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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) November 15, 1996
EQCC HOME EQUITY LOAN TRUST 1995-4
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(Exact name of registrant as specified in governing instruments)
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<S><C><C>
DELAWARE 33-99344 59-7059962
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
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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
Not Applicable
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(Former name or former address, if changed since last report)
Total Number of Pages 11
Exhibit Index Located at Page 5
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 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.
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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 August
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
NOVEMBER 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Senior Vice President
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INDEX TO EXHIBITS
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect of the August
Remittance Date. 7
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[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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BANK OF AMERICA ILLINOIS - TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
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<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
25,000,000.00 15,000,000.00
FROM OCT. 15, 1996
TO NOV. 15, 1996 1000.00000000 1000.00000000
8479.40067360 14132.33445600
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP 9301.28393680 15502.13989467
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<S> <C> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 10,010,822.35 8,330,017.78 1,680,804.57
Portions subject to
bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE
(Beginning) 51,426,394.75
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) 19,538,078.51
POOL PRINCIPAL BALANCE
(Beginning) 225,964,473.26 206,426,394.75 19,538,078.51
(iii) MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 174 153 21
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 8,152,677.19 6,658,377.33 1,494,299.86
(iv) AMOUNT OF CURTAILMENTS
RECEIVED 136,576.08 136,010.63 565.45
(v) AGGREGATE AMOUNT OF
PRINCIPAL PORTION OF 1000.00000000
MONTHLY PAYMENTS RECEIVED 351,296.69 342,711.72 8,584.97 1000.00000000
(vi) INTEREST RECEIVED ON
MORTGAGES 2,059,835.91 1,895,767.92 164,067.99 8257.05579000 13761.75965000
(vii) AGGREGATE ADVANCES 1,619,979.33 1,473,185.97 146,793.36 9038.57893040 15064.29821733
(viii) MORTGAGE DELINQUENCIES
30-59 DAYS:
NUMBER 96 87 9
PRINCIPAL BALANCE 4,276,181.21 3,537,543.35 738,637.86
% OF PRINCIPAL 1.970000% 1.780000% 4.120000%
MORTGAGE DELINQUENCIES
60-90 DAYS:
NUMBER 69 64 5
PRINCIPAL BALANCE 3,494,969.87 2,696,700.72 798,269.15
% OF PRINCIPAL 1.610000% 1.350000% 4.450000%
MORTGAGE DELINQUENCIES
90 DAYS OR MORE:
NUMBER 173 152 21
PRINCIPAL BALANCE 8,776,242.76 6,775,000.02 2,001,242.74
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% OF PRINCIPAL 4.040000% 3.400000% 11.150000%
MORTGAGES IN FORECLOSURE:
NUMBER 89 76 13
PRINCIPAL BALANCE 4,938,137.38 3,319,461.04 1,618,676.34
% OF PRINCIPAL 2.270000% 1.670000% 9.020000%
MORTGAGES IN BANKRUPTCY
NUMBER 93 83 10
PRINCIPAL BALANCE 4,113,854.84 3,573,506.04 540,348.80
% OF PRINCIPAL 1.890000% 1.790000% 3.010000%
MORTGAGE LOAN LOSSES 75,779.81 61,353.10 14,426.71
(ix) ENDING CLASS A-1 PRINCIPAL
BALANCE 44,227,941.97
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 17,941,214.36
(x) WEIGHTED AVERAGE MATURITY OF
MORTGAGE LOANS 163.59085530 162.53482106 175.31757143
WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 10.904454% 11.014726%
(xi) SERVICING FEES PAID 113,382.53 104,187.09 9,195.44
SERVICING FEES ACCRUED 109,489.74 100,674.89 8,814.85
(xii) SECTION 5.04 SERVICER
PAYMENTS OR REIMBSMTS. 30,409.52
(xiii) POOL PRINCIPAL BALANCE
(ENDING) 217,169,156.33 199,227,941.97 17,941,214.36
(xiv) OTHER INFORAMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 62,547.17
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES
OUTSTANDING (BEGINNING) 4980 4756 224
NUMBER OF MORTGAGES
OUTSTANDING (END) 4806 4603 203
(xvii) AGGREGATE INTEREST ACCRUED
ON THE MORTGAGE LOANS 1,993,644.39 1,829,708.55 163,935.84
(xviii) SUBORDINATED AMOUNT
(REMAINING) 21,994,914.77
SPREAD ACCOUNT BALANCE
(AFTER DISTRIBUTIONS) 5,322,110.64
EXCESS SPREAD 655,416.59
CUMULATIVE EXCESS SPREAD
ACCOUNT RECEIPTS 145,367.72
(xix) PRINCIPAL BALANCE OF
MORGTAGE LOANS @ < 7.95% 25,774.10 25,774.10
PRINCIPAL BALANCE OF
MORGTAGE LOANS @ < 7.85% 25,774.10 25,774.10
(xx) AGGREGAGATE MORTGAGE LOAN
LOSSES SINCE CUTOFF 145,367.72
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(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
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