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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): November 15, 1997
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
November 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, Jr.
Senior Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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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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<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE Oct. 15, 1997
AS TRUSTEE PYMT PER TO DATE Nov. 15, 1997
EQCC HOME EQUITY LOAN ASSET BACKED
CERTIFICATES, SERIES 1996-1
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) 0.00 0.00000000
CLASS A-2 PRINCIPAL BALANCE (Beginning) 92,442,390.66 995.28844380
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) 13,225,665.18
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 170,302,390.66
1570.76545527 1833.57440418 5622.39652228 4618.99622078 15916.11127664
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 13,225,665.18
Total POOL PRINCIPAL BALANCE (Beginning) 183,528,055.84
1692.75093009 1975.96959345 6059.03122615 4977.70696610 17152.15475140
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 129
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 4,553,211.45 41.99604732 49.02251776
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 801,809.43
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 5,355,020.88
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 35,972.60 0.33178934 0.38730189
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 7,044.26
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 43,016.86
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 277,694.55 2.56128528 2.98982074
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 6,810.24
MONTHLY PAYMENTS RECEIVED - Total Pool 284,504.79
ENDING CLASS A-1 PRINCIPAL BALANCE 0.00
ENDING CLASS A-2 PRINCIPAL BALANCE 87,246,582.09 939.34735239
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 12,410,001.25
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 165,106,582.09 1522.84248377 1777.63331277 5450.86107923 4478.07382940 15430.52169065
Variable Rate POOL PRINCIPAL BALANCE (Ending) 12,410,001.25
Total POOL PRINCIPAL BALANCE (Ending) 177,516,583.34 1637.30477163 1911.24659065 5860.56729416 4814.66187524 16590.33489159
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