AMERICAN RESIDENTIAL EAGLE BOND TRUST 1999-2 COLLATERALIZED
8-K, EX-10.1, 2000-08-31
ASSET-BACKED SECURITIES
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<PAGE>   1
                                                                    EXHIBIT 10.1


<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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         6.96000%     281,648,678.33     1,688,014.41   4,854,102.20
        A-2      02926NAC0      SEQ         7.09000%      54,045,332.80       319,317.84     601,127.89
      INV_CERT   AMINV1992      SEQ         0.00000%      10,443,382.06             0.00           0.00
========================================================================================================
Totals                                                   346,137,393.19     2,007,332.25   5,455,230.09
========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=============================================================================
                   Current       Ending                       Cumulative
                   Realized   Certificate        Total         Realized
       Class         Loss       Balance       Distribution      Losses
=============================================================================
<S>                <C>        <C>             <C>             <C>
        A-1          0.00     276,794,576.13   6,542,116.61       0.00
        A-2          0.00      53,444,204.91     920,445.73       0.00
      INV_CERT       0.00      10,844,795.18           0.00       0.00
=============================================================================
Totals               0.00     341,083,576.22   7,462,562.34       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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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                Realized
    Class          Amount         Balance       Distribution  Distribution  Accretion   Loss(1)
=================================================================================================
<S>            <C>             <C>              <C>           <C>           <C>         <C>
     A-1       332,350,000.00  281,648,678.33    171,080.48   4,683,021.72     0.00       0.00
     A-2        61,750,000.00   54,045,332.80     54,380.15     546,747.74     0.00       0.00
  INV_CERT      10,223,416.68   10,443,382.06          0.00           0.00     0.00       0.00
=================================================================================================
   Totals      404,323,416.68  346,137,393.19    225,460.63   5,229,769.46     0.00       0.00
=================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==============================================================================
                  Total           Ending          Ending         Total
                Principal      Certificate     Certificate     Principal
    Class       Reduction        Balance        Percentage    Distribution
==============================================================================
<S>            <C>            <C>              <C>           <C>
     A-1       4,854,102.20   276,794,576.13    0.83284061    4,854,102.20
     A-2         601,127.89    53,444,204.91    0.86549320      601,127.89
  INV_CERT             0.00    10,844,795.18    1.06077993            0.00
==============================================================================
   Totals      5,455,230.09   341,083,576.22    0.84359095    5,455,230.09
==============================================================================
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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                   Realized
  Class(2)       Amount          Balance      Distribution   Distribution   Accretion     Loss(3)
===================================================================================================
<S>           <C>             <C>             <C>            <C>            <C>          <C>
     A-1      332,350,000.00  847.44600069      0.51475998   14.09063253    0.00000000   0.00000000
     A-2       61,750,000.00  875.22806154      0.88065020    8.85421441    0.00000000   0.00000000
  INV_CERT     10,223,416.68    0.00000000      0.00000000    0.00000000    0.00000000   0.00000000
===================================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================================
                  Total          Ending         Ending         Total
                Principal     Certificate    Certificate     Principal
  Class(2)      Reduction       Balance       Percentage    Distribution
============================================================================
<S>            <C>            <C>            <C>            <C>
     A-1       14.60539251    832.84060818   0.83284061     14.60539251
     A-2        9.73486462    865.49319692   0.86549320      9.73486462
  INV_CERT      0.00000000      0.00000000   1.06077993      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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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     Current
                Original Face    Certificate     Notional        Accrued       Interest   Interest
      Class        Amount           Rate         Balance         Interest      Shortfall  Shortfall
===================================================================================================
<S>             <C>              <C>          <C>              <C>            <C>         <C>
       A-1      332,350,000.00    6.96000%    281,648,678.33   1,688,014.41      0.00        0.00
       A-2       61,750,000.00    7.09000%     54,045,332.80     319,317.84      0.00        0.00
     INV_CERT    10,223,416.68    0.00000%     10,443,382.06           0.00      0.00        0.00
===================================================================================================
Totals          404,323,416.68                                 2,007,332.25      0.00        0.00
===================================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================================
                   Non-                                 Remaining       Ending
                 Supported                  Total        Unpaid      Certificate/
                 Interest   Realized      Interest      Interest       Notional
      Class      Shortfall  Losses(4)   Distribution    Shortfall      Balance
======================================================================================
<S>              <C>        <C>         <C>             <C>        <C>
       A-1           0.00       0.00     1,688,014.41     0.00     276,794,576.13
       A-2           0.00       0.00       319,317.84     0.00      53,444,204.91
     INV_CERT        0.00       0.00             0.00     0.00      10,844,795.18
======================================================================================
Totals               0.00       0.00     2,007,332.25     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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                     Interest Distribution Factors Statement


<TABLE>
<CAPTION>
=============================================================================================
                                            Beginning                 Payment of
                Original       Current    Certificate/     Current      Unpaid     Current
                  Face       Certificate    Notional       Accrued     Interest    Interest
 Class(5)        Amount         Rate         Balance       Interest   Shortfall   Shortfall
=============================================================================================
<S>          <C>             <C>          <C>             <C>         <C>         <C>
   A-1       332,350,000.00    6.96000%   847.44600069    5.07902636  0.00000000  0.00000000
   A-2        61,750,000.00    7.09000%   875.22806154    5.17113911  0.00000000  0.00000000
 INV_CERT     10,223,416.68    0.00000%     0.00000000    0.00000000  0.00000000  0.00000000
=============================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================================
                  Non-                                Remaining      Ending
               Supported                   Total        Unpaid    Certificate/
                Interest     Realized    Interest      Interest     Notional
 Class(5)      Shortfall    Losses(6)  Distribution   Shortfall      Balance
===================================================================================
<S>            <C>          <C>        <C>            <C>         <C>
   A-1          0.00000000  0.00000000   5.07902636   0.00000000   832.84060818
   A-2          0.00000000  0.00000000   5.17113911   0.00000000   865.49319692
 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>
<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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%           57,395.32           56,455.68            0.00                 0.00          83.73263131%
==================================================================================================================================
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                       Certificateholder Account Statement



================================================================================

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                               <C>
Beginning Balance                                                         0.00
Deposits
      Payments of Interest and Principal                          7,787,771.38
      Liquidations, Insurance Proceeds, Reserve Funds                     0.00
      Proceeds from Repurchased Loans                                     0.00
      Other Amounts (Servicer Advances)                                   0.00
      Realized Losses                                              (26,087.79)

Total Deposits                                                    7,761,683.59


Withdrawals
      Reimbursement for Servicer Advances                                 0.00
      Payment of Service Fee                                        299,121.25
      Payment of Interest and Principal                           7,462,562.34

Total Withdrawals (Pool Distribution Amount)                      7,761,683.59


Ending Balance                                                            0.00
</TABLE>

================================================================================

================================================================================

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                               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>

================================================================================

================================================================================

                    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                                                  144,223.91
Management Fee                                                         1,000.00
FSA Group 1 Premium                                                   49,288.52
FSA Group 2 Premium                                                    8,106.80
PMI Group 1 Fee                                                       85,228.17
PMI Group 2 Fee                                                       11,273.85
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                     ----------
Net Servicing Fee                                                    299,121.25
                                                                     ==========
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

           Certificateholder Delinquency/Credit Enhancement Statement


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
               DELINQUENT                                   BANKRUPTCY                                FORECLOSURE
------------------------------------------------------------------------------------------------------------------------------------

               NO. OF           PRINCIPAL                    NO. OF          PRINCIPAL                   NO. OF           PRINCIPAL
               LOANS             BALANCE                     LOANS            BALANCE                    LOANS             BALANCE

<S>           <C>             <C>             <C>           <C>            <C>              <C>         <C>            <C>
30 Days                64     5,596,147.03    30 Days                 4      563,106.94     30 Days               2        81,084.99
60 Days                 9     1,177,458.79    60 Days                 3      107,541.71     60 Days              27     1,979,542.53
90 Days                 4       344,994.88    90 Days                 1       67,668.48     90 Days              17     1,381,925.63
120 Days                2       232,265.34    120 Days                2      116,462.57     120 Days             13     1,725,299.29
150 Days                0             0.00    150 Days                1       77,396.48     150 Days             15     1,689,035.09
180 Days                2       115,901.32    180 Days               24    1,978,379.48     180 Days             55     4,131,020.77
              -----------     ------------                  -----------    ------------                 -----------    -------------
                       81     7,466,767.36                           35    2,910,555.66                         129    10,987,908.30


               NO. OF           PRINCIPAL                    NO. OF          PRINCIPAL                       NO. OF       PRINCIPAL
               LOANS             BALANCE                     LOANS            BALANCE                        LOANS         BALANCE

30 Days         1.944698%        1.639395%    30 Days         0.121544%       0.164963%     30 Days       0.060772%        0.023754%
60 Days         0.273473%        0.344937%    60 Days         0.091158%       0.031504%     60 Days       0.820419%        0.579908%
90 Days         0.121544%        0.101066%    90 Days         0.030386%       0.019824%     90 Days       0.516560%        0.404836%
120 Days        0.060772%        0.068042%    120 Days        0.060772%       0.034118%     120 Days      0.395017%        0.505428%
150 Days        0.000000%        0.000000%    150 Days        0.030386%       0.022673%     150 Days      0.455789%        0.494804%
180 Days        0.060772%        0.033953%    180 Days        0.729262%       0.579568%     180 Days      1.671225%        1.210185%
              -----------     ------------                  -----------    ------------                 -----------    -------------
                2.461258%        2.187394%                    1.063507%       0.852649%                   3.919781%        3.218915%
------------------------------------------------------------------------------------------------------------------------------------
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


     Certificateholder Delinquency/Credit Enhancement Statement -- CONTINUED


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                      REO                                                          TOTAL
------------------------------------------------------------------------------------------------------------------

                     NO. OF           PRINCIPAL                                   NO. OF           PRINCIPAL
                     LOANS             BALANCE                                    LOANS             BALANCE
<S>              <C>                 <C>                   <C>                  <C>                 <C>
30 Days                       0                 0.00       30 Days                         70        6,240,338.96
60 Days                       0                 0.00       60 Days                         39        3,264,543.03
90 Days                       0                 0.00       90 Days                         22        1,794,588.99
120 Days                      1            50,965.85       120 Days                        18        2,124,993.05
150 Days                      0                 0.00       150 Days                        16        1,766,431.57
180 Days                     13         1,076,965.71       180 Days                        94        7,302,267.28
                 --------------      ---------------                            -------------     ---------------
                             14         1,127,931.56                                      259       22,493,162.88


                     NO. OF           PRINCIPAL                                   NO. OF           PRINCIPAL
                     LOANS             BALANCE                                    LOANS             BALANCE

30 Days               0.000000%            0.000000%       30 Days                  2.127013%           1.828111%
60 Days               0.000000%            0.000000%       60 Days                  1.185050%           0.956350%
90 Days               0.000000%            0.000000%       90 Days                  0.668490%           0.525726%
120 Days              0.030386%            0.014930%       120 Days                 0.546946%           0.622518%
150 Days              0.000000%            0.000000%       150 Days                 0.486174%           0.517477%
180 Days              0.395017%            0.315498%       180 Days                 2.856275%           2.139204%
                 --------------      ---------------                            -------------     ---------------
                      0.425403%            0.330428%                                7.869948%           6.589387%

------------------------------------------------------------------------------------------------------------------
</TABLE>

(7)     The bankruptcy category contains those loans that are delinquent and in
        bankruptcy status. Please see page 11 for loan count and balance for all
        loans in bankruptcy.

<TABLE>
<S>                                                                  <C>
Current Period Realized Loss - Includes Interest Shortfall                 0.00
Cumulative Realized Losses - Includes Interest Shortfall             125,675.73
Current Period Class A Insufficient Funds                                  0.00


Principal Balance of Contaminated Properties                               0.00
Periodic Advance                                                           0.00
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                           Delinquency Status by Group

                                     GROUP 1

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
            DELINQUENT                                   BANKRUPTCY                                  FORECLOSURE
------------------------------------------------------------------------------------------------------------------------------------

              NO. OF         PRINCIPAL                     NO. OF          PRINCIPAL                      NO. OF        PRINCIPAL
              LOANS           BALANCE                      LOANS            BALANCE                        LOANS          BALANCE
<S>           <C>            <C>             <C>          <C>             <C>              <C>           <C>            <C>
30 Days               40       3,738,862.74  30 Days                4          563,106.94  30 Days               2         81,084.99
60 Days                9       1,177,458.79  60 Days                0                0.00  60 Days              21      1,583,593.15
90 Days                2         171,409.80  90 Days                1           67,668.48  90 Days              12        940,817.02
120 Days               2         232,265.34  120 Days               2          116,462.57  120 Days             12      1,228,426.73
150 Days               0               0.00  150 Days               1           77,396.48  150 Days             12      1,496,353.48
180 Days               2         115,901.32  180 Days              18        1,607,289.81  180 Days             39      3,190,184.35
              ----------     --------------               -----------     ---------------                ---------     -------------
                      55       5,435,897.99                        26        2,431,924.28                       98      8,520,459.72


              NO. OF         PRINCIPAL                     NO. OF          PRINCIPAL                    NO. OF        PRINCIPAL
              LOANS           BALANCE                      LOANS            BALANCE                     LOANS          BALANCE

30 Days        1.540832%          1.304637%  30 Days        0.154083%           0.196490%  30 Days       0.077042%         0.028294%
60 Days        0.346687%          0.410862%  60 Days        0.000000%           0.000000%  60 Days       0.808937%         0.552578%
90 Days        0.077042%          0.059812%  90 Days        0.038521%           0.023612%  90 Days       0.462250%         0.328288%
120 Days       0.077042%          0.081047%  120 Days       0.077042%           0.040638%  120 Days      0.462250%         0.428647%
150 Days       0.000000%          0.000000%  150 Days       0.038521%           0.027007%  150 Days      0.462250%         0.522137%
180 Days       0.077042%          0.040443%  180 Days       0.693374%           0.560847%  180 Days      1.502311%         1.113182%
              ---------      -------------                ----------      --------------                 --------      ------------
                                  1.896800%                 1.001541%           0.848595%                3.775039%         2.973126%

------------------------------------------------------------------------------------------------------------------------------------
</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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                    Delinquency Status by Group -- CONTINUED

                              GROUP 1 -- CONTINUED

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                           REO                                                     TOTAL
------------------------------------------------------------------------------------------------------------------

                          NO. OF           PRINCIPAL                              NO. OF           PRINCIPAL
                          LOANS             BALANCE                               LOANS             BALANCE
<S>                      <C>             <C>               <C>                  <C>               <C>
30 Days                            0                 0.00  30 Days                         46        4,383,054.67
60 Days                            0                 0.00  60 Days                         30        2,761,051.94
90 Days                            0                 0.00  90 Days                         15        1,179,895.30
120 Days                           0                 0.00  120 Days                        16        1,577,154.64
150 Days                           0                 0.00  150 Days                        13        1,573,749.96
180 Days                          12         1,045,501.62  180 Days                        71        5,958,877.10
                         -----------     ----------------                       -------------     ---------------
                                  12         1,045,501.62                                 191       17,433,783.61

                          NO. OF           PRINCIPAL                              NO. OF           PRINCIPAL
                          LOANS             BALANCE                               LOANS             BALANCE

30 Days                    0.000000%            0.000000%  30 Days                  1.771957%           1.529421%
60 Days                    0.000000%            0.000000%  60 Days                  1.155624%           0.963440%
90 Days                    0.000000%            0.000000%  90 Days                  0.577812%           0.411712%
120 Days                   0.000000%            0.000000%  120 Days                 0.616333%           0.550332%
150 Days                   0.000000%            0.000000%  150 Days                 0.500770%           0.549144%
180 Days                   0.462250%            0.364817%  180 Days                 2.734977%           2.079288%
                         ----------      ---------------                        ------------      --------------
                           0.462250%            0.364817%                           7.357473%           6.083338%

------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   12

<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                    Delinquency Status by Group -- CONTINUED

                                     GROUP 2

<TABLE>
<CAPTION>
------------------------------------------      -------------------------------------       ------------------------------------
                DELINQUENT                                   BANKRUPTCY                                  FORECLOSURE
------------------------------------------      -------------------------------------       ------------------------------------

              NO. OF           PRINCIPAL                    NO. OF       PRINCIPAL                     NO. OF         PRINCIPAL
              LOANS             BALANCE                      LOANS         BALANCE                      LOANS          BALANCE
<S>        <C>            <C>                   <C>       <C>             <C>              <C>         <C>          <C>
30 Days             24        1,857,284.29      30 Days             0            0.00      30 Days            0             0.00
60 Days              0                0.00      60 Days             3      107,541.71      60 Days            6       395,949.38
90 Days              2          173,585.08      90 Days             0            0.00      90 Days            5       441,108.61
120 Days             0                0.00      120 Days            0            0.00      120 Days           1       496,872.56
150 Days             0                0.00      150 Days            0            0.00      150 Days           3       192,681.61
180 Days             0                0.00      180 Days            6      371,089.67      180 Days          16       940,836.42
           -----------    ----------------                ------------    -----------                  --------     ------------
                    26        2,030,869.37                          9      478,631.38                        31     2,467,448.58


              NO. OF           PRINCIPAL                    NO. OF       PRINCIPAL                     NO. OF         PRINCIPAL
              LOANS             BALANCE                      LOANS         BALANCE                      LOANS          BALANCE

30 Days      3.453237%           3.390944%      30 Days     0.000000%        0.000000%      30 Days    0.000000%        0.000000%
60 Days      0.000000%           0.000000%      60 Days     0.431655%        0.196345%      60 Days    0.863309%        0.722906%
90 Days      0.287770%           0.316924%      90 Days     0.000000%        0.000000%      90 Days    0.719424%        0.805356%
120 Days     0.000000%           0.000000%      120 Days    0.000000%        0.000000%      120 Days   0.143885%        0.351789%
150 Days     0.000000%           0.000000%      150 Days    0.000000%        0.000000%      150 Days   0.431655%        0.907167%
180 Days     0.000000%           0.000000%      180 Days    0.863309%        0.677518%      180 Days   2.302158%        1.717736%
           ----------     ---------------                 ----------      -----------                  --------     ------------
             3.741007%           3.707868%                  1.294964%        0.873863%                 4.460432%        4.504954%

-----------------------------------------       -------------------------------------       ------------------------------------
</TABLE>


<PAGE>   13

<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


                    Delinquency Status by Group -- CONTINUED

                              GROUP 2 -- CONTINUED

<TABLE>
<CAPTION>
-------------------------------------------                        -----------------------------------------------
                    REO                                                                 TOTAL
-------------------------------------------                        -----------------------------------------------

            NO. OF           PRINCIPAL                                            NO. OF            PRINCIPAL
            LOANS             BALANCE                                             LOANS              BALANCE
<S>        <C>             <C>                                     <C>          <C>               <C>
30 Days              0                 0.00                        30 Days                 24        1,857,284.29
60 Days              0                 0.00                        60 Days                  9          503,491.09
90 Days              0                 0.00                        90 Days                  7          614,693.69
120 Days             1            50,965.85                        120 Days                 2          547,838.41
150 Days             0                 0.00                        150 Days                 3          192,681.61
180 Days             1            31,464.09                        180 Days                23        1,343,390.18
           -----------     ----------------                                     -------------     ---------------
                     2            82,429.94                                                68        5,059,379.27

            NO. OF           PRINCIPAL                                            NO. OF           PRINCIPAL
            LOANS             BALANCE                                             LOANS             BALANCE

30 Days      0.000000%            0.000000%                        30 Days          3.453237%           3.390944%
60 Days      0.000000%            0.000000%                        60 Days          1.294964%           0.919251%
90 Days      0.000000%            0.000000%                        90 Days          1.007194%           1.122279%
120 Days     0.143885%            0.093051%                        120 Days         0.287770%           1.000218%
150 Days     0.000000%            0.000000%                        150 Days         0.431655%           0.351789%
180 Days     0.143885%            0.057446%                        180 Days         3.309353%           2.452700%
           ----------      ---------------                                      ------------      --------------
             0.287770%            0.150497%                                         9.784173%           9.237182%

-------------------------------------------                        -----------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
=======================================================================================================================
                                            Original $           Original %             Current $           Current %
<S>                                       <C>                    <C>                  <C>                  <C>
         Bankruptcy                          100,000.00          0.02473268%             100,000.00        0.02931833%
         Fraud                            12,129,702.50          3.00000000%          12,129,702.50        3.55622591%
         Special Hazard                    4,043,234.17          1.00000000%           4,043,234.17        1.18540864%

Limit of Subordinate's Exposure to Certain Types of Losses
=======================================================================================================================
</TABLE>


<PAGE>   14

<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>


<TABLE>
================================================================================
                              COLLATERAL STATEMENT

<CAPTION>
Collateral Description                                         Fixed & Mixed ARM
<S>                                                            <C>
Weighted Average Gross Coupon                                          9.478156%
Weighted Average Net Coupon                                            8.982458%
Weighted Average Pass-Through Rate                                     8.445455%
Weighted Average Maturity (Stepdown Calculation)                             335

Beginning Scheduled Collateral Loan Count                                  3,336
Number of Loans Paid in Full                                                  45
Ending Scheduled Collateral Loan Count                                     3,291

Beginning Scheduled Collateral Balance                            346,137,394.11
Ending Scheduled Collateral Balance                               341,083,576.29
Ending Actual Collateral Balance at 31-July-2000                  341,354,424.35
Monthly P&I Constant                                                2,959,414.20
Ending Scheduled Balance for Premium Loans                        341,083,576.29

Total loans in bankruptcy                                                     49
Total dollar amount of loans in bankruptcy                         $4,361,445.08
================================================================================
</TABLE>


<PAGE>   15

<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-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-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                   9.452685                   9.612100
Weighted Average Net Rate                      8.601025                   8.867486
Weighted Average Maturity                        345.00                     281.00
Record Date                                    07/31/00                   07/31/00
Principal And Interest Constant            2,462,028.50                 497,385.70             2,959,414.20
Beginning Loan Count                              2,633                        703                    3,336
Loans Paid In Full                                   37                          8                       45
Ending Loan Count                                 2,596                        695                    3,291
Beginning Scheduled Balance              290,831,410.07              55,305,984.04           346,137,394.11
Ending Scheduled Balance                 286,378,720.14              54,704,856.15           341,083,576.29
Scheduled Principal                          171,080.48                  54,380.15               225,460.63
Unscheduled Principal                      4,281,609.45                 546,747.74             4,828,357.19
Scheduled Interest                         2,290,948.02                 443,005.55             2,733,953.57
Servicing Fee                                121,179.75                  23,044.16               144,223.91
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                                     85,228.17                  11,273.85                96,502.02
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                               2,084,540.10                 408,687.54             2,493,227.64
Realized Loss Amount                          26,087.79                       0.00                26,087.79
Cumulative Realized Loss                     125,089.86                     585.87               125,675.73
Percentage of Cumulative Losses                    0.00                       0.00                     0.00

===============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================================
                                               1                          2                     Total
<S>                                       <C>                        <C>                      <C>
Required Overcollateralization Amount     15,854,699.62              1,260,651.24             17,115,350.86
Overcollateralization Increase Amount              0.00                      0.00                      0.00
Overcollateralization Reduction Amount             0.00                      0.00                      0.00
Specified Overcollateralization Amount    15,854,699.62              1,260,651.24             17,115,350.86
Overcollateralization Amount               9,584,143.93              1,260,651.24             10,844,795.17
Overcollateralization Deficiency Amount    6,671,967.88                      0.00              6,671,967.88
Base Overcollateralization Amount          7,679,044.23              1,260,651.24              8,939,695.47
Extra Principal Distribution Amount          346,398.16                      0.00                346,398.16
Excess Cash Amount                           346,398.16                 81,101.91                427,500.06

===============================================================================================================
</TABLE>



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