<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
January 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, January 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: January 31, 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, January 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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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 6.82125% 318,073,776.47 1,747,782.27 5,068,530.66
A-2 02926NAC0 SEQ 7.09000% 58,781,245.92 347,299.19 772,155.09
INV_CERT AMINV1992 SEQ 0.00000% 8,939,695.44 632,398.87 0.00
===============================================================================================================
Totals 385,794,717.83 2,727,480.33 5,840,685.75
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==================================================================================================
Ending
Current Certificate Total Cumulative
Class Realized Loss Balance Distribution Realized Losses
==================================================================================================
<S> <C> <C> <C> <C>
A-1 0.00 313,005,245.81 6,816,312.93 0.00
A-2 0.00 58,009,090.83 1,119,454.28 0.00
INV_CERT 0.00 8,939,695.44 632,398.87 0.00
==================================================================================================
Totals 0.00 379,954,032.08 8,568,166.08 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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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-1 332,350,000.00 318,073,776.47 178,404.88 4,890,125.78 0.00
A-2 61,750,000.00 58,781,245.92 53,917.21 718,237.88 0.00
INV_CERT 10,223,416.68 8,939,695.44 0.00 0.00 0.00
====================================================================================================
Totals 404,323,416.68 385,794,717.83 232,322.09 5,608,363.66 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 5,068,530.66 313,005,245.81 0.94179403 5,068,530.66
A-2 0.00 772,155.09 58,009,090.83 0.93941847 772,155.09
INV_CERT 0.00 0.00 8,939,695.44 0.87443325 0.00
====================================================================================================
Totals 0.00 5,840,685.75 379,954,032.08 0.93972799 5,840,685.75
====================================================================================================
</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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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-1 332,350,000.00 957.04461101 0.53679819 14.71378300 0.00000000
A-2 61,750,000.00 951.92301085 0.87315320 11.63138267 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 15.25058119 941.79402982 0.94179403 15.25058119
A-2 0.00000000 12.50453587 939.41847498 0.93941847 12.50453587
INV_CERT 0.00000000 0.00000000 0.00000000 0.87443325 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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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 6.82125% 318,073,776.47 1,747,782.27 0.00
A-2 61,750,000.00 7.09000% 58,781,245.92 347,299.19 0.00
INV_CERT 10,223,416.68 0.00000% 8,939,695.44 0.00 0.00
===================================================================================================
Totals 404,323,416.68 2,095,081.46 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 1,747,782.27 0.00 313,005,245.81
A-2 0.00 0.00 0.00 347,299.19 0.00 58,009,090.83
INV_CERT 0.00 0.00 0.00 632,398.87 0.00 8,939,695.44
===================================================================================================
Totals 0.00 0.00 0.00 2,727,480.33 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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
=======================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
=======================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.82125% 957.04461101 5.25886045 0.00000000
A-2 61,750,000.00 7.09000% 951.92301085 5.62427838 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 5.25886045 0.00000000 941.79402982
A-2 0.00000000 0.00000000 0.00000000 5.62427838 0.00000000 939.41847498
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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
====================================================================================================================================
Component Pass-Through Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Rate Balance Balance Balance Balance Percentage
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FEE 1,200.00000% 64,480.10 63,366.61 0.00 0.00 93.98262482%
====================================================================================================================================
</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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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 8,901,271.18
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 8,901,271.18
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 333,105.10
Payment of Interest and Principal 8,568,166.08
------------
Total Withdrawals (Pool Distribution Amount) 8,901,271.18
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 160,747.82
Management Fee 1,000.00
FSA Group 1 Premium 55,662.91
FSA Group 2 Premium 8,817.19
PMI Group 1 Fee 94,814.20
PMI Group 2 Fee 12,062.98
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 333,105.10
==========
================================================================================
</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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- ---------- ----------
<S> <C> <C> <C> <C>
30 Days 68 4,997,357.12 1.862503% 1.315253%
60 Days 17 1,245,268.20 0.465626% 0.327742%
90+ Days 6 275,585.23 0.164339% 0.072531%
Foreclosure 63 5,825,869.42 1.725555% 1.533309%
REO 2 60,327.89 0.054780% 0.015878%
--- ------------- --------- ---------
Totals 156 12,404,407.86 4.272802% 3.264713%
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 0.02631897%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.19241315%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.06413772%
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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.519836%
Weighted Average Net Coupon 9.019836%
Weighted Average Pass-Through Rate 8.483725%
Weighted Average Maturity (Stepdown Calculation) 342
Beginning Scheduled Collateral Loan Count 3,702
Number of Loans Paid in Full 51
Ending Scheduled Collateral Loan Count 3,651
Beginning Scheduled Collateral Balance 385,794,717.86
Ending Scheduled Collateral Balance 379,954,032.11
Ending Actual Collateral Balance at 31-Dec-1999 380,186,396.70
Monthly P&I Constant 3,292,907.55
Ending Scheduled Balance for Premium Loans 379,954,032.11
================================================================================
<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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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 9.494360 9.658056
Weighted Average Net Rate 8.645086 8.916965
Weighted Average Maturity 352.00 288.00
Record Date 12/31/99 12/31/99
Principal And Interest Constant 2,755,750.32 537,157.23 3,292,907.55
Beginning Loan Count 2,934 768 3,702
Loans Paid In Full 42 9 51
Ending Loan Count 2,892 759 3,651
Beginning Scheduled Balance 325,752,820.70 60,041,897.16 385,794,717.86
Ending Scheduled Balance 320,684,290.04 59,269,742.07 379,954,032.11
Scheduled Principal 178,404.88 53,917.21 232,322.09
Unscheduled Principal 4,890,125.78 718,237.88 5,608,363.66
Scheduled Interest 2,577,345.44 483,240.02 3,060,585.46
Servicing Fee 135,730.36 25,017.46 160,747.82
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 94,814.20 12,062.98 106,877.18
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 2,346,800.88 446,159.58 2,792,960.46
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00
================================================================================================================
================================================================================================================
1 2 Total
Required Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Overcollateralization Deficiency Amount 0.00 0.00 0.00
Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,939,695.47
Extra Principal Distribution Amount 0.00 0.00 0.00
Excess Cash Amount 542,511.58 89,887.29 632,398.87
================================================================================================================
</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-Dec-1999 11000 Broken Land Parkway
Distribution Date: 25-Jan-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 3,525,124.31 871,735.99 115,789.31 4,755,903.29 28,863.80 1,034,265.21
Percentage Of Balance 1.099% 0.272% 0.036% 1.483% 0.009% 0.323%
Loan Count 41 10 2 47 1 12
Percentage of Loan Count 1.418% 0.346% 0.069% 1.625% 0.035% 0.415%
2 Principal Balance 1,472,232.81 373,532.21 159,795.92 1,069,966.13 31,464.09 93,550.96
Percentage Of Balance 2.484% 0.630% 0.270% 1.805% 0.053% 0.158%
Loan Count 27 7 4 16 1 2
Percentage of Loan Count 3.557% 0.922% 0.527% 2.108% 0.132% 0.264%
Totals Principal Balance 4,997,357.12 1,245,268.20 275,585.23 5,825,869.42 60,327.89 $1,127,816.17
Percentage of Balance 1.315% 0.328% 0.073% 1.533% 0.016% 0.297%
Loan Count 68 17 6 63 2 14
Percentage of Loan Count 1.863% 0.466% 0.164% 1.726% 0.055% 0.383%
====================================================================================================================================
</TABLE>
