<PAGE> 1
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
September 27, 1999
Date of Report (Date of Earliest Event Reported)
American Residential Eagle, Inc. (as Depositor of American Residential Eagle
Bond Trust 1999-2, Issuer of the Collateralized Home Equity Bonds,
Series 1999-2, under an Indenture dated July 1, 1999, between
American Residential Eagle Bond Trust 1999-2, as Issuer, and
Norwest Bank Minnesota, National Association,
as Indenture Trustee)
AMERICAN RESIDENTIAL EAGLE, INC.
------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<CAPTION>
Delaware 333-70189-1 33-0787975
- ---------------------------------------------- ------------------------ ------------------------------------
<S> <C> <C>
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
445 Marine View Avenue, Suite 100, Del Mar, CA 92014
----------------------------------------------------
(Address of Principal Executive Offices)
(619) 350-5001
-------------------------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
American Residential Eagle, Inc. has previously registered the offer
and sale of Collateralized Home Equity Bonds, Series 1999-2 (the
"Bonds") issued by American Residential Eagle Bond Trust 1999-2.
The following exhibit which relates specifically to the Bonds is
included with this Current Report:
<TABLE>
<CAPTION>
Item 7(c). Exhibits
--------
<S> <C>
10.1 Monthly Payment Date Statement relating to the distribution
to Bondholders, September 27, 1999.
</TABLE>
<PAGE> 3
SIGNATURE
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.
Date: October 18, 1999
AMERICAN RESIDENTIAL EAGLE, INC.
By: /s/ Judith A. Berry
------------------------------------
Judith A. Berry
Chief Financial Officer
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C> <C>
10.1 Monthly Payment Date Statement relating to the distribution to
Bondholders, September 27, 1999................................... 5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===================================================================================================================================
Certificate Certificate Beginning Current Ending
Class Pass-Through Certificate Interest Principal Realized Certificate
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 5.54875% 332,350,000.00 2,714,964.84 3,183,969.91 0.00 329,166,030.09
A-2 02926NAC0 SEQ 7.09000% 61,750,000.00 364,839.58 1,122,032.29 0.00 60,627,967.71
INV_CERT AMINV1992 SEQ 0.00000% 10,223,416.68 2,809,207.03 1,283,721.24 0.00 8,939,695.44
===================================================================================================================================
Totals 404,323,416.68 5,889,011.45 5,589,723.44 0.00 398,733,693.24
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================
Cumulative
Total Realized
Class CUSIP Distribution Losses
===========================================================
<S> <C>
A-1 02926NAB2 5,898,934.75 0.00
A-2 02926NAC0 1,486,871.87 0.00
INV_CERT AMINV1992 4,092,928.27 0.00
===========================================================
Totals 11,478,734.89 0.00
===========================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
<PAGE> 2
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 332,350,000.00 356,398.22 2,827,571.69 0.00 0.00 3,183,969.91
A-2 61,750,000.00 61,750,000.00 106,210.55 1,015,821.74 0.00 0.00 1,122,032.29
INV_CERT 10,223,416.68 10,223,416.68 0.00 1,283,721.24 0.00 0.00 1,283,721.24
================================================================================================================
Totals 404,323,416.68 404,323,416.68 462,608.77 5,127,114.67 0.00 0.00 5,589,723.44
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
============================================================
<S> <C> <C> <C>
A-1 329,166,030.09 0.99041983 3,183,969.91
A-2 60,627,967.71 0.98182944 1,122,032.29
INV_CERT 8,939,695.44 0.87443325 1,283,721.24
============================================================
Totals 398,733,693.24 0.98617512 5,589,723.44
============================================================
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 3
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
=====================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
=====================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 1000.00000000 1.07235812 8.50781312 0.00000000 0.00000000 9.58017124
A-2 61,750,000.00 1000.00000000 1.72000891 16.45055449 0.00000000 0.00000000 18.17056340
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
=============================================================
<S> <C> <C> <C>
A-1 990.41982876 0.99041983 9.58017124
A-2 981.82943660 0.98182944 18.17056340
INV_CERT 0.00000000 0.87443325 0.00000000
=============================================================
</TABLE>
(2) All Denominations Are Per $1,000.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 4
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
===========================================================================================================================
Beginning Payment Non-
Current Certificate Current of Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
===========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.54875% 332,350,000.00 2,714,964.84 0.00 0.00 0.00 0.00
A-2 61,750,000.00 7.09000% 61,750,000.00 364,839.58 0.00 0.00 0.00 0.00
INV_CERT 10,223,416.68 0.00000% 10,223,416.68 0.00 0.00 0.00 0.00 0.00
===========================================================================================================================
Totals 404,323,416.68 3,079,804.42 0.00 0.00 0.00 0.00
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
========================================================
<S> <C> <C> <C>
A-1 2,714,964.84 0.00 329,166,030.09
A-2 364,839.58 0.00 60,627,967.71
INV_CERT 2,809,207.03 0.00 8,939,695.44
========================================================
Totals 5,889,011.45 0.00
========================================================
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 5
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
============================================================================================================================
Beginning Payment Non-
Current Certificate Current of Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.54875% 1000.00000000 8.16899305 0.00000000 0.00000000 0.00000000 0.00000000
A-2 61,750,000.00 7.09000% 1000.00000000 5.90833328 0.00000000 0.00000000 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
========================================================
<S> <C> <C> <C>
A-1 8.16899305 0.00000000 990.41982876
A-2 5.90833328 0.00000000 981.82943660
INV_CERT 0.00000000 0.00000000 0.00000000
========================================================
</TABLE>
(5) All Denominations Are Per $1,000.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 6
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
===================================================================================================================================
Component Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Pass-Through Rate Balance Balance Balance Balance Percentage
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 67,423.75 66,698.25 0.00 0.00 98.92396967%
===================================================================================================================================
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,992,832.83
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
-------------
Total Deposits 11,992,832.83
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 514,097.94
Payment of Interest and Principal 11,478,734.89
-------------
Total Withdrawals (Pool Distribution Amount) 11,992,832.83
Ending Balance 0.00
=============
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ --------- ----------- -------- -------
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 335,908.74
Management Fee 1,000.00
FSA Group 1 Premium 58,161.25
FSA Group 2 Premium 9,262.50
PMI Group 1 Fee 97,584.21
PMI Group 2 Fee 12,181.24
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 514,097.94
==========
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
Current Unpaid ----------------------
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- ------------ -------- --------
<S> <C> <C> <C> <C>
30 Days 55 5,206,318.78 1.440922% 1.305713%
60 Days 8 626,066.39 0.209589% 0.157014%
90+ Days 2 65,647.00 0.052397% 0.016464%
Foreclosure 11 1,327,323.28 0.288184% 0.332885%
REO 0 0.00 0.000000% 0.000000%
-- ------------ -------- --------
Totals 76 7,225,355.45 1.991092% 1.812075%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss -- Includes Interest Shortfall 0.00
Cumulative Realized Losses -- Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02507940%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.04205607%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.01401869%
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
<PAGE> 9
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed & Mixed ARM
<S> <C>
Weighted Average Gross Coupon 19.003920%
Weighted Average Net Coupon 18.117490%
Weighted Average Pass-Through Rate 18.117490%
Weighted Average Maturity (Stepdown Calculation) 346
Beginning Scheduled Collateral Loan Count 3,855
Number of Loans Paid in Full 38
Ending Scheduled Collateral Loan Count 3,817
Beginning Scheduled Collateral Balance 404,323,416.68
Ending Scheduled Collateral Balance 398,733,693.27
Ending Actual Collateral Balance at 31-Aug-1999 404,323,416.71
Monthly P&I Constant 3,423,371.44
Ending Scheduled Balance for Premium Loans 398,733,693.27
</TABLE>
<PAGE> 10
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
Group 1 2 Total
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 18.949520 19.298468
Weighted Average Net Rate 17.952530 18.301697
Weighted Average Maturity 356.00 292.00
Record Date 08/31/99 08/31/99
Principal And Interest Constant 5,745,814.13 1,119,903.83 6,865,717.96
Beginning Loan Count 3,057 798 3,855
Loans Paid In Full 31 7 38
Ending Loan Count 3,026 791 3,817
Beginning Scheduled Balance 341,290,854.00 63,032,561.90 404,323,415.90
Ending Scheduled Balance 336,845,074.32 61,888,618.95 398,733,693.27
Scheduled Principal 356,398.22 106,210.55 462,608.77
Unscheduled Principal 2,208,397.30 1,037,732.40 3,246,129.70
Scheduled Interest 5,389,415.91 1,013,693.28 6,403,109.19
Servicing Fee 283,551.21 52,357.53 335,908.74
Master Servicing Fee 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 5,105,864.47 961,335.75 6,067,200.22
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Group 1 2 Total
<S> <C> <C> <C>
Required Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Increase Amount 1,261,810.58 21,910.66 1,283,721.24
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Amount 8,940,854.81 1,282,561.90 10,223,416.71
Overcollateralization Deficiency Amount 0.00 0.00 0.00
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 0.00 0.00 0.00
Excess Cash Amount 2,400,670.69 574,895.98 2,975,566.67
</TABLE>
<PAGE> 11
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Aug-1999 11000 Broken Land Parkway
Distribution Date: 27-Sep-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Delinquency Status By Group
<TABLE>
<CAPTION>
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
<S> <C> <C> <C> <C> <C> <C>
1 Principal Balance 4,195,650.65 574,103.64 0.00 1,043,823.28 0.00 407,805.68
Percentage Of Balance 1.246% 0.170% 0.000% 0.310% 0.000% 0.121%
Loan Count 37 7 0 10 0 6
Percentage of Loan Count 1,223% 0.231% 0.000% 0.330% 0.000% 0.198%
2 Principal Balance 1,010,668.13 51,962.75 65,647.00 283,500.00 0.00 0.00
Percentage Of Balance 1.633% 0.084% 0.106% 0.458% 0.000% 0.000%
Loan Count 18 1 2 1 0 0
Percentage of Loan Count 2.276% 0.126% 0.253% 0.126% 0.000% 0.000%
Totals Principal Balance 5,206,318.78 626,066.39 65,647.00 1,327,323.28 0.00 407,805.68
Percentage of Balance 1,306% 0.157% 0.16% 0.333% 0.000% 0.102%
Loan Count 55 8 2 11 0 6
Percentage of Loan Count 1.441% 0.210% 0.052% 0.288% 0.000% 0.157%
</TABLE>
