-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AfXbJZjM6ucbFwN3JIzjgF6xtAZ+5eoLiqM8RoSoUV4sT+FypPkv2liyGatv012d q4Ug9Adz3Z7KJHiBD+oZ1A== 0001021408-02-000197.txt : 20020413 0001021408-02-000197.hdr.sgml : 20020413 ACCESSION NUMBER: 0001021408-02-000197 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20011231 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 20020109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQCC RECEIVABLES CORP CENTRAL INDEX KEY: 0000897897 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593170055 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-66152 FILM NUMBER: 2505370 BUSINESS ADDRESS: STREET 1: C/O EQUICREDIT CORP OF AMERICA STREET 2: 10401 DEERWOOD PARK BLVD CITY: JACKSONVILLE STATE: FL ZIP: 32256 BUSINESS PHONE: 9049875000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EQCC ASSET BACKED CORP CENTRAL INDEX KEY: 0000897898 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 593170052 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-66152-01 FILM NUMBER: 2505371 BUSINESS ADDRESS: STREET 1: C/O EQUICREDIT CORP OF AMERICA STREET 2: 10401 DEERWOOD PARK BLVD CITY: JACKSONVILLE STATE: FL ZIP: 32256 BUSINESS PHONE: 9044575000 MAIL ADDRESS: STREET 1: NCI-005-14-02 CITY: CHARLOTTE STATE: NC ZIP: 28269 8-K 1 d8k.txt EQCCRECEIVABLES CORPORATION 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 31, 2001 ------------------- EQCC Asset Backed Corporation EQCC Receivables Corporation - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 333-73446 and 333-73446-01 59-3170055 - -------------------------------------------------------------------------------- (State or Other Jurisdiction of (Commission (I.R.S. Employer Incorporation) File Numbers) Identification No.) 10401 Deerwood Park Boulevard, Jacksonville, Florida 32256 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrants' telephone number, including area code (904) 987-5000 ------------------ ________________________________________________________________________________ (Former Name or Former Address, if Change Since Last Report:) Item 2. Acquisition or Disposition of Assets ------------------------------------ On August 15, 2001, Bank of America Corporation announced that its subsidiary, EquiCredit Corporation of America ("EquiCredit"), was exiting the subprime real estate lending business and that it intended to sell EquiCredit's servicing portfolio. Subsequent to that announcement, EquiCredit entered into an agreement with Fairbanks Capital Corp. ("Fairbanks"), under which Fairbanks would purchase and assume the servicing of mortgage loans being serviced by EquiCredit. The sale of EquiCredit's servicing platform to Fairbanks was consummated effective on December 31, 2001, although the servicing of mortgage loans will continue to be conducted in EquiCredit's name and using EquiCredit's accounts and systems until the physical transfer of servicing is complete. Exhibits 99 Press Release Announcing Sale 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. Date: January 8, 2002 EQCC ASSET BACKED CORPORATION By: /s/ Todd Rosenthal ------------------------------- Name: Todd Rosenthal Title: Senior Vice President EQCC RECEIVABLES CORPORATION By: /s/ Todd Rosenthal ------------------------------- Name: Todd Rosenthal Title: Senior Vice President EX-99 3 dex99.txt PRESS RELEASE Ex 99 [BANK OF AMERICA LOGO] December 7, 2001 Investors may contact: Susan Carr, 704.386.8059 Kevin Stitt, 704.386.5667 Media may contact: Eloise Hale, 704.387.0013 eloise.hale@bankofamerica.com Bank of America announces buyer for subprime servicing platform CHARLOTTE -- Bank of America Corporation today announced it has a definitive agreement to sell its subprime real estate servicing operations as well as the right to serve its existing portfolio to Fairbanks Capital Corp., a financial services firm based in Salt Lake City, Utah. Terms of the transaction were not disclosed. Closing of the transaction is subject to certain regulatory approvals and closing conditions. This announcement is in follow-up to the company's August 15, 2001 decision to exit its subprime real estate lending and auto leasing businesses because they did not fit the company's strategic and profitability objectives. One of the world's leading financial services companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom. - ------------------------------ More Page 2 Fairbanks Capital Corp. is a Salt Lake City, Utah-based financial services company engaged in the servicing and special servicing of single-family residential mortgage loans. Incorporated in 1989, Fairbanks Capital Corp. has established its reputation for performance over the past decade with the successful combination of people, technology and focus. Fairbanks performs third-party, sub-servicing of sub-prime loans and special servicing of non-performing loans for a host of financial services clients, including leading mortgage finance companies, investment and commercial banks and monoline bond insurers. In addition, Fairbanks acquires, resolves and securitizes under-performing loans for its own account. Fairbanks holds the highest ratings awarded by rating agencies for special subservicers. Fairbanks is a privately-held company owned by affiliates of Financial Guaranty Insurance Co., Financial Security Assurance Inc., GE Capital Equity Investments, Inc., Nomura Holding America, Inc., PMI Mortgage Insurance, and senior management. Fairbanks has two facilities in Salt Lake City and Hatboro, PA and currently employs approximately 1,000 employees. For more information on Fairbanks Capital Corp. visit www.fairbankscapital.com. ------------------------ ### -----END PRIVACY-ENHANCED MESSAGE-----