<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) January 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 9
Exhibit Index Located at Page 5
Page 1 of 9
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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
January 15, 1997 BY: /s/ RODOLFO F. ENGMANN
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Rodolfo F. Engmann
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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EquiCredit Corporation Secondary Marketing Department
EQCC 1995-4
Monthly Recap & Distribution
Company 428 & 429
<TABLE>
<CAPTION>
FINAL
CUTOFF DATE: November 1, 1995
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Due Period December, 1996 December, 1996 December, 1996
Monthly Payment Date January 15 January 15 January 15
Group Fixed Rate Group (Co. 428) Adjustable Rate Group (Co. 429) Aggregate (Co. 428 & 429)
Remittance Number 14 14 14
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<S> <C> <C> <C> <C> <C> <C>
Class A-1 Principal Balance-BOM 38,218,852.23 N/A 38,218,852.23
Class A-2 Principal Balance-BOM 85,000,000.00 N/A 85,000,000.00
Class A-3 Principal Balance-BOM 30,000,000.00 N/A 30,000,000.00
Class A-4 Principal Balance-BOM 25,000,000.00 N/A 25,000,000.00
Class A-5 Principal Balance-BOM 15,000,000.00 N/A 15,000,000.00
Class A-6 Principal Balance-BOM N/A 16,804,037.17 16,804,037.17
--------------- -------------- ---------------
Total Class A Principal
Balance - BOM 193,218,852.23 16,804,037.17 210,022,889.40
Class A-1 Principal Balance - EOM 32,272,194.39 N/A 32,272,194.39
Class A-2 Principal Balance - EOM 85,000,000.00 N/A 85,000,000.00
Class A-3 Principal Balance - EOM 30,000,000.00 N/A 30,000,000.00
Class A-4 Principal Balance - EOM 25,000,000.00 N/A 25,000,000.00
Class A-5 Principal Balance - EOM 15,000,000.00 N/A 15,000,000.00
Class A-6 Principal Balance - EOM N/A 15,665,438.13 15,665,438.13
--------------- -------------- ---------------
Total Class A Principal
Balance - EOM 187,272,194.39 15,665,438.13 202,937,632.52
Number of Accounts BOM 4469 188 4657
Number of Accounts EOM 4336 174 4510
Class A-1 Principal Remittance 5,946,657.84 N/A 5,946,657.84
Class A-2 Principal Remittance 0.00 N/A 0.00
Class A-3 Principal Remittance 0.00 N/A 0.00
Class A-4 Principal Remittance 0.00 N/A 0.00
Class A-5 Principal Remittance 0.00 N/A 0.00
Class A-6 Principal Remittance N/A 1,138,599.04 1,138,599.04
--------------- -------------- ---------------
Total Class A Remittance Amount 5,946,657.84 1,138,599.04 7,085,256.88
Class A-1 Certificate
Pass-Thru Rate 6.150% N/A 6.150%
Class A-2 Certificate
Pass-Thru Rate 6.350% N/A 6.350%
Class A-3 Certificate
Pass-Thru Rate 6.600% N/A 6.600%
Class A-4 Certificate
Pass-Thru Rate 6.950% N/A 6.950%
Class A-5 Certificate
Pass-Thru Rate 7.250% N/A 7.250%
Class A-6 Certificate
Pass-Thru Rate N/A 5.980470% 5.980%
Net Funds Cap N/A 138,514.62 138,514.62
WAC BOM 10.997537% 11.091524% 10.880136%
WAC EOM 10.861733% 11.123988% 10.881977%
WAP BOM 6.420% 6.064% 6.405%
WAP EOM 6.508% 0.000% 6.005%
WAM BOM 161.79 176.50 162.96
WAM EOM 160.93 179.53 162.37
Curtailments 18,615.05 522.26 19,137.31
Prepayment Amount 5,552,728.88 5,571,343.93 981,150.02 981,672.28 6,533,878.90 6,553,016.21
-------------- ------------
Number of Prepayments 133 14 147
Aggregate Interest Accrued 1,713,872.01 140,323.90 1,854,195.91
Less, Class A-1 Interest Accrued (195,871.62) N/A (195,871.62)
Less, Class A-2 Interest Accrued (449,791.67) N/A (449,791.67)
Less, Class A-3 Interest Accrued (165,000.00) N/A (165,000.00)
Less, Class A-4 Interest Accrued (144,791.67) N/A (144,791.67)
Less, Class A-5 Interest Accrued (90,625.00) N/A (90,625.00)
Less, Class A-6 Interest Accrued N/A (1,046,079.96) (83,746.70) (83,746.70) (83,746.70) (1,129,826.66)
------------- ------------ -------------
Less, Monthly Premium (15,606.02) (1,305.45) (16,911.47)
Less, LOC Fees 0.00 0.00 0.00
Less, Service Fees Accrued (94,584.40) (7,690.81) (102,275.21)
-------------- ------------ --------------
Excess Spread 557,601.63 47,580.94 605,182.57
Spread Account Balance Previous
Month 5,915,755.42
Investment Earnings 24,081.33
Spread Account Amount -
Mortgage Loan Losses (72,050.17)
Spread Account Amount - Advances 0.00
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Spread Account Balance Before
Distribution 6,472,969.15
LOC Account Balance Before
Distribution 0.00
Specified Spread Account
Requirement 6,400,000.00
Spread Account Excess/(Deficit) 72,969.15
Reimbursable Amounts Due Servicer 4,561.67
Reimbursable Amounts from
Previous Months 28,645.70
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Reimbursable Amounts Wired
to Servicer 33,207.37
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Spread Account Excess
Wired to Servicer 39,761.78
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Reimbursable Amounts Carried
Forward 0.00
Spread Account Balance After
Distribution 6,400,000.00
</TABLE>
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EquiCredit Corporation Secondary Marketing Department
EQCC 1995-4
Monthly Recap & Distribution
Company 428 & 429
<TABLE>
<CAPTION>
FINAL
CUTOFF DATE: November 1, 1995
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Due Period December, 1996 December, 1996 December, 1996
Monthly Payment Date January 15 January 15 January 15
Group Fixed Rate Group (Co. 428) Adjustable Rate Group (Co. 429) Aggregate (Co. 428 & 429)
Remittance Number 14 14 14
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<S> <C> <C> <C> <C> <C> <C>
Interest Collected 1,717,553.07 142,336.78 1,859,889.85
Less, Pre-Cutoff Interest (204.44) 0.00 (204.44)
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Total Post Cutoff Interest
Collected 1,717,348.63 142,336.78 1,859,685.41
Plus, Principal Collected 5,895,252.26 987,666.08 6,882,918.34
Plus, Liquidation Proceeds 0.00 130,288.37 130,288.37
Plus, Advances 1,382,129.75 129,624.94 1,511,754.69
Less, Recovery (1,382,129.75) (129,624.94) (1,511,754.69)
Less, Service Fee Collected (95,008.46) (7,678.34) (102,686.80)
Less, Excess Spread (557,601.63) (47,580.94) (605,182.57)
-------------- -------------- -------------
Available Payment Amount 6,959,990.80 1,205,031.95 8,165,022.75
Plus, Spread Account Amount 51,393.58 20,656.59 72,050.17
Less, Class A Interest Remittance (1,046,079.96) (83,746.70) (1,129,826.66)
Less, Class A Principal Remittance (5,946,657.84) (1,138,599.04) (7,085,256.88)
Less, Monthly Premium (15,606.02) (1,305.45) (16,911.47)
Less, LOC Fees 0.00 0.00 0.00
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Collection Excess (Shortage) 3,040.56 2,037.35 5,077.91
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Total Due Class R 39,761.78
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Class R Wire 99.99% 39,761.74
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Reimbursement To Servicer
from Spread 33,207.37
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Reimbursement To Servicer
from Collections 5,077.91
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</TABLE>
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<PAGE>
EquiCredit Corporation Secondary Marketing Department
EQCC 1995-4
Monthly Recap & Distribution
Company 428 & 429
<TABLE>
<CAPTION>
FINAL
CUTOFF DATE: November 1, 1995
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Due Period December, 1996 December, 1996 December, 1996
Monthly Payment Date January 15 January 15 January 15
Group Fixed Rate Group (Co. 428) Adjustable Rate Group (Co. 429) Aggregate (Co. 428 & 429)
Remittance Number 14 14 14
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<S> <C> <C> <C> <C> <C> <C>
Monthly Advance (from MTG1711) 1,382,129.75 129,624.94 1,511,754.69
Recovery (from MTG1711) (1,385,182.31) (131,650.29) (1,516,832.60)
Mortgage Loan Losses (Liq. Reports) 51,393.58 20,656.59 72,050.17
P&I Account Shortage (Before
Adjustment) 0.00 0.00 0.00
P&I Account Shortage (After
Adjustment) 0.00 0.00 0.00
Advances Recovered 3,052.56 2,025.35 (should=line 106) 5,077.91
Original Recovery Difference 3,052.56 2,025.35 5,077.91
CPR 32.45%
% Outstanding to Org. UPB 66.23%
Class A1 Final Pmt. Date July 14, 2004
Outstanding Advances 1,224,792.69
Days in Due Period (Last
Dist. Date to Curr Dist Date) n/a 30 n/a
Don't include distribution date twice.
Libor as stated by Trustee on 13th DECEMBER 13 5.605470%
UPB of three largest outstanding loans 885,653.91
UPB of loans over 90 days delinquent 10,868,733.89
Base Spread Account Requirement 6,400,000.00
No. Months Since Closing 14
---------------- -------------- -------------- ---------------
WAP EOM WAP EOM SPECIFIED SPREAD CALC.
Fixed Only Aggregate
CLASS A1 1,984,739.95 CLASS A1 1,984,739.95 Calc. (X)(a) 0.00
CLASS A2 5,397,500.00 CLASS A2 5,397,500.00 Calc. (X)(b) 0.00
CLASS A3 1,980,000.00 CLASS A3 1,980,000.00 Calc (Y)(a) 6,400,000.00
CLASS A4 1,737,500.00 CLASS A4 1,737,500.00 Calc (Y)(b) 885,653.91
CLASS A5 1,087,500.00 CLASS A5 1,087,500.00 Calc (Y)(c) 4,816,908.19
Calc (Z)(a) 0.00
Calc (Z)(b) 0.00
Calc (Z)(c) 0.00
---------------- CLASS A6 0.00
12,187,239.95 -------------- ------------------------------
WAP EOM 6.508% 12,187,239.95 SUBORDINATED AMOUNT
WAP EOM 6.005%
---------------- November, 1995 22,140,282.49
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Will Change 11/1/2000 Cumm. ES Recpts. 275,340.16
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Current Sub. Amt. 21,864,942.33
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</TABLE>
3