<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
October 25, 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)
Delaware 333-70189-1 33-0787975
-------- ----------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement relating to the distribution to
Bondholders, October 25, 1999.
<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: November 30, 1999
AMERICAN RESIDENTIAL EAGLE, INC.
By: /s/ Judith A. Berry
---------------------------------
Judith A. Berry
Chief Financial Officer
(Principal Financial Officer
and Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement relating to the distribution to
Bondholders, October 25, 1999.................................... 5
</TABLE>
<PAGE> 1
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
=================== ================ ============== ================= ================= ================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
=================== ================ ============== ================= ================= ================
<S> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 5.72250% 329,166,030.09 1,465,063.14
A-2 02926NAC0 SEQ 7.09000% 60,627,967.71 358,210.24
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.44 1,000,705.20
===================================================================== ================= ================
Totals 398,733,693.24 2,823,978.58
===================================================================== ================= ================
</TABLE>
<TABLE>
<CAPTION>
=================== ================ =============== ================= ================ =================
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
=================== ================ =============== ================= ================ =================
<S> <C> <C> <C> <C> <C>
A-1 3,989,515.36 0.00 325,176,514.73 5,454,578.50 0.00
A-2 714,536.37 0.00 59,913,431.34 1,072,746.61 0.00
INV_CERT 0.00 0.00 8,939,695.44 1,000,705.20 0.00
=================== ================ =============== ================= ================ =================
Totals 4,704,051.73 0.00 394,029,641.51 7,528,030.31 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
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Statement
<TABLE>
<CAPTION>
================= ================== ================= ==================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
================= ================== ================= ==================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 329,166,030.09 0.00 3,989,515.36 0.00 0.00
A-2 61,750,000.00 60,627,967.71 0.00 714,536.37 0.00 0.00
INV_CERT 10,223,416.68 8,939,695.44 0.00 0.00 0.00 0.00
================= ================== ================= ==================================================================
Totals 404,323,416.68 398,733,693.24 0.00 4,704,051.73 0.00 0.00
================= ================== ================= ==================================================================
</TABLE>
<TABLE>
<CAPTION>
================= ================ ================== ============== =================
Total Ending Ending
Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
================= ================ ================== ============== =================
<S> <C> <C> <C> <C>
A-1 3,989,515.36 325,176,514.73 0.97841587 3,989,515.36
A-2 714,536.37 59,913,431.34 0.97025800 714,536.37
INV_CERT 0.00 8,939,695.44 0.87443325 0.00
================= ================ ================== ============== =================
Totals 4,704,051.73 394,029,641.51 0.97454074 4,704,051.73
================= ================ ================== ============== =================
</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
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
================= ================== ================= ==================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class(2) Amount Balance Distribution Distribution Accretion Loss(3)
================= ================== ================= ==================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 990.41982876 0.00000000 12.00395776 0.00000000 0.00000000
A-2 61,750,000.00 981.82943660 0.00000000 11.57143919 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
================= ================== ================= ==================================================================
</TABLE>
<TABLE>
<CAPTION>
================= ================ ================== ============== =================
Total Ending Ending
Principal Certificate Certificate Total Principal
Class(2) Reduction Balance Percentage Distribution
================= ================ ================== ============== =================
<S> <C> <C> <C> <C>
A-1 12.00395776 978.41587101 0.97841587 12.00395776
A-2 11.57143919 970.25799741 0.97025800 11.57143919
INV_CERT 0.00000000 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
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Statement
<TABLE>
<CAPTION>
================ ================= ================= ================= =============================================
Beginning Current Payment of Current
Original Face Current Certificate/ Accrued Unpaid Interest Interest
Class Amount Certificate Rate Notional Balance Interest Shortfall Shortfall
================ ================= ================= ================= =============================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.72250% 329,166,030.09 1,465,063.14 0.00 0.00
A-2 61,750,000.00 7.09000% 60,627,967.71 358,210.24 0.00 0.00
INV_CERT 10,223,416.68 0.00000% 8,939,695.44 0.00 0.00 0.00
================ ================= ================= ================= =============================================
Totals 404,323,416.68 1,823,273.38 0.00 0.00
================ ================= ================= ================= =============================================
</TABLE>
<TABLE>
<CAPTION>
================ ========================= ================= ============= =================
Remaining
Non-Supported Unpaid Ending
Interest Realized Total Interest Interest Certificate/
Class Shortfall Losses(4) Distribution Shortfall Notional Balance
================ ========================= ================= ============= =================
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,465,063.14 0.00 325,176,514.73
A-2 0.00 0.00 358,210.24 0.00 59,913,431.34
INV_CERT 0.00 0.00 1,000,705.20 0.00 8,939,695.44
================ ========================= ================= ============= =================
Totals 0.00 0.00 2,823,978.58 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
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
================= ================= ================= ================= ==================================================
Payment of
Beginning Unpaid Current
Original Face Current Certificate/ Current Accrued Interest Interest
Class(5) Amount Certificate Rate Notional Balance Interest Shortfall Shortfall
================= ================= ================= ================= ==================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.72250% 990.41982876 4.40819359 0.00000000 0.00000000
A-2 61,750,000.00 7.09000% 981.82943660 5.80097555 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
================= ================= ================= ================= ==================================================
</TABLE>
<TABLE>
<CAPTION>
================= ============================== ================= ============= ================
Remaining Ending
Non-Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
================= ============================== ================= ============= ================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.40819359 0.00000000 978.41587101
A-2 0.00000000 0.00000000 5.80097555 0.00000000 970.25799741
INV_CERT 0.00000000 0.00000000 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
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Component Statement
<TABLE>
<CAPTION>
======= ======================== ==================== ================= ===================== =================== ==================
Component Pass-Through Beginning Notional Ending Notional Beginning Component Ending Ending Component
Class Rate Balance Balance Balance Component Balance Percentage
======= ======================== ==================== ================= ===================== =================== ==================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 66,698.25 65,892.90 0.00 0.00 97.72950926%
======= ======================== ==================== ================= ===================== =================== ==================
</TABLE>
<PAGE> 7
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Account Statement
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,870,994.33
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 7,870,994.33
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 342,964.02
Payment of Interest and Principal 7,528,030.31
------------
Total Withdrawals (Pool Distribution Amount) 7,870,994.33
Ending Balance 0.00
=============
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
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>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 166,139.04
Management Fee 1,000.00
FSA Group 1 Premium 57,604.05
FSA Group 2 Premium 9,094.19
PMI Group 1 Fee 96,952.85
PMI Group 2 Fee 12,173.89
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 342,964.02
==========
</TABLE>
<PAGE> 8
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
-------------------------
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- --------- ---------
<S> <C> <C> <C> <C>
30 Days 49 4,731,477.51 1.297326% 1.200792%
60 Days 11 766,547.84 0.291236% 0.194541%
90+ Days 1 51,962.75 0.026476% 0.013188%
Foreclosure 13 989,933.73 0.344189% 0.251233%
REO 0 0.00 0.000000% 0.000000%
-- ------------ --------- ---------
Totals 74 6,539,921.83 1.959227% 1.659754%
</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 0.02537880%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.07837310%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.02612437%
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
<PAGE> 9
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
- ------------------------------------------------ -----------------
<S> <C>
Weighted Average Gross Coupon 9.531001%
Weighted Average Net Coupon 9.030990%
Weighted Average Pass-Through Rate 8.498840%
Weighted Average Maturity (Stepdown Calculation) 345
Beginning Scheduled Collateral Loan Count 3,817
Number of Loans Paid in Full 40
Ending Scheduled Collateral Loan Count 3,777
Beginning Scheduled Collateral Balance 398,733,693.27
Ending Scheduled Collateral Balance 394,029,641.54
Ending Actual Collateral Balance at 31-Aug-1999 394,246,700.27
Monthly P&I Constant 3,399,198.32
Ending Scheduled Balance for Premium Loans 394,029,641.54
</TABLE>
<PAGE> 10
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
Group 1 2 Total
- ------------------------------- -------------- ------------- --------------
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.503140 9.682639
Weighted Average Net Rate 8.657749 8.946592
Weighted Average Maturity 355.00 291.00
Record Date 09/30/99 09/30/99
Principal And Interest Constant 2,846,356.65 552,841.67 3,399,198.32
Beginning Loan Count 3,026 791 3,817
Loans Paid In Full 32 8 40
Ending Loan Count 2,994 783 3,777
Beginning Scheduled Balance 336,845,074.32 61,888,618.95 398,733,693.27
Ending Scheduled Balance 332,855,558.96 61,174,082.58 394,029,641.54
Scheduled Principal 178,785.01 53,470.69 232,255.70
Unscheduled Principal 3,810,730.35 661,065.68 4,471,796.03
Scheduled Interest 2,667,571.64 499,370.98 3,166,942.62
Servicing Fee 140,352.11 25,786.93 166,139.04
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 96,952.85 12,173.89 109,126.74
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 2,430,266.68 461,410.16 2,891,676.84
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>
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 0.00 0.00 0.00
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 7,679,044.23 1,260,651.24 8,939,695.47
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 906,755.02 93,950.19 1,000,705.20
</TABLE>
<PAGE> 11
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Norwest Bank Minnesota, N.A.
Series 1999-2 Securities Administration
Services
Record Date: 30-Sep-1999 11000 Broken Land Parkway
Distribution Date: 25-Oct-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
Delinquency Status By Group
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
- ------- ------------ ---------- --------- ----------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
1 Principal Balance 3,330,216.02 427,332.65 0.00 850,368.54 0.00 787,348.65
Percentage Of Balance 1.000% 0.128% 0.000% 0.255% 0.000% 0.237%
Loan Count 36 4 0 9 0 8
Percentage of Loan Count 1.202% 0.134% 0.000% 0.301% 0.000% 0.267%
2 Principal Balance 1,401,261.49 339,215.19 51,962.75 139,565.19 0.00 140,828.55
Percentage Of Balance 2.291% 0.555% 0.085% 0.228% 0.000% 0.230%
Loan Count 13 7 1 4 0 1
Percentage of Loan Count 1.660% 0.894% 0.128% 0.511% 0.000% 0.128%
Totals Principal Balance 4,731,477.51 766,547.84 51,962.75 989,933.73 0.00 $928,177.20
Percentage of Balance 1.201% 0.195% 0.013% 0.251% 0.000% 0.236%
Loan Count 49 11 1 13 0 9
Percentage of Loan Count 1.297% 0.291% 0.026% 0.344% 0.000% 0.238%
</TABLE>
