<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): August 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
- ------------------ ------------------ --------------------
(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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-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.
<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]
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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
August 15, 1996 BY: /s/ STEPHEN R. VETH
- --------------- ----------------------------------
Stephen R. Veth
Senior Vice President
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-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect of 7
the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August 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: JULY 15, 1996
TO: AUG. 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 68,187,615.10 5,610,063.81 62,577,551.29 349,461.53
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 22,181,515.38 814,094.84 21,367,420.54 112,142.22
CLASS R VARIABLE DEC. 15, 2025 0.00 0.00 0.00 0.00 0.00
---------------- --------------- --------------- --------------- ---------------
TOTAL 277,794,000.00 245,369,130.48 6,424,158.65 238,944,971.83 1,311,812.08
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A-1 268917BP5 717.76436947 59.05330326 658.71106621 3.67854239
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 798.06848169 29.29030870 768.77817299 4.03476357
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous Payment
Date to the current Payment Date.
<PAGE>
<TABLE>
<CAPTION>
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FIRST TRUST of ILLINOIS, NATIONAL ASSOCIATION as agent for 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) 68,187,615.10 717.76436947
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) 22,181,515.38
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 223,187,615.10 2349.34331684 2625.73664824
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 22,181,515.38
Total POOL PRINCIPAL BALANCE (Beginning) 245,369,130.48 2582.83295242 2886.69565271
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 121
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 5,227,290.79 55.02411358
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 801,975.84
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,029,266.63
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 14,553.37 0.15319337
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 159.33
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 14,712.70
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 368,219.65 3.87599632
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 11,959.67
MONTHLY PAYMENTS RECEIVED - Total Pool 380,179.32
ENDING CLASS A-1 PRINCIPAL BALANCE 62,577,551.29 658.71106621
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 21,367,420.54
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 217,577,551.29 2290.29001358 2559.73589753
Variable Rate POOL PRINCIPAL BALANCE (Ending) 21,367,420.54
Total POOL PRINCIPAL BALANCE (Ending) 238,944,971.83 2515.21022979 2811.11731565
</TABLE>
<TABLE>
<CAPTION>
JULY 15, 1996
AUG. 15, 1996
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
30,000,000.00 25,000,000.00 15,000,000.00
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<S> <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)
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 7439.58717000 8927.50460400 14879.17434000
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
Total POOL PRINCIPAL BALANCE (Beginning) 8178.97101600 9814.76521920 16357.94203200
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
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
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 7252.58504300 8703.10205160 14505.17008600
Variable Rate POOL PRINCIPAL BALANCE (Ending)
Total POOL PRINCIPAL BALANCE (Ending) 7964.83239433 9557.79887320 15929.66478867
</TABLE>
<TABLE>
<CAPTION>
PER $1,000
ORIGINAL BAL
CLASS A-5
27,794,000.00
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<S> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning)
CLASS A-4 PRINCIPAL BALANCE (Beginning)
CLASS A-5 PRINCIPAL BALANCE (Beginning)
CLASS A-6 PRINCIPAL BALANCE (Beginning) 798.06848169
Fixed Rate POOL PRINCIPAL BALANCE (Beginning)
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 798.06848169
Total POOL PRINCIPAL BALANCE (Beginning) 8828.13306757
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 28.85427934
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.00573253
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.43029683
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
ENDING CLASS A-5 PRINCIPAL BALANCE
ENDING CLASS A-6 PRINCIPAL BALANCE 768.77817299
Fixed Rate POOL PRINCIPAL BALANCE (Ending)
Variable Rate POOL PRINCIPAL BALANCE (Ending) 768.77817299
Total POOL PRINCIPAL BALANCE (Ending) 8596.99833885
</TABLE>
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<TABLE>
<CAPTION>
Page 1
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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 JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,813,604.53 6,885,586.85 928,017.68
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 68,187,615.10
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) 22,181,515.38
POOL PRINCIPAL BALANCE (Beginning) 245,369,130.48 223,187,615.10 22,181,515.38
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 121 112 9
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 6,029,266.63 5,227,290.79 801,975.84
(iv) AMOUNT OF CURTAILMENTS RECEIVED 14,712.70 14,553.37 159.33
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 380,179.32 368,219.65 11,959.67
(vi) INTEREST RECEIVED ON MORTGAGES 2,250,596.17 2,059,714.80 190,881.37
(vii) AGGREGATE ADVANCES 1,745,350.20 1,583,348.39 162,001.81
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 106 100 6
PRINCIPAL BALANCE 4,084,184.08 3,628,586.73 455,597.35
% OF PRINCIPAL 1.710000% 1.670000% 2.130000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 56 53 3
PRINCIPAL BALANCE 2,778,538.32 2,504,842.30 273,696.02
% OF PRINCIPAL 1.160000% 1.150000% 1.280000%
</TABLE>
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<TABLE>
<CAPTION>
Page 2
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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 JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 135 116 19
PRINCIPAL BALANCE 7,017,792.64 5,203,855.38 1,813,937.26
% OF PRINCIPAL 2.940000% 2.390000% 8.490000%
MORTGAGES IN FORECLOSURE:
NUMBER 51 44 7
PRINCIPAL BALANCE 2,741,912.42 1,991,871.72 750,040.70
% OF PRINCIPAL 1.150000% 0.920000% 3.510000%
MORTGAGES IN BANKRUPTCY
NUMBER 66 61 5
PRINCIPAL BALANCE 3,368,655.07 2,866,813.14 501,841.93
% OF PRINCIPAL 1.410000% 1.320000% 2.350000%
MORTGAGE LOAN LOSSES (12.00) (12.00) 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 62,577,551.29
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 21,367,420.54
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 165.13543635 165.02153786 166.29522797
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.949443% 10.560961%
</TABLE>
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<TABLE>
<CAPTION>
Page 3
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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 JULY 15, 1996
TO AUG. 15, 1996
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(xi) SERVICING FEES PAID 124,186.78 113,146.84 11,039.94
SERVICING FEES ACCRUED 120,273.99 109,446.93 10,827.06
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 17,494.71
(xiii) POOL PRINCIPAL BALANCE (ENDING) 238,944,971.83 217,577,551.29 21,367,420.54
(xiv) OTHER INFORAMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 57,721.72
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5380 5122 258
NUMBER OF MORTGAGES OUTSTANDING (END) 5259 5010 249
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,189,523.12 1,998,305.17 191,217.95
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,100,018.32
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 3,294,586.10
EXCESS SPREAD 737,524.97
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 40,264.17
(xix) PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.95% 25,832.23 25,832.23
PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.85% 25,832.23 25,832.23
(xx) AGGREGAGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 40,264.17
(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>
