<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): June 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 June 15, 1996, (the "June 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 June 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 otherssimilarly 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 June
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
June 15, 1996 BY: /s/ JOHN P. SILSBY, II
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John P. Silsby, II
Senior Vice President
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INDEX TO EXHIBITS
Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
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99 -- Trustee's Remittance Report in respect of the
June Remittance Date. 7
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the June 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: MAY 15, 1996
TO: JUNE 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 78,226,614.25 5,223,737.14 73,002,777.11 400,910.89
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 5.804690% Dec. 15, 2025 27,794,000.00 23,964,156.38 1,323,529.88 22,640,626.50 127,512.46*
CLASS R VARIABLE Dec. 15, 2025 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- ------------
TOTAL 277,794,000.00 257,190,670.63 6,547,267.02 250,643,403.61 1,378,631.68
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BP5 823.43699211 54.98670674 768.45028537 4.22011458
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 862.20610132 47.61926603 814.58683529 4.58776921
CLASS R
</TABLE>
*Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
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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
- -----------------------------------------------------------------------------
CLASS A-1 PRINCIPAL BALANCE (Beginning) 78,226,614.25
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) 23,964,156.38
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 233,226,514.25
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 23,964,156.38
Total POOL PRINCIPAL BALANCE (Beginning) 257,190,670.63
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 126
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,846,070.33
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 1,311,940.02
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,158,010.35
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 27,584.46
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 135.69
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 27,720.15
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 350,082.35
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 11,454.17
MONTHLY PAYMENTS RECEIVED - Total Pool 361,536.52
ENDING CLASS A-1 PRINCIPAL BALANCE 73,002,777.11
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 22,640,626.50
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 228,002,777.11
Variable Rate POOL PRINCIPAL BALANCE (Ending) 22,640,626.50
Total POOL PRINCIPAL BALANCE (Ending) 250,643,403.61
PYMT PER FROM DATE MAY 15, 1996
PYMT PER TO DATE JUNE 15, 1996
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6
95,000,000.00 85,0000,000.00 30,000,000.00 25,000,000.00 15,000,000.00 27,794,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL
BALANCE (Beginning) 823.43699211
CLASS A-2 PRINCIPAL
BALANCE (Beginning) 1000.00000000
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) 862.20610132
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 2455.01593947 2743.84134412 7774.21714167 9329.06057000 15548.43428333
Variable Rate POOL
PRINCIPAL BALANCE
(Beginning) 862.20610132
Total POOL PRINCIPAL
BALANCE (Beginning) 2707.27021716 3025.77259565 8573.02235433 10287.62682520 17146.04470867 9253.46012197
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS
PRINCIPAL BALANCE OF
Fixed Rate MORTGAGES
PREPAYING 51.01126663
PRINCIPAL BALANCE OF
Variable Rate MORTGAGES
PREPAYING 47.20227459
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING
AMOUNT OF FIXED RATE
CURTAILMENTS RECEIVED 0.29036274 0.00488199
AMOUNT OF VARIABLE RATE
CURTAILMENTS RECEIVED
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF
PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 3.68507737
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 0.41210495
MONTHLY PAYMENTS RECEIVED -
Total Pool
ENDING CLASS A-1 PRINCIPAL
BALANCE 768.45028537
ENDING CLASS A-2 PRINCIPAL
BALANCE 1000.00000000
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 814.58683529
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 2400.02923274 2682.38561306 7600.09257033 9120.11108440 15200.18514067
Variable Rate POOL
PRINCIPAL BALANCE (Ending) 814.58683529
Total POOL PRINCIPAL
BALANCE (Ending) 2638.35161695 2948.74592482 8354.78012033 10025.73614440 16709.56024067 9017.89607865
</TABLE>
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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
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FROM: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<C> <S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,946,785.65 6,493,856.59 1,452,929.06
Portions subject to bankruptcy 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 78,226,514.25
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) 23,964,156.38
POOL PRINCIPAL BALANCE (Beginning) 257,190,670.63 233,226,514.25 23,964,156.38
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 126 110 16
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,158,010.35 4,846,070.33 1,311,940.02
(iv) AMOUNT OF CURTAILMENTS RECEIVED 27,720.15 27,584.46 135.69
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 361,536.52 350,082.35 11,454.17
(vi) INTEREST RECEIVED ON MORTGAGES 2,221,659.54 2,022,171.02 199,488.52
(vii) AGGREGATE ADVANCES 1,870,492.06 1,695,875.01 174,617.05
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 84 79 5
PRINCIPAL BALANCE 3,324,176.64 2,977,821.13 346,355.51
% OF PRINCIPAL 1.330000% 1.310000% 1.530000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 43 39 4
PRINCIPAL BALANCE 1,985,809.47 1,657,524.60 328,284.87
% OF PRINCIPAL 0.790000% 0.730000% 1.450000%
</TABLE>
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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: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------- ---------------------------------------- -------------- -------------- -------------
<C> <S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 104 89 15
PRINCIPAL BALANCE 5,652,947.04 4,152,032.30 1,500,914.74
% OF PRINCIPAL 2.260000% 1.820000% 6.630000%
MORTGAGES IN FORECLOSURE:
NUMBER 34 30 4
PRINCIPAL BALANCE 1,844,665.84 1,147,681.59 696,984.25
% OF PRINCIPAL 0.740000% 0.500000% 3.080000%
MORTGAGES IN BANKRUPTCY:
NUMBER 49 46 3
PRINCIPAL BALANCE 2,458,981.44 2,290,224.57 168,756.87
% OF PRINCIPAL 0.980000% 1.000000% 0.750000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 73,002,777.11
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 22,640,626.50
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 166.49405866 166.63541610 165.07051640
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.967550% 10.495424%
</TABLE>
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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: MAY 15, 1996
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
- ------- ---------------------------------------- -------------- -------------- -------------
<C> <S> <C> <C> <C>
(xi) SERVICING FEES PAID 122,249.19 110,858.22 11,390.97
SERVICING FEES ACCRUED 126,654.55 115,066.13 11,588.42
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 21,248.46
(xiii) POOL PRINCIPAL BALANCE (ENDING) 250,643,403.61 228,002,777.11 22,640,626.50
(xiv) OTHER INFORMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5827 5347 280
NUMBER OF MORTGAGES OUTSTANDING (END) 5501 5237 264
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 2,307,816.80 2,104,602.03 203,214.77
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,120,782.49
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 1,785,845.97
EXCESS SPREAD 781,643.62
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 19,500.00
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS @ LESS
THAN 7.95% 66,996.07 66,996.07
PRINCIPAL BALANCE OF MORTGAGE LOANS @ LESS
THAN 7.85% 25,870.36 25,870.36
(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
(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>
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