<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): DECEMBER 15, 1996
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EQCC HOME EQUITY LOAN TRUST 1996-1
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(Exact name of registrant as specified in governing instruments)
DELAWARE 33-99344 59-3353406
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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 7
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Exhibit Index Located at Page 5
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Page 1 of 7
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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 1996-1 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 by 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 1996-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
DECEMBER 15, 1996 BY: /s/ RODOLFO F. ENGMANN
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Rodolfo F. Engmann
Executive Vice President
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INDEX TO EXHIBITS
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<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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<S> <C> <C>
99 -- Trustee's Remittance Report in respect of the August Remittance Date. 7
</TABLE>
[ 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 BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
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CLASS A-1 PRINCIPAL BALANCE (Beginning) 65,804,026.98
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,880,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 30,290,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 36,870,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 10,700,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 25,623,283.57
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 236,544,026.98
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 25,623,283.57
Total POOL PRINCIPAL BALANCE (Beginning) 262,167,310.55
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 156
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 6,009,632.95
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 1,224,021.71
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 7,233,654.66
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 26,900.05
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 1,865.04
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 28,765.09
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 330,840.85
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 12,245.87
MONTHLY PAYMENTS RECEIVED - Total Pool 343,086.72
ENDING CLASS A-1 PRINCIPAL BALANCE 59,373,404.77
ENDING CLASS A-2 PRINCIPAL BALANCE 92,880,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 30,290,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 36,870,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 10,700,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 24,385,150.95
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 230,113,404.77
Variable Rate POOL PRINCIPAL BALANCE (Ending) 24,385,150.95
Total POOL PRINCIPAL BALANCE (Ending) 254,498,555.72
PYMT PER FROM DATE NOV. 15, 1996
PYMT PER TO DATE DEC. 15, 1996
<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
108,420,000.00 92,880,000.00 30,290,000.00 36,870,000.00 10,700,000.00
<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 606.93623852
CLASS A-2 PRINCIPAL BALANCE (Beginning) 1000.00000000
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)
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 2181.73793562 2546.77031632 7809.31089402 6415.62318904 22106.91840935
Variable Rate POOL PRINCIPAL BALANCE (Beginning)
Total POOL PRINCIPAL BALANCE (Beginning) 2418.07148635 2822.64546242 8655.24300264 7110.58612829 24501.61780841
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF Fixed Rate
MORTGAGES PREPAYING 55.42919157
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 0.24810967
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 3.05147436
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool
MONTHLY PAYMENTS RECEIVED - Total Pool
ENDING CLASS A-1 PRINCIPAL BALANCE 547.62409860
ENDING CLASS A-2 PRINCIPAL BALANCE 1000.00000000
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
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 2122.42579570 2477.53450441 7597.00907131 6241.20978492 21505.92567944
Variable Rate POOL PRINCIPAL BALANCE (Ending)
Total POOL PRINCIPAL BALANCE (Ending) 2347.33956576 2740.07919595 8402.06522681 6902.59169298 23784.91174953
</TABLE>
