<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
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EQCC HOME EQUITY LOAN TRUST 1996-4
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(Exact name of registrant as specified in governing instruments)
33-99344
Delaware 33-99344-01 59-3413237
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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 9
Exhibit Index Located at Page 5
Page 1 of 9
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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 1996-4
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
October 15, 1997 BY: /s/ JOHN D. EVANS, JR.
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John D. Evans, 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 ]
<PAGE>
FIRST BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
<TABLE>
<CAPTION>
PYMT PER FROM DATE Sept. 15, 1997
PYMT PER TO DATE Oct. 15, 1997
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
78,800,000.00 106,470,000.00 103,690,000.00 92,740,000.00 32,150,000.00
---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1
PRINCIPAL
BALANCE
(Beginning 910,161.19 11.55026891
CLASS A-2
PRINCIPAL
BALANCE
(Beginning) 106,470,000.00 1000.00000000
CLASS A-3
PRINCIPAL
BALANCE
(Beginning) 103,690,000.00 1000.00000000
CLASS A-4
PRINCIPAL
BALANCE
(Beginning) 92,740,000.00 1000.00000000
CLASS A-5
PRINCIPAL
BALANCE
(Beginning) 32,150,000.00 1000.00000000
CLASS A-6
PRINCIPAL
BALANCE
(Beginning) 60,110,000.00
CLASS A-7
PRINCIPAL
BALANCE
(Beginning) 36,580,000.00
CLASS A-8
PRINCIPAL
BALANCE
(Beginning) 20,460,000.00
CLASS A-9
PRINCIPAL
BALANCE
(Beginning) 59,000,000.00
Total POOL
PRINCIPAL
BALANCE
(Beginning) 512,110,161.19 6498.85991358 4809.90101615 4938.85776054 5521.99871889 15928.77639782
MORTGAGES:
NUMBER OF
PRINCIPAL
PREPAYMENTS 333
PRINCIPAL
BALANCE OF
MORTGAGES
PREPAYING 13,259,250.76 168.26460355
TOTAL AMOUNT OF
CURTAILMENTS
RECEIVED 147,596.40 1.87305076
AGGREGATE AMOUNT
OF PRINCIPAL
PORTION OF - 0.00000000 0.00000000 0.00000000
MONTHLY PAYMENTS
RECEIVED-- Total
Pool 778,671.30 9.88161548
ENDING CLASS A-1
PRINCIPAL
BALANCE 0.00 0.00000000
ENDING CLASS A-2
PRINCIPAL
BALANCE 92,566,116.20 869.41031464
ENDING CLASS A-3
PRINCIPAL
BALANCE 103,690,000.00 1000.00000000
ENDING CLASS A-4
PRINCIPAL
BALANCE 92,740,000.00 1000.00000000
ENDING CLASS A-5
PRINCIPAL
BALANCE 32,150,000.00 1000.00000000
ENDING CLASS A-6
PRINCIPAL
BALANCE 60,110,000.00
ENDING CLASS A-7
PRINCIPAL
BALANCE 36,580,000.00
ENDING CLASS A-8
PRINCIPAL
BALANCE 20,460,000.00
ENDING CLASS A-9
PRINCIPAL
BALANCE 59,000,000.00
Total POOL
PRINCIPAL
BALANCE (Ending) 497,296,116.20 6310.86441878 4670.76280830 4795.98916192 5362.26133491 15467.99739347
</TABLE>
