at Page 5
Part 1 of 11
SEC95-4
<PAGE>
-2-
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 August 15, 1996, (the "August 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 August 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. Deposition of John T. Hayt was taken by
Plaintiff's attorney June 25, 1996. Deposition of Plaintiff was taken by
EquiCredit August 22, 1996. Plaintiff has filed motion for class certification.
EquiCredit is preparing to file opposition to motion for class certification.
<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
August Remittance Date.
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
-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
October 15, 1996 BY: /s/ STEPHEN R. VETH
- ---------------- --------------------------
Stephen R. Veth
Senior Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------ ------- ------------
99 -- Trustee's Remittance Report in respect of the
August Remittance Date. 7
<PAGE>
-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
BANK OF AMERICA ILLINOIS - TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
- -------------------------------------------------------------------------------------------------------
FROM: SEPT. 15, 1996
TO: OCT. 15, 1996
ORIGINAL BEGINNING
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 6.150000% Jul 15, 2004 95,000,000.00 56,985,016.84
CLASS A-2 6.350000% Oct. 15, 2009 85,000,000.00 85,000,000.00
CLASS A-3 6.600000% Nov. 15, 2010 30,000,000.00 30,000,000.00
CLASS A-4 6.950000% Mar. 15, 2012 25,000,000.00 25,000,000.00
CLASS A-5 7.250000% Mar. 15, 2026 15,000,000.00 15,000,000.00
CLASS A-6 5.878910% Dec. 15, 2025 27,794,000.00 20,547,081.58
CLASS R VARIABLE Dec. 15, 2025 0.00 0.00
--------------- ---------------
TOTAL 277,794,000.00 232,532,098.42
<CAPTION>
PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION REDUCTIONS BALANCE PAYABLE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A-1 5,558,622.09 51,426,394.75 292,048.21
CLASS A-2 0.00 85,000,000.00 449,791.67
CLASS A-3 0.00 30,000,000.00 165,000.00
CLASS A-4 0.00 25,000,000.00 144,791.67
CLASS A-5 0.00 15,000,000.00 90,625.00
CLASS A-6 1,009,003.07 19,538,078.51 97,306.63
CLASS R 0.00 0.00 0.00
------------- -------------- -------------
TOTAL 6,567,625.16 225,964,473.26 1,239,563.18
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS A-1 268917BP5 599.84228253 58.51181147 541.33047105 3.07419170
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 739.26320717 36.30290962 702.96029755 3.50099428
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
<TABLE>
<CAPTION>
PYMT PER FROM DATE
BANK OF AMERICA ILLINOIS - TRUSTEE PYMT PER TO DATE
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) 56,985,016.84 599.84228253
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) 25,000,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,000,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 20,547,081.58
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 211,985,016.84 2231.42122989 2493.94137459
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 20,547,081.58
Total POOL PRINCIPAL BALANCE (Beginning) 232,532,098.42 2447.70629916 2735.67174612
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 138
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 5,126,659.85 53.96484053
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 997,943.92
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,124,603.77
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 68,799.82 0.72420863
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 111.85
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 68,911.67
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 336,637.98 3.54355768
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 10,947.30
MONTHLY PAYMENTS RECEIVED - Total Pool 347,585.28
ENDING CLASS A-1 PRINCIPAL BALANCE 51,426,394.75 541.33047105
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 15,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 19,538,078.51
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 206,426,394.75 2172.90941842 2428.54582059
Variable Rate POOL PRINCIPAL BALANCE (Ending) 19,538,078.51
Total POOL PRINCIPAL BALANCE (Ending) 225,964,473.26 2378.57340274 2658.40556776
<CAPTION>
SEPT. 15, 1996
OCT. 15, 1996
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-6
30,000,000.00 25,000,000.00 15,000,000.00 27,794,000.00
---------------------------------------------------------------------------
<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) 739.26320717
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 7066.16722800 8479.40067360 14132.33445600
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 739.26320717
Total POOL PRINCIPAL BALANCE (Beginning) 7751.06994733 9301.28393680 15502.13989467 8366.26364165
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 35.90501259
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.00402425
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.39387278
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 702.96029755
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 6880.87982500 8257.05579000 13761.75965000
Variable Rate POOL PRINCIPAL BALANCE (Ending) 702.96029755
Total POOL PRINCIPAL BALANCE (Ending) 7532.14910867 9038.57893040 15064.29821733 6129.9731305
</TABLE>
<PAGE>
<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 SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,799,494.27 6,691,556.39 1,107,937.88
Portions subject to bankruptcy 0.00 0.01 0.01
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 56,985,016.84
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) 20,547,081.58
POOL PRINCIPAL BALANCE (Beginning) 232,532,098.42 211,985,016.84 20,547,081.58
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 138 124 14
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,124,603.77 5,126,659.85 997,943.92
(iv) AMOUNT OF CURTAILMENTS RECEIVED 68,911.67 68,799.82 111.85
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 347,585.28 336,637.98 10,947.30
(vi) INTEREST RECEIVED ON MORTGAGES 2,052,477.68 1,874,770.90 177,706.78
(vii) AGGREGATE ADVANCES 1,705,275.66 1,548,151.95 157,123.71
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 139 133 6
PRINCIPAL BALANCE 5,805,000.60 5,235,215.18 569,785.42
% OF PRINCIPAL 2.570000% 2.540000% 2.920000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 56 50 6
PRINCIPAL BALANCE 3,012,740.48 2,160,592.69 852,147.79
% OF PRINCIPAL 1.330000% 1.050000% 4.360000%
</TABLE>
<PAGE>
<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 SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 167 148 19
PRINCIPAL BALANCE 8,253,533.82 6,609,322.53 1,644,211.29
% OF PRINCIPAL 3.650000% 3.200000% 8.420000%
MORTGAGES IN FORECLOSURE:
NUMBER 74 61 13
PRINCIPAL BALANCE 3,899,179.02 2,752,833.87 1,146,345.15
% OF PRINCIPAL 1.730000% 1.330000% 5.870000%
MORTGAGES IN BANKRUPTCY
NUMBER 81 74 7
PRINCIPAL BALANCE 4,051,559.23 3,367,806.43 683,752.80
% OF PRINCIPAL 1.790000% 1.630000% 3.500000%
MORTGAGE LOAN LOSSES 26,524.44 26,524.44 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 51,426,394.75
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 19,538,078.51
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 163.96607927 163.21779271 171.87197931
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.921874% 10.791518%
</TABLE>
<PAGE>
<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 SEPT. 15, 1996
TO OCT. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(xi) SERVICING FEES PAID 113,046.47 103,000.78 10,045.69
SERVICING FEES ACCRUED 114,262.32 104,164.68 10,097.64
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 19,134.29
(xiii) POOL PRINCIPAL BALANCE (ENDING) 225,964,473.26 206,426,394.75 19,538,078.51
(xiv) OTHER INFORMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5118 4880 238
NUMBER OF MORTGAGES OUTSTANDING (END) 4980 4756 224
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 2,080,444.04 1,898,552.62 181,891.42
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,070,694.58
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 4,723,783.30
EXCESS SPREAD 707,788.17
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 69,587.91
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.95% 25,793.60 25,793.60
PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.85% 25,793.60 25,793.60
(xx) AGGREGAGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 69,587.91
(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 RECEIVABLES 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST
ACCOUNT 0.00
</TABLE>
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