<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-A
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(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3400385
- --------------- ----------------- ------------------
(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
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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 hoes 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
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 7
respect of the August Remittance
Date.
[ 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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7
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQUICREDIT FUNDING TRUST 1996-A
PYMT PER FROM DATE September 15, 1997
PYMT PER TO DATE October 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
72,800,000.00 37,600,000.00 24,200,000.00 9,250,000.00 13,794,000.00
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<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 36,269,112.45 498.20209409
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 37,600,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 24,200,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 9,250,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 13,794,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 9,032,821.95
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 121,113,112.45 1663.64165453 3221.09341622 5004.67406818 13093.30945405 8780.12994418
Variable Rate POOL PRINCIPAL
BALANCE (Beginning) 9,032,821.95
Total POOL PRINCIPAL BALANCE
(Beginning) 130,145,934.40 1787.71887912 3461.32804255 5377.93117355 14069.83074595 9434.96697115
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 84
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING 3,553,107.42 48.80642060
PRINCIPAL BALANCE OF Var.
Rate MORTGAGES PREPAYING 357,422.14
PRINCIPAL BALANCE OF
MORTGAGES PREPAYING 3,910,529.56
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 10,184.48 0.13989670
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 1,107.22
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 11,291.70
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF
MONTHLY PAYMENTS
RECEIVED--Fixed Rate Pool 153,100.25 2.10302541
MONTHLY PAYMENTS
RECEIVED--Var. Rate Pool 4,567.21
MONTHLY PAYMENTS
RECEIVED--Total Pool 157,667.46
ENDING CLASS A-1 PRINCIPAL
BALANCE 32,494,868.26 446.35808049
ENDING CLASS A-2 PRINCIPAL
BALANCE 37,600,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE 24,200,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE 9,250,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 13,794,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 8,669,725.38
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 117,338,868.26 1611.79764093 3120.71458138 4848.71356446 12685.28305514 8506.51502537
Variable Rate POOL PRINCIPAL
BALANCE (Ending) 8,669,725.38
Total POOL PRINCIPAL BALANCE
(Ending) 126,008,593.64 1730.88727527 3351.29238404 5206.96667934 13622.55066378 9135.02926200
</TABLE>
