<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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-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 6.95000% 296,517,749.75 1,831,820.77
A-2 02926NAC0 SEQ 7.09000% 55,371,383.22 327,152.59
INV_CERT AMINV1992 SEQ 0.00000% 9,525,684.93 0.00
=================================================================================================
Totals 361,414,817.90 2,158,973.36
=================================================================================================
</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 7,863,589.89 0.00 288,654,159.86 9,695,410.66 0.00
A-2 774,578.48 0.00 54,596,804.74 1,101,731.07 0.00
INV_CERT 0.00 0.00 9,915,042.09 0.00 0.00
=========================================================================================
Totals 8,638,168.37 0.00 353,166,006.69 10,797,141.73 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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-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-1 332,350,000.00 296,517,749.75 0.00 7,863,589.89 0.00
A-2 61,750,000.00 55,371,383.22 0.00 774,578.48 0.00
INV_CERT 10,223,416.68 9,525,684.93 0.00 0.00 0.00
=========================================================================================================
Totals 404,323,416.68 361,414,817.90 0.00 8,638,168.37 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 7,863,589.89 288,654,159.86 0.86852463 7,863,589.89
A-2 0.00 774,578.48 54,596,804.74 0.88415878 774,578.48
INV_CERT 0.00 0.00 9,915,042.09 0.96983645 0.00
==========================================================================================================
Totals 0.00 8,638,168.37 353,166,006.69 0.87347404 8,638,168.37
==========================================================================================================
</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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
===========================================================================================================
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
===========================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 892.18519558 0.00000000 23.66056835 0.00000000
A-2 61,750,000.00 896.70256227 0.00000000 12.54378105 0.00000000
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000
===========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================================================
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
============================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 23.66056835 868.52462723 0.86852463 23.66056835
A-2 0.00000000 12.54378105 884.15878121 0.88415878 12.54378105
INV_CERT 0.00000000 0.00000000 0.00000000 0.96983645 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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
====================================================================================================================
Beginning Current Payment of
Original Face Current Certificate/ Accrued Unpaid Interest
Class Amount Certificate Rate Notional Balance Interest Shortfall
====================================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.95000% 296,517,749.75 1,831,820.77 0.00
A-2 61,750,000.00 7.09000% 55,371,383.22 327,152.59 0.00
INV_CERT 10,223,416.68 0.00000% 9,525,684.93 0.00 0.00
====================================================================================================================
Totals 404,323,416.68 2,158,973.36 0.00
====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==================================================================================================================
Non- Remaining
Current Supported Unpaid Ending
Interest Interest Realized Total Interest Interest Certificate/
Class Shortfall Shortfall Losses(4) Distribution Shortfall Notional Balance
==================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 1,831,820.77 0.00 288,654,159.86
A-2 0.00 0.00 0.00 327,152.59 0.00 54,596,804.74
INV_CERT 0.00 0.00 0.00 0.00 0.00 9,915,042.09
==================================================================================================================
Totals 0.00 0.00 0.00 2,158,973.36 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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
=======================================================================================================================
Beginning Payment of
Current Certificate/ Unpaid
Original Face Certificate Notional Current Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.95000% 892.18519558 5.51172189 0.00000000
A-2 61,750,000.00 7.09000% 896.70256227 5.29801765 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 5.51172189 0.00000000 868.52462723
A-2 0.00000000 0.00000000 0.00000000 5.29801765 0.00000000 884.15878123
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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
=======================================================================================
Component Pass- Beginning Notional Ending Notional
Class Through Rate Balance Balance
=======================================================================================
<S> <C> <C> <C>
FEE 1,200.00000% 60,196.31 58,704.00
=======================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================
Beginning Component Ending Component Ending Component
Balance Balance Percentage
===================================================================
<S> <C> <C>
0.00 0.00 87.06724263%
===================================================================
</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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Account Statement
<TABLE>
<CAPTION>
===========================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,108,388.87
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 11,108,388.87
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 311,247.14
Payment of Interest and Principal 10,797,141.73
-------------
Total Withdrawals (Pool Distribution Amount) 11,108,388.87
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>
<CAPTION>
=====================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
=====================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 150,589.65
Management Fee 1,000.00
FSA Group 1 Premium 51,890.61
FSA Group 2 Premium 8,305.71
PMI Group 1 Fee 87,935.82
PMI Group 2 Fee 11,525.35
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 311,247.14
==========
===================================================================
</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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</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 62 5,813,636.40 1.823529% 1.646148%
60 Days 12 934,818.07 0.352941% 0.26697%
90+ Days 31 2,593,112.72 0.911765% 0.734248%
Foreclosure 116 11,174,877.10 3.411765% 3.164200%
REO 4 201,342.44 0.117647% 0.057011%
--- ------------- -------- --------
Totals 225 20,717,786.73 6.617647% 5.866303%
</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 0.02831530%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.43456116%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.14485372%
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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
================================================================================
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.494612%
Weighted Average Net Coupon 8.994611%
Weighted Average Pass-Through Rate 8.994611%
Weighted Average Maturity (Stepdown Calculation) 337
Beginning Scheduled Collateral Loan Count 3,474
Number of Loans Paid in Full 74
Ending Scheduled Collateral Loan Count 3,400
Beginning Scheduled Collateral Balance 361,414,817.90
Ending Scheduled Collateral Balance 353,166,007.04
Ending Actual Collateral Balance at 31-May-2000 353,431,786.05
Monthly P&I Constant 3,089,465.38
Ending Scheduled Balance for Premium Loans 353,166,007.04
Scheduled Principal 229,887.53
Unscheduled Principal 8,018,923.33
================================================================================
</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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
Group 1 2 Total
<S> <C> <C> <C>
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.470317 9.625360
Weighted Average Net Rate 8.624094 8.881145
Weighted Average Maturity 347.00 283.00
Record Date 05/31/00 05/31/00
Principal And Interest Constant 2,581,017.46 508,447.92 3,089,465.38
Beginning Loan Count 2,753 721 3,474
Loans Paid In Full 64 10 74
Ending Loan Count 2,689 711 3,400
Beginning Scheduled Balance 304,782,783.44 56,632,034.46 361,414,817.90
Ending Scheduled Balance 297,308,551.06 55,857,455.98 353,166,007.04
Scheduled Principal 175,692.73 54,194.80 229,887.53
Unscheduled Principal 7,298,539.65 720,383.68 8,018,923.33
Scheduled Interest 2,405,324.73 454,253.12 2,859,577.85
Servicing Fee 126,992.81 23,596.69 150,589.50
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 87,935.82 11,525.35 99,461.17
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 2,190,396.10 419,131.08 2,609,527.18
Realized Loss Amount 0.00 0.00 0.00
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 18,077,052.98 1,260,651.24 19,337,704.22
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 18,077,052.98 1,260,651.24 19,337,704.22
Overcollateralization Amount 8,654,390.84 1,260,651.24 9,915,042.08
Overcollateralization Deficiency Amount 9,812,019.29 0.00 9,812,019.29
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,989,695.47
Extra Principal Distribution Amount 305,842.07 0.00 305,842.07
Excess Cash Amount 305,842.07 83,515.44 389,357.51
================================================================================================
</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-May-2000 11000 Broken Land Parkway
Distribution Date: 26-June-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Delinquency Status By Group
<TABLE>
<CAPTION>
==========================================================================================================
Group 30 Day 60 Day 90 + Day
<S> <C> <C> <C>
1 Principal Balance 3,529,652.77 854,134.23 2,082,434.56
Percentage Of Balance 1.187% 0.287% 0.700%
Loan Count 38 10 24
Percentage of Loan Count 1.413% 0.372% 0.893%
2 Principal Balance 2,283,983.63 80,683.84 510,678.16
Percentage Of Balance 4.089% 0.144% 0.914%
Loan Count 24 2 7
Percentage of Loan Count 3.376% 0.281% 0.985%
Totals Principal Balance 5,813,636.40 934,818.07 2,593,112.72
Percentage of Balance 1.646% 0.265% 0.734%
Loan Count 62 12 31
Percentage of Loan Count 1.824% 0.353% 0.912%
==========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================
Group Foreclosure REO Bankruptcy
<S> <C> <C> <C>
1 Principal Balance 9,043,747.44 169,878.35 3,658,633.95
Percentage Of Balance 3.042% 0.057% 1.231%
Loan Count 88 3 39
Percentage of Loan Count 3.273% 0.112% 1.450%
2 Principal Balance 2,131,129.66 31,464.09 507,459.20
Percentage Of Balance 3.815% 0.056% 0.908%
Loan Count 28 1 9
Percentage of Loan Count 3.938% 0.141% 1.266%
Totals Principal Balance 11,174,877.10 201,342.44 $ 4,166,093.15
Percentage of Balance 3.164% 0.057% 1.180%
Loan Count 116 4 48
Percentage of Loan Count 3.412% 0.118% 1.412%
======================================================================================================
</TABLE>
