<PAGE> 1
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 02926NAA4 SEQ 6.49500% 173,290,457.10 937,934.60 11,470,576.64
INV_CERT ARE991INV SUB 0.00000% 5,206,954.10 0.00 0.00
================================================================================================================
Totals 178,497,411.20 937,934.60 11,470,576.64
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
===========================================================================
<S> <C> <C> <C> <C>
A 0.00 161,819,880.46 12,408,511.24 0.00
INV_CERT 0.00 5,090,523.77 0.00 0.00
===========================================================================
Totals 0.00 166,910,404.23 12,408,511.24 0.00
===========================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
25-May-2000
<PAGE> 2
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 229,000,000.00 173,290,457.10 0.00 11,470,576.64 0.00 0.00
INV_CERT 7,285,896.30 5,206,954.10 0.00 0.00 0.00 0.00
==============================================================================================================
Totals 236,285,896.30 178,497,411.20 0.00 11,470,576.64 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 11,470,576.64 161,819,880.46 0.70663703 11,470,576.64
INV_CERT 0.00 5,090,523.77 0.69868189 0.00
===============================================================================
Totals 11,470,576.64 166,910,404.23 0.70639173 11,470,576.64
===============================================================================
</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 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 229,000,000.00 756.72688690 0.00000000 50.08985432 0.00000000 0.00000000 50.08985432
INV_CERT 7,285,896.30 714.66212057 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 706.63703258 0.70663703 50.08985432
INV_CERT 698.68188626 0.69868189 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 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 229,000,000.00 6.49500% 173,290,457.10 937,934.60 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,206,954.10 0.00 0.00 0.00
===========================================================================================================
Totals 236,285,896.30 937,934.60 0.00 0.00
===========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
=======================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 937,934.60 0.00 161,819,880.46
INV_CERT 0.00 0.00 0.00 0.00 5,090,523.77
=======================================================================================
Totals 0.00 0.00 937,934.60 0.00
=======================================================================================
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
Supplement For A Full Description.
<PAGE> 5
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
===========================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.49500% 756.72688690 4.09578428 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 714.66212057 0.00000000 0.00000000 0.00000000
===========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
=======================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.09578428 0.00000000 706.6370325
INV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 698.6818862
=======================================================================================
</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 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
==================================================================================================================================
Component Beginning Notional Ending Notional Beginning Component Ending Component Ending Component
Class Pass-Through Rate Balance Balance Balance Balance Percentage
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 33,214.00 31,015.48 0.00 0.00 70.66370453%
==================================================================================================================================
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
<TABLE>
<CAPTION>
====================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,104,367.75
Liquidations, Insurance Proceeds, Reserve 0.00
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (549,511.52)
Total Deposits 12,554,856.23
-------------
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 146,344.99
Payment of Interest and Principal 12,408,511.24
Total Withdrawals (Pool Distribution Amount) 12,554,856.23
-------------
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
==================================================================================
</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 74,373.84
Management Fee 1,000.00
FSA Insurance Premium 743.82
Trustee Fee - Norwest Bank Minnesota N.A. 33,214.00
Mortgage Insurance Premium 37,013.33
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 146,344.99
==========
======================================================================
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 70 6,170,532.28 4.726536% 3.696913%
60 Days 11 1,288,017.73 0.742741% 0.771682%
90+ Days 30 3,633,923.10 2.025658% 2.177170%
Foreclosure 73 7,660,385.05 4.929102% 4.589519%
REO 22 2,451,476.28 1.485483% 1.468738%
--- ------------- ---------- ----------
Totals 206 21,204,334.44 13.909521% 12.704022%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 1,855,976.88
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Original $ Original % Current $ Current % Current Class % Next Prepayment %
---------- ---------- --------- --------- --------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Class A 7,285,896.30 3.08350876% 5,090,523.77 3.04985408% 96.950146% 0.000000%
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 9
<TABLE>
<S> <C>
American Residential Eagle Bond Trust 1999-1 Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 25-May-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM Balloon
<S> <C>
Weighted Average Gross Coupon 10.202851%
Weighted Average Net Coupon 9.702852%
Weighted Average Pass-Through Rate 9.697851%
Weighted Average Maturity (Stepdown Calculation) 315
Beginning Scheduled Collateral Loan Count 1,565
Number of Loans Paid in Full 84
Ending Scheduled Collateral Loan Count 1,481
Beginning Scheduled Collateral Balance 178,497,411.20
Ending Scheduled Collateral Balance 166,910,404.23
Ending Actual Collateral Balance at 31-Jan-2000 166,910,404.23
Monthly P&I Constant 1,635,229.32
Class A Optimal Amount 12,667,634.13
Ending Scheduled Balance for Premium Loans 166,910,404.23
Scheduled Principal 117,577.20
Unscheduled Principal 11,469,429.77
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 116,430.34
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,090,523.77
Overcollateralized Deficiency Amount 225,908.90
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 0.00
Excess Cash Amount 434,081.19
===========================================================================================
Bankruptcy 36 $4,250,174
Bankruptcies are included in the 30, 60 and 90 day delinquencies
===========================================================================================
</TABLE>
