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                                                                  Exhibit 10.1 D


[LOGO] FINANCIAL SECURITY ASSURANCE(R)                        FINANCIAL GUARANTY
                                                                INSURANCE POLICY

Trust: As described in Endorsement No. 1                     Policy No.: 51230-N
Certificates: $1,115,458,249 EQCC Trust 2001-2      Date of Issuance: 12/21/2001
              Asset Backed Certificates,
              Series 2001-2, Class A-4

     FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for consideration
received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the Trustee for
the benefit of each Holder, subject only to the terms of this Policy (which
includes each endorsement hereto), the full and complete payment of Guaranteed
Distributions with respect to the Certificates of the Trust referred to above.

     For the further protection of each Holder, Financial Security irrevocably
and unconditionally guarantees payment of the amount of any distribution of
principal or interest with respect to the Certificates made during the Term of
this Policy to such Holder that is subsequently avoided in whole or in part as a
preference payment under applicable law.

     Payment of any amount required to be paid under this Policy will be made
following receipt by Financial Security of notice as described in Endorsement
No. 1 hereto.

     Financial Security shall be subrogated to the rights of each Holder to
receive distributions with respect to each Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.

     Except to the extent expressly modified by Endorsement No. 1 hereto, the
following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Certificate as indicated on
the registration books maintained by or on behalf of the Trustee for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee", "Guaranteed Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.

     This Policy sets forth in full the undertaking of Financial Security, and
shall not be modified, altered or affected by any other agreement or instrument,
including any modification or amendment thereto. Except to the extent expressly
modified by an endorsement hereto, the premiums paid in respect of this Policy
are nonrefundable for any reason whatsoever. This Policy may not be canceled or
revoked during the Term of this Policy. An acceleration payment shall not be due
under this Policy unless such acceleration is at the sole option of Financial
Security. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY
FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.

     In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                               FINANCIAL SECURITY ASSURANCE INC.



                                               By /s/ Bruce Stern
                                                  ------------------------------
                                                        AUTHORIZED OFFICER



A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y. 10022-6022                         (212)826-0100
Form 101NY (5/89)

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                              ENDORSEMENT NO. 1 TO
                       FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY                                               350 Park Avenue
ASSURANCE INC.                                          New York, New York 10022

TRUST:                  Established pursuant to the Pooling and Servicing
                        Agreement, dated as of December 1, 2001, among EQCC
                        Receivables Corporation, as Depositor, EquiCredit
                        Corporation of America, as Transferor and Initial
                        Servicer, Bank of America, N.A., as the Advancing Party,
                        Fairbanks Capital Corp., as Expected Successor Servicer,
                        and The Bank of New York, as Trustee

POLICY NO.:             51230-N

CERTIFICATES:           $1,115,458,249 EQCC Trust 2001-2 Asset Backed
                        Certificates, Series 2001-2, Class A-4

DATE OF ISSUANCE:       December 21, 2001

         1.   Definitions. For all purposes of this Policy, the terms specified
              -----------
below shall have the meanings or constructions provided below. Capitalized terms
used herein and not otherwise defined herein shall have the meanings provided in
the Pooling and Servicing Agreement unless the context shall otherwise require.

         "Business Day" means any day other than (i) a Saturday or Sunday, or
          ------------
(ii) a day on which banking institutions in New York City or the Corporate Trust
Office of the Trustee are authorized or obligated by law, executive order or
governmental decree to be closed.

         "Guaranteed Distributions" has the meaning assigned to the term
          ------------------------
"Insured Payment" in the Pooling and Servicing Agreement with respect to the
Certificates.

         "Policy" means this Financial Guaranty Insurance Policy and includes
          ------
each endorsement thereto.

         "Pooling and Servicing Agreement" means the Pooling and Servicing
          -------------------------------
Agreement dated as of December 1, 2001 among EQCC Receivables Corporation, as
Depositor, EquiCredit Corporation of America, as Transferor and Initial
Servicer, Bank of America, N.A., as the Advancing Party, Fairbanks Capital
Corp., as Expected Successor Servicer, and The Bank of New York, as Trustee, as
amended from time to time with the consent of Financial Security.

         "Receipt" and "Received" mean actual delivery to Financial Security and
          -------       --------
to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York
City time, on a Business Day; delivery either on a day that is not a Business
Day, or after 12:00 noon, New York City time, shall be deemed to be Received on
the next succeeding Business Day. If any notice or certificate


<PAGE>

Policy No.:  51230-N                         Date of Issuance: December 21, 2001

given hereunder by the Trustee is not in proper form or is not properly
completed, executed or delivered, it shall be deemed not to have been Received,
and Financial Security or its Fiscal Agent shall promptly so advise the Trustee
and the Trustee may submit an amended notice.

         "Term Of This Policy" means the period from and including the Date of
          -------------------
Issuance to and including the date on which (i) the Certificate Balance of all
of the Class A-4 Certificates is zero, (ii) any period during which any payment
on the Class A-4 Certificates could have been avoided in whole or in part as a
preference payment under applicable bankruptcy, insolvency, receivership or
similar law has expired, and (iii) if any proceedings requisite to avoidance as
a preference payment have been commenced prior to the occurrence of (i) and
(ii), a final and nonappealable order in resolution of each such proceeding has
been entered.

         "Trustee" means The Bank of New York in its capacity as Trustee under
          -------
the Pooling and Servicing Agreement and any successor in such capacity.

         2.   Notices and Conditions to Payment in Respect of Guaranteed
              ----------------------------------------------------------
Distributions. Following Receipt by Financial Security of a notice and
-------------
certificate from the Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Guaranteed Distributions out of the funds of Financial Security on the later
to occur of (a) 12:00 noon, New York City time, on the second Business Day
following such Receipt; and (b) 12:00 noon, New York City time, on the
Distribution Date to which such claim relates. Payments due hereunder in respect
of Guaranteed Distributions will be disbursed by wire transfer of immediately
available funds to the Policy Payments Account established pursuant to the
Pooling and Servicing Agreement or, if no such Policy Payments Account has been
established, to the Trustee.

         Financial Security shall be entitled to pay any amount hereunder in
respect of Guaranteed Distributions, including any acceleration payment, whether
or not any notice and certificate shall have been Received by Financial Security
as provided above, provided, however, that by acceptance of this Policy the
Trustee agrees to provide to Financial Security, upon Financial Security's
request to the Trustee, a notice and certificate in respect of any such payments
made by Financial Security. Financial Security shall be entitled to pay
principal hereunder on an accelerated basis if Financial Security shall so elect
in its sole discretion, at any time or from time to time, in whole or in part,
at an earlier Distribution Date than provided in the definition of "Guaranteed
Distributions," if such principal would have been payable under the Pooling and
Servicing Agreement were funds sufficient to make such payment available to the
Trustee for such purpose. The Guaranteed Distributions insured hereunder shall
not include interest, in respect of principal paid hereunder on an accelerated
basis, accruing from after the date of such payment of principal. Financial
Security's obligations hereunder in respect of Guaranteed Distributions shall be
discharged to the extent funds are disbursed by Financial Security as provided
herein whether or not such funds are properly applied by the Trustee.

          3.  Notices and Conditions to Payment in Respect of Guaranteed
              ----------------------------------------------------------
Distributions Avoided as Preference Payments. If any Guaranteed Distribution is
--------------------------------------------
avoided as a preference payment under applicable bankruptcy, insolvency,
receivership or similar law, Financial Security will pay such amount out of the
funds of Financial Security on the later of (a) the date when due

                                       2

<PAGE>

Policy No.:  51230-N                         Date of Issuance: December 21, 2001

to be paid pursuant to the Order referred to below or (b) the first to occur
of (i) the fourth Business Day following Receipt by Financial Security from the
Trustee of (A) a certified copy of the order of the court or other governmental
body which exercised jurisdiction to the effect that the Holder is required to
return principal or interest distributed with respect to the Class A-4
Certificates during the Term Of This Policy because such distributions were
avoidable as preference payments under applicable bankruptcy law (the "Order"),
(B) a certificate of the Holder that the Order has been entered and is not
subject to any stay and (C) an assignment duly executed and delivered by the
Holder, in such form as is reasonably required by Financial Security and
provided to the Holder by Financial Security, irrevocably assigning to Financial
Security all rights and claims of the Holder relating to or arising under the
Class A-4 Certificates against the debtor which made such preference payment or
otherwise with respect to such preference payment or (ii) the date of Receipt by
Financial Security from the Trustee of the items referred to in clauses (A), (B)
and (C) above if, at least four Business Days prior to such date of Receipt,
Financial Security shall have Received written notice from the Trustee that such
items were to be delivered on such date and such date was specified in such
notice. Such payment shall be disbursed to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order and not to the
Trustee or any Holder directly (unless a Holder has previously paid such amount
to the receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the Order, in which case such payment shall be disbursed to the Trustee
for distribution to such Holder upon proof of such payment reasonably
satisfactory to Financial Security). In connection with the foregoing, Financial
Security shall have the rights provided pursuant to Section 6.05(c) of the
Pooling and Servicing Agreement.

         4.  Governing Law. This Policy shall be governed by and construed in
             -------------
accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

         5.  Fiscal Agent. At any time during the Term Of This Policy, Financial
             ------------
Security may appoint a fiscal agent (the "Fiscal Agent") for purposes of this
Policy by written notice to the Trustee at the notice address specified in the
Pooling and Servicing Agreement specifying the name and notice address of the
Fiscal Agent. From and after the date of receipt of such notice by the Trustee,
(i) copies of all notices and documents required to be delivered to Financial
Security pursuant to this Policy shall be simultaneously delivered to the Fiscal
Agent and to Financial Security and shall not be deemed Received until Received
by both and (ii) all payments required to be made by Financial Security under
this Policy may be made directly by Financial Security or by the Fiscal Agent on
behalf of Financial Security. The Fiscal Agent is the agent of Financial
Security only and the Fiscal Agent shall in no event be liable to any Holder for
any acts of the Fiscal Agent or any failure of Financial Security to deposit, or
cause to be deposited, sufficient funds to make payments due under this Policy.

         6.  Waiver of Defenses. To the fullest extent permitted by applicable
             ------------------
law, Financial Security agrees not to assert, and hereby waives, for the benefit
of each Holder, all rights (whether by counterclaim, setoff or otherwise) and
defenses (including, without limitation, the defense of fraud), whether acquired
by subrogation, assignment or otherwise, to the extent that such rights and
defenses may be available to Financial Security to avoid payment of its
obligations under this Policy in accordance with the express provisions of this
Policy.

                                       3

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Policy No.:  51230-N                         Date of Issuance: December 21, 2001

         7.   Notice. All notices to be given hereunder shall be in writing
              ------
(except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as
follows:

                Financial Security Assurance Inc.
                350 Park Avenue
                New York, N.Y. 10022
                Attention: Senior Vice President - Transaction Oversight
                Re: EQCC Trust 2001-2 Asset Backed Certificates, Series 2001-2
                Policy No. 51230-N
                Telecopy No.: (212) 339-3518
                Confirmation: (212) 826-0100

Financial Security may specify a different address or addresses by writing,
mailed or delivered to the Trustee.

         8.   Priorities. In the event any term or provision on the face of this
              ----------
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.

         9.   Exclusions From Insurance Guaranty Funds. This Policy is not
              ----------------------------------------
covered by the Property/Casualty Insurance Security Fund specified in Article 76
of the New York Insurance Law. This Policy is not covered by the Florida
Insurance Guaranty Association created under Part II of Chapter 631 of the
Florida Insurance Code. In the event Financial Security were to become
insolvent, any claims arising under this Policy are excluded from coverage by
the California Insurance Guaranty Association, established pursuant to Article
14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.

         10.  Surrender of Policy. The Trustee shall surrender this Policy to
              -------------------
Financial Security for cancellation upon expiration of the Term Of This Policy.

                                       4

<PAGE>

Policy No.:  51230-N                         Date of Issuance: December 21, 2001

         IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.


                                               FINANCIAL SECURITY ASSURANCE INC.



                                               By    /s/ Bruce Stern
                                                 -------------------------------
                                                           Authorized Officer

                                        5

<PAGE>


                                                      Exhibit A To Endorsement I


                         NOTICE OF CLAIM AND CERTIFICATE
                         -------------------------------

Financial Security Assurance Inc.
350 Park Avenue
New York, NY 10022

     Re:  EQCC Trust 2001-2 Asset Backed Certificates, Series 2001-2, Class A-4
          ---------------------------------------------------------------------

     The undersigned, a duly authorized officer of The Bank of New York (the
"Trustee"), hereby certifies to Financial Security Assurance Inc. ("Financial
Security"), with reference to Financial Guaranty Insurance Policy No. 51230-N
dated December 21, 2001 (the "Policy") issued by Financial Security in respect
of EQCC Asset Backed Certificates, Series 2001-2, Class A-4 (the
"Certificates"), that:

                    (i)   The Trustee is the Trustee for the Holders under the
               Pooling and Servicing Agreement.

                    (ii)  The sum of all amounts on deposit (or scheduled to be
               on deposit) in the Collection Account and available for
               distribution to the Holders in respect of Guaranteed
               Distributions pursuant to the Pooling and Servicing Agreement
               will be $___________ (the "Shortfall") less than the Guaranteed
               Distributions with respect to the Distribution Date.

                    (iii) The Trustee is making a claim under the Policy for the
               Shortfall to be applied to distributions of principal or interest
               or both with respect to the Certificates.

                    (iv)  The Trustee agrees that, following receipt of funds
               from Financial Security, it shall (a) hold such amounts in trust
               and apply the same directly to the payment of Guaranteed
               Distributions on the Certificates when due; (b) not apply such
               funds for any other purpose; (c) not commingle such funds with
               other funds held by the Trustee and (d) maintain an accurate
               record of such payments with respect to each Certificate and the
               corresponding claim on the Policy and proceeds thereof and, if
               the Certificate is required to be surrendered or presented for
               such payment, shall stamp on each such Certificate the legend
               "$[insert applicable amount] paid by Financial Security and the
               balance hereof has been cancelled and reissued" and then shall
               deliver such Certificate to Financial Security.

                                       A-1

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Policy No.:  51230-N                         Date of Issuance: December 21, 2001

                    (v)  The Trustee, on behalf of the Holders, hereby assigns
               to Financial Security the rights of the Holders with respect to
               the Certificates to the extent of any payments under the Policy,
               including, without limitation, any amounts due to the Holders in
               respect of securities law violations arising from the offer and
               sale of the Certificates. The foregoing assignment is in addition
               to, and not in limitation of, rights of subrogation otherwise
               available to Financial Security in respect of such payments. The
               Trustee shall take such action and deliver such instruments as
               may be reasonably requested or required by Financial Security to
               effectuate the purpose or provisions of this clause (v).

                    (vi) The Trustee, on its behalf and on behalf of the
               Holders, hereby appoints Financial Security as agent and
               attorney-in-fact for the Trustee and each such Holder in any
               legal proceeding with respect to the Certificates. The Trustee
               hereby agrees that, so long as a Financial Security Default (as
               defined in the Pooling and Servicing Agreement) shall not exist,
               Financial Security may at any time during the continuation of any
               proceeding by or against the Transferor or the Depositor under
               the United States Bankruptcy Code or any other applicable
               bankruptcy, insolvency, receivership, rehabilitation or similar
               law (an "Insolvency Proceeding") direct all matters relating to
               such Insolvency Proceeding, including without limitation, (A) all
               matters relating to any claim in connection with an Insolvency
               Proceeding seeking the avoidance as a preferential transfer of
               any payment made with respect to the Certificates (a "Preference
               Claim"), (B) the direction of any appeal of any order relating to
               any Preference Claim, at the expense of Financial Security but
               subject to reimbursement as provided in the Insurance Agreement,
               and (C) the posting of any surety, supersedeas or performance
               bond pending any such appeal. In addition, the Trustee hereby
               agrees that Financial Security shall be subrogated to, and the
               Trustee on its behalf and on behalf of each Holder, hereby
               delegates and assigns, to the fullest extent permitted by law,
               the rights of the Trustee and each Holder in the conduct of any
               Insolvency Proceeding, including, without limitation, all rights
               of any party to an adversary proceeding or action with respect to
               any court order issued in connection with any such Insolvency
               Proceeding.

                    (vii) Payment should be made by wire transfer directed to
               [SPECIFY INSURANCE ACCOUNT].

          Unless the context otherwise requires, capitalized terms used in this
Notice of Claim and Certificate and not defined herein shall have the meanings
provided in the Policy.

                                       A-2

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Policy No.:  51230-N                         Date of Issuance: December 21, 2001

          IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
of Claim and Certificate as of the ______ day of _________ ___.


                                         The Bank of New York, as Trustee,

                                         By ________________________________
                                         Title______________________________




________________________________________________________________________________

For Financial Security or Fiscal Agent Use Only

Wire transfer sent on      _______________ by ______________________________

Confirmation Number __________________

                                       A-3