<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): May 15, 1997
EQCC HOME EQUITY LOAN TRUST 1996-1
_________________________________________________________________________
(Exact name of registrant as specified in governing instruments)
Delaware 33-99344 59-3353406
____________ _______________ _____________
(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 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
May 15, 1997
____________
BY: /s/ STEPHEN R. VETH
----------------------------------
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 7
the August Remittance Date.
[ 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 PYMT PER FROM DATE April 15, 1997
AS TRUSTEE PYMT PER TO DATE May 15, 1997
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-1
<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> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 32,898,711.27 303.43766159
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)........ 18,626,864.00
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning)........ 203,638,711.27 1878.23935870 2192.492584 736722.96834830 5523.15463168 19031.65525888
Variable Rate POOL PRINCIPAL
BALANCE (Beginning)........ 18,626,864.00
Total POOL PRINCIPAL
BALANCE (Beginning)........ 222,265,575.27 2050.04219950 2393.04021609 7337.91928920 6028.35842880 20772.48367009
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 168
PRINCIPAL BALANCE OF Fixed Rate
MORTGAGES PREPAYING....... 6,924,813.18 63.87025623
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES PREPAYING........ 1,013,500.33
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 7,938,313.51
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED...... 225,782.33 2.08247860
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED...... 2,337.48
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED...... 228,119.81
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF -
MONTHLY PAYMENTS RECEIVED--
Fixed Rate Pool............ 331,544.51 3.05796449
MONTHLY PAYMENTS RECEIVED--
Var. Rate Pool............. 10,562.09
MONTHLY PAYMENTS RECEIVED--
Total Pool................. 342,106.60
ENDING CLASS A-1 PRINCIPAL
BALANCE................... 25,298,103.18 233.33428500
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................... 17,600,464.10
Fixed Rate POOL PRINCIPAL
BALANCE (Ending)........... 196,038,103.18 1808.13598211 2110.66002562 6472.04038230 5317.00849417 18321.31805421
Variable Rate POOL PRINCIPAL
BALANCE (Ending)........... 17,600,464.10
Total POOL PRINCIPAL
BALANCE (Ending).......... 213,638,567.28 1970.47193581 2300.15683979 7053.10555563 5794.37394304 19966.22124112
</TABLE>
