<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
February 25, 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)
<TABLE>
<S> <C> <C>
Delaware 333-70189-1 33-0787975
-------- ----------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of Incorporation)
</TABLE>
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
<TABLE>
<S> <C>
10.1 Monthly Payment Date Statement relating to the
distribution to Bondholders, February 25, 2000.
</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: March 9, 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, February 25, 2000.............................................5
</TABLE>
<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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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
Class CUSIP Description Rate Balance Distribution
===================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 6.15375% 313,005,245.81 1,658,634.36
A-2 02926NAC0 SEQ 7.09000% 58,009,090.83 342,737.04
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.44 562,375.20
===================================================================================================
Totals 379,954,032.08 2,563,746.60
===================================================================================================
</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 3,485,837.11 0.00 309,519,408.70 5,144,471.47 0.00
A-2 649,359.58 0.00 57,359,731.25 992,096.62 0.00
INV_CERT 0.00 0.00 9,008,065.21 562,375.20 0.00
===================================================================================================
Totals 4,135,196.69 0.00 375,887,205.16 6,698,943.29 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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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-1 332,350,000.00 313,005,245.81 177,400.38 3,308,436.73 0.00
A-2 61,750,000.00 58,009,090.83 58,923.79 595,435.79 0.00
INV_CERT 10,223,416.68 8,939,695.44 0.00 0.00 0.00
===================================================================================================
Totals 404,323,416.68 379,954,032.08 231,324.17 3,903,872.52 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 3,485,837.11 309,519,408.70 0.93130558 3,485,837.11
A-2 0.00 649,359.58 57,359,731.25 0.92890253 649,359.58
INV_CERT 0.00 0.00 9,008,065.21 0.88112081 0.00
==================================================================================================
Totals 0.00 4,135,196.69 375,887,205.16 0.92966964 4,135,196.69
==================================================================================================
</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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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-1 332,350,000.00 941.79402982 0.53377578 9.95467649 0.00000000
A-2 61,750,000.00 939.41847498 0.87325976 9.64268486 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 10.48845226 931.30557755 0.93130558 10.48845226
A-2 0.00000000 10.51594462 928.90253036 0.92890253 10.51594462
INV_CERT 0.00000000 0.00000000 0.00000000 0.88112081 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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
========================================================================================================
Beginning
Certificate/ Current Payment of
Original Face Current Notional Accrued Unpaid Interest
Class Amount Certificate Rate Balance Interest Shortfall
========================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.15375% 313,005,245.81 1,658,634.36 0.00
A-2 61,750,000.00 7.09000% 58,009,090.83 342,737.04 0.00
INV_CERT 10,223,416.68 0.00000% 8,939,695.44 0.00 0.00
========================================================================================================
Totals 404,323,416.68 2,001,371.40 0.00
========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================================================
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total 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 1,658,634.36 0.00 309,519,408.70
A-2 0.00 0.00 0.00 342,737.04 0.00 57,359,731.25
INV_CERT 0.00 0.00 0.00 562,375.20 0.00 9,008,065.21
========================================================================================================
Totals 0.00 0.00 0.00 2,563,746.60 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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
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 6.15375% 941.79402982 4.99062543 0.00000000
A-2 61,750,000.00 7.09000% 939,41847498 5.55039741 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 4.990652543 0.00000000 931.30557755
A-2 0.00000000 0.00000000 0.00000000 5.55039741 0.00000000 928.90253036
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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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% 63,477.28 62,769.86 0.00 0.00 93.09755094%
====================================================================================================================================
</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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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 7,079,187.17
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (51,154.59)
------------
Total Deposits 7,028,032.58
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 329,089.29
Payment of Interest and Principal 6,698,943.29
------------
Total Withdrawals (Pool Distribution Amount) 7,028,032.58
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 158,314.20
Management Fee 1,000.00
FSA Group 1 Premium 54,775.92
FSA Group 2 Premium 8,701.36
PMI Group 1 Fee 94,339.66
PMI Group 2 Fee 11,958.15
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 329,089.29
==========
================================================================================
</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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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 88 7,627,994.19 2.434975% 2.029331%
60 Days 15 962,929.26 0.415053% 0.256175%
90+ Days 7 554,891.66 0.193691% 0.147622%
Foreclosure 77 6,589,001.65 2.130603% 1.752920%
REO 2 60,327.89 0.055340% 0.016049%
-------- ------------- -------- --------
Totals 189 15,795,144.65 5.229662% 4.202097%
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
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02660373%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.22695275%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.07565092%
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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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 9.513867%
Weighted Average Net Coupon 9.013868%
Weighted Average Pass-Through Rate 8.678149%
Weighted Average Maturity (Stepdown Calculation) 341
Beginning Scheduled Collateral Loan Count 3,651
Number of Loans Paid in Full 37
Ending Scheduled Collateral Loan Count 3,614
Beginning Scheduled Collateral Balance 379,954,032.11
Ending Scheduled Collateral Balance 375,887,205.17
Ending Actual Collateral Balance at 31-Jan-2000 376,134,631.67
Monthly P&I Constant 3,243,684.39
Ending Scheduled Balance for Premium Loans 375,887,205.17
================================================================================
</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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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 9.487170 9.658318
Weighted Average Net Rate 8.634151 8.916208
Weighted Average Maturity 351.00 287.00
Record Date 01/31/00 01/31/00
Principal And Interest Constant 2,712,722.24 530,962.15 3,243,684.39
Beginning Loan Count 2,892 759 3,651
Loans Paid In Full 26 11 37
Ending Loan Count 2,866 748 3,614
Beginning Scheduled Balance 320,684,290.04 59,269,742.07 379,954,032.11
Ending Scheduled Balance 317,266,822.68 58,620,382.49 375,887,205.17
Scheduled Principal 177,400.38 53,923.79 231,324.17
Unscheduled Principal 3,240,066.98 595,435.79 3,835,502.77
Scheduled Interest 2,535,321.86 477,038.36 3,012,360.22
Servicing Fee 133,618.47 24,695.73 158,314.20
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 94,339.66 11,958.15 106,297.81
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 2,307,363.73 440,384.48 2,747,748.21
Realized Loss Amount 50,568.72 585.87 51,154.59
Cumulative Realized Loss 50,568.72 585.87 51,154.59
Percentage of Cumulative Losses 0.00 0.00 0.00
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
================================================================================================================
1 2 Total
<S> <C> <C> <C>
Required Overcollateralization Amount 7,747,413.98 1,260,651.24 9,008,065.22
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 68,369.75 0.00 68,369.75
Specified Overcollateralization Amount 7,747,413.98 1,260,651.24 9,008,065.22
Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Deficiency Amount 68,369.75 0.00 68,369.75
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 68,369.75 0.00 68,369.75
Excess Cash Amount 593,109.82 88,789.72 681,899.54
================================================================================================================
</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: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-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 5,999,870.35 495,985.96 387,554.84 5,226,771.58 28,863.80 1,808,454.19
Percentage Of Balance 1.891% 0.156% 0.122% 1,647% 0.009% 0.570%
Loan Count 63 7 4 55 1 21
Percentage of Loan Count 2.198% 0.244% 0.140% 1.919% 0.035% 0.733%
2 Principal Balance 1,628,123.84 466,943.30 167,336.82 1,362,230.07 31,464.09 152,383.68
Percentage Of Balance 2.777% 0.797% 0.285% 2.324% 0.054% 0.260%
Loan Count 25 8 3 22 1 3
Percentage of Loan Count 3.342% 1.070% 0.401% 2.941% 0.134% 0.401%
Totals Principal Balance 7,627,994.19 962,929.26 554,891.66 6,589,001.65 60,327.89 $1,960,837.87
Percentage of Balance 2.029% 0.256% 0.148% 1.753% 0.016% 0.522%
Loan Count 88 15 7 77 2 24
Percentage of Loan Count 2.435% 0.415% 0.194% 2.131% 0.055% 0.664%
====================================================================================================================================
</TABLE>
