EQUIVANTAGE ACCEPTANCE CORP
8-K/A, 1997-06-24
ASSET-BACKED SECURITIES
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                            _______________________________


                          SECURITIES AND EXCHANGE COMMISSION

                                Washington, DC  20549

                                       FORM 8-K/A

                                    CURRENT REPORT
                        PURSUANT TO SECTION 13 OR 15(d) OF THE
                           SECURITIES EXCHANGE ACT OF 1934


                  Date of Report (Date of earliest event reported):
                                    June 20, 1997


EquiVantage Acceptance Corp. on behalf of EquiVantage Home Equity Loan Trust
1997-2     
                (Exact Name of Registrant as Specified in its Charter)



         Delaware                   333-22343                76-0448074    
(State of Incorporation)          (Commission           (I.R.S. Employer
                                  File Number)          Identification No.)



         13111 Northwest Freeway, Suite 301, Houston, Texas        77040
         (Address of Principal Executive Offices)               (Zip Code)
                                           
         Registrant's telephone number, including area code:  (713) 895-1957
                                           
                                      No Change
            (Former Name or Former Address, if Changed Since Last Report)

                            _______________________________

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    The financial statements of Financial Guaranty Insurance Company ("FGIC") 
as of December 31, 1996 and 1995, that were included in the Form 8-K filed 
with the Commission, by the Registrant, on June 20, 1997, amended hereby (the 
"Original Form 8-K") have been audited by KPMG Peat Marwick LLP.  The consent 
of KPMG Peat Marwick LLP to the inclusion of their audit report on such 
financial statements in the Original Form 8-K and their being named as 
"experts" in the Prospectus Supplement relating to EquiVantage Home Equity 
Loan Asset-Backed Certificates, Series 1997-2, is attached hereto as Exhibit 
23.1.

    The financial statements of FGIC as of December 31, 1996 and 1995, 
were filed with the Original Form 8-K as Exhibit 99.1 thereto.  The unaudited
interim financial statements of FGIC as of March 31, 1997, 
were filed with the Original Form 8-K as Exhibit 99.2 thereto.

    Item 7.  Financial Statements; Pro Forma Financial Information and
Exhibits.

    (a)  Not applicable.

    (b)  Not applicable.

    (c)  Exhibits:

         23.1      Consent of KPMG Peat Marwick LLP

         99.1      Financial statements of FGIC, December 31, 1996 and 1995

         99.2      Unaudited interim financial statements of FGIC as of March
                   31, 1997 
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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 by the
undersigned hereunto duly authorized.


                             EQUIVANTAGE ACCEPTANCE CORP.


                             By:  /s/ John E. Smith                            
                                  John E. Smith
                                  President



Date:  June 23, 1997


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                                    EXHIBIT INDEX
                                    --------------

Exhibit
- -------

23.1          Consent of KPMG Peat Marwick LLP*

99.1          Financial statements of FGIC, December 31, 1996 and 1995**

99.2          Unaudited interim finanical statements of FGIC as of March 31, 
              1997**
- -------------------------
*   Filed herewith.
**  Filed as an Exhibit to the Original Form 8-K.



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                           CONSENT OF INDEPENDENT AUDITORS





The Board of Directors
Financial Guaranty Insurance Company:

We consent to the use of our report dated January 17, 1997 on the financial 
statements of Financial Guaranty Insurance Company as of December 31, 1996 
and 1995, and for each of the years in the three-year period ended December 
31, 1996 included in the Form 8-K of EquiVantage Acceptance Corp., and to the
reference to our firm under the heading "Experts" in the Prospectus 
Supplement.

                                       /s/ KPMG Peat Marwick LLP
New York, New York
June 18, 1997


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