<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
November 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, November 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: December 10, 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, November 25, 1999 .......5
</TABLE>
<PAGE> 1
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 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 5.74875% 325,176,514.73 1,661,651.99
A-2 02926NAC0 SEQ 7.09000% 59,913,431.34 353,988.52
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.44 771,456.74
======== ========= =========== ============= ============== ============
Totals 394,029,641.51 2,787,097.25
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Current Certificate Total Cumulative
Class Distribution Realized Loss Balance Distribution Realized Losses
- -------- ------------ ------------- -------------- ------------ ---------------
<S> <C> <C> <C> <C> <C>
A-1 2,566,604.05 0.00 322,609,910.68 4,228,256.04 0.00
A-2 167,997.84 0.00 59,745,433.50 521,986.36 0.00
INV_CERT 0.00 0.00 8,939,695.44 771,456.74 0.00
======== ============ ============= ============== ============ ===============
Totals 2,734,601.89 0.00 391,295,039.62 5,521,699.14 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 Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Principal Distribution Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- -------- -------------- -------------- ------------ ------------- ---------
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 325,176,514.73 178,638.63 2,387,965.42 0.00
A-2 61,750,000.00 59,913.431.34 53,682.26 114,315.58 0.00
INV_CERT 10,223,416.68 8,939,695.44 0.00 0.00 0.00
======== ============== ============== ============ ============= =========
Totals 404,323,416.68 394,029,641.51 232,320.89 2,502,281.00 0.00
======== ============== ============== ============ ============= =========
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class Loss(1) Reduction Balance Percentage Distribution
- -------- --------- ------------ -------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 2,566,604.05 322,609,910.68 0.97069328 2,566,604.05
A-2 0.00 167,997.84 59,745,433.50 0.96753738 167,997.84
INV_CERT 0.00 0.00 8,939,695.44 0.87443325 0.00
======== ========= ============ ============== =========== ===============
Totals 0.00 2,734,601.89 391,295,039.62 0.96777734 2,734,601.89
======== ========= ============ ============== =========== ===============
</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 Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
- -------- -------------- ------------ ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 978.41587101 0.53750152 7.18509228 0.00000000
A-2 61,750,000.00 970.25799741 0.86934834 1.85126445 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000
======== ============== ============ ============ ============ ==========
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
- -------- ---------- ---------- ------------ ----------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 7.72259380 970.69327721 0.97069328 7.72259380
A-2 0.00000000 2.72061279 967.53738462 0.96753738 2.72061279
INV_CERT 0.00000000 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 Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning
Certificate/ Current
Original Face Current Notional Accrued
Class Amount Certificate Rate Balance Interest
- -------- -------------- ----------------- ----------------- ------------
<S> <C> <C> <C> <C>
A-1 332,350,000.00 5.74875% 325,176,514.73 1,661,651.99
A-2 61,750,000.00 7.09000% 59,913,431.34 353,988.52
INV_CERT 10,223,416.68 0.00000% 8,939,695.44 0.00
======== ============== ================= ================= ============
Totals 404,323,416.68 2,015,640.51
======== ============== ================= ================= ============
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Payment of Current Supported Unpaid Certificate/
Unpaid Interest Interest Interest Realized Total Interest Interest Notional
Class Shortfall Shortfall Shortfall Losses(4) Distribution Shortfall Balance
- -------- --------------- --------- ---------- --------- -------------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.00 1,661,651.99 0.00 322,609,910.68
A-2 0.00 0.00 0.00 0.00 353,988.52 0.00 59,745,433.50
INV_CERT 0.00 0.00 0.00 0.00 771,456.74 0.00 8,939,695.44
======== =============== ========= ========== ========= ============== ========== ==============
Totals 0.00 0.00 0.00 0.00 2,787,097.25 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 Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Certificate/ Unpaid
Original Face Current Notional Current Accrued Interest
Class(5) Amount Certificate Rate Balance Interest Shortfall
- -------- ----------------- ----------------- ------------ --------------- ----------
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 5.74875% 978.41587101 4.99970510 0.00000000
A-2 61,750,000.00 7.09000% 970.25799741 5.73260761 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000
======== ================= ================= ============ =============== ==========
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total Interest Interest Notional
Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Balance
- -------- ---------- ----------- ---------- -------------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000 4.99970510 0.00000000 970.69327721
A-2 0.00000000 0.00000000 0.00000000 5.73260761 0.00000000 967.53738462
INV_CERT 0.00000000 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 Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Certificateholder Component Statement
<TABLE>
<CAPTION>
Component Pass-Through Beginning Notional Ending Notional Beginning Component Ending Component Balance Ending Component
Class Rate Balance Balance Balance Percentage
- ------- ----------------------- ------------------ --------------- ------------------- ------------------------ ----------------
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 65,892.90 65,418.55 0.00 0.00 97.02597379%
======= ======================= ================== =============== =================== ======================== ================
</TABLE>
<PAGE> 7
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,861,449.53
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 5,861,449.53
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 339,750.39
Payment of Interest and Principal 5,521,699.14
------------
Total Withdrawals (Pool Distribution Amount) 5,861,449.53
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 164,179.02
Management Fee 1,000.00
FSA Group 1 Premium 56,905.89
FSA Group 2 Premium 8,987.01
PMI Group 1 Fee 96,512.42
PMI Group 2 Fee 12,166.05
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 339,750.39
==========
</TABLE>
<PAGE> 8
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 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 67 5,965,635.92 1.784763% 1.524588%
60 Days 5 403,692.04 0.133191% 0.103168%
90+ Days 5 237,496.86 0.133191% 0.060695%
Foreclosure 32 2,514,825.88 0.852424% 0.642693%
REO 0 0.00 0.000000% 0.000000%
--- ------------ -------- --------
Totals 109 9,121,650.70 2.903570% 2.331144%
</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 0.02555616%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.09988660%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.03329553%
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
<PAGE> 9
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed & Mixed ARM
<S> <C>
Weighted Average Gross Coupon 9.524102%
Weighted Average Net Coupon 9.024101%
Weighted Average Pass-Through Rate 8.487980%
Weighted Average Maturity (Stepdown Calculation) 344
Beginning Scheduled Collateral Loan Count 3,777
Number of Loans Paid in Full 23
Ending Scheduled Collateral Loan Count 3,754
Beginning Scheduled Collateral Balance 394,029,641.54
Ending Scheduled Collateral Balance 391,295,039.65
Ending Actual Collateral Balance at 31-Oct-1999 391,518,475.40
Monthly P&I Constant 3,250,490.07
Ending Scheduled Balance for Premium Loans 391,295,039.65
</TABLE>
<PAGE> 10
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 Facsimile: (410) 884-2369
<TABLE>
<CAPTION>
Group 1 2 Total
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.147347 9.433045
Weighted Average Net Rate 8.647347 8.933045
Weighted Average Maturity 354.00 290.00
Record Date 10/31/99 10/31/99
Principal And Interest Constant 2,715,926.25 534,563.82 3,250,490.07
Beginning Loan Count 2,994 783 3,777
Loans Paid In Full 21 2 23
Ending Loan Count 2,973 781 3,754
Beginning Scheduled Balance 332,855,558.96 61,174,082.58 394,029,641.54
Ending Scheduled Balance 330,288,954.91 61,006,084.74 391,295,039.65
Scheduled Principal 178,638.63 53,682.26 232,320.89
Unscheduled Principal 2,387,965.42 114,315.58 2,502,281.00
Scheduled Interest 2,537,287.62 480,881.56 3,018,169.18
Servicing Fee 138,689.81 25,489.21 164,179.02
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
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 2,398,597.81 455,392.35 2,853,990.16
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 679,195.51 92,261.24 771,456.74
</TABLE>
<PAGE> 11
American Residential Eagle Contact: Customer Service
Bond Trust 1999-2 Norwest Bank Minnesota, N.A.
Collateralized Home Equity Securities Administration Services
Bonds, Series 1999-2 11000 Broken Land Parkway
Distribution Date: 26-Nov-1999
Columbia, MD 21044
Record Date: 31-Oct-1999 Telephone: (301) 815-6600
Distribution Date: 26-Nov-1999 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>
1 Principal Balance 3,987,795.66 278,753.28 56,773.50 1,928,850.51 0.00 1,055,665.72
Percentage Of Balance 1.207% 0.084% 0.017% 0.584% 0.000% 0.320%
Loan Count 41 3 1 23 0 11
Percentage of Loan Count 1.379% 0.101% 0.034% 0.774% 0.000% 0.370%
2 Principal Balance 1,977,840.26 124,938.76 180,723.36 585,975.37 0.00 140,828.55
Percentage Of Balance 3.242% 0.205% 0.296% 0.961% 0.000% 0.231%
Loan Count 26 2 4 9 0 1
Percentage of Loan Count 3.329% 0.256% 0.512% 1.152% 0.000% 0.128%
Totals Principal Balance 5,965,635.92 403,692.04 237,496.86 2,514,825.88 0.00 $1,196,494.27
Percentage of Balance 1.525% 0.103% 0.061% 0.643% 0.000% 0.306%
Loan Count 67 5 5 32 0 12
Percentage of Loan Count 1.785% 0.133% 0.133% 0.852% 0.000% 0.320%
</TABLE>
