<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 27, 2000
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, March 27, 2000.
<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 7, 2000
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, March 27, 2000................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Distribution Summary
========================================================================================================================
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 6.21875% 309,519,408.70 1,657,487.18 4,361,672.06 0.00
A-2 02926NAC0 SEQ 7.09000% 57,359,731.25 338,900.41 880,892.36 0.00
INV_CERT AMINV1992 SEQ 0.00000% 9,008,065.21 49,144.64 0.00 0.00
========================================================================================================================
Totals 375,887,205.16 2,045,532.23 5,242,564.42 0.00
========================================================================================================================
<CAPTION>
=============================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
=============================================================
A-1 305,157,736.64 6,019,159.24 0.00
A-2 56,478,838.89 1,219,792.77 0.00
INV_CERT 9,617,101.73 49,144.64 0.00
=============================================================
Totals 371,253,677.26 7,288,096.65 0.00
=============================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
04-Apr-2000 9:23AM
<PAGE> 2
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Statement
==============================================================================================================================
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-1 332,350,000.00 309,519,408.70 177,204.71 4,184,467.35 0.00 0.00
A-2 61,750,000.00 57,359,731.25 54,126.15 826,766.21 0.00 0.00
INV_CERT 10,223,416.68 9,008,065.21 0.00 0.00 0.00 0.00
==============================================================================================================================
Totals 404,323,416.68 375,887,205.16 231,330.86 5,011,233.56 0.00 0.00
==============================================================================================================================
<CAPTION>
===============================================================================================
Ending Ending
Total Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
===============================================================================================
<S> <C> <C> <C> <C>
A-1 4,361,672.06 305,157,736.64 0.91818185 4,361,672.06
A-2 880,892.36 56,478,838.89 0.91463707 880,892.36
INV_CERT 0.00 9,617,101.73 0.94069351 0.00
===============================================================================================
Totals 5,242,564.42 371,253,677.26 0.91820969 5,242,564.42
===============================================================================================
</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>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Principal Distribution Factors Statement
=====================================================================================================================
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-1 332,350,000.00 931.30557755 0.53318703 12.59054416 0.00000000 0.00000000
A-2 61,750,000.00 928.90253036 0.87653684 13.38892648 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=====================================================================================================================
<CAPTION>
==================================================================================
Ending Ending
Total Principal Certificate Certificate Total Principal
Class(2) Reduction Balance Percentage Distribution
==================================================================================
<S> <C> <C> <C> <C>
A-1 13.12373119 918.18184637 0.91818185 13.12373119
A-2 14.26546332 914.63706704 0.91463707 14.26546332
INV_CERT 0.00000000 0.00000000 0.94069351 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>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Statement
===================================================================================================================================
Beginning
Certificate/ Current Payment of Current
Original Face Current Notional Accrued Unpaid Interest Interest
Class Amount Certificate Rate Balance Interest Shortfall Shortfall
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.21875% 309,519,408.70 1,657,487.18 0.00 0.00
A-2 61,750,000.00 7.09000% 57,359,731.25 338,900.41 0.00 0.00
INV_CERT 10,223,416.68 0.00000% 9,008,065.21 0.00 0.00 0.00
===================================================================================================================================
Totals 404,323,416.68 1,996,387.59 0.00
===================================================================================================================================
<CAPTION>
===========================================================================================================
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
===========================================================================================================
A-1 0.00 0.00 1,657,487.18 0.00 305,157,736.64
A-2 0.00 0.00 338,900.41 0.00 56,478,838.89
INV_CERT 0.00 0.00 49,144.64 0.00 9,617,101.73
===========================================================================================================
Totals 0.00 0.00 0.00 2,045,532.23 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>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Interest Distribution Factors Statement
===================================================================================================================================
Beginning Payment of
Certificate/ Unpaid Current
Original Face Current Notional Current Accrued Interest Interest
Class(5) Amount Certificate Rate Balance Interest Shortfall Shortfall
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.21875% 931.30557755 4.98717370 0.00000000 0.00000000
A-2 61,750,000.00 7.09000% 928.90253036 5.48826575 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
===================================================================================================================================
<CAPTION>
=============================================================================================================
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
=============================================================================================================
A-1 0.00000000 0.00000000 4.98717370 0.00000000 918.18184637
A-2 0.00000000 0.00000000 5.48826575 0.00000000 914.63706704
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
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Component Statement
==================================================================================================================================
Component Pass- Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class ThroughRate Balance Balance Balance Balance Percentage
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 62,769.86 61,874.43 0.00 0.00 91.76948775%
==================================================================================================================================
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
Certificateholder Account Statement
===============================================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 7,613,445.66
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 7,613,445.66
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 325,349.01
Payment of Interest and Principal 7,288,096.65
------------
Total Withdrawals (Pool Distribution Amount) 7,613,445.66
Ending Balance 0.00
===============================================================================================
===============================================================================================
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- -----------------------------------------------------------------------------------------------
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
===============================================================================================
===============================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
===============================================================================================
===============================================================================================
SERVICING FEES
Gross Servicing Fee 156,619.65
Management Fee 1,000.00
FSA Group 1 Premium 54,165.90
FSA Group 2 Premium 8,603.96
PMI Group 1 Fee 93,300.45
PMI Group 2 Fee 11,659.05
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 325,349.01
==========
===============================================================================================
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
=======================================================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
-----------------------------
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- -------- ---------
<S> <C> <C> <C> <C>
30 Days 67 5,729,915.59 1.875700% 1.543396%
60 Days 11 918,260.16 0.307951% 0.247340%
90+ Days 1 61,914.10 0.027996% 0.016677%
Foreclosure 96 7,887,421.91 2.687570% 2.124537%
REO 4 245,442.82 0.111982% 0.066112%
--- ------------- -------- --------
Totals 179 14,842,954.58 5.011198% 3.998063%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 51,154.59
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
=======================================================================================================================
========================================================================================================================
Original $ Original % Current $ Current %
Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02693576%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.26722757%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.08907586%
Limit of Subordinate's Exposure to Certain Types of Losses
=======================================================================================================================
</TABLE>
<PAGE> 9
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
============================================================================================================================
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.513230%
Weighted Average Net Coupon 9.013230%
Weighted Average Pass-Through Rate 8.474570%
Weighted Average Maturity (Stepdown Calculation) 340
Beginning Scheduled Collateral Loan Count 3,614
Number of Loans Paid in Full 42
Ending Scheduled Collateral Loan Count 3,572
Beginning Scheduled Collateral Balance 375,887,205.17
Ending Scheduled Collateral Balance 371,253,677.26
Ending Actual Collateral Balance at 31-Jan-2000 371,510,194.48
Monthly P&I Constant 3,211,248.63
Ending Scheduled Balance for Premium Loans 371,253,677.26
============================================================================================================================
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
===================================================================================================================================
Group 1 2 Total
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.488085 9.649320
Weighted Average Net Rate 8.635194 8.910652
Weighted Average Maturity 350.00 286.00
Record Date 02/29/00 02/29/00
Principal And Interest Constant 2,685,750.11 525,498.52 3,211,248.63
Beginning Loan Count 2,866 748 3,614
Loans Paid In Full 32 10 42
Ending Loan Count 2,834 738 3,572
Beginning Scheduled Balance 317,266,822.68 58,620,382.49 375,887,205.17
Ending Scheduled Balance 313,514,187.13 57,739,490.13 371,253,677.26
Scheduled Principal 177,204.71 54,126.15 231,330.86
Unscheduled Principal 3,575,430.84 826,766.21 4,402,197.05
Scheduled Interest 2,508,545.40 471,372.37 2,979,917.77
Servicing Fee 132,194.50 24,425.15 156,619.65
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 93,300.45 0.00 93,300.45
Spread 2 0.00 11,659.05 11,659.05
Spread 3 0.00 0.00 0.00
Net Interest 2,283,050.45 435,288.17 2,718,338.62
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 50,568.72 585.87 51,154.59
Percentage of Cumulative Losses 0.00 0.00 0.00
===================================================================================================================================
===================================================================================================================================
1 2 Total
Required Overcollateralization Amount 8,356,450.49 1,260,651.24 9,617,101.73
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 609,036.51 0.00 609,036.51
Specified Overcollateralization Amount 8,356,450.49 1,260,651.24 9,617,101.73
Overcollateralization Amount 7,747,413.98 1,260,651.24 9,008,065.22
Overcollateralization Deficiency Amount 609,036.51 0.00 609,036.51
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 570,553.71 0.00 570,553.71
Excess Cash Amount 570,553.71 87,627.45 658,181.15
===================================================================================================================================
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
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: 29-Feb-2000 11000 Broken Land Parkway
Distribution Date: 27-Mar-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
====================================================================================================================================
Delinquency Status By Group
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Principal Balance 4,020,959.55 542,643.70 61,914.10 6,222,238.35 213,978.73 2,526,429.78
Percentage Of Balance 1.283% 0.173% 0.020% 1.985% 0.068% 0.806%
Loan Count 44 6 1 68 3 28
Percentage of Loan Count 1.553% 0.212% 0.035% 2.399% 0.106% 0.988%
2 Principal Balance 1,708,956.04 375,616.46 0.00 1,665,183.56 31,464.09 191,986.01
Percentage Of Balance 2.960% 0.651% 0.000% 2.884% 0.054% 0.333%
Loan Count 23 5 0 28 1 4
Percentage of Loan Count 3.117% 0.678% 0.000% 3.794% 0.136% 0.542%
Totals Principal Balance 5,729,915.59 918,260.16 61,914.10 7,887,421.91 245,442.82 $2,718,415.79
Percentage of Balance 1.543% 0.247% 0.017% 2.125% 0.066% 0.732%
Loan Count 67 11 1 96 4 32
Percentage of Loan Count 1.876% 0.308% 0.028% 2.688% 0.112% 0.896%
====================================================================================================================================
</TABLE>
