<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): DECEMBER 15, 1996
EQCC HOME EQUITY LOAN TRUST 1996-2
__________________________________
(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
__________________________________________________________________________
(Address of principal offices) (Zip Code)
Registrant's telephone number, including area code: (904) 987-5000
______________
Not Applicable
___________________________________________________________________________
(Former name or former address, if changed since last report)
Total Number of Pages 8
Exhibit Index Located at Page 5
Page 1 of 8
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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. The parties have agreed in principle to settle
the action and 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 1996-2
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
DECEMBER 15, 1996 BY: /s/ RODOLFO F. ENGMANN
- ----------------- ------------------------------------
Rodolfo F. Engmann
Executive Vice President
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INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- ------- ------- ------------
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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<TABLE>
<CAPTION>
FIRST BANK NATIONAL ASSOCIATION PER $1,000 PER $1,000
AS TRUSTEE ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5
REMITTANCE REPORT FOR 25,000,000.00 15,000,000.00
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
<C> <C>
FROM Nov. 15, 1996
1000.00000000
TO Dec. 15, 1996 1000.00000000
8479.40067360 14132.33445600
TOTAL 9301.28393680 15502.13989467
- ----------------------------------------------------------------------
<S> <C>
(i) AVAILABLE PAYMENT AMOUNT 7,031,693.83
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 102,817,837.97
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) 309,261,837.97
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 102
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 4,784,470.81
(iv) AMOUNT OF CURTAILMENTS RECEIVED 54,048.76
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF 1000.00000000
MONTHLY PAYMENTS RECEIVED 433,372.78 1000.00000000
(vi) INTEREST RECEIVED ON MORTGAGES 2,538,069.39 8257.05579000 13761.75965000
(vii) AGGREGATE ADVANCES 2,245,944.78 9038.57893040 15064.29821733
(viii) MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 111
PRINCIPAL BALANCE 4,840,223.02
% OF PRINCIPAL 1.590000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 43
PRINCIPAL BALANCE 2,475,071.60
% OF PRINCIPAL 0.810000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 103
PRINCIPAL BALANCE 4,665,110.56
% OF PRINCIPAL 1.530000%
MORTGAGES IN FORECLOSURE:
NUMBER 37
PRINCIPAL BALANCE 1,860,253.99
% OF PRINCIPAL 0.610000%
MORTGAGES IN BANKRUPTCY
NUMBER 39
PRINCIPAL BALANCE 1,792,473.96
% OF PRINCIPAL 0.590000%
MORTGAGE LOAN LOSSES 17,982.65
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 97,527,962.97
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 167.33098978
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.56183322%
(xi) SERVICING FEES PAID 144,322.66
SERVICING FEES ACCRUED 152,993.98
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 303,971,962.97
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 6557
NUMBER OF MORTGAGES OUTSTANDING (END) 6455
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 2,695,443.45
(xviii)PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.45% 517,485.38
MORTGAGE INTEREST RATES LESS THAN 8.55% 2,262,598.68
(xix) SUBORDINATED AMOUNT (REMAINING) 32,126,307.90
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 7,725,495.68
EXCESS SPREAD 776,801.07
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 48,692.10
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(xx) AGGREGATE MORTGAGE LOAN LOSSES 48,692.10
AMOUNTS DISTRIBUTABLE TO FIXED RATE HOLDER CLASSES
USED TO REDUCE PRINCIPAL BALANCES 0.00
(xii) MAXIMUM CAPITALIZED INTEREST WITHDRAWAL 0.00
REQUIRED CAPITALIZED INTEREST AMOUNT 0.00
REINVESTMENT INCOME DISTRIBUTED TO RECEIVABLES 0.00
AMOUNT DEPOSITED IN COLLECTIONS 0.00
REMAINING AMOUNT IN CAPITALIZED INTEREST ACCOUNT 0.00
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