<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): June 15, 1996
EQCC HOME EQUITY LOAN TRUST 1996-2
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(Exact name of registrant as specified in governing instruments)
<TABLE>
<S> <C> <C>
Delaware 33-99344 59-3375595
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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)
</TABLE>
Registrant's telephone number, including area code: (904) 987-5000
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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 June 15, 1996, (the "June Remittance Date") a scheduled
distribution was made from EQCC Home Equity Loan Trust 1996-2 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-
4 Certificates and Class A-5 Certificates. The information contained in the
Trustee's Remittance Report in respect of the June 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 and intends to
vigorously contest this action.
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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
June 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 1996-2
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
June 15, 1996 BY: /s/ JOHN P. SILSBY, II
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John P. Silsby, II
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 June
Remittance Date. 7
</TABLE>
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
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EXHIBIT 99
Trustee's Remittance Report in respect of the June 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 1996-2
- -----------------------------------------------------------------------------
FROM:
TO: JUNE 15, 1996
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 6.150000% June 15, 2003 123,556,000.00 123,556,000.00 1,885,011.16 121,670,988.84 633,224.50
CLASS A-2 6.700000% Sept. 15, 2008 103,241,000.00 103,241,000.00 0.00 103,241,000.00 576,428.92
CLASS A-3 7.125000% Dec. 15, 2010 40,703,000.00 40,703,000.00 0.00 40,703,000.00 241,674.06
CLASS A-4 7.500000% June 15, 2021 46,564,000.00 46,564,000.00 0.00 46,564,000.00 291,025.00
CLASS A-5 7.850000% June 15, 2027 15,936,000.00 15,936,000.00 0.00 15,936,000.00 104,248.00
CLASS R VARIABLE June 15, 2027 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ -------------- ------------
TOTAL 330,000,000.00 330,000,000.00 1,885,011.16 328,114,988.84 1,846,600.48
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
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CLASS A-1 268917CC3 1,000.00000000 15.25633041 984.74366959 5.12500000
CLASS A-2 268917CD1 1,000.00000000 0.00000000 1000.00000000 5.58333333
CLASS A-3 268917CE9 1,000.00000000 0.00000000 1000.00000000 5.93750000
CLASS A-4 268917CF6 1,000.00000000 0.00000000 1000.00000000 6.25000000
CLASS A-5 268917CG4 1,000.00000000 0.00000000 1000.00000000 6.54166667
CLASS R
</TABLE>
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
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CLASS A-1 PRINCIPAL BALANCE (BEGINNING) 123,556,000.00
CLASS A-2 PRINCIPAL BALANCE (BEGINNING) 103,241,000.00
CLASS A-4 PRINCIPAL BALANCE (BEGINNING) 46,594,000.00
CLASS A-5 PRINCIPAL BALANCE (BEGINNING) 46,564,000.00
CLASS A-6 PRINCIPAL BALANCE (BEGINNING) 15,936,000.00
TOTAL POOL PRINCIPAL BALANCE (BEGINNING) 330,000,000.00
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 36
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,429,368.87
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 59,897.87
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - TOTAL POOL 395,783.92
ENDING CLASS A-1 PRINCIPAL BALANCE 121,670,988.84
ENDING CLASS A-2 PRINCIPAL BALANCE 103,241,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 40,703,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 46,664,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 15,936,000.00
TOTAL POOL PRINCIPAL BALANCE (ENDING) 328,114,988.84
PYMT PER FROM DATE
PYMT PER TO DATE JUNE 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
123,556,000.00 103,241,000.00 40,703,000.00 46,564,000.00 15,936,000.00
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<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL
BALANCE (BEGINNING) 1000.00000000
CLASS A-2 PRINCIPAL
BALANCE (BEGINNING) 1000.00000000
CLASS A-4 PRINCIPAL
BALANCE (BEGINNING) 1000.00000000 1000.00000000
CLASS A-5 PRINCIPAL
BALANCE (BEGINNING) 1000.00000000
CLASS A-6 PRINCIPAL
BALANCE (BEGINNING) 1000.00000000
TOTAL POOL PRINCIPAL
BALANCE (BEGINNING) 2670.85370197 3196.40452921 8107.51050291 7087.02001546 20707.83132530
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 11.56859133
TOTAL AMOUNT OF
CURTAILMENTS RECEIVED 0.48478318
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF -
MONTHLY PAYMENTS RECEIVED -
TOTAL POOL 3.20327560
ENDING CLASS A-1 PRINCIPAL
BALANCE 984.74366959
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
TOTAL POOL PRINCIPAL
BALANCE (ENDING) 2655.59737156 3178.14617100 8061.19914601 7046.53785843 20589.54498243
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
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FROM
TO JUNE 15, 1996
<TABLE>
<CAPTION>
TOTAL
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<C> <S> <C>
(i) AVAILABLE PAYMENT AMOUNT 3,758,994.05
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 123,556,000.00
CLASS A-2 PRINCIPAL BALANCE (Beginning) 103,241,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 40,703,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 46,564,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,936,000.00
POOL PRINCIPAL BALANCE (Beginning) 330,000,000.00
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 36
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 1,429,368.87
(iv) AMOUNT OF CURTAILMENTS RECEIVED 59,897.87
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 395,783.92
(vi) INTEREST RECEIVED ON MORTGAGES 477,850.61
(vii) AGGREGATE ADVANCES 2,278,178.18
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 22
PRINCIPAL BALANCE 824,044.05
% OF PRINCIPAL 2.250000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 10
PRINCIPAL BALANCE 417,402.37
% OF PRINCIPAL 0.130000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGES IN FORECLOSURE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGES IN BANKRUPTCY:
NUMBER 7
PRINCIPAL BALANCE 349,482.10
% OF PRINCIPAL 0.110000%
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
- -----------------------------------------------------------------------------
FROM
TO JUNE 15, 1996
<TABLE>
<CAPTION>
TOTAL
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<C> <S> <C>
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 121,670,988.84
ENDING CLASS A-2 PRINCIPAL BALANCE 103,241,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 40,703,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 46,564,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 15,936,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 172.84372589
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.59290424%
(xi) SERVICING FEES PAID 26,956.25
SERVICING FEES ACCRUED 163,517.19
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 328,114,988.84
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 39.50
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6958
NUMBER OF MORTGAGES OUTSTANDING (END) 6922
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE
LOANS 2,892,589.73
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.45% 520,102.55
MORTGAGE INTEREST RATES LESS THAN 8.55% 2,323,395.70
(xix) SUBORDINATED AMOUNT (REMAINING) 32,175,000.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 3,335,828.98
EXCESS SPREAD 855,129.15
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
</TABLE>
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