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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): August 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1996-A
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(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3400385
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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
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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 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-A
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
August 15, 1997 BY: /s/ TERENCE G. VANE, JR.
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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
EQUICREDIT FUNDING TRUST 1996-A
<TABLE>
<CAPTION>
FROM JULY 15, 1997
TO AUGUST 15, 1997
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
-------------- -------------- --------------
<S> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 5,534,404.20 4,241,929.42 373,865.69
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 43,186,226.97
CLASS A-2 PRINCIPAL BALANCE (Beginning) 37,600,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 24,200,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 9,250,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 13,794,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 9,751,748.44
POOL PRINCIPAL BALANCE (Beginning) 137,781,975.41 128,030,226.97 9,751,748.44
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 70 67 3
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 3,534,675.94 3,215,696.01 318,979.93
(iv) AMOUNT OF CURTAILMENTS RECEIVED 118,986.08 118,986.08 0.00
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF MONTHLY PAYMENTS
RECEIVED 153,122.29 149,319.73 3,802.56
(vi) INTEREST RECEIVED ON MORTGAGES 1,215,497.30 1,139,244.25 76,253.05
(vii) AGGREGATE ADVANCES 959,151.47 888,113.00 71,038.47
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURE & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 156 153 3
PRINCIPAL BALANCE 7,472,566.77 7,102,135.25 370,431.52
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
% OF PRINCIPAL 5.580000% 5.700000% 3.930000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 44 44 0
PRINCIPAL BALANCE 2,089,131.33 2,089,131.33 0.00
% OF PRINCIPAL 1.560000% 1.680000% 0.000000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 130 122 8
PRINCIPAL BALANCE 7,316,167.99 6,627,131.90 689,036.09
% OF PRINCIPAL 5.460000% 5.320000% 7.310000%
b. MORTGAGES IN BANKRUPTCY (TOTAL):
NUMBER 69 68 1
PRINCIPAL BALANCE 3,650,948.31 3,578,949.19 71,999.12
% OF PRINCIPAL 2.730000% 2.870000% 0.760000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4 4 0
PRINCIPAL BALANCE 106,673.62 106,673.62 0.00
% OF PRINCIPAL 0.08% 0.09% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 7 7 0
PRINCIPAL BALANCE 299,961.36 299,961.36 0.00
% OF PRINCIPAL 0.22% 0.24% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 31 30 1
PRINCIPAL BALANCE 1,729,032.89 1,657,033.77 71,999.12
% OF PRINCIPAL 1.29% 1.33% 0.76%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 36 32 4
PRINCIPAL BALANCE 2,179,775.18 1,840,622.42 339,152.76
% OF PRINCIPAL 1.630000% 1.480000% 3.600000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 24,316.32 24,316.32 0.00
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<CAPTION>
<S> <C> <C> <C> <C>
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 35 31 4
PRINCIPAL BALANCE 2,155,458.86 1,816,306.10 339,152.76
% OF PRINCIPAL 1.61% 1.46% 3.60%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more in (viii) a. above):
NUMBER 0 0 0
PRINCIPAL BALANCE 0.00 0.00 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
e. MORTGAGE LOAN LOSSES 55,692.74 55,692.74 0.00
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 39,646,532.41
ENDING CLASS A-2 PRINCIPAL BALANCE 37,600,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 24,200,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 9,250,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 13,794,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 9,428,965.95
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 229.75723797 222.04447663 331.58873998
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 11.20777341% 11.251714% 10.627623%
(xi) SERVICING FEES PAID 64,938.86 60,641.15 4,297.71
SERVICING FEES ACCRUED 67,151.52 62,335.64 4,815.88
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 133,919,498.36 124,490,532.41 9,428,965.95
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 2755 2658 97
NUMBER OF MORTGAGES OUTSTANDING (END) 2685 2591 0
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 1,258,252.34 1,173,001.34 85,251.00
(xviii) SUBORDINATED AMOUNT (REMAINING) 17,836,367.26
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 5,943,697.81
</TABLE>
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<CAPTION>
<S> <C> <C> <C> <C>
EXCESS SPREAD 382,090.02
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 241,012.74
(xix) PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.45% 2,760,725.75
PRINCIPAL BALANCE OF MORTGAGE LOANS < 8.55% 3,743,666.84
(xx) AGGREGATE MORTGAGE LOAN LOSSES 241,012.74
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