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): May 19, 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 May 19, 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 May 19, 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: May 28, 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 May 19, 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: April 1997
Distribution Date: May 19, 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
Aggregate Realized Aggregate Aggregate Ending
Class Interest Original Principal Pass Losses Principal Interest Undistrib. Principal
Class Description Principal Type Type Balance Through 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 0.5242568700
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 6.16750000% 0.00 0.00 0.00 0.4182432356
B Fixed Subordinate Sequential Pay Variable 338.96 55.10364566% 308,796.32 0.00 0.00
B Vari Subordinate Sequential Pay Variable 520.21 43.54959760% 106,405.31 0.00 0.00
RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- --------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 415,201.63 0.00 0.00 0.5331721324
</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 05/01/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
A-2 05/01/1997 7.55000000% 10,841,283.21 68,209.74 880,402.68 0.00 9,960,880.53 948,612.42
A-3 05/01/1997 7.55000000% 9,000,000.00 56,625.00 0.00 0.00 9,000,000.00 56,625.00
A-4 05/01/1997 7.70000000% 8,500,000.00 54,541.67 0.00 0.00 8,500,000.00 54,541.67
A-5 05/01/1997 7.70000000% 8,524,000.00 54,695.67 0.00 0.00 8,524,000.00 54,695.67
A-6 04/30/1997 6.16750000% 18,010,167.92 95,650.25 1,063,788.50 0.00 16,946,379.42 1,159,438.75
B Fixed 05/01/1997 55.10364566% 3,286,868.62 0.00 0.00 50,556.93 3,387,243.73 0.00
B Vari 04/30/1997 43.54959760% 2,581,172.30 0.00 0.00 54,978.22 2,619,868.26 0.00
RU 04/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 60,743,492.05 329,722.33 1,944,191.18 105,535.15 58,938,371.94 2,273,913.51
</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 3.58998632 6.72223947 31.67095211 46.33698316 0.00000000 0.5242568700
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 2.36068537 0.11526433 23.82753443 26.25471395 0.00000000 0.4182432356
B Fixed N/A 338.96 0.00000000 0.00000000 0.00000000 0.00000000 149153.08590984 9993.0485308001
B Vari N/A 520.21 0.00000000 0.00000000 0.00000000 0.00000000 105684.66580804 5036.1743526653
RU N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 110,542,859.17 0.5331721324
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution - Issuing
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistrib.
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 10,841,283.21 127,722.55 601,748.09 150,932.04 0.00 880,402.68 0.00 9,960,880.53 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 18,010,167.92 4,670.28 965,444.04 93,674.18 0.00 1,063,788.50 0.00 16,946,379.42 0.00
B Fixed 3,286,868.62 0.00 0.00 (150,932.04) 0.00 0.00 50,556.93 3,387,243.73 0.00
B Vari 2,581,172.30 0.00 0.00 (93,674.18) 0.00 0.00 54,978.22 2,619,868.26 0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Totals 60,743,492.05 132,392.83 1,567,192.13 0.00 0.00 1,944,191.18 105,535.15 58,938,371.94 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 105,535.15
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% 10,841,283.21 68,209.74 0.00 0.00 0.00 0.00 68,209.74 9,960,880.53
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 6.16750000% 18,010,167.92 95,650.25 0.00 0.00 0.00 0.00 95,650.25 16,946,379.42
B Fixed 55.10364566% 3,286,868.62 150,932.04 (0.01) 150,932.04 (0.01) 0.00 0.00 3,387,243.73
B Vari 43.54959760% 2,581,172.30 93,674.18 0.00 93,674.18 0.00 0.00 0.00 2,619,868.26
RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 574,328.55 (0.01) 244,606.22 (0.01) 0.00 329,722.33
<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
Beginning Balance 0.00
DEPOSITS:
<S> <C>
Interest Net of Servicing Fee 574,328.54
Scheduled Principal 132,392.83
Other Principal 1,567,192.13
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,273,913.50
WITHDRAWALS:
Interest Payments 329,722.32
Scheduled Principal Payment 132,392.83
Other Principal Payments 1,811,798.35
Reserve Fund 1 0.00
Fees and Expenses 0.00
Other Withdrawals 0.00
Total Withdrawals 2,273,913.50
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Loss/Delinquency Detail - Issuing
Current
Current Current Special Current Total Aggregate Aggregate Aggregate Aggregate Total
Fraud Bankruptcy Hazard Credit Current Fraud Bankruptcy Special Credit Aggregate
Pool # Losses Losses Losses Losses Losses Losses Losses Hazard Losses Losses Losses
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 0.00 0.00 0.00 50,556.93 50,556.93 0.00 0.00 0.00 305,963.72 305,963.72
2 0.00 0.00 0.00 54,978.22 54,978.22 0.00 0.00 0.00 106,405.31 106,405.31
- -------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 105,535.15 105,535.15 0.00 0.00 0.00 412,369.03 412,369.03
</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>
1 114 5,201,931.08 31 1,546,505.98 21 1,406,184.77 37 1,920,420.92 22 992,995.80 225 11,068,038.55
2 38 3,587,130.47 19 1,905,572.39 14 1,390,841.76 11 1,355,219.45 11 1,207,584.64 93 9,446,348.71
Totals 152 8,789,061.55 50 3,452,078.37 35 2,797,026.53 48 3,275,640.37 33 2,200,580.44 318 20,514,387.26
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary - Issuing
Total| Pool 1 Pool 2
<S> <C> <C> <C>
Monthly P&I Constant 736,441.83| 532,413.55 204,028.28
|
Positive Amortization 132,392.83| 127,722.55 4,670.28
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 1,567,192.13| 601,748.09 965,444.04
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 1,699,584.96| 729,470.64 970,114.32
|
Scheduled Interest 604,049.00| 404,691.00 199,358.00
Servicing Fee 21,513.33| 14,220.56 7,292.77
Master Servicing Fee 1,392.03| 920.15 471.88
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 574,328.54| 385,004.11 189,324.43
|
Beginning Balance 60,743,492.05| 40,152,151.83 20,591,340.22
Ending Balance 58,938,371.94| 39,372,124.26 19,566,247.68
Gross P&I Distribution 2,282,120.63| 1,119,941.08 1,162,179.55
Realized Losses/(Gains) 105,535.15| 50,556.93 54,978.22
Net P&I Trust Distribution 2,176,585.48| 1,069,384.15 1,107,201.33
|
Beginning Loan Count 1052| 832 220
Number of Loan Payoffs 25| 15 10
Ending Loan Count 1027| 817 210
|
Weighted Average Maturity 0.0000000000| 211.0400000000 330.6400000000
Weighted Average Gross Rate 0.000000000%| 12.109200000% 11.684800000%
Weighted Average Net Rate 0.000000000%| 11.684200000% 11.259800000%
Weighted Average Pass-Through Rate 0.000000000%| 11.518500000% 11.094100000%
Weighted Average Margin 0.000000000%| 0.000000000% 5.963100000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 1,795,291.21| 939,578.80 855,712.41
|
</TABLE>
<TABLE>
<CAPTION>
Credit Enhancement Summary - Issuing
Initial Current Current Current Current Current
overage Period Period Cumulative Coverage Coverage Pool
Type/Purpose Amount Losses Additions Losses Percentage Amount Balance
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Subordination 859.17 105,535.15 0.00 415,201.63 10.19219193% 6,007,111.99 58,938,371.94
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 1,699,584.96 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
Contact: Michele Latimer
Phone : (410) 884-2100
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 0.05 39.3721 8.60% 3.3872 N/A
Subordination Variable N/A 0.00% 0.0005 0.00 0.00 19.5662 13.39% 2.6199 N/A
</TABLE>
<TABLE>
<CAPTION>
Fixed Pool
<S> <C>
Specified Subordinated Amount 4,712,793.95
Subordination Deficiency Amount 1,476,482.26
Subordination Increase Amount 150,932.03
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 13.9699%
Variable Pool
Specified Subordinated Amount 4,307,112.25
Subordination Deficiency Amount 1,780,918.17
Subordination Increase Amount 93,674.18
Excess Subordination Amount 0.00
Subordination Reduction Amount 0.00
Rolling 3 Month Delinquency Average 24.0130%
</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 8 356,601.72 1 125,860.49
In Foreclosure 37 1,920,420.92 11 1,355,219.45
Cumulative Foreclosures since Cut-Off 114 5,690,922.06 35 3,894,044.67
In Bankruptcy 35 1,724,114.65 8 705,944.29
REO Properties 21 972,219.31 11 1,207,584.64
Book Value of REO Property 1 53,969.98 5 455,973.05
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 939,578.80 855,712.41
Reimbursed Delinquency Advances 887,725.13 865,388.92
Compensating Interest 11,352.34 4,826.33
<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>
