<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): August 15, 1997
---------------
EQCC HOME EQUITY LOAN TRUST 1996-4
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
<TABLE>
<S> <C> <C>
33-99344
Delaware 33-99344-01 59-3413237
- --------------- ---------------- -------------------
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
organization)
10401 Deerwood Park Boulevard, Jacksonville, Florida 32256
- --------------------------------------------------------------------------------
(Address of principal offices) (Zip Code)
</TABLE>
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 9
Exhibit Index Located at Page 5
Page 1 of 9
<PAGE>
-2-
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.
<PAGE>
-3-
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]
<PAGE>
-4-
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
August 15, 1997 BY: /s/ TERENCE G. VANE, JR.
- --------------- ----------------------------------------
Terence G. Vane, Jr
Senior Vice President
<PAGE>
-5-
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
------- ------- ------------
<S> <C> <C>
99-- Trustee's Remittance Report in respect of the
August Remittance Date. 7
</TABLE>
[THIS SPACE IS INTENTIONALLY LEFT BLANK]
<PAGE>
-6-
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
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FROM JULY 15, 1997
TO AUG. 15, 1997
TOTAL
- --------------------------------------------------------------------------------
<S> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 14,690,773.96
Portions subject to bankrupty 0.00
(ii) CLASS A-1 PRINCIPAL BALANCE (Beginning) 26,727,966.99
CLASS A-2 PRINCIPAL BALANCE (Beginning) 106,470,000.00
CLASS A-3 PRINCIPAL BALANCE (Beginning) 103,690,000.00
CLASS A-4 PRINCIPAL BALANCE (Beginning) 92,740,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 32,150,000.00
CLASS A-5 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
POOL PRINCIPAL BALANCE (Beginning) 537,927,966.99
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 275
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 10,871,238.62
<PAGE>
(iv) AMOUNT OF CURTAILMENTS RECEIVED 68,798.48
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 788,613.35
(vi) INTEREST RECEIVED ON MORTGAGES 4,661,317.54
(vii) AGGREGATE ADVANCES 3,756,790.12
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY & FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 290
PRINCIPAL BALANCE 12,766,997.59
% OF PRINCIPAL 2.430000%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 97
PRINCIPAL BALANCE 4,586,635.15
% OF PRINCIPAL 0.870000%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 263
PRINCIPAL BALANCE 13,142,033.34
% OF PRINCIPAL 2.500000%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 110
PRINCIPAL BALANCE 4,996,662.29
% OF PRINCIPAL 0.950000%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in (viii) a. above):
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 4
PRINCIPAL BALANCE 158,366.56
% OF PRINCIPAL 0.03%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
<PAGE>
NUMBER 10
PRINCIPAL BALANCE 396,015.27
% OF PRINCIPAL 0.08%
BANKRUPTCY MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 42
PRINCIPAL BALANCE 1,869,813.28
% OF PRINCIPAL 0.36%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 76
PRINCIPAL BALANCE 3,990,768.73
% OF PRINCIPAL 0.760000%
FORECLOSURE MORTGAGE DELINQUENCIES (included in (viii) a. above):
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1
PRINCIPAL BALANCE 26,427.89
% OF PRINCIPAL 0.01%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1
PRINCIPAL BALANCE 39,578.10
% OF PRINCIPAL 0.01%
FORECLOSURE MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 72
PRINCIPAL BALANCE 3,795,175.84
% OF PRINCIPAL 0.72%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more (viii) a. above):
NUMBER 0
PRINCIPAL BALANCE 0.00
% OF PRINCIPAL 0.00%
e. MORTGAGE LOAN LOSSES 39,507.72
(ix) ENDING CLASS A-1 PRINCIPAL BALANCE 14,959,808.82
<PAGE>
ENDING CLASS A-2 PRINCIPAL BALANCE 106,470,000.00
ENDING CLASS A-3 PRINCIPAL BALANCE 103,690,000.00
ENDING CLASS A-4 PRINCIPAL BALANCE 92,740,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 32,150,000.00
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
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 165.31696461
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.81005075%
(xi) SERVICING FEES PAID 258,568.82
SERVICING FEES ACCRUED 265,180.14
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 0.00
(xiii) POOL PRINCIPAL BALANCE (ENDING) 526,159,808.82
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,396
NUMBER OF MORTGAGES OUTSTANDING (END) 12,121
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 4,780,655.51
(xviii) PRINCIPAL BALANCE OF MORTGAGE LOANS WITH
MORTGAGE INTEREST RATES LESS THAN 8.11% 357,295.04
MORTGAGE INTEREST RATES LESS THAN 8.01% 233,490.43
<PAGE>
(xix) SUBORDINATED AMOUNT (REMAINING) 68,080,877.28
SPREAD ACCOUNT BALANCE (AFTER DISTRIBUTIONS) 12,871,371.12
EXCESS SPREAD 1,553,351.86
CUMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 241,142.72
(xx) AGGREGATE MORTGAGE LOAN LOSSES 241,142.72
</TABLE>