<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): June 15, 1997
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
June 15, 1997 BY: /s/ Stephen R. Veth
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Stephen R. Veth
Executive Vice President
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INDEX TO EXHIBITS
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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 |
| |
| EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES SERIES 1996-4 |
|------------------------------------------------------------------|
<TABLE>
<CAPTION>
PYMT PER FROM DATE
PYMT PER TO DATE
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2
78,800,000.00 106,470,000.00
<S> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 47,489,774.65 602.66211485
CLASS A-2 PRINCIPAL BALANCE (Beginning) 106,470,000.00 1000.00000000
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-6 PRINCIPAL BALANCE (Beginning) 60,110,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 38,580,000.00
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) 558,689,774.65 7089.97175952 5247.39151545
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 225
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,765,506.59 111.23739327
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 107,074.53 1.35881383
0.00000000
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Total Pool 794,435.12 10.08166396
ENDING CLASS A-1 PRINCIPAL BALANCE 37,765,818.44 479.26165533
ENDING CLASS A-2 PRINCIPAL BALANCE 106,470,000.00 1000.00000000
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
Total POOL PRINCIPAL BALANCE (Ending) 548,965,818.44 6966.5713000 5156.06103541
<CAPTION>
May 15, 1997
June 15, 1997
PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-3 CLASS A-4 CLASS A-5
103,690,000.00 92,740,000.00 32,150,000.00
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 47,489,774.65
CLASS A-2 PRINCIPAL BALANCE (Beginning) 106,470,000.00
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) 38,580,000.00
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) 558,689,774.65 5388.07768010 6024.25894596 17377.597967
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 225
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 8,765,506.59
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 107,074.53
0.00000000 0.00000000
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Total Pool 794,435.12
ENDING CLASS A-1 PRINCIPAL BALANCE 37,765,818.44
ENDING CLASS A-2 PRINCIPAL BALANCE 106,470,000.00
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) 548,965,818.44 5294.29858727 5919.40714298 17075.1420976
</TABLE>
