<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
March 25, 1999
Date of Report (Date of Earliest Event Reported)
American Residential Eagle, Inc. (as Depositor of American
Residential Eagle Certificate Trust 1998-1, Issuer of the Mortgage-Backed
Callable Certificates, Series 1998-1, under a Trust Agreement dated June 1,
1998, and as Depositor of American Residential Eagle Bond Trust 1998-1,
Issuer of the Class A Collateralized Callable Mortgage Bonds under an Indenture
dated June 1, 1998)
AMERICAN RESIDENTIAL EAGLE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-47311 33-0787975
-------- --------- ----------
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction Identification No.)
of Incorporation)
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 Mortgage-Backed Callable Certificates,
Series 1998-1 (the "Certificates") issued by American Residential
Eagle Certificate Trust 1998-1 and Class A Collateralized Callable
Mortgage Bonds issued by American Residential Eagle Bond Trust
1998-1 (the "Bonds").
The following exhibit which relates specifically to the
Certificates and 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 Certificateholders, March 25, 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: April 23, 1999
AMERICAN RESIDENTIAL EAGLE, INC.
By: /s/ MARK A. CONGER
--------------------------------------
Mark A. Conger
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 Certificateholders, March 25, 1999.......5
</TABLE>
<PAGE> 1
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certifi-
cate Certificate
Class Pass- Beginning Current Ending Cumulative
Descrip- Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP tion Rate Balance Distribution Distribution Loss Balance Distribution Losses
- -------- --------- -------- ----------- -------------- ------------- ------------- -------- --------------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 02926PAA9 SEQ 5.02688% 47,700,941.25 163,042.15 13,987,996.78 0.00 27,712,944.47 14,151,038.93 0.00
A-2 02926PAB7 SEQ 5.14688% 232,093,000.00 929,098.16 0.00 0.00 232,093,000.00 929,098.16 0.00
M-1 02926PAC5 SEQ 5.43688% 46,029,000.00 194,642.11 0.00 0.00 46,029,000.00 194,642.11 0.00
M-2 02926OAD3 SEQ 5.63688% 17,365,000.00 76,132.33 0.00 0.00 17,365,000.00 76,132.33 0.00
B 02926PAE1 SEQ 6.33688% 17,365,000.00 85,586.60 0.00 0.00 17,365,000.00 85,586.60 0.00
X ARE98001X IO 0.16418% 0.00 45,275.84 0.00 0.00 0.00 45,275.84 0.00
O ARE98001O RES 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INV CERT ARE98INVC INV 0.00000% 0.00 1,240,477.35 0.00 0.00 0.00 1,240,477.35 0.00
- -------- --------- -------- ----------- -------------- ------------- ------------- -------- --------------- ------------- ----------
Totals 354,552,941.25 2,734,254.54 3,987,996.78 0.00 340,564,944.47 16,722,251.32 0.00
======== ========= ======== =========== ============== ============= ============= ======== =============== ============= ==========
</TABLE>
All distributions required by the Pooling and Servicing Agreement have
been calculated by the Certificate Administrator on behalf of the Trustee
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
13-Apr-1999 10:33A.M.
<PAGE> 2
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
Scheduled Real-
Beginning Principal Unscheduled ized Total Ending Ending Total
Original Certificate Distribu- Principal Accre- Loss Principal Certificate Certificate Principal
Class Face Amount Balance tion Distribution tion (1) Reduction Balance Percentage Distribution
- -------- -------------- -------------- ---------- ------------- ------ ----- ------------- -------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 41,700,941.25 192,442.27 13,795,554.51 0.00 0.00 13,987,996.78 27,712,944.47 0.19249111 13,987,996.78
A-2 232,093,000.00 232,093,000.00 0.00 0.00 0.00 0.00 0.00 232,093,000.00 1.00000000 0.00
M-1 46,029,000.00 46,029,000.00 0.00 0.00 0.00 0.00 0.00 46,029,000.00 1.00000000 0.00
M-2 17,365,000.00 17,365,000.00 0.00 0.00 0.00 0.00 0.00 17,365,000.00 1.00000000 0.00
B 17,365,000.00 17,365,000.00 0.00 0.00 0.00 0.00 0.00 17,365,000.00 1.00000000 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
O 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
INV CERT 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
- -------- -------------- -------------- ---------- ------------- ------ ----- ------------- -------------- ----------- -------------
Totals 456,822,000.00 354,552,941.25 192,442.27 13,795,554.51 0.00 0.00 13,987,996.78 340,564,944.47 0.74550907 13,987,996.78
======== ============== ============== ========== ============= ====== ===== ============= ============== =========== =============
</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> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Scheduled Unscheduled Ending Total
Beginning Principal Principal Total Ending Certifi- Principal
Original Certificate Distribu- Distribu- Realized Principal Certificate cate Distribu-
Class(2) Face Amount Balance tion tion Accretion Loss(3) Reduction Balance Percentage tion
- -------- -------------- ------------- ---------- ----------- ---------- ---------- ----------- ------------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 289.65021359 1.33668313 95.82242488 0.00000000 0.00000000 97.15910801 192.49110558 0.19249111 97.15910801
A-2 232,093,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-1 46,029,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B 17,365,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Payment Non- Remain-
of Sup- ing
Current Beginning Unpaid Current ported Real- Unpaid Ending
Certifi- Certificate/ Current Interest Interest Interest ized Total Interest Certificate/
Original Face cate Notional Accrued Short- Short- Short- Losses Interest Short- Notional
Class Amount Rate Balance Interest fall fall fall (4) Distribution fall Balance
- -------- -------------- -------- -------------- ------------ -------- -------- -------- ------ ------------ -------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.02688% 41,700,941.25 163,042.15 0.00 0.00 0.00 0.00 163,042.15 0.00 27,712,944.47
A-2 232,093,000.00 5.14688% 232,093,000.00 929,098.19 0.00 0.00 0.01 0.00 929,098.16 0.00 232,093,000.00
M-1 46,029,000.00 5.43688% 46,029,000.00 194,642.12 0.00 0.00 0.00 0.00 194,642.11 0.00 46,029,000.00
M-2 17,365,000.00 5.63688% 17,365,000.00 76,132.33 0.00 0.00 0.00 0.00 76,132.33 0.00 17,365,000.00
B 17,365,000.00 6.33688% 17,365,000.00 85,586.61 0.00 0.00 0.00 0.00 85,586.60 0.00 17,365,000.00
X 0.00 0.16418% 354,552,941.25 45,275.84 0.00 0.00 0.00 0.00 45,275.84 0.00 340,564,944.47
O 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
INV CERT 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 1,240,477.35 0.00 0.00
- -------- -------------- -------- -------------- ------------ -------- -------- -------- ------ ------------ -------- ---------------
Totals 456,822,000.00 1,493,777.24 0.00 0.00 0.01 0.00 2,734,254.54 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> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of Non-
Original Current Certificate/ Current Unpaid Current Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
- -------- -------------- ----------- ------------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 143,970,000.00 5.02688% 289.65021359 1.13247308 0.00000000 0.00000000 0.00000000 0.00000000
A-2 232,093,000.00 5.14688% 1000.00000000 4.00312888 0.00000000 0.00000000 0.00000000 0.00000000
M-1 46,029,000.00 5.43688% 1000.00000000 4.22868452 0.00000000 0.00000000 0.00000000 0.00000000
M-2 17,365,000.00 5.63688% 1000.00000000 4.38424014 0.00000000 0.00000000 0.00000000 0.00000000
B 17,365,000.00 6.33688% 1000.00000000 4.92868471 0.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.16418% 776.12930474 0.09911046 0.00000000 0.00000000 0.00000000 0.00000000
O 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
INV CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
- -------- -------------- ----------- ------------- ---------- ---------- ---------- ---------- -----------
</TABLE>
<TABLE>
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
- -------- -------------- ---------- -------------
<S> <C> <C> <C>
A-1 1.13247308 0.00000000 192.49110558
A-2 4.00312875 0.00000000 1000.00000000
M-1 4.22868431 0.00000000 1000.00000000
M-2 4.38424014 0.00000000 1000.00000000
B 4.92868413 0.00000000 1000.00000000
X 0.09911046 0.00000000 745.50907021
O 0.00000000 0.00000000 0.00000000
INV CERT 75000.00000000 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> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Certificate Component Statement
<TABLE>
<CAPTION>
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
- ----- ------------ ---------- -------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
0C 0.00000% 0.00 0.00 6,251,524.38 6,251,524.38 99.96233490%
- ----- ------------ ---------- -------- ------------ ------------ ------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 16,629,141.32
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 412,584.73
Realized Losses (130,332.35)
-------------
Total Deposits 16,911,393.70
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 189,142.38
Payment of Interest and Principal 16,722,251.32
-------------
Total Withdrawals (Pool Distribution Amount) 16,911,393.70
Ending Balance 0.00
=============
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ------------ --------- ----------- -------- -------
<S> <C> <C> <C> <C>
Reserve Fund 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 150,335.20
Management Fee 1,000.00
Trustee Fee 35,026.00
Special Servicing Fee 2,255.01
Master Servicing Fee 526.17
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 189,142.38
==========
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
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 109 11,128,402.83 3.827247% 3.208730%
60 Days 51 7,138,784.88 1.790730% 2.058375%
90+ Days 77 9,199,925.21 2.703652% 2.652678%
Foreclosure 161 17,491,719.35 5.653090% 5.043509%
REO 17 3,205,372.00 0.596910% 0.924227%
--- ------------- --------- ---------
Totals 415 48,164,204.27 14.571629% 13.887519%
--- ------------- --------- ---------
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 130,332.35
Cumulative Realized Losses - Includes Interest Shortfall 196,910.90
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 412,584.73
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description 6 Month LIBOR ARM
- ---------------------- -----------------
<S> <C>
Weighted Average Gross Coupon 10.156400%
Weighted Average Net Coupon 9.539900%
Weighted Average Pass-Through Rate 9.527300%
Weighted Average Maturity (Stepdown Calculation) 345
Beginning Scheduled Collateral Loan Count 2,946
Number of Loans Paid in Full 98
Ending Scheduled Collateral Loan Count 2,848
Beginning Scheduled Collateral Balance 360,804,465.63
Ending Scheduled Collateral Balance 346,816,468.85
Ending Actual Collateral Balance at 28-Feb-1999 347,118,829.72
Monthly P&I Constant 3,246,171.61
Ending Scheduled Balance for Premium Loans 346,816,468.85
Required Overcollateralized Amount 6,251,524.38
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 6,251,524.38
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
</TABLE>
<PAGE> 10
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust ARE Contact: Customer Service
Mortgage Pass-Through Certificates Series 1998-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 11000 Broken Land Parkway
Distribution Date: 25-Mar-1999 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 846-2369
</TABLE>
<TABLE>
<S> <C>
Bond Scheduled/Unscheduled Principal 192,442.27/$13,665,222.16
Bond Interest and Interest Rate $1,493,777.24/5.41688%
Ending Bond Balance $340,564,944.47
Excess Mortgage Amount $1,370,809.70
REO loan number/REO principal balance 7360977/$321,369.11
REO loan number/REO principal balance 7271935/$59,920.01
REO loan number/REO principal balance 7374630/$44,800.69
REO loan number/REO principal balance 7401573/$97,560.19
REO loan number/REO principal balance 7312994/$93,341.16
REO loan number/REO principal balance 7434335/$183,910.44
REO loan number/REO principal balance 0007353923/$273,193.44
REO loan number/REO principal balance 0007311129/$178,139.07
REO loan number/REO principal balance 0007742257/$580,977.70
REO loan number/REO principal balance 0007296429/$644,329.37
REO loan number/REO principal balance 0007397300/$89,635.59
REO loan number/REO principal balance 0007413214/$75,562.38
REO loan number/REO principal balance 0007415805/$25,662.76
REO loan number/REO principal balance 0007401789/$373,274.76
REO loan number/REO principal balance 0003279544/$76,822.13
REO loan number/REO principal balance 0008029084/$30,750.00
REO loan number/REO principal balance 0007425341/$56,123.20
January Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,432,240.51/$354,376.72
February Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,311,067.96/$340,052.33
March Scheduled Payments/Scheduled Payments for delinquent loans 60 days + $3,173,238.96/$404,127.32
</TABLE>
