<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): September 15, 1997
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
NOT APPLICABLE
--------------
(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. 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
SEPTEMBER 15, 1997 BY: /s/ TERENCE G. VANE, JR.
- ------------------ -------------------------------
Terence G. Vane, Jr.
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 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
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM Aug. 15, 1997
TO Sept. 15, 1997
<TABLE>
<CAPTION>
TOTAL
---------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT......................................................... 9,259,628.03
Portions subject to bankrupty.................................................. 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning).......................................... 39,461,799.19
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)............................................... 245,905,799.19
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS.................................................. 162
PRINCIPAL BALANCE OF MORTGAGES PREPAYING......................................... 7,292,662.25
(iv) AMOUNT OF CURTAILMENTS RECEIVED.................................................. 71,309.25
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF MONTHLY PAYMENTS RECEIVED............... 389,936.45
(vi) INTEREST RECEIVED ON MORTGAGES................................................... 2,023,222.33
(vii) AGGREGATE ADVANCES .............................................................. 1,694,788.60
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER........................................................................ 124
PRINCIPAL BALANCE............................................................. 5,743,682.92
% OF PRINCIPAL................................................................ 2.410000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER........................................................................ 54
PRINCIPAL BALANCE............................................................. 2,826,326.18
% OF PRINCIPAL................................................................ 1.190000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................................ 221
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PRINCIPAL BALANCE............................................................. 10,895,270.11
% OF PRINCIPAL................................................................ 4.580000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER........................................................................ 124
PRINCIPAL BALANCE............................................................. 5,721,345.88
% OF PRINCIPAL................................................................ 2.400000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER........................................................................ 7
PRINCIPAL BALANCE............................................................. 259,715.93
% OF PRINCIPAL................................................................ 0.11%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER........................................................................ 11
PRINCIPAL BALANCE............................................................. 604,511.54
% OF PRINCIPAL................................................................ 0.25%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................................ 72
PRINCIPAL BALANCE............................................................. 3,390,678.47
% OF PRINCIPAL................................................................ 1.42%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER........................................................................ 72
PRINCIPAL BALANCE............................................................. 3,872,896.06
% OF PRINCIPAL................................................................ 1.630000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER........................................................................ 1
PRINCIPAL BALANCE............................................................. 13,056.79
% OF PRINCIPAL................................................................ 0.01%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER........................................................................ 0
PRINCIPAL BALANCE............................................................. 0.00
% OF PRINCIPAL................................................................ 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER........................................................................ 70
PRINCIPAL BALANCE............................................................. 3,817,218.23
% OF PRINCIPAL................................................................ 0.00%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii)a. above):
NUMBER 14
PRINCIPAL BALANCE............................................................. 767,331.01
% OF PRINCIPAL................................................................ 0.32%
e. MORTGAGE LOAN LOSSES............................................................. 32,554.70
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE............................................... 31,605,071.58
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
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ENDING CLASS A-5 PRINCIPAL BALANCE............................................... 15,936,000.00
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS...................................... 159.34394487
WEIGHTED AVERAGE MORTGAGE INTEREST RATE.......................................... 10.46798671%
(xi) SERVICING FEES PAID.............................................................. 115,890.67
SERVICING FEES ACCRUED........................................................... 120,005.23
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. .................................... 13,757.24
(xiii) POOL PRINCIPAL BALANCE (ENDING).................................................. 238,049,071.58
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER..................................................................... 14,044.45
TO REPRESENTATIVE............................................................... 0.00
TO DEPOSITORS................................................................... 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING)...................................... 5260
NUMBER OF MORTGAGES OUTSTANDING (END)............................................ 5098
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS................................. 2,096,654.15
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH 566,374.73
MORTGAGE INTEREST RATES LESS THAN 8.45%.......................................... 566,374.73
MORTGAGE INTEREST RATES LESS THAN 8.55%.......................................... 2,149,535.24
(xix) SUBORDINATED AMOUNT (REMAINING).................................................. 31,802,705.80
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS)..................................... 12,375,000.00
EXCESS SPREAD.................................................................... 541,193.80
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS....................................... 372,294.20
(xx) AGGREGATE MORTGAGE LOAN LOSSES................................................... 372,294.20
</TABLE>
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
FROM: Aug. 15, 1997
TO: Sept. 15, 1997
<TABLE>
<CAPTION>
SECURITY DESCRIPTION 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 39,461,799.19 7,856,727.61 31,605,071.58 202,241.72
Sept. 15, 2008
CLASS A-2.......... 6.700000% 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 0.00 549,735.38
-------------- -------------- ------------ -------------- ------------
TOTAL......... 330,000,000.00 245,905,799.19 7,856,727.61 238,049,071.58 1,965,353.08
</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>
CLASS A-1.......... 268917CC3 319.38391652 63.58839401 255.79552252 1.63684257
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
</TABLE>
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FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-2
PYMT PER FROM DATE Aug. 15, 1997
PYMT PER TO 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)................ 39,461,799.19 319.38391652
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)................245,905,799.19 1990.23761849 2381.86184936 6041.46621109 5281.02824478 15430.83579255
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS................ 162
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING........ 7,292,662.25 59.02313324
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED................... 71,309.25 0.57714113
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF - 0.00000000
MONTHLY PAYMENTS RECEIVED--
Total Pool................... 389,936.45 3.15594912
ENDING CLASS A-1 PRINCIPAL
BALANCE..................... 31,605,071.58 255.79552252
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)....................238,049,071.58 1926.64922448 2305.76100173 5848.44044862 5112.29859076 14937.81824674
</TABLE>
