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Previous: ACCUIMAGE DIAGNOSTICS CORP, NT 10-K, 1999-12-29 |
Next: LAMAR ADVERTISING CO/NEW, 10-Q/A, 1999-12-29 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) DECEMBER 27, 1999
EQCC HOME EQUITY LOAN TRUST 1999-2
----------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
59-3582804
DELAWARE 333-71489 59-3582805
-------- --------- ----------
(STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION NO.)
INCORPORATION
EQCC HOME EQUITY LOAN TRUST 1999-2
10401 DEERWOOD PARK BLVD.
JACKSONVILLE, FLORIDA 32256
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
----------------------------------------
REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE: (904) 457-5000
<PAGE>
ITEM 5. OTHER EVENTS
-------------
THE REGISTRANT HEREBY INCORPORATES BY REFERENCE THE INFORMATION CONTAINED
IN EXHIBIT 99 HERETO IN RESPONSE TO THIS ITEM 5.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND
--------------------------------------------------------------
EXHIBITS
--------
(C) EXHIBITS
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE DECEMBER 1999,
REMITTANCE DATE.
<PAGE>
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.
SERIES EQCC HOME EQUITY LOAN TRUST 1999-2
-----------------------------------------
(REGISTRANT)
EQUICREDIT CORPORATION OF AMERICA
---------------------------------
AS REPRESENTATIVE
DATED: DECEMBER 29, 1999 BY: /S/JAMES B. DODD
------------------- ------------------
NAME: JAMES B. DODD
TITLE: VICE PRESIDENT/GENERAL COUNSEL
(DULY AUTHORIZED OFFICER)
<PAGE>
INDEX TO EXHIBITS
-----------------
EXHIBIT
NUMBER EXHIBIT
- ------ -------
99 TRUSTEE'S REMITTANCE REPORT IN RESPECT OF THE DECEMBER 1999 REMITTANCE
DATE.
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 99
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
REMITTANCE REPORT FOR
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-2
--------------------------------------------------------------
FROM NOV. 26, 1999
TO DEC. 27, 1999
FIXED RATE VARIABLE RATE
TOTAL GROUP GROUP
______ _ _______________________________________________ _______________ _____________ _____________
<S> <C> <C> <C> <C> <C>
(i) AVAILABLE PAYMENT AMOUNT 19,055,368.49 16,424,722.16 2,630,646.33
Portions subject to bankrupty 0.00
(ii) CLASS A-1F PRINCIPAL BALANCE (Beginning) 244,041,536.17
CLASS A-2F PRINCIPAL BALANCE (Beginning) 138,000,000.00
CLASS A-3F PRINCIPAL BALANCE (Beginning) 175,000,000.00
CLASS A-4F PRINCIPAL BALANCE (Beginning) 95,000,000.00
CLASS A-5F PRINCIPAL BALANCE (Beginning) 48,183,542.00
CLASS A-6F PRINCIPAL BALANCE (Beginning) 82,500,000.00
CLASS A-1A PRINCIPAL BALANCE (Beginning) 39,112,610.85
POOL PRINCIPAL BALANCE (Beginning) 821,837,689.02 782,725,078.17 39,112,610.85
(iii) MORTGAGES:
NUMBER OF PRINCIPAL PREPAYMENTS 210 192 18
PRINCIPAL BALANCE OF MORTGAGES PREPAYING 13,569,565.77 11,351,016.81 2,218,548.96
(iv) AMOUNT OF CURTAILMENTS RECEIVED 143,971.28 143,538.26 433.02
(v) AGGREGATE AMOUNT OF PRINCIPAL PORTION OF
MONTHLY PAYMENTS RECEIVED 888,786.34 676,563.71 212,222.63
(vi) INTEREST RECEIVED ON MORTGAGES 6,360,375.67 6,088,027.53 272,348.14
(vii) AGGREGATE ADVANCES 5,470,732.01 5,210,425.03 260,306.98
(viii) a. DELINQUENCY INFORMATION (INCLUDES BANKRUPTCY
& FORECLOSURES & REO):
MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 589 571 18
PRINCIPAL BALANCE 37,663,357.60 36,248,027.36 1,415,330.24
% OF PRINCIPAL 4.667006% 4.491627% 3.858441%
MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 277 268 9
PRINCIPAL BALANCE 17,654,859.51 16,832,557.68 822,301.83
% OF PRINCIPAL 2.187679% 2.085784% 2.241740%
MORTGAGE DELINQUENCIES 90 DAYS OR MORE:
NUMBER 666 640 26
PRINCIPAL BALANCE 44,848,016.35 42,458,709.77 2,389,306.58
% OF PRINCIPAL 5.557283% 5.261215% 6.513672%
b. MORTGAGES IN BANKRUPTCY (TOTAL)
NUMBER 79 77 2
PRINCIPAL BALANCE 5,184,793.65 4,887,052.09 297,741.56
% OF PRINCIPAL 0.642467% 0.605573% 0.811696%
BANKRUPTCY MORTGAGE DELINQUENCIES (included in
(viii) a. above)
BANKRUPTCY MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 5 5 0
PRINCIPAL BALANCE 308,853.30 308,853.30 0.00
% OF PRINCIPAL 0.04% 0.04% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 3 3 0
PRINCIPAL BALANCE 217,010.98 217,010.98 0.00
% OF PRINCIPAL 0.03% 0.03% 0.00%
BANKRUPTCY MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 38 37 1
PRINCIPAL BALANCE 2,401,750.04 2,255,335.52 146,414.52
% OF PRINCIPAL 0.30% 0.29% 0.40%
c. MORTGAGES IN FORECLOSURE (TOTAL):
NUMBER 380 365 15
PRINCIPAL BALANCE 26,085,853.61 24,695,778.42 1,390,075.19
% OF PRINCIPAL 3.232394% 3.060145% 3.789591%
FORECLOSURE MORTGAGE DELINQUENCIES (included
in (viii) a. above)
FORECLOSURE MORTGAGE DELINQUENCIES 30-59 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 26,059.17 26,059.17 0.00
% OF PRINCIPAL 0.00% 0.00% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 60-90 DAYS:
NUMBER 1 1 0
PRINCIPAL BALANCE 149,830.91 149,830.91 0.00
% OF PRINCIPAL 0.02% 0.02% 0.00%
FORECLOSURE MORTGAGE DELINQUENCIES 90
DAYS OR MORE:
NUMBER 375 360 15
PRINCIPAL BALANCE 25,782,954.05 24,392,878.86 1,390,075.19
% OF PRINCIPAL 3.19% 3.17% 3.79%
d. MORTGAGES IN REO (TOTAL-included in 90 days or more
in (viii)a. above):
NUMBER 2 2 0
PRINCIPAL BALANCE 112,836.84 112,836.84 0.00
% OF PRINCIPAL 0.013982% 0.014648% 0.000000%
e. MORTGAGE LOAN LOSSES 184,163.91 184,163.91 0.00
(ix) ENDING CLASS A-1F PRINCIPAL BALANCE 231,648,402.08
ENDING CLASS A-2F PRINCIPAL BALANCE 138,000,000.00
ENDING CLASS A-3F PRINCIPAL BALANCE 175,000,000.00
ENDING CLASS A-4F PRINCIPAL BALANCE 95,000,000.00
ENDING CLASS A-5F PRINCIPAL BALANCE 48,183,542.00
ENDING CLASS A-6F PRINCIPAL BALANCE 82,500,000.00
ENDING CLASS A-1A PRINCIPAL BALANCE 36,681,406.24
(x) WEIGHTED AVERAGE MATURITY OF MORTGAGE LOANS 211.40398669 213.65114646 164.19638481
WEIGHTED AVERAGE MORTGAGE INTEREST RATE 10.22315659% 10.253920% 9.576894%
(xi) SERVICING FEES PAID 376,284.67 358,561.19 17,723.48
SERVICING FEES ACCRUED 429,354.87 410,811.50 18,543.37
(xii) SECTION 5.04 SERVICER PAYMENTS OR REIMBSMTS. 1,238.14
(xiii) POOL PRINCIPAL BALANCE (ENDING) 807,013,350.32 770,331,944.08 36,681,406.24
(xiv) RESERVED
(xv) REIMBURSABLE AMOUNTS:
TO SERVICER 0.00
TO REPRESENTATIVE 0.00
TO DEPOSITORS 0.00
(xvi) NUMBER OF MORTGAGES OUTSTANDING (BEGINNING) 12,558 12,162 396
NUMBER OF MORTGAGES OUTSTANDING (END) 12,340 11,962 378
(xvii) AGGREGATE INTEREST ACCRUED ON THE MORTGAGE LOANS 7,318,672.31 7,021,861.96 296,810.35
(xviiiI) SUBORDINATED AMOUNT (REMAINING) 97,671,464.38
SPREAD ACCOUNT BALANCE( AFTER DISTRIBUTIONS) 12,275,392.07
CUMMULATIVE EXCESS SPREAD ACCOUNT RECEIPTS 289,564.25
EXCESS SPREAD 2,474,123.74 2,395,298.48 78,825.26
(xIx) AGGREGATE MORTGAGE LOAN LOSSES 289,564.25
(xx) LIBOR INTEREST CARRYOVER 0.00
UNPAID LIBOR INTEREST CARRYOVER 0.00
FIXED RATE INTEREST CARRYOVER 0.00
(xxi) TOTAL PRINCIPAL BALANCE OF THREE LARGEST MORTGAGES 957,373.36
(xxii) AMOUNT OF INSURED PAYMENT 0.00
(xxiii) SPREAD ACCOUNT-BEGINNING BALANCE 9,946,537.70
SPREAD ACCOUNT-ENDING BALANCE 12,275,392.07
SPREAD ACCOUNT REQUIREMENT 30,476,764.46
</TABLE>
<TABLE>
<CAPTION>
U.S. BANK NATIONAL ASSOCIATION
AS TRUSTEE
EQCC HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1999-2
--------------------------------------------------------------
FROM: NOV. 26, 1999
TO: DEC. 27, 1999
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SECURITY ORIGINAL BEGINNING PRINCIPAL ENDING INTEREST
DESCRIPTION RATE MATURITY FACE BALANCE REDUCTIONS BALANCE PAYABLE
CLASS A-1F . 6.050000% JAN. 25, 2010 287,000,000.00 244,041,536.17 12,393,134.09 231,648,402.08 1,230,376.08
CLASS A-2F . 6.223000% JUNE 25, 2011 138,000,000.00 138,000,000.00 0.00 138,000,000.00 715,645.00
CLASS A-3F . 6.347000% AUG. 25, 2022 175,000,000.00 175,000,000.00 0.00 175,000,000.00 925,604.17
CLASS A-4F . 6.753000% AUG. 25, 2027 95,000,000.00 95,000,000.00 0.00 95,000,000.00 534,612.50
CLASS A-5F . 7.009000% JULY 25, 2030 48,183,542.00 48,183,542.00 0.00 48,183,542.00 281,432.04
CLASS A-6F . 6.685000% JULY 25, 2030 82,500,000.00 82,500,000.00 0.00 82,500,000.00 459,593.75
CLASS A-1A . 5.820000% * JULY 25, 2030 45,081,155.00 39,112,610.85 2,431,204.61 36,681,406.24 196,019.37 *
CLASS X JULY 25, 2030 0.00 0.00 0.00 0.00 0.00
CLASS R N/A 0.00 0.00 0.00 0.00
CLASS LR N/A 0.00 0.00 0.00 0.00
_____________ _____________ _____________ _____________ _____________
TOTAL 870,764,697.00 821,837,689.02 14,824,338.70 807,013,350.32 4,343,282.90
CUSIP PER $1,000 PER $1,000 PER $1,000 PER $1,000
CLASS A-1F 268917FG1 850.31894136 43.18165188 807.13728948 4.28702466
CLASS A-2F 268917FH9 1,000.00000000 0.00000000 1000.00000000 5.18583333
CLASS A-3F 268917FJ5 1,000.00000000 0.00000000 1000.00000000 5.28916667
CLASS A-4F 268917FK2 1,000.00000000 0.00000000 1000.00000000 5.62750000
CLASS A-5F 268917FL0 1,000.00000000 0.00000000 1000.00000000 5.84083333
CLASS A-6F 268917FM8 1,000.00000000 0.00000000 1000.00000000 5.57083333
CLASS A-1A 268917FN6 867.60445357 53.92951024 813.67494333 4.34814432
<FN>
* INTEREST PAYABLE REFLECTS ACTUAL NUMBER OF DAYS FROM THE PREVIOUS PAYMENT DATE TO THE CURRENT PAYMENT DATE.
</TABLE>
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