<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) March 15, 1997
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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 11
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Exhibit Index Located at Page 5
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Page 1 of 11
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sec95-4
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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.
(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
MARCH 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
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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 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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<TABLE>
<CAPTION>
FROM FEBRUARY 18, 1997
TO MARCH 17, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
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<S> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 6,072,806.59 5,605,119.69 467,686.89
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 26,926,906.96
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) 14,379,135.80
POOL PRINCIPAL BALANCE (Beginning) 196,306,042.76 181,926,906.96 14,379,135.80
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 116 111 5
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,987,151.14 4,562,143.19 425,007.95
(iv) AMOUNT OF CURTAILMENTS RECEIVED 14,231.03 14,227.35 3.68
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 310,033.70 303,627.45 6,406.25
(vi) INTEREST RECEIVED ON MORTGAGES 1,673,840.41 1,554,416.25 119,424.16
(vii) AGGREGATE ADVANCES 1,087,429.64 1,002,493.93 84,935.71
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 127 124 3
PRINCIPAL BALANCE 5,372,597.90 5,201,484.78 171,113.12
% OF PRINCIPAL 2.810000% 2.940000% 1.230000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 36 32 4
PRINCIPAL BALANCE 1,869,905.45 1,432,726.04 437,179.41
% OF PRINCIPAL 0.980000% 0.810000% 3.130000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 239 212 27
PRINCIPAL BALANCE 12,046,580.15 9,443,077.25 2,603,502.90
% OF PRINCIPAL 6.310000% 5.340000% 18.670000%
MORTGAGES IN FORECLOSURE:
NUMBER 123 106 17
PRINCIPAL BALANCE 6,409,194.69 4,734,276.36 1,674,918.33
% OF PRINCIPAL 3.360000% 2.680000% 12.010000%
MORTGAGES IN BANKRUPTCY
NUMBER 119 109 10
PRINCIPAL BALANCE 5,411,893.02 4,594,230.44 817,662.58
% OF PRINCIPAL 2.840000% 2.600000% 5.860000%
MORTGAGE LOAN LOSSES 91,546.51 91,546.51 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 21,909,685.57
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 13,947,717.92
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 160.89766855 158.80865165 187.39428434
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.851972% 11.158485%
(xi) SERVICING FEES PAID 92,661.57 86,139.73 6,521.84
SERVICING FEES ACCRUED 95,792.47 88,724.86 7,067.61
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 11,788.70
(xiii) POOL PRINCIPAL BALANCE (ENDING) 190,857,403.49 176,909,685.57 13,947,717.92
(xiv) OTHER INFORAMATION
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 7,354.02
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 4383 4222 161
NUMBER OF MORTGAGES OUTSTANDING (END) 4267 4111 156
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 1,736,035.96 1,604,639.45 131,396.51
(xviii) SUBORDINATED AMOUNT (REMAINING) 21,700,224.22
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 6,400,000.00
EXCESS SPREAD 573,614.38
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 440,058.27
(xix) PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.95% 25,694.82 25,694.82
PRINCIPAL BALANCE OF MORGTAGE LOANS @ < 7.85% 25,694.82 25,694.82
(xx) AGGREGAGATE MORTGAGE LOAN LOSSES SINCE CUTOFF 440,058.27
(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>
