<PAGE> 1
[American Residential Eagle Bond Trust Letterhead]
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
==========================================================================================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
==========================================================================================
<S> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 6.97000% 141,684,900.16 850,384.89
INV_CERT ARE991INV SUB 0.00000% 5,248,284.26 102,777.62
==========================================================================================
Totals 146,933,184.42 953,162.51
==========================================================================================
</TABLE>
<TABLE>
==========================================================================================
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
==========================================================================================
<S> <C> <C> <C> <C> <C>
A 7,438,755.06 0.00 134,246,145.10 8,289,139.95 0.00
INV_CERT 0.00 0.00 5,316,432.65 102,777.62 0.00
==========================================================================================
Totals 7,438,755.06 0.00 139,562,577.75 8,391,917.57 0.00
==========================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
22-Aug-2000 5:10PM
<PAGE> 2
[American Residential Eagle Bond Trust Letterhead]
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 229,000,000.00 141,684,900.16 0.00 7,438,755.06 0.00
INV_CERT 7,285,896.30 5,248,284.26 0.00 0.00 0.00
==========================================================================================
Totals 236,285,896.30 146,933,184.42 0.00 7,438,755.06 0.00
==========================================================================================
</TABLE>
<TABLE>
==========================================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss(1) Reduction Balance Percentage Distribution
==========================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 7,438,755.06 134,246,145.10 0.58622771 7,438,755.06
INV_CERT 0.00 0.00 5,316,432.65 0.72968821 0.00
==========================================================================================
Totals 0.00 7,438,755.06 139,562,577.75 0.59065133 7,438,755.06
==========================================================================================
</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
[American Residential Eagle Bond Trust Letterhead]
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 229,000,000.00 618,711,354.41 0.00000000 32,483,646.55 0.00000000
INV_CERT 7,285,896.30 720,334,745.91 0.00000000 0.00000000 0.00000000
==========================================================================================
</TABLE>
<TABLE>
==========================================================================================
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
==========================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 32,483,646.55 586,227,707.86 0.58622771 32,483,646.55
INV_CERT 0.00000000 0.00000000 729,688,212.83 0.72968821 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
[American Residential Eagle Bond Trust Letterhead]
Interest Distribution Statement
<TABLE>
<CAPTION>
============================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class Amount Rate Balance Interest Shortfall
============================================================================================
<S> <C> <C> <C> <C> <C>
A 229,000,000.00 6.97000% 141,684,900.16 850,384.90 0.00
INV_CERT 7,285,896.30 0.00000% 5,248,284.26 0.00 0.00
============================================================================================
Totals 236,285,896.30 850,384.90 0.00
============================================================================================
</TABLE>
<TABLE>
============================================================================================
Remaining Ending
Current Non-Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class Shortfall Shortfall Losses(4) Distribution Shortfall Balance
============================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 0.00 0.00 0.00 850,384.89 0.00 134,246,145.10
INV_CERT 0.00 0.00 0.00 102,777.62 0.00 5,316,432.65
============================================================================================
Totals 0.00 0.00 0.00 953,162.51 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
[American Residential Eagle Bond Trust Letterhead]
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 229,000,000.00 6.97000% 618,711,354.41 3,713,471.18 0.00000000
INV_CERT 7,285,896.30 0.00000% 720,334,745.91 0.00000000 0.00000000
================================================================================================
</TABLE>
<TABLE>
================================================================================================
Remaining Ending
Current Non-Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class(5) Shortfall Shortfall Losses(5) Distribution Shortfall Balance
================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 0.000000000 3,713,471.14 0.00000000 586,227,707.86
INV_CERT 0.00000000 0.00000000 0.000000000 14,106,379.75 0.00000000 729,688,212.83
================================================================================================
</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
[American Residential Eagle Bond Trust Letterhead]
Certificateholder Component Statement
<TABLE>
<CAPTION>
=========================================================================================
Component Beginning Notional Ending Notional
Class Pass-Through Rate Balance Balance
=========================================================================================
<S> <C> <C> <C>
FSA 1,200.00000% 27,156.27 25,730.13
=========================================================================================
</TABLE>
<TABLE>
=========================================================================================
Beginning Component Ending Component Ending Component
Class Balance Balance Percentage
=========================================================================================
<S> <C> <C> <C>
FSA 0.00 0.00 58.62189796%
=========================================================================================
</TABLE>
<PAGE> 7
[American Residential Eagle Bond Trust Letterhead]
Certificateholder Account Statement
======================================================================
CERTIFICATE ACCOUNT
<TABLE>
<CAPTION>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 8,624,800.82
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (114,211.04)
------------
Total Deposits 8,510,589.78
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 118,672.21
Payment of Interest and Principal 8,391,917.57
------------
Total Withdrawals (Pool Distribution Amount) 8,510,589.78
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 0.14 0.00
</TABLE>
===============================================================================
=================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<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>
<CAPTION>
<S> <C>
Gross Servicing Fee 61,222.16
Management Fee 1,000.00
FSA Insurance Premium 612.25
Trustee Fee - Norwest Bank Minnesota N.A 27,156.27
Mortgage Insurance Premium 28,681.53
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 118,672.21
</TABLE>
===================================================================
<PAGE> 8
[American Residential Eagle Bond Trust Letterhead]
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 44 3,413,294.07 30 Days 0 0.00 30 Days 0 0.09
60 Days 12 872,001.31 60 Days 0 0.00 60 Days 0 0.00
90 Days 8 654,873.75 90 Days 50 5,428,660.28 90 Days 65 7,110,328.12
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180 Days 0 0.00 180 Days 0 0.00 180 Days 0 0.00
---------- ------------- ----------- ------------ ---------- -------------
64 4,940,169.13 50 5,428,660.28 65 7,110,328.12
</TABLE>
<TABLE>
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 3.408211% 2.445709% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.929512% 0.624810% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.619675% 0.469233% 90 Days 3.872967% 3.889768% 90 Days 5.034857% 5.094724%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000%
---------- ------------- ----------- ------------ ---------- -------------
4.957397% 3.539752% 3.872967% 3.889768% 5.034857% 5.094724%
------------------------------------- ------------------------------------- ------------------------------------
</TABLE>
<PAGE> 9
[American Residential Eagle Bond Trust Letterhead]
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 44 3,413,294.07
60 Days 0 0.00 60 Days 12 872,001.31
90 Days 25 2,414,708.72 90 Days 148 15,608,570.87
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180 Days 0 0.00 180 Days 0 0;00
---------- ------------- ------------ -------------
25 2,414,708.72 204 19,893,866.25
</TABLE>
<TABLE>
NO. OF PRINCIPAL NO. OF PRINCIPAL
LOANS BALANCE LOANS BALANCE
<S> <C> <C> <C> <C> <C>
30 Days 0.000000% 0.000000% 30 Days 3.408211% 2.445709%
60 Days 0.000000% 0.000000% 60 Days 0.929512% 0.624810%
90 Days 1.936483% 1.730198% 90 Days 11.463981% 11.183923%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000%
---------- ------------- ------------ -------------
1.936483% 1.730198% 15.801704% 14.254442%
-------------------------------------- --------------------------------------
</TABLE>
(7) The 90-day category of REO, foreclosure and bankruptcies contain all
loans in their respective category.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00
Cumulative Realized Losses - Includes Interest Shortfall 2,468,425.35 Periodic Advance 0.00
Current Period Class A Insufficient Funds 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% 5,316,432.65 3.80935401% 96.190646% 0.000000%
Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
[American Residential Eagle Bond Trust Letterhead]
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Fixed Mixed & ARM Balloon
<S> <C>
Weighted Average Gross Coupon 10.008735%
Weighted Average Net Coupon 9.745177%
Weighted Average Pass-Through Rate 9.740177%
Weighted Average Maturity (Stepdown Calculation) 312
Beginning Scheduled Collateral Loan Count 1,333
Number of Loans Paid in Full 42
Ending Scheduled Collateral Loan Count 1,291
Beginning Scheduled Collateral Balance 146,933,184.42
Ending Scheduled Collateral Balance 139,562,577.75
Ending Actual Collateral Balance at 31-July-2000 139,562,577.75
Monthly P&I Constant 1,325,828.92
Class A Optimal Amount 8,318,296.23
Ending Scheduled Balance for Premium Loans 139,562,577.75
Scheduled Principal 100,316.18
Unscheduled Principal 7,338,438.88
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 182,249.45
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,316,432.67
Overcollateralized Deficiency Amount 182,359.45
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 182,359.45
Excess Cash Amount 285,137.17
</TABLE>
