<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): OCTOBER 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
Exhibit Index Located at Page 5
Page 1 of 10
sec96-2
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-2-
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.
Deposition of John T. Hayt was taken by Plaintiff's attorney June 25,
1996. Deposition of Plaintiff was taken by EquiCredit August 22, 1996.
Plaintiff has filed motion for class certification. EquiCredit is
preparing to file opposition to motion for class certification.
<PAGE>
- 3 -
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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-4-
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
OCTOBER 15, 1996 BY: /s/ STEPHEN R. VETH
-------------------------------------
Stephen R. Veth
Senior Vice President
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-5-
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
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<S> <C> <C>
99 -- Trustee's Remittance Report in respect of the August Remittance Date. 7
</TABLE>
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-6-
EXHIBIT 99
Trustee's Remittance Report in respect of the August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM: SEPT. 15, 1996
TO: OCT. 15, 1996
<TABLE>
<CAPTION>
ORIGINAL
SECURITY DESCRIPTION RATE MATURITY FACE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A-1 6.150000% June 15, 2003 123,556,000.00
CLASS A-2 6.700000% Sept. 15, 2008 103,241,000.00
CLASS A-3 7.125000% Dec. 15, 2010 40,703,000.00
CLASS A-4 7.500000% June 15, 2021 46,564,000.00
CLASS A-5 7.850000% June 15, 2027 15,936,000.00
CLASS R VARIABLE June 15, 2027 0.00
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TOTAL 330,000,000.00
<CAPTION>
CUSIP
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
CLASS A-1 268917CC3
CLASS A-2 268917CD1
CLASS A-3 ` 268917CE9
CLASS A-4 268917CF6
CLASS A-5 268917CG4
CLASS R
<CAPTION>
BEGINNING PRINCIPAL ENDING INTEREST
SECURITY DESCRIPTION BALANCE REDUCTIONS BALANCE PAYABLE
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 111,028,589.75 3,170,676.54 107,857,913.21 569,021.52
CLASS A-2 103,241,000.00 0.00 103,241,000.00 576,428.92
CLASS A-3 40,703,000.00 0.00 40,703,000.00 241,674.06
CLASS A-4 46,564,000.00 0.00 46,564,000.00 291,025.00
CLASS A-5 15,936,000.00 0.00 15,936,000.00 104,248.00
CLASS R 0.00 0.00 0.00 0.00
------------- ------------ ------------- ----------
317,472,589.75 3,170,676.54 314,301,913.21 1,782,397.50
<CAPTION>
BALANCE BALANCE BALANCE BALANCE
PER $1,000 PER $1,000 PER $1,000 PER $1,000
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A-1 898.60945442 25.66185810 872.94759631 4.60537345
CLASS A-2 1,000.00000000 0.00000000 1000.00000000 5.58333333
CLASS A-3 1,000.00000000 0.00000000 1000.00000000 5.93750000
CLASS A-4 1,000.00000000 0.00000000 1000.00000000 6.25000000
CLASS A-5 1,000.00000000 0.00000000 1000.00000000 6.54166667
CLASS R
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
PYMT PER FROM DATE SEPT. 15, 1996
PYMT PER TO DATE OCT. 15, 1996
<TABLE>
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
123,556,000.00 103,241,000.00
-------------------------------
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 111,028,589.75 898.60945442
CLASS A-2 PRINCIPAL BALANCE (Beginning) 103,241,000.00 1000.00000000
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
Total POOL PRINCIPAL BALANCE (Beginning) 317,472,589.75 2569.46315638 3075.06310235
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 60
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,673,124.56 21.63492311
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 35,660.14 0.28861520
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Total Pool 456,041.84 3.69097284
ENDING CLASS A-1 PRINCIPAL BALANCE 107,857,913.21 872.94759631
ENDING CLASS A-2 PRINCIPAL BALANCE 103,241,000.00 1000.00000000
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
Total POOL PRINCIPAL BALANCE (Ending) 314,301,913.21 2543.80129828 3044.35169371
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
40,703,000.00 46,564,000.00 15,936,000.00
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CLASS A-1 PRINCIPAL BALANCE (Beginning)
CLASS A-2 PRINCIPAL BALANCE (Beginning)
CLASS A-3 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
Total POOL PRINCIPAL BALANCE (Beginning) 7799.73441147 6817.98363006 19921.72375439
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGES PREPAYING
TOTAL AMOUNT OF CURTAILMENTS RECEIVED
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF -
MONTHLY PAYMENTS RECEIVED - Total Pool
ENDING CLASS A-1 PRINCIPAL BALANCE
ENDING CLASS A-2 PRINCIPAL BALANCE
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) 7721.83655283 6749.89075702 19722.76061810
</TABLE>
<PAGE>
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
- -------------------------------------------------------------------------------
FROM SEPT. 15, 1996
TO OCT. 15, 1996
TOTAL
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(i) AVAILABLE PAYMENT AMOUNT 4,863,350.13
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 111,028,589.75
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) 317,472,589.75
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 60
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,673,124.56
(iv) AMOUNT OF CURTAILMENTS RECEIVED 35,660.14
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 456,041.84
(vi) INTEREST RECEIVED ON MORTGAGES 2,673,772.66
(vii) AGGREGATE ADVANCES 2,188,164.62
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 84
PRINCIPAL BALANCE 3,781,214.82
% OF PRINCIPAL 1.200000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 43
PRINCIPAL BALANCE 2,179,767.96
% OF PRINCIPAL 0.690000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 64
PRINCIPAL BALANCE 2,763,141.45
% OF PRINCIPAL 0.880000%
MORTGAGES IN FORECLOSURE:
NUMBER 8
PRINCIPAL BALANCE 340,177.36
% OF PRINCIPAL 0.110000%
MORTGAGES IN BANKRUPTCY
NUMBER 29
PRINCIPAL BALANCE 1,295,125.97
% OF PRINCIPAL 0.410000%
<PAGE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
- -------------------------------------------------------------------------------
FROM SEPT. 15, 1996
TO OCT. 15, 1996
TOTAL
- -------------------------------------------------------------------------------
MORTGAGE LOAN LOSSES 5,850.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 107,857,913.21
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 169.27481588
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.57656599%
(xi) SERVICING FEES PAID 152,034.68
SERVICING FEES ACCRUED 157,832.87
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 314,301,913.21
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER (0.00)
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6709
NUMBER OF MORTGAGES OUTSTANDING (END) 6649
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,783,866.04
(xviii)PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.45% 518,380.80
MORTGAGE INTEREST RATES LESS THAN 8.55% 2,274,515.95
(xix) SUBORDINATED AMOUNT (REMAINING) 32,169,150.00
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 6,156,029.70
EXCESS SPREAD 817,443.84
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 5,850.00
(xx) AGGREGATE MORTGAGE LOAN LOSSES 5,850.00
