<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 1997-A
------------------------------------------------------------------------
(Exact name of registrant as specified in governing instruments)
333-20675
Delaware 333-20675-01 59-3353406
---------------- ------------------- --------------------
(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)
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 11
--
Exhibit Index Located at Page 5
--
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-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
1996-1 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.
<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]
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-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 1997-A
(Registrant)
EQUICREDIT CORPORATION OF AMERICA
as Representative
June 15, 1997 BY: /s/ STEPHEN R. VETH
-----------------------
Stephen R. Veth
Executive Vice President
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-5-
INDEX TO EXHIBITS
EXHIBIT Sequentially
NUMBER Exhibit Numbered
- ------- ------- ---------------
Page
99 -- Trustee's Remittance Report in respect of the 7
August Remittance Date.
[ THIS SPACE IS INTENTIONALLY LEFT BLANK ]
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-6-
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>
- -------------------------------------------------------------- PYMT PER FROM DATE May 15, 1997
FIRST BANK NATIONAL ASSOCIATION / PYMT PER TO DATE June 15, 1997
AS TRUSTEE /
/
EQUICREDIT FUNDING TRUST 1997-A / PER $1,000 PER $1,000 PER $1,000
- -------------------------------------------------------------- ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-1 CLASS A-2 CLASS A-3
86,192,000.00 50,383,000.00 14,255,000.00
<S> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE (Beginning) 86,192,000.00 1000.0000000
CLASS A-2 PRINCIPAL BALANCE (Beginning) 50,383,000.00 1000.00000000
CLASS A-3 PRINCIPAL BALANCE (Beginning) 14,255,000.00 1000.00000000
CLASS A-4 PRINCIPAL BALANCE (Beginning) 10,123,000.00
CLASS A-5 PRINCIPAL BALANCE (Beginning) 9,524,000.00
CLASS A-6 PRINCIPAL BALANCE (Beginning) 18,942,000.00
CLASS A-7 PRINCIPAL BALANCE (Beginning) 5,124,000.00
Fixed Rate POOL PRINCIPAL BALANCE (Beginning) 189,419,120.62 2197.64155165 3759.58399897 13287.90744441
Variable Rate POOL PRINCIPAL BALANCE (Beginning) 5,124,652.99
Total POOL PRINCIPAL BALANCE (Beginning) 194,543,773.61 2257.09780038 3861.29793006 13647.40607576
MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 58
PRINCIPAL BALANCE OF Fixed Rate MORTGAGES PREPAYING 2,855,680.93 33.13162393 56.67945398 200.32837110
PRINCIPAL BALANCE OF Var. Rate MORTGAGES PREPAYING 82,473.91
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 2,938,154.84 34.08848663 58.31639323 206.11398387
AMOUNT OF Fixed Rate CURTAILMENTS RECEIVED 19,806.75 0.22979801 0.39312367 1.38945984
AMOUNT OF Variable Rate CURTAILMENTS RECEIVED 0.00
TOTAL AMOUNT OF CURTAILMENTS RECEIVED 19,806.75 0.22979801 0.39312367 1.38945984
AGGREGATE AMOUNT OF PRINCIPAL PORTION OF-
MONTHLY PAYMENTS RECEIVED - Fixed Rate Pool 245,577.47 2.84919099 4.87421293 17.22746194
MONTHLY PAYMENTS RECEIVED - Var. Rate Pool 2,520.81
MONTHLY PAYMENTS RECEIVED - Total Pool 248,098.28 2.87843744 4.92424588 17.40429884
ENDING CLASS A-1 PRINCIPAL BALANCE 83,071,055.47 963.79078650
ENDING CLASS A-2 PRINCIPAL BALANCE 50,383,000.00 1000.00000000
ENDING CLASS A-3 PRINCIPAL BALANCE 14,255,000.00 1000.00000000
ENDING CLASS A-4 PRINCIPAL BALANCE 10,123,000.00
ENDING CLASS A-5 PRINCIPAL BALANCE 9,524,000.00
ENDING CLASS A-6 PRINCIPAL BALANCE 18,942,000.00
ENDING CLASS A-7 PRINCIPAL BANALCE 5,039,658.27
Fixed Rate POOL PRINCIPAL BALANCE (Ending) 186,298,055.47 2161.43093872 3697.63720838 13068.96215153
Variable Rate POOL PRINCIPAL BALANCE (Ending) 5,039,658.27
Total POOL PRINCIPAL BALANCE (Ending) 191,337,713.74 2219.90107829 3797.66416728 13422.49833322
PER $1,000 PER $1,000 PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL ORIGINAL BAL
CLASS A-4 CLASS A-5 CLASS A-6 CLASS A-7
10,123,000.00 9,524,000.00 18,942,000.00 5,124,000.00
<C> <C> <C> <C>
1000.0000000
1000.00000000
1000.00000000 1000.00000000
18711.75744542 19888.60989290 9999.95357512
1000.12743755
19217.99601008 20426.68769530 10270.49802608 37967.16893247
282.09828411 299.84050084 150.75920864
16.09561085
290.24546478 308.50008820 155.11323197 573.41039032
1.95660871 2.07966716 1.04565252
0.00000000
1.9560871 2.07966716 1.04565252 3.86548595
24.25935691 25.78511865 12.96470647
0.49196136
24.50837499 26.04979840 13.09778693 48.41886807
1000.00000000
1000.00000000
1000.00000000
983.53986534
18403.44319569 19560.90460626 9835.18400750
983.53986534
18901.28556159 20090.05814154 10101.2413546 37341.47418813
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