Guaranty

Financial Guaranty Insurance Company

by Eqcc Receivables Corp
December 30th, 1996

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                                                                 Exhibit 10.1(c)

                          Securities Insurance Policy


FINANCIAL GUARANTY INSURANCE COMPANY
115 BROADWAY
NEW YORK, NEW YORK  10006
(212) 312-3000
(800) 352-0001

SURETY BOND


ISSUER:  EQCC Home Equity Loan Trust             POLICY NUMBER:
1996-4              

SECURED OBLIGATIONS:       $                     CONTROL NUMBER: 
aggregate principal amount of EQCC 
Home Equity Loan Asset Backed 
Certificates, Series 1996-4

                                                 DEPOSIT PREMIUM:  $

TRUSTEE:    First Bank National 
            Association



Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of its receipt of the Deposit premium and
subject to the terms of this Surety Bond, hereby unconditionally and
irrevocably agrees to pay each Insured Payment to the Trustee named above or
its successor, as trustee for the Series 1996-4 Certificates, to the extent set
forth in the Pooling and Servicing Agreement.  The Series 1996-4 Certificates
are referred to herein as the "Insured Obligations."

Financial Guaranty will make such payment out of its own funds by 10:00 A.M.
(New York City Time) in immediately available funds to the Trustee on the later
of (i) the Business Day next following the day on which Financial Guaranty
shall have received Notice that an Insured Payment is due and (ii) the Payment
Date on which the Insured Payment is distributable to Series 1996-4
Certificateholders pursuant to the Pooling and Servicing Agreement, for
disbursement to Series 1996-4 Certificateholders in the same manner as the
payments with respect to the Series 1996-4 Certificates.

Upon such payment, Financial Guaranty shall be fully subrogated to the rights
of the Series 1996-4 Certificateholders to receive the amount so paid as set
forth in Section 6.05(c) of the Pooling and Servicing Agreement.  Financial
Guaranty's obligations hereunder with respect to each Payment Date shall be
discharged to the extent funds consisting of the Insured Payment are received
by the Trustee on behalf of the





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FINANCIAL GUARANTY INSURANCE COMPANY
115 BROADWAY
NEW YORK, NEW YORK  10006
(212) 312-3000
(800) 352-0001

SURETY BOND



Series 1996-4 Certificateholders for distribution to such holders, as provided
in the Pooling and Servicing Agreement and herein, whether or not such funds
are properly applied by the Trustee.

This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium.  The premium on this Surety Bond is not refundable for any reason,
including the payment of the Series 1996-4 Certificates prior to their
respective maturities.

In addition to the Deposit Premium set forth on the face of this Surety Bond, a
monthly premium shall be due and payable on this Surety Bond on each Payment
Date, commencing January 15, 1996, in an amount equal to one-twelfth of .__% of
the then outstanding Series 1996-4 Principal Balance on the Payment Date on
which said monthly premium shall be due and payable after giving effect to
distributions to Series 1996-4 Certificateholders.

This Surety Bond is subject to and shall be governed by the laws of the State
of New York.  The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York.  The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).

Capitalized terms used and not defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement.  "Notice" means
written notice in the form of Exhibit Q to the Pooling and Servicing Agreement
by registered or certified mail or telephonic or telegraphic notice,
subsequently confirmed by written notice delivered via telecopy, telex or hand
delivery from the Trustee to Financial Guaranty specifying the Class A
Remittance Amount, the Available Payment Amount and Excess Spread for such
Payment Date, and the Insured Payment which shall be due and owing on the
Payment Date.  "Series 1996-4 Certificateholder" means, as to a particular
Series 1996-4 Certificate, the person, other than the Trust, the Servicer, any
Subservicer or the Representative or any Depositor who, on the applicable
Payment Date is entitled under the terms of such Certificate to payment
thereof.  "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement by and among EquiCredit Corporation of America, as Servicer, the
Depositors listed therein and First Bank National Association as Trustee, dated
as of December 1, 1996.

In the event that payments under any Series 1996-4 Certificate is accelerated,
nothing herein contained shall obligate Financial





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FINANCIAL GUARANTY INSURANCE COMPANY
115 BROADWAY
NEW YORK, NEW YORK  10006
(212) 312-3000
(800) 352-0001

SURETY BOND



Guaranty to make any payment of principal or interest on such Certificates on
an accelerated basis, unless such acceleration of payment by Financial Guaranty
is at the sole option of Financial Guaranty.

IN WITNESS WHEREOF, Financial Guaranty has caused this Policy to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.



                                               
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President                                      Authorized Representative


Effective Date:  December 30, 1996





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