<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
April 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 of (Commission File Number) (I.R.S. Employer Identification No.)
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
10.1 Monthly Payment Date Statement relating to the
distribution to Bondholders, April 25, 2000.
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 12, 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>
10.1 Monthly Payment Date Statement relating to the
distribution to Bondholders, April 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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
========================================================================================================================
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 02926NAB2 SEQ 6.46500% 305,157,736.64 1,589,236.06 3,660,287.31 0.00
A-2 02926NAC0 SEQ 7.09000% 56,478,838.89 333,695.81 750,498.58 0.00
INV_CERT AMINV1992 SEQ 0.00000% 9,617,101.73 697,971.17 677,406.26 0.00
========================================================================================================================
Totals 371,253,677.26 2,620,903.04 5,088,192.15 0.00
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
=============================================================
<S> <C> <C> <C>
A-1 301,497,449.33 5,249,523.37 0.00
A-2 55,728,340.31 1,084,194.39 0.00
INV_CERT 8,330,658.95 1,375,377.43 0.00
=============================================================
Totals 365,556,448.59 7,709,095.19 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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
=======================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
=======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 305,157,736.64 176,761.02 3,483,526.29 0.00 0.00 3,660,287.31
A-2 61,750,000.00 56,478,838.89 54,068.83 696,429.75 0.00 0.00 750,498.58
INV_CERT 10,223,416.68 9,617,101.73 0.00 677,406.26 0.00 0.00 677,406.26
=======================================================================================================================
Totals 404,323,416.68 371,253,677.26 230,829.85 4,857,362.30 0.00 0.00 5,088,192.15
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
=============================================================
<S> <C> <C> <C>
A-1 301,497,449.33 0.90716850 3,660,287.31
A-2 55,728,340.31 0.90248324 750,498.58
INV_CERT 8,330,658.95 0.81486055 677,406.26
=============================================================
Totals 365,556,448.59 0.90411891 5,088,192.15
=============================================================
</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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
===========================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
===========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 918.18184637 0.53185202 10.48149929 0.00000000 0.00000000 11.01335132
A-2 61,750,000.00 914.63706704 0.87560858 11.27821457 0.00000000 0.00000000 12.15382316
INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
===========================================================
<S> <C> <C> <C>
A-1 907.16849505 0.90716850 11.01335132
A-2 902.48324389 0.90248324 12.15382316
INV_CERT 0.00000000 0.81486055 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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
================================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.46500% 305,157,736.64 1,589,236.06 0.00 0.00 0.00 0.00
A-2 61,750,000.00 7.09000% 56,478,838.89 333,695.81 0.00 0.00 0.00 0.00
INV_CERT 10,223,416.68 0.00000% 9,617,101.73 0.00 0.00 0.00 0.00 0.00
================================================================================================================================
Totals 404,323,416.68 1,922,931.87 0.00 0.00 0.00 0.00
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
===========================================================
<S> <C> <C> <C>
A-1 1,589,236.06 0.00 301,497,449.33
A-2 333,695.81 0.00 55,728,340.31
INV_CERT 697,971.17 0.00 8,330,658.95
===========================================================
Totals 2,620,903.04 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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
===================================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 332,350,000.00 6.46500% 918.18184637 4.78181453 0.00000000 0.00000000 0.00000000 0.00000000
A-2 61,750,000.00 7.09000% 914.63706704 5.40398073 0.00000000 0.00000000 0.00000000 0.00000000
INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
===========================================================
<S> <C> <C> <C>
A-1 4.78181453 0.00000000 907.1684950
A-2 5.40398073 0.00000000 902.4832438
INV_CERT 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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
=================================================================================================================================
Component Beginning Notional Ending Notional Beginning Component Ending Component
Class Pass-Through Rate Balance Balance Balance Balance
=================================================================================================================================
<S> <C> <C> <C> <C> <C>
FEE 1,200.00000% 61,874.43 61,121.30 0.00 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================
Ending Component
Class Percentage
=======================================
<S> <C>
FEE 90.65247780%
=======================================
</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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-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 8,030,158.73
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 8,030,158.73
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 321,063.54
Payment of Interest and Principal 7,709,095.19
------------
Total Withdrawals (Pool Distribution Amount) 8,030,158.73
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 154,689.04
Management Fee 1,000.00
FSA Group 1 Premium 53,402.60
FSA Group 2 Premium 8,471.83
PMI Group 1 Fee 91,848.98
PMI Group 2 Fee 11,651.09
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 321,063.54
==========
======================================================================
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-2 Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Jan-2000 11000 Broken Land Parkway
Distribution Date: 25-Feb-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
======================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
-----------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- --------- -------- -------
<S> <C> <C> <C> <C>
30 Days 53 5,775,237.39 1.505682% 1.577221%
60 Days 9 636,565.34 0.255682% 0.173846%
90+ Days 4 366,459.25 0.113636% 0.100080%
Foreclosure 98 8,383,597.75 2.784091% 2.289565%
REO 4 245,442.82 0.113636% 0.067031%
--- ------------- -------- --------
Totals 168 15,407,302.55 4.772727% 4.207743%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 51,154.59
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================================
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02731006%
Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.31262858%
Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.10420953%
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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-2000 Columbia, MD 21044
Telephone: (301) 815-6600
Facsimile: (410) 884-2369
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed & Mixed ARM
<S> <C>
Weighted Average Gross Coupon 9.174750%
Weighted Average Net Coupon 9.009303%
Weighted Average Pass-Through Rate 8.674750%
Weighted Average Maturity (Stepdown Calculation) 339
Beginning Scheduled Collateral Loan Count 3,572
Number of Loans Paid in Full 52
Ending Scheduled Collateral Loan Count 3,520
Beginning Scheduled Collateral Balance 371,253,677.26
Ending Scheduled Collateral Balance 366,165,485.11
Ending Actual Collateral Balance at 31-Jan-2000 366,410,725.39
Monthly P&I Constant 3,069,296.36
Ending Scheduled Balance for Premium Loans 366,165,485.11
===========================================================================================
</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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-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 9.134512 9.393235
Weighted Average Net Rate 8.634512 8.893235
Weighted Average Maturity 349.00 285.00
Record Date 03/31/00 03/31/00
Principal And Interest Constant 2,563,260.34 506,036.02 3,069,296.36
Beginning Loan Count 2,834 738 3,572
Loans Paid In Full 40 12 52
Ending Loan Count 2,794 726 3,520
Beginning Scheduled Balance 313,514,187.13 57,739,490.13 371,253,677.26
Ending Scheduled Balance 309,176,493.56 56,988,991.55 366,165,485.11
Scheduled Principal 176,761.02 54,068.83 230,829.85
Unscheduled Principal 4,160,932.55 696,429.75 4,857,362.30
Scheduled Interest 2,386,499.32 451,967.19 2,838,466.51
Servicing Fee 130,630.91 24,058.13 154,689.04
Master Servicing Fee 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 2,255,868.41 427,909.06 2,683,777.47
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 50,568.72 585.87 51,154.59
Percentage of Cumulative Losses 0.00 0.00 0.00
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
===============================================================================================
1 2 Total
<S> <C> <C> <C>
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 677,406.26 0.00 677,406.26
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 612,385.91 85,585.26 697,971.17
===============================================================================================
</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-Mar-2000 11000 Broken Land Parkway
Distribution Date: 25-Apr-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>
1 Principal Balance 4,407,088.15 323,132.96 225,630.70 7,126,916.53 213,978.73 2,923,441.18
Percentage Of Balance 1.425% 0.105% 0.073% 2.305% 0.069% 0.946%
Loan Count 40 5 3 77 3 21
Percentage of Loan Count 1.432% 0.179% 0.107% 2.756% 0.107% 0.752%
2 Principal Balance 1,368,149.24 313,432.38 140,828.55 1,256,681.22 31,464.09 342,618.58
Percentage Of Balance 2.401% 0.550% 0.247% 2.205% 0.055% 0.601%
Loan Count 13 4 1 21 1 4
Percentage of Loan Count 1.791% 0.551% 0.138% 2.893% 0.138% 0.551%
Totals Principal Balance 5,775,237.39 636,565.34 366,459.25 8,383,597.75 245,442.82 3,266,059.76
Percentage of Balance 1.577% 0.174% 0.100% 2.290% 0.067% 0.892%
Loan Count 53 9 4 98 4 25
Percentage of Loan Count 1.506% 0.256% 0.114% 2.784% 0.114% 0.710%
==================================================================================================================================
</TABLE>
