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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): July 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
- ------------------ -------------------- ------------
(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 July 15, 1996, (the "July 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 July 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 July
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
July 15, 1996 BY: /s/ JOHN P. SILSBY, II
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John P. Silsby, II
Senior Vice President
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-5-
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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99 -- Trustee's Remittance Report in respect
of the July Remittance Date. 7
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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EXHIBIT 99
Trustee's Remittance Report in respect of the July 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: JUNE 15, 1996
TO: JULY 15, 1996
<TABLE>
<CAPTION>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
____________________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 6.150000% June 15, 2003 123,556,000.00 121,670,988.84 3,019,819.21 118,651,169.63 623,563.82
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. 16, 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 45,564,000.00 0.00 45,564,000.00 291,025.00
CLASS A-5 7.850000% June 15, 2027 15,936,000.00 15,936,00.00 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 330,000,000.00 328,114,988.84 3,019,819.21 325,095,169.63 1,836,939.80
</TABLE>
<TABLE>
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
____________________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A-1 268917CC3 984.74366959 24.44089490 960.30277469 5.04681131
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: JUNE 15, 1996
AS TRUSTEE PYMT PER TO DATE: JULY 15, 1996
PER $1,000 PER $1,000 PER $1,000 PER $1,000 PER $1,000
EQCC HOME EQUITY LOAN ASSET BACKED ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CERTIFICATES, SERIES 1996-2 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 45,564,000.00 15,936,000.00
_______________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 121,670,988.84 984.74366959
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-4 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 328,114,988.84 2655.59737156 3178.14617100 8061.19914601 7046.53785843 20589.54498243
(Beginning)
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 59
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 2,530,432.10 20.48004225
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 46,097.27 0.37308807
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF MONTHLY PAYMENTS
RECEIVED-Total Pool 443,289.84 3.58776458
ENDING CLASS A-1
PRINCIPAL BALANCE 118,651,169.63 960.30277469
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 1000.0000000
TOTAL POOL PRINCIPAL BALANCE
(Ending) 325,095,169.63 2631.15647666 3148.89597766 7987.00758249 6981.68476999 20400.04829506
</TABLE>
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Page 1
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM JUNE 15, 1996
TO JULY 15, 1996
TOTAL
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(i) AVAILABLE PAYMENT AMOUNT 4,883,850.27
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 121,670,988.84
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) 328,114,988.84
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 59
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,530,432.10
(iv) AMOUNT OF CURTAILMENTS RECEIVED 46,097.27
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 443,289.84
(vi) INTEREST RECEIVED ON MORTGAGES 2,560,202.92
(vii) AGGREGATE ADVANCES 2,325,663.72
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 55
PRINCIPAL BALANCE 2,392,931.30
% OF PRINCIPAL 0.740000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 16
PRINCIPAL BALANCE 610,090.66
% OF PRINCIPAL 0.190000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 8
PRINCIPAL BALANCE 323,174.14
% OF PRINCIPAL 0.100000%
MORTGAGES IN FORECLOSURE:
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.000000%
MORTGAGES IN BANKRUPTCY
NUMBER 14
PRINCIPAL BALANCE 696,430.40
% OF PRINCIPAL 0.210000%
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Page 2
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM JUNE 15, 1996
TO JULY 15, 1996
TOTAL
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MORTGAGE LOAN LOSSES 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 118,651,169.63
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 172.16006168
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.58734501%
(xi) SERVICING FEES PAID 145,602.35
SERVICING FEES ACCRUED 163,057.55
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 325,095,169.63
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6922
NUMBER OF MORTGAGES OUTSTANDING (END) 6863
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,878,511.72
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.45% 519,700.78
MORTGAGE INTEREST RATES LESS THAN 8.55% 2,320,763.87
(xix) SUBORDINATED AMOUNT (REMAINING) 32,175,000.00
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 4,198,833.86
EXCESS SPREAD 851,423.11
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 0.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 0
