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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): November 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1997-1
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(Exact name of registrant as specified in governing instruments)
Delaware 333-20675 59-3353406
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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 11
Exhibit Index Located at Page 5
Page 1 of 11
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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 1996-1 to holders of
Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates,
Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates and
Class R 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 1997-1
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
November 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 ]
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<TABLE>
<CAPTION>
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-1
PYMT PER FROM DATE Oct. 15, 1997
PYMT PER TO DATE Nov. 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
196,833,000.00 18,259,000.00 127,073,000.00 47,407,000.00 25,494,000.00
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<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 154,757,005.77 786.23506104
CLASS A-2 PRINCIPAL BALANCE
(Beginning) 18,259,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE
(Beginning) 127,073,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 47,407,000.00 1000.00000000
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 25,494,000.00 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 33,989,000.00
CLASS A-7 PRINCIPAL BALANCE
(Beginning) 50,000,000.00
CLASS A-8 PRINCIPAL BALANCE
(Beginning) 68,572,218.47
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 456,979,005.77 2321.65849106 25027.60314201 3596.19278501 9639.48374227 17924.96296266
Variable Rate
POOL PRINCIPAL BALANCE
(Beginning) 68,572,218.47
Total POOL PRINCIPAL BALANCE
(Beginning) 525,551,224.24 2670.03614353 28783.13293390 4135.82133293 11085.94140612 20614.70244920
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 264
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING 8,767,402.22 44.54233904
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES PREPAYING 4,756,758.77
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 13,524,160.99
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 129,397.80 0.65739891
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 160,393.01
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 289,790.81
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF -
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 666,991.42 3.38861583
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 36,672.82
MONTHLY PAYMENTS RECEIVED -
Total Pool 703,664.24
ENDING CLASS A-1 PRINCIPAL
BALANCE 145,139,255.66 737.37257299
ENDING CLASS A-2
PRINCIPAL BALANCE 18,259,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL
BALANCE 127,073,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL
BALANCE 47,407,000.00 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 25,494,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 33,989,000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE 50,000,000.00
ENDING CLASS A-8 PRINCIPAL
BALANCE 63,454,782.93
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 447,361,255.66 2272.79600301 24500.86289830 3520.50597420 9436.60758242 17547.70752569
Variable Rate POOL PRINCIPAL
BALANCE (Ending) 63,454,782.93
Total POOL PRINCIPAL BALANCE
(Ending) 510,816,038.59 2595.17478568 27976.12347828 4019.86290235 10775.11841268 20036.71603475
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