<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) May 15, 1997
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
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. The parties have agreed in
principle to settle the action and a settlement agreement is being negotiated
and will be presented to the court for approval. The agreement contemplates
payment of EquiCredit of the total settlement amount of $352,000 in full
compromise and settlement of all claims of plaintiff and class members. By
reaching agreement in principle to settle the case, EquiCredit does not admit
to any wrongdoing and in fact specifically denies any liability or wrongdoing
whatsoever.
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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.
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(a) Financial Statements - Not Applicable
(b) Pro Forma Financial Information - Not Applicable
(c) Exhibits
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(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
May 15, 1997 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
Executive Vice President
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INDEX TO EXHIBITS
Sequentially
EXHIBIT Numbered
NUMBER Exhibit Page
- ------- ------- ------------
99 -- Trustee's Remittance Report in respect of the
August Remittance Date. 7
[ 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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FIRST TRUST NATIONAL ASSOCIATION AS AGENT FOR
BANK OF AMERICA ILLINOIS--TRUSTEE
REMITTANCE STATEMENT ADDENDUM FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1995-4
PYMT PER FROM DATE APRIL 15, 1997
PYMT PER TO DATE MAY 15, 1997
<TABLE>
<CAPTION>
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
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
95,000,000.00 85,000,000.00 30,000,000.00 25,000,000.00 15,000,000.00
------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(BEGINNING)................ 16,395,586.22 172.58511811
CLASS A-2 PRINCIPAL BALANCE
(BEGINNING)................ 85,000,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(BEGINNING)................ 30,000,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(BEGINNING)................ 25,000,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(BEGINNING)................ 15,000,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(BEGINNING)................ 13,666,471.88
FIXED RATE POOL PRINCIPAL
BALANCE (BEGINNING)........ 171,395,586.22 1804.16406547 2016.41866141 5713.18620733 6855.82344880 11426.37241467
VARIABLE RATE POOL PRINCIPAL
BALANCE (BEGINNING)........ 13,666,471.88
TOTAL POOL PRINCIPAL BALANCE
(BEGINNING)................ 185,062,058.10 1948.02166421 2177.20068353 6168.73527000 7402.48232400 12337.47054000
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 113
PRINCIPAL BALANCE OF FIXED
RATE MORTGAGES PREPAYING... 4,376,793.94 46.07151516
PRINCIPAL BALANCE OF VAR.
RATE MORTGAGES PREPAYING... 73,651.35
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 4,450,445.29
AMOUNT OF FIXED RATE
CURTAILMENTS RECEIVED...... 69,656.70 0.73322842
AMOUNT OF VARIABLE RATE
CURTAILMENTS RECEIVED...... 1,003.68
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 70,660.38
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF - MONTHLY
PAYMENTS RECEIVED--FIXED
RATE POOL.................. 311,528.09 3.27924305
MONTHLY PAYMENTS
RECEIVED--VAR. RATE POOL... 4,922.65
</TABLE>
Continued
<TABLE>
<CAPTION>
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
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
95,000,000.00 85,000,000.00 30,000,000.00 25,000,000.00 15,000,000.00
------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
MONTHLY PAYMENTS
RECEIVED--TOTAL POOL....... 316,450.74
ENDING CLASS A-1 PRINCIPAL
BALANCE.................... 11,378,208.53 119.77061611
ENDING CLASS A-2 PRINCIPAL
BALANCE.................... 85,000,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE.................... 30,000,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE.................... 25,000,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE.................... 15,000,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE.................... 13,556,437.63
FIXED RATE POOL PRINCIPAL
BALANCE (ENDING)........... 166,378,208.53 1751.34956347 1957.39068859 5545.94028433 6655.12834120 11091.88056867
VARIABLE RATE POOL PRINCIPAL
BALANCE (ENDING)........... 13,556,437.63
TOTAL POOL PRINCIPAL BALANCE
(ENDING)................... 179,934,646.16 1894.04890695 2116.87819012 5997.82153867 7197.38584640 11995.64307733
</TABLE>
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