<PAGE> 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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===============================================================================================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
===============================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 6.48500% 301,497,449.33 1,629,342.47 4,979,699.58
A-2 02926NAC0 SEQ 7.09000% 55,728,340.31 329,261.61 356,957.09
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.47 0.00 0.00
===============================================================================================
Totals 366,165,485.11 1,958,604.08 5,336,656.67
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
====================================================================
<S> <C> <C> <C> <C>
A-1 0.00 296,517,749.75 6,609,042.05 0.00
A-2 0.00 55,371,383.22 686,218.70 0.00
INV_CERT 0.00 9,525,684.93 0.00 0.00
====================================================================
Totals 0.00 361,414,817.90 7,295,260.75 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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
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-1 332,350,000.00 301,497,449.33 0.00 4,979,699.58 0.00
A-2 61,750,000.00 55,728,340.31 0.00 356,957.09 0.00
INV_CERT 10,223,416.68 8,939,695.47 0.00 0.00 0.00
====================================================================================
Totals 404,323,416.68 366,165,485.11 0.00 5,336,656.67 0.00
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss(1) Reduction Balance Percentage Distribution
===================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00 4,979,699.58 296,517,749.75 0.89218520 4,979,699.58
A-2 0.00 356,957.09 55,371,383.22 0.89670256 356,957.09
INV_CERT 0.00 0.00 9,525,684.93 0.93175161 0.00
===================================================================================
Totals 0.00 5,336,656.67 361,414,817.90 0.89387555 5,336,656.67
===================================================================================
</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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
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-1 332,350,000.00 907.16849505 0.00000000 14.98329947 0.00000000
A-2 61,750,000.00 902.48324389 0.00000000 5.78068162 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
====================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 14.98329947 892.18519558 0.89218520 14.98329947
A-2 0.00000000 5.78068162 896.70256227 0.89670256 5.78068162
INV_CERT 0.00000000 0.00000000 0.00000000 0.93175161 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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
========================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class Amount Rate Balance Interest Shortfall
========================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.48500% 301,497,449.33 1,629,342.47 0.00
A-2 61,750,000.00 7.09000% 55,728,340.31 329,261.61 0.00
INV_CERT 10,223,416.68 0.00000% 8,939,695.47 0.00 0.00
========================================================================================
Totals 404,323,416.68 1,958,604.08 0.00
========================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================================
Non- Remaining Ending
Current Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class Shortfall Shortfall Losses(4) Distribution Shortfall Balance
=====================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 1,629,342.47 0.00 296,517,749.75
A-2 0.00 0.00 0.00 329,261.61 0.00 55,371,383.22
INV_CERT 0.00 0.00 0.00 0.00 0.00 9,525,684.93
=====================================================================================
Totals 0.00 0.00 0.00 1,958,604.08 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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
=====================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
=====================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.48500% 907.16849505 4.90248975 0.00000000
A-2 61,750,000.00 7.09000% 902.48324389 5.33217182 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
==============================================================================================
Non- Remaining Ending
Current Supported Total Unpaid Certificate/
Interest Interest Realized 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 4.90248975 0.00000000 892.1851955
A-2 0.00000000 0.00000000 0.00000000 5.33217182 0.00000000 896.7025622
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
<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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
===================================================================================================================================
Component Pass- Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Through Rate Balance Balance Balance Balance Percentage
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 61,121.30 60,196.31 0.00 0.00 89.28057250%
===================================================================================================================================
</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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Account Statement
<TABLE>
<S> <C>
================================================================================
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,648,600.35
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (36,986.15)
------------
Total Deposits 7,611,614.20
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 316,353.45
Payment of Interest and Principal 7,295,260.75
------------
Total Withdrawals (Pool Distribution Amount) 7,611,614.20
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>
<S> <C>
================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
================================================================================
</TABLE>
<TABLE>
<S> <C>
================================================================================
SERVICING FEES
Gross Servicing Fee 152,568.99
Management Fee 1,000.00
FSA Group 1 Premium 52,762.05
FSA Group 2 Premium 8,359.25
PMI Group 1 Fee 90,072.13
PMI Group 2 Fee 11,591.03
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 316,353.45
==========
================================================================================
</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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
----------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- --------- -------- ------
<S> <C> <C> <C> <C>
30 Days 68 7,231,358.31 1.957398% 2.000847%
60 Days 8 930,726.74 0.230282% 0.257523%
90+ Days 4 386,589.27 0.115141% 0.106966%
Foreclosure 103 9,323,537.31 2.964882% 2.579733%
REO 4 201,342.44 0.115141% 0.055710%
--- ------------- -------- --------
Totals 187 18,073,554.07 5.382844% 5.000778%
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 0.02766904%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.35617188%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.11872396%
Limit of Subordinate's Exposure to Certain Types of Losses
================================================================================
</TABLE>
<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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
<S> <C>
Weighted Average Gross Coupon 9.505260%
Weighted Average Net Coupon 9.005260%
Weighted Average Pass-Through Rate 8.663955%
Weighted Average Maturity (Stepdown Calculation) 338
Beginning Scheduled Collateral Loan Count 3,520
Number of Loans Paid in Full 46
Ending Scheduled Collateral Loan Count 3,474
Beginning Scheduled Collateral Balance 366,165,485.11
Ending Scheduled Collateral Balance 361,414,817.90
Ending Actual Collateral Balance at 31-Jan-2000 361,679,452.72
Monthly P&I Constant 3,128,248.77
Ending Scheduled Balance for Premium Loans 361,414,817.90
================================================================================
</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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================
Group 1 2 Total
Collateral Description Mixed ARM Mixed Fixed
<S> <C> <C> <C>
Weighted Average Coupon Rate 9.473446 9.625594
Weighted Average Net Rate 8.623851 8.881525
Weighted Average Maturity 348.00 284.00
Record Date 04/30/00 04/30/00
Principal And Interest Constant 2,616,951.75 511,297.02 3,128,248.77
Beginning Loan Count 2,794 726 3,520
Loans Paid In Full 41 5 46
Ending Loan Count 2,753 721 3,474
Beginning Scheduled Balance 309,176,493.56 56,988,991.55 366,165,485.11
Ending Scheduled Balance 304,782,783.44 56,632,034.46 361,414,817.90
Scheduled Principal 176,146.06 54,169.61 230,315.67
Unscheduled Principal 4,217,564.06 302,787.48 4,520,351.54
Scheduled Interest 2,440,805.69 457,127.41 2,897,933.10
Servicing Fee 128,823.57 23,745.42 152,568.99
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 90,072.13 11,591.03 101,663.16
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 2,221,909.99 421,790.96 2,643,700.95
Realized Loss Amount 36,986.15 0.00 36,986.15
Cumulative Realized Loss 87,554.87 585.87 88,140.74
Percentage of Cumulative Losses 0.00 0.00 0.00
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================
1 2 Total
<S> <C> <C> <C>
Required Overcollateralization Amount 8,989,441.98 1,260,651.24 10,250,093.22
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 1,310,397.75 0.00 1,310,397.75
Specified Overcollateralization Amount 8,989,441.98 1,260,651.24 10,250,093.22
Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Deficiency Amount 1,310,397.75 0.00 1,310,397.75
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 538,961.50 0.00 538,961.50
Excess Cash Amount 538,961.50 84,014.11 622,975.61
=================================================================================================
</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: 30-Apr-2000 11000 Broken Land Parkway
Distribution Date: 25-May-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<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 5,161,688.39 826,796.97 248,400.58 7,919,281.75 169,878.35 3,565,364.48
Percentage Of Balance 1.694% 0.271% 0.082% 2.598% 0.056% 1.170%
Loan Count 43 7 3 81 3 38
Percentage of Loan Count 1.562% 0.254% 0.109% 2.942% 0.109% 1.380%
2 Principal Balance 2,069,669.92 103,929.77 138,188.69 1,404,255.56 31,464.09 507,592.60
Percentage Of Balance 3.655% 0.184% 0.244% 2.480% 0.056% 0.896%
Loan Count 25 1 1 22 1 9
Percentage of Loan Count 3.467% 0.139% 0.139% 3.051% 0.139% 1.248%
Totals Principal Balance 7,231,358.31 930,726.74 386,589.27 9,323,537.31 201,342.44 4,072,957.08
Percentage of Balance 2.001% 0.258% 0.107% 2.580% 0.056% 1.127%
Loan Count 68 8 4 103 4 47
Percentage of Loan Count 1.957% 0.230% 0.115% 2.965% 0.115% 1.353%
================================================================================================================================
</TABLE>
