SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 21, 1997
Equicon Mortgage Loan Trust 1995-1
(Exact name of registrant as specified in its charter)
New York 033-75002-03 41-1832398, 41-182450
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. OTHER EVENTS
On January 21, 1997, a distribution was made to holders of The Equicon Mortgage
Loan Trust 1995-1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit Number
99.1 -- Monthly report distributed to holders of Equicon Mortgage
Loan Trust 1995-1 relating to the January 21, 1997,
distribution.
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 thereunto duly authorized.
Equicon Mortgage Loan Trust 1995-1
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: July 3, 1997
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Equicon Mortgage Loan
Trust 1995-1 relating to the January 21, 1997, distribution.
Equicon Mortgage Loan Trust 1995-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: December 1996
Distribution Date: January 21, 1997
Contact: Candy Wachsmuth
Phone: (410) 884-2118
InvestorDirect: (800) 605-4167
Cover Page - Issuing
Report Name .................................................... Report Number
Series Structure Summary ................................................... 1
Class Distribution Summary ................................................. 2
Class Distribution Per 1,000 of Original Balance ........................... 3
Class Principal Distribution ............................................... 4
Class Interest Distribution ................................................ 5
Fund Account Summary ....................................................... 6
Loss/Delinquency Detail .................................................... 7
Collateral Summary ......................................................... 8
Credit Enhancement Summary ................................................. 9
Notes: **Contact InvestorDirect (SM) at (800) 605-4167 to obtain additional
collateral and security information.
<TABLE>
<CAPTION>
Series Structure Summary - Issuing
Original Pass Aggregate Realized Aggregate Aggregate Ending
Class Interest Principal Through Losses Principal Interest Undistrib Principal
Class Description Principal Type Type Balance Rate Balance Reduction Shortfall Principal Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Sequential Pay Fixed 25,000,000.00 0.00000000% 0.00 0.00 0.00 0.0000000000
A-2 Senior Sequential Pay Fixed 19,000,000.00 7.55000000% 0.00 0.00 0.00 0.7308626789
A-3 Senior Sequential Pay Fixed 9,000,000.00 7.55000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed 8,500,000.00 7.70000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed 8,524,000.00 7.70000000% 0.00 0.00 0.00 1.0000000000
A-6 Senior Sequential Pay Variable 40,518,000.00 6.10500000% 0.00 0.00 0.00 0.4833309880
B Fixed Subordinate Sequential Pay Variable 338.96 72.39403424% 157,819.44 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 50.99903245% 11,527.60 0.00 0.00
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 169,347.04 0.00 0.00 0.5853805383
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary - Issuing
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 01/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 01/01/1997 7.55000000% 15,216,771.40 95,738.85 1,330,380.50 0.00 13,886,390.90 1,426,119.35
A-3 01/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 01/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 01/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 12/31/1996 6.10500000% 20,253,095.23 116,775.97 669,490.26 0.00 19,583,604.97 786,266.23
B Fixed 01/01/1997 72.39403424% 2,778,321.64 0.00 0.00 26,370.25 2,919,562.98 0.00
B Vari 12/31/1996 50.99903245% 2,202,476.10 0.00 0.00 0.00 2,296,079.56 0.00
RU 12/31/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 66,474,664.37 378,377.16 1,999,870.76 26,370.25 64,709,638.41 2,378,247.92
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance - Issuing
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class CUSIP Original Balance Factor Factor Factor Factor Reduction Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 294419AN6 25,000,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000000
A-2 294419AP1 19,000,000.00 5.03888684 9.73231737 51.46604632 70.02002632 0.00000000 0.7308626789
A-3 294419AQ9 9,000,000.00 6.29166667 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 294419AR7 8,500,000.00 6.41666706 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 294419AS5 8,524,000.00 6.41666706 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-6 294419AT3 40,518,000.00 2.88207636 3.92608248 10.28702774 16.52328002 0.00000000 0.4833309880
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 77797.52773189 8613.2964951617
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 4413.7551373484
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.5853805383
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution - Issuing
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 15,216,771.40 184,914.03 977,854.88 167,611.59 0.00 1,330,380.50 0.00 13,886,390.90 0.00
A-3 9,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 9,000,000.00 0.00
A-4 8,500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 8,500,000.00 0.00
A-5 8,524,000.00 0.00 0.00 0.00 0.00 0.00 0.00 8,524,000.00 0.00
A-6 20,253,095.23 159,077.01 416,809.79 93,603.46 0.00 669,490.26 0.00 19,583,604.97 0.00
B Fixed 2,778,321.64 0.00 0.00 (167,611.59) 0.00 0.00 26,370.25 2,919,562.98 0.00
B Vari 2,202,476.10 0.00 0.00 (93,603.46) 0.00 0.00 0.00 2,296,079.56 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 66,474,664.37 343,991.04 1,394,664.67 0.00 0.00 1,999,870.76 26,370.25 64,709,638.41 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 26,370.25
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution - Issuing
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Pass-Through Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 7.55000000% 15,216,771.40 95,738.85 0.00 0.00 0.00 0.00 95,738.85 13,886,390.90
A-3 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 0.00 0.00 56,625.00 9,000,000.00
A-4 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 0.00 0.00 54,541.67 8,500,000.00
A-5 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 0.00 0.00 54,695.67 8,524,000.00
A-6 6.10500000% 20,253,095.23 116,775.97 0.00 0.00 0.00 0.00 116,775.97 19,583,604.97
B Fixed 72.39403424% 2,778,321.64 167,611.59 0.00 167,611.59 0.00 0.00 0.00 2,919,562.98
B Vari 50.99903245% 2,202,476.10 93,603.46 0.00 93,603.46 0.00 0.00 0.00 2,296,079.56
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 639,592.21 0.00 261,215.05 0.00 0.00 378,377.16
<FN>
Notes:
Class A-6 Interest is accrued @ LIBOR = 5.375% over the applicable accrual
period.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary - Issuing
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 639,592.21
Scheduled Principal 343,991.04
Other Principal 1,394,664.67
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,378,247.92
WITHDRAWALS:
Interest Payments 378,377.16
Scheduled Principal Payment 343,991.04
Other Principal Payments 1,655,879.72
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,378,247.92
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Loss/Delinquency Detail - Issuing
Current Current Current Current Total Aggregate Aggregate Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard Credit Current Fraud Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses Losses Losses Losses Losses Losses Losses Losses
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 0.00 0.00 0.00 26,370.25 26,370.25 0.00 0.00 0.00 154,986.84 154,986.84
2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,527.60 11,527.60
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 26,370.25 26,370.25 0.00 0.00 0.00 166,514.44 166,514.44
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures REO's Totals
Number Balance Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 133 6,641,211.51 30 1,750,154.84 21 884,106.00 33 1,713,929.21 21 907,471.11 238 11,896,872.67
2 52 4,673,508.50 22 2,023,035.64 13 1,327,121.25 9 973,987.77 13 1,529,031.09 109 10,526,684.25
- -----------------------------------------------------------------------------------------------------------------------------------
185 11,314,720.01 52 3,773,190.48 34 2,211,227.25 42 2,687,916.98 34 2,436,502.20 347 22,423,556.92
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 1,016,128.91| 635,676.30 380,452.61
|
Positive Amortization 343,991.04| 184,914.03 159,077.01
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 0.00| 0.00 0.00
Regular Curtailment Interest 0.00| 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 1,394,664.67| 977,854.88 416,809.79
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 1,738,655.71| 1,162,768.91 575,886.80
|
Scheduled Interest 672,137.87| 450,762.27 221,375.60
Servicing Fee 23,543.11| 15,590.10 7,953.01
Master Servicing Fee 1,523.38| 1,008.77 514.61
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 639,592.21| 429,212.78 210,379.43
|
Beginning Balance 66,474,663.17| 44,019,092.83 22,455,570.34
Ending Balance 64,709,637.21| 42,829,953.67 21,879,683.54
Gross P&I Distribution 2,387,250.47| 1,597,941.08 789,309.39
Realized Losses/(Gains) 26,370.25| 26,370.25 0.00
Net P&I Trust Distribution 2,360,880.22| 1,571,570.83 789,309.39
|
Beginning Loan Count 1146| 905 241
Number of Loan Payoffs 28| 23 5
Ending Loan Count 1118| 882 236
|
Weighted Average Maturity 0.0000000000| 215.5400000000 334.0200000000
Weighted Average Gross Rate 0.000000000%| 12.106600000% 11.711300000%
Weighted Average Net Rate 0.000000000%| 11.681600000% 11.286300000%
Weighted Average Pass-Through Rate 0.000000000%| 11.515900000% 11.120600000%
Weighted Average Margin 0.000000000%| 0.000000000% 5.958200000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
|
</TABLE>
<TABLE>
<CAPTION>
Credit Enhancement Summary - Issuing
Initial Current Current Current Current Current
Coverage Period Period Cumulative Coverage Coverage Pool
Type/Purpose Amount Losses Additions Losses Percentage Amount Balance
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination 859.17 26,370.25 0.00 169,347.04 8.06007075% 5,215,642.54 64,709,637.21
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,738,655.71 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
SUBORDINATION
Current Current Current
Period Period Pool
Initial Coverage Additions Losses Balance Current Coverage
---------------------- -----------------------
Type Pool Carrier/Holder % ($MM) ($MM) ($MM) ($MM) % ($MM) Notes
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination Fixed N/A 0.00% 0.0003 0.00 0.03 42.8300 6.82% 2.9196 N/A
Subordination Variable N/A 0.00% 0.0005 0.00 0.00 21.8797 10.49% 2.2961 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 3,638,258.97
Subordination Deficiency Amount 931,307.79
Subordination Increase Amount 167,611.59
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 10.4947%
Variable Pool
Specified Subordinated Amount 3,329,224.05
Subordination Deficiency Amount 1,126,748.94
Subordination Increase Amount 93,603.46
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 27.2161%
</TABLE>
<TABLE>
<CAPTION>
Additional Foreclosure and Bankruptcy Information Fixed Pool Variable Pool
Aggregate Aggregate
# of Loans Principal Bal. # of Loans Principal Bal.
<S> <C> <C> <C> <C>
Foreclosures Commenced 0 0.00 0 0.00
In Foreclosure 33 1,713,929.21 9 973,987.77
Cumulative Foreclosures since Cut-Off 96 4,792,787.30 29 3,240,682.45
In Bankruptcy 30 1,534,967.07 4 416,885.88
REO Properties 21 907,471.11 13 1,529,031.09
Book Value of REO Property 0 0.00 4 376,608.48
Income from REO Property 0 0.00 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Additional Credit Information
Fixed Pool Variable Pool
<S> <C> <C>
Delinquency Advances 834,481.69 769,962.48
Reimbursed Delinquency Advances 821,968.22 728,311.32
Compensating Interest 10,926.08 2,732.63
<FN>
This report is not intended to be a complete description of all credit
enhancements. Please see the Prospectus and Prospectus Supplement for detailed
descriptions of the credit enhancements.
</FN>
</TABLE>
