<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, 1997
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 10
Exhibit Index Located at Page 5
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. 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
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
---------------------------
John D. Evans, Jr.
Senior 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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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
PYMT PER TO DATE Oct. 15, 1997
PYMT PER FROM DATE Sept. 15, 1997
<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
------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)................ 31,605,071.58 255.79552252
CLASS A-2 PRINCIPAL BALANCE
(Beginning)................ 103,241,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning)................ 40,703,000.00 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
(Beginning)................ 238,049,071.58 1926.64922448 2305.76100173 5848.44044862 5112.29859076 14937.81824674
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 151
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 6,230,039.21 50.42279784
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 5,839.60 0.04726278 0.00000000
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF MONTHLY PAYMENTS
RECEIVED - Total Pool 400,492.63 3.24138553
ENDING CLASS A-1 PRINCIPAL
BALANCE.................... 24,821,678.80 200.89415973
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)................... 231,265,678.80 1871.74786170 2240.05655505 5681.78460556 4966.61968044 14512.15353916
</TABLE>
