<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): August 15, 1997
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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 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 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
August 15, 1997 BY: /s/ TERENCE G. VANE, JR.
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Terence G. Vane, Jr.
Senior Vice President
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INDEX TO EXHIBITS
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<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
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[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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<TABLE>
<CAPTION>
FIRST BANK NATIONAL PYMT PER FROM DATE JULY 15, 1997
ASSOCIATION PYMT PER TO DATE AUG. 15, 1997
AS TRUSTEE PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
EQCC HOME EQUITY LOAN ASSET ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
BACKED CERTIFICATES, SERIES CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
1996-1 108,420,000.00 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) 14,697,023.18 135.55638425
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 92,880,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 30,290,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 36,870,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 10,700,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 15,964,939.95
Fixed Rate POOL PRINCIPAL
BALANCE
(Beginning) 185,437,023.18 1710.35808135 1996.52264406 6122.05424827 5029.48259235 17330.56291402
Variable Rate POOL PRINCIPAL
BALANCE
(Beginning) 15,964,939.95
Total POOL PRINCIPAL BALANCE
(Beginning) 201,401,963.13 1857.60895711 2168.41045575 6649.12390657 5462.48882913 18822.61337664
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 121
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES
PREPAYING 3,849,362.91 35.50417737
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES
PREPAYING 934,179.28
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 4,783,542.19
AMOUNT OF Fixed Rate
CURTAILMENTS
RECEIVED 127,263.86 1.17380428
AMOUNT OF Variable Rate
CURTAILMENTS
RECEIVED 10,515.04
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 137,778.90
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF--
MONTHLY PAYMENTS
RECEIVED--Fixed Rate
Pool 291,589.49 2.68944374
MONTHLY PAYMENTS
RECEIVED--Var. Rate
Pool 7,344.10
MONTHLY PAYMENTS
RECEIVED--Total
Pool 298,933.59
ENDING CLASS A-1 PRINCIPAL
BALANCE 10,250,799.51 94.54712701
ENDING CLASS A-2 PRINCIPAL
BALANCE 92,880,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE 30,290,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE 36,870,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 10,700,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 15,012,901.53
Fixed Rate POOL PRINCIPAL
BALANCE
(Ending) 180,990,799.51 1669.34882411 1948.65201884 5975.26574810 4908.89068375 16915.02799159
Variable Rate POOL PRINCIPAL
BALANCE
(Ending) 15,012,901.53
Total POOL PRINCIPAL BALANCE
(Ending) 196,003,701.04 1807.81867773 2110.28963221 6470.90462331 5316.07542826 18318.10290093
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