<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): November 15, 1997
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EQCC HOME EQUITY LOAN TRUST 1997-A
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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
sec96-1
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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 1997-3
(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
------- ------- -------------
99 -- Trustee's Remittance Report in respect of 7
the August Remittance Date.
[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
EQUICREDIT FUNDING TRUST 1997-A
PYMT PER FROM DATE October 15, 1997
PYMT PER TO DATE November 17, 1997
<TABLE>
<CAPTION>
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
86,192,000.00 50,383,000.00 14,255,000.00 10,123,000.00 9,524,000.00
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning) 68,318,547.16 792.63211389
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 1000.00000000
CLASS A-4 PRINCIPAL BALANCE
(Beginning) 10,123,000.00 1000.00000000
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) 4,803,955.14
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 171,545,547.16 1990.27226610 3404.82994582 12034.06153350 16946.11747111 18011.92221336
Total POOL PRINCIPAL BALANCE
(Beginning) 176,349,502.30 2046.00777682 3500.17867733 12371.06294633 17420.67591623 18516.32741495
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS 107
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING 4,251,686.05 49.32808207 84.38731417 298.25928095 420.00257335 446.41810689
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES PREPAYING 46,662.54
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 4,298,348.59 49.86946109 85.31347062 301.53269660 424.61212980 451.31757560
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 31,294.46 0.36307848 0.62113133 2.19533216 3.09142152 3.28585258
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 1,463.22
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 32,757.68 0.38005476 0.65017327 2.29797825 3.23596562 3.43948761
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF--
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 250,395.92 2.90509467 4.96984935 17.56548018 24.73534723 26.29104578
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 2,382.10
MONTHLY PAYMENTS RECEIVED -
Total Pool 252,778.02 2.93273181 5.01712919 17.73258646 24.97066285 26.54116128
ENDING CLASS A-1 PRINCIPAL
BALANCE 63,741,730.13 739.53186061
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 1000.00000000
ENDING CLASS A-5 PRINCIPAL
BALANCE 9,524,000.00 1000.00000000
ENDING CLASS A-6 PRINCIPAL
BALANCE 18,942,000.00
ENDING CLASS A-7 PRINCIPAL
BALANCE 4,753,447.28
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 166,968,730.13 1937.17201283 3313.98944346 11712.99404630 16493.99685172 17531.36603633
Variable Rate POOL PRINCIPAL
BALANCE (Ending) 4,753,447.28
Total POOL PRINCIPAL BALANCE
(Ending) 171,722,177.41 1992.32153112 3408.33569676 12046.45229113 16963.56588067 18030.46801869
<CAPTION>
PER $1,000 PER $1,000
ORIGINAL BAL ORIGINAL BAL
CLASS A-6 CLASS A-7
18,942,000.00 5,124,000.00
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<S> <C> <C>
CLASS A-1 PRINCIPAL BALANCE
(Beginning)
CLASS A-2 PRINCIPAL BALANCE
(Beginning)
CLASS A-3 PRINCIPAL BALANCE
(Beginning)
CLASS A-4 PRINCIPAL BALANCE
(Beginning)
CLASS A-4 PRINCIPAL BALANCE
(Beginning)
CLASS A-5 PRINCIPAL BALANCE
(Beginning) 1000.00000000
CLASS A-6 PRINCIPAL BALANCE
(Beginning) 1000.00000000
CLASS A-7 PRINCIPAL BALANCE
(Beginning) 937.54003513
Fixed Rate POOL PRINCIPAL
BALANCE (Beginning) 9056.35873509 937.54003513
Total POOL PRINCIPAL BALANCE
(Beginning) 9309.97266920 34416.37437549
MORTGAGES:
NUMBER OF PRINCIPAL
PREPAYMENTS
PRINCIPAL BALANCE OF Fixed
Rate MORTGAGES PREPAYING 224.45813800
PRINCIPAL BALANCE OF Var. Rate
MORTGAGES PREPAYING 2.46344314 9.10666276
PRINCIPAL BALANCE OF MORTGAGES
PREPAYING 226.92158114 838.86584504
AMOUNT OF Fixed Rate
CURTAILMENTS RECEIVED 1.65212016
AMOUNT OF Variable Rate
CURTAILMENTS RECEIVED 0.07724739 0.28556206
TOTAL AMOUNT OF CURTAILMENTS
RECEIVED 1.72936754 6.39298985
AGGREGATE AMOUNT OF PRINCIPAL
PORTION OF--
MONTHLY PAYMENTS RECEIVED -
Fixed Rate Pool 13.21908563
MONTHLY PAYMENTS RECEIVED -
Var. Rate Pool 0.12575758 0.46489071
MONTHLY PAYMENTS RECEIVED -
Total Pool 13.34484321 49.33216628
ENDING CLASS A-1 PRINCIPAL
BALANCE
ENDING CLASS A-2 PRINCIPAL
BALANCE
ENDING CLASS A-3 PRINCIPAL
BALANCE
ENDING CLASS A-4 PRINCIPAL
BALANCE
ENDING CLASS A-5 PRINCIPAL
BALANCE
ENDING CLASS A-6 PRINCIPAL
BALANCE 1000.00000000
ENDING CLASS A-7 PRINCIPAL
BALANCE 927.68291959
Fixed Rate POOL PRINCIPAL
BALANCE (Ending) 8814.73604318
Variable Rate POOL PRINCIPAL
BALANCE (Ending) 927.68291959
Total POOL PRINCIPAL BALANCE
(Ending) 9065.68352919 33513.30550546
</TABLE>
