<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): April 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 April 15, 1996, (the "April 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 April Remittance Date, attached hereto as Exhibit 99, is hereby
incorporated by reference.
(c) 1. On September 1, 1995, a complaint was filed in the Circuit Court of
Jefferson County, Alabama by Nellie Chappell, as plaintiff, against Old Stone
Credit Corporation of Alabama, EquiCredit Corporation of Alabama, EquiCredit
Corporation/Ala. & Miss. and other named and unnamed defendants alleging that
plaintiff was charged for brokerage and loan origination fees exceeding the 5%
cap allowed under Alabama law (ALA. CODE (1975) Section5-19-4(g). Plaintiff
claims that such fees were fraudulently misrepresented, concealed and suppressed
by defendants in order to induce plaintiff to refinance her home. A settlement
was reached in April 1996. The amount of settlement payment to the plaintiff
was not material and the Company admitted to no wrong doing.
2. 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.
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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 April 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
April 15, 1996 BY: /s/ JOHN P. SILSBY, II
----------------------
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 7
of the April Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the April 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
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FROM: MAR. 15, 1996
TO: APR. 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 86,703,014.94 3,458,998.53 83,244,016.41 444,352.95
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 5.750000% Dec. 15, 2025 27,794,000.00 25,687,123.25 636,351.67 25,050,771.58 127,186.94*
CLASS R VARIABLE Dec. 15, 2025 0.00 0.00 0.00 0.00 832,726.10
-------------- -------------- -------------- -------------- --------------
TOTAL 277,794,000.00 267,390,138.19 4,095,350.20 263,294,787.99 2,254,474.32
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
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CLASS A-1 268917BP5 912.66331516 36.41051084 876.25280432 4.67739949
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 924.19670612 22.89528927 901.30141685 4.57605730
CLASS R
</TABLE>
* Interest Payable reflects actual number of days from the previous
Payment Date to the current Payment Date.
<PAGE>
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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 1996-4
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PYMT PER FROM DATE MAR. 15, 1996
PYMT PER TO DATE APR. 15, 1996
<TABLE>
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-3
95,000,000.00 85,000,000.00
---------------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 86,703,014.94 912.56331516
CLASS A-2 PRINCIPAL BALANCE (Beginning) 86,000,000.00 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) 25,687,123.25
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 241,703,014.94 2544.24228253 2843.56488185
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 25,687,123.25
Total POOL PRINCIPAL BALANCE (Beginning) 267,390,138.19 2814.63303358 3145.76633185
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 79
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 3,060,518.94 32.21598884
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 622,243.03
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,682,761.97
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 24,996.43 0.26312032
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 114.36
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 25,110.79
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 373,483.16 3.93140168
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 13,994.28
MONTHLY PAYMENTS RECEIVED - Total Pool 387,477.44
ENDING CLASS A-1 PRINCIPAL BALANCE 83,244,016.41 878.25280432
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 25,050,771.58
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 238,244,016.41 2507.83175168 2802.87078129
Variable Rate POOL PRINCIPAL BALANCE (Ending) 25,050,771.58
Total POOL PRINCIPAL BALANCE (Ending) 263,294,787.99 2771.52408411 3097.58574108
<CAPTION>
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 A-6
30,000,000.00 25,000,000.00 15,000,000.00 27,794,000.00
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<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) 924.19670612
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 8056.76716467 9688.12059760 16113.53432933
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 924.19670612
Total POOL PRINCIPAL BALANCE (Beginning) 8913.00460633 10695.60552780 17826.00921267 9620.42664568
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 22.38767468
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.00411456
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 0.50350004
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 901.30141685
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 7941.46721367 9529.76065640 15882.93442733
Variable Rate POOL PRINCIPAL BALANCE (Ending) 901.30141685
Total POOL PRINCIPAL BALANCE (Ending) 8778.49293300 10531.79151960 17552.96586600 9473.06008887
</TABLE>
<PAGE>
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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 MAR. 15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
------------------------------------------------------------ ------------------- -------------------
<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 5,536,056.64 4,770,718.25 765,340.39
Portions subject to bankruptcy 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 86,703,014.94
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) 25,687,123.25
POOL PRINCIPAL BALANCE (Beginning) 267,390,138.19 241,703,014.94 25,687,123.25
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 79 72 7
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,682,761.97 3,080,518.94 622,243.03
(iv) AMOUNT OF CURTAILMENTS RECEIVED 25,110.79 24,996.43 114.38
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 367,477.44 373,483.16 13,994.28
(vi) INTEREST RECEIVED ON MORTGAGES 2,370,028.00 2,183,400.16 186,627.84
(vii) AGGREGATE ADVANCES 1,949,950.55 1,763,140.97 186,809.58
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 83 77 6
PRINCIPAL BALANCE 3,831,003.39 3,291,467.18 539,536.21
% OF PRINCIPAL 1.460000% 1.380000% 2.150000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 33 27 6
PRINCIPAL BALANCE 1,646,210.44 1,110,975.50 535,234.94
% OF PRINCIPAL 0.630000% 0.470000% 2.140000%
</TABLE>
<PAGE>
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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 MAR. 15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
------------------------------------------------------------ ------------------- -------------------
<S> <C> <C> <C>
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 64 56 8
PRINCIPAL BALANCE 3,550,337.39 2,557,850.94 992,486.45
% OF PRINCIPAL 1.350000% 1.070000% 3.9630000%
MORTGAGES IN FORECLOSURE:
NUMBER 15 12 3
PRINCIPAL BALANCE 859,559.51 451,512.20 408,047.31
% OF PRINCIPAL 0.330000% 0.190000% 1.830000%
MORTGAGES IN BANKRUPTCY:
NUMBER 30 29 1
PRINCIPAL BALANCE 1,604,941.20 1,560,194.20 44,747.00
% OF PRINCIPAL 0.610000% 0.850000% 0.180000%
MORTGAGE LOAN LOSSES 0.00 0.00 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 83,244,016.41
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 25,050,771.58
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 167.95518074 168.29748919 164.99674670
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.988827% 10.236750%
</TABLE>
<PAGE>
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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 MAR. 15, 1996
TO APR. 15, 1996
<TABLE>
<CAPTION>
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
----------------------------------------------------------------- ------------------- -------------------
<S> <C> <C> <C>
(xi) SERVICING FEES PAID 130,839.43 119,400.84 11,438.59
SERVICING FEES ACCRUED 132,272.42 119,614.15 12,658.27
(xii) SECTION 5.04 SERVICER PAYMENTS OF REIMBSMTS. 14,655.60
(xiii) POOL PRINCIPAL BALANCE (ENDING) 263,294,787.99 238,244,016.41 25,050,771.58
(xiv) OTHER INFORMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 155.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 5816 5518 298
NUMBER OF MORTGAGES OUTSTANDING (ENDING) 5737 5446 291
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,407,608.00 2,191,741.44 215,866.56
(xviii) SUBORDINATED AMOUNT (REMAINING) 22,140,282.49
SPREAD ACCOUNT BALANCE 1,004,217.99
EXCESS SPREAD 831,846.13
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.95% 67,287.62 67,287.62
PRINCIPAL BALANCE OF MORTGAGE LOANS @ < 7.85% 25,908.00 25,908.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 0.00
(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
(xii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST WITHDRAWAL 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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