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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): August 15, 1996
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EQCC HOME EQUITY LOAN TRUST 1996-2
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(Exact name of registrant as specified in governing instruments)
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)
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 10
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Exhibit Index Located at Page 5
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Page 1 of 10
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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 1996-2 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 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 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 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 1996-2
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
August 15, 1996 BY: /s/ STEPHEN R. VETH
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Stephen R. Veth
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 7
of 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
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
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FROM: JULY 15, 1996
TO: AUG. 15, 1996
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
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<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 6.150000% June 15, 2003 123,556,000.00 118,651,169.63 3,400,321.00 115,250,848.63 608,087.24
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 330,000,000.00 325,095,169.63 3,400,321.00 321,694,848.63 1,821,463.22
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 960.30277469 27.52048464 932.78229005 4.92155172
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>
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<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PYMT PER FROM DATE JULY 15, 1996
AS TRUSTEE PYMT PER TO DATE AUG. 15, 1996
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES,
SERIES 1996-2
- -------------------------------------------------------- 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> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 118,651,169.63 960.30277469
CLASS A-2 PRINCIPAL BALANCE (Beginning) 103,241,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 40,703,000.00 1000.00000000 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 46,564,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 15,936,000.00 1000.00000000
Total POOL PRINCIPAL BALANCE (Beginning) 325,095,169.63 2631.15647666 3148.89597766 7987.00758249 6981.68476999 20400.04829506
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 65
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,851,145.16 23.07573214
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 70,913.95 0.57394178
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Total Pool 478,261.89 3.87081073
ENDING CLASS A-1 PRINCIPAL BALANCE 115,250,848.63 932.78229005
ENDING CLASS A-2 PRINCIPAL BALANCE 103,241,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 40,703,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 46,564,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 15,936,000.00 1000.00000000
Total POOL PRINCIPAL BALANCE (Ending) 321,694,848.63 2603.63599202 3115.96021571 7903.46776970 6908.66009428 20186.67473833
</TABLE>
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Page 1
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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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<TABLE>
<CAPTION>
FROM JULY 15, 1996
TO AUG. 15, 1996
TOTAL
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<S> <C>
(i) AVAILABLE PAYMENT AMOUNT 4,986,923.12
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 118,651,169.63
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
0.00
POOL PRINCIPAL BALANCE (Beginning) 325,095,169.63
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 65
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,851,145.16
(iv) AMOUNT OF CURTAILMENTS RECEIVED 70,913.95
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 478,261.89
(vi) INTEREST RECEIVED ON MORTGAGES 2,825,313.26
(vii) AGGREGATE ADVANCES 2,006,985.51
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 64
PRINCIPAL BALANCE 2,965,864.09
% OF PRINCIPAL 0.920000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 36
PRINCIPAL BALANCE 1,771,369.24
% OF PRINCIPAL 0.550000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 16
PRINCIPAL BALANCE 634,440.90
% OF PRINCIPAL 0.200000%
MORTGAGES IN FORECLOSURE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 19
PRINCIPAL BALANCE 810,231.85
% OF PRINCIPAL ILLEGIBLE
</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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<TABLE>
<CAPTION>
FROM JULY 15, 1996
TO AUG 15, 1996
TOTAL
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<S> <C>
MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 115,250,848.63
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 171.32951230
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.58621007%
(xi) SERVICING FEES PAID 160,678.88
SERVICING FEES ACCRUED 161,165.00
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 321,694,848.63
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6863
NUMBER OF MORTGAGES OUTSTANDING (END) 6798
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,843,292.19
(xviii) PRINCIPAL BALANCE OF MORTAGE LOANS WITH
MORTAGE INTEREST RATES LESS THAN 8.45% 519,263.85
MORTAGE INTEREST RATES LESS THAN 8.55% 2,281,604.21
(xix) SUBORDINATED AMOUNT (REMAINING) 32,175,000.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 4,786,959.65
EXCESS SPREAD 833,856.06
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
</TABLE>
