<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, 1997
EQCC HOME EQUITY LOAN TRUST 1995-4
(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
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
Not Applicable
(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.
(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
April 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 MARCH 15, 1997
PYMT PER TO DATE APRIL 15,
1997
<TABLE>
<CAPTION>
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
95,000,000.00 85,000,000.00 30,000,000.00
<S> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 21,909,685.57 230.62826916
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
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 15,000,000.00
CLASS A-6 PRINCIPAL BALANCE (BEGINNING) 13,947,717.92
FIXED RATE POOL PRINCIPAL BALANCE (BEGINNING) 176,909,685.57 1862.20721653 2081.29041847 5896.98951900
VARIABLE RATE POOL PRINCIPAL BALANCE (BEGINNING) 13,947,717.92
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 190,857,403.49 2009.02529989 2245.38121753 6361.91344967
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 119
PRINCIPAL BALANCE OF FIXED RATE MORTGAGES PREPAYING 4,986,239.27 52.48672916
PRINCIPAL BALANCE OF VAR. RATE MORTGAGES PREPAYING 194,090.90
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,180,330.17
AMOUNT OF FIXED RATE CURTAILMENTS RECEIVED 10,346.70 0.10891263
AMOUNT OF VARIABLE RATE CURTAILMENTS RECEIVED 504.55
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 10,851.25
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -MONTHLY
PAYMENTS RECEIVED--FIXED RATE POOL 311,443.73 3.27835505
MONTHLY PAYMENTS RECEIVED--VAR. RATE POOL 6,183.32
MONTHLY PAYMENTS RECEIVED--TOTAL POOL 317,627.05
ENDING CLASS A-1 PRINCIPAL BALANCE 16,395,586.22 172.58511811
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
ENDING CLASS A-5 PRINCIPAL BALANCE 15,000,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 13,666,471.88
FIXED RATE POOL PRINCIPAL BALANCE (ENDING) 171,395,586.22 1804.16406547 2016.41866141 5713.18620733
VARIABLE RATE POOL PRINCIPAL BALANCE (ENDING) 13,666,471.88
TOTAL POOL PRINCIPAL BALANCE (ENDING) 185,062,058.10 1948.02166421 2177.20068353 6168.73527000
<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
--------------- ---------------
<S> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (BEGINNING)
CLASS A-2 PRINCIPAL BALANCE (BEGINNING)
CLASS A-3 PRINCIPAL BALANCE (BEGINNING)
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (BEGINNING)
FIXED RATE POOL PRINCIPAL BALANCE (BEGINNING) 7076.38742280 11793.97903800
VARIABLE RATE POOL PRINCIPAL BALANCE (BEGINNING)
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 7634.29613960 12723.82689933
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF FIXED RATE MORTGAGES PREPAYING
PRINCIPAL BALANCE OF VAR. RATE MORTGAGES PREPAYING
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF FIXED RATE CURTAILMENTS RECEIVED
AMOUNT OF VARIABLE RATE CURTAILMENTS RECEIVED
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -MONTHLY
PAYMENTS RECEIVED--FIXED RATE POOL
MONTHLY PAYMENTS RECEIVED--VAR. RATE POOL
MONTHLY PAYMENTS RECEIVED--TOTAL POOL
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
ENDING CLASS A-3 PRINCIPAL BALANCE
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
FIXED RATE POOL PRINCIPAL BALANCE (ENDING) 6855.82344880 11426.37241467
VARIABLE RATE POOL PRINCIPAL BALANCE (ENDING)
TOTAL POOL PRINCIPAL BALANCE (ENDING) 7402.48232400 12337.47054000
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