<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
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EQCC HOME EQUITY LOAN TRUST 1996-3
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(Exact name of registrant as specified in governing instruments)
DELAWARE 33-99344 59-3392265
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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 7
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Exhibit Index Located at Page 5
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Page 1 of 7
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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 a settlement agreement is being negotiated
and will be presented to the court for approval. The agreement contemplates
payment by EquiCredit of the settleamount of $352,000 in full compromise and
settlement of all claims of plainiff and class members. By reaching agreement
in priciple 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 1996-3
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
DECEMBER 15, 1996 BY: /s/ RODOLFO F. ENGMANN
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Rodolfo F. Engmann
Executive Vice President
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INDEX TO EXHIBITS
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<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>
[ 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 1996-3
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CLASS A-1 PRINCIPAL BALANCE (Beginning) 9,960,635.94
CLASS A-2 PRINCIPAL BALANCE (Beginning) 43,817,493.24
CLASS A-3 PRINCIPAL BALANCE (Beginning) 53,778,129.17
CLASS A-4 PRINCIPAL BALANCE (Beginning) 113,126,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 113,126,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 30,202,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 46,956,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 20,092,000.00
Total POOL PRINCIPAL BALANCE (Beginning) 317,932,258.34
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 96
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,389,048.99
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 28,484.82
MONTHLY PAYMENTS RECEIVED 392,327.43
ENDING CLASS A-1 PRINCIPAL BALANCE 8,973,179.48
ENDING CLASS A-2 PRINCIPAL BALANCE 42,900,019.08
ENDING CLASS A-3 PRINCIPAL BALANCE 51,873,198.55
ENDING CLASS A-4 PRINCIPAL BALANCE 113,126,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 30,202,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 46,956,000.00
ENDING CLASS A-7 PRINCIPAL BALANCE 20,092,000.00
Total POOL PRINCIPAL BALANCE (Ending) 314,122,397.10
PYMT PER FROM DATE Nov. 15, 1996
PYMT PER TO DATE Dec. 15, 1996
<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
12,945,000.00 45,164,000.00 58,109,000.00 113,126,000.00 30,202,000.00
<S> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 769.45816454
CLASS A-2 PRINCIPAL BALANCE (Beginning) 970.18628199
CLASS A-3 PRINCIPAL BALANCE (Beginning) 925.46987850
CLASS A-4 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-5 PRINCIPAL BALANCE (Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE (Beginning)
CLASS A-7 PRINCIPAL BALANCE (Beginning)
Total POOL PRINCIPAL BALANCE (Beginning) 24560.23625647 7039.50620716 5471.30837461 2810.42605891 10526.86108006
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 261.80370722 75.03872531 58.32227349 29.95817929 112.21273392
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 2.20044959 0.63069746 0.49019636 0.25179729 0.94314350
MONTHLY PAYMENTS RECEIVED 30.30725608 8.68672903 6.75157772 3.46805712 12.99011423
ENDING CLASS A-1 PRINCIPAL BALANCE 693.17724836
ENDING CLASS A-2 PRINCIPAL BALANCE 949.87200159
ENDING CLASS A-3 PRINCIPAL BALANCE 892.68785472
ENDING CLASS A-4 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-5 PRINCIPAL BALANCE 1000.00000000
ENDING CLASS A-6 PRINCIPAL BALANCE
ENDING CLASS A-7 PRINCIPAL BALANCE
Total POOL PRINCIPAL BALANCE (Ending) 24265.92484357 6955.15005535 5405.74432704 2776.74802521 10400.71508840
</TABLE>
