<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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-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 6.96000% 161,819,880.46 1,001,125.64 10,829,202.29
INV_CERT ARE991INV SUB 0.00000% 5,090,523.77 0.00 0.00
=========================================================================================================================
Totals 166,910,404.23 1,001,125.64 10,829,202.29
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================================
Current Ending Cumulative
Realized Loss Certificate Total Realized Losses
Class Balance Distribution
======================================================================================
<S> <S> <C> <C> <C>
A 0.00 150,990,678.17 11,830,327.93 0.00
INV_CERT 0.00 5,148,060.64 0.00 0.00
======================================================================================
Totals 0.00 156,138,738.81 11,830,327.93 0.00
======================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
27-May-2000 1:04 p.m.
<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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-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 229,000,000.00 161,819,880.46 0.00 10,829,202.29 0.00 0.00
INV_CERT 7,285,896.30 5,090,523.77 0.00 0.00 0.00 0.00
==========================================================================================================================
Totals 236,285,896.30 166,910,404.23 0.00 10,829,202.29 0.00 0.00
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================================
Total Ending Ending
Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
=====================================================================================
<S> <C> <C> <C> <C>
A 10,829,202.29 150,990,678.17 0.65934794 10,829,202.29
INV_CERT 0.00 5,148,060.64 0.70657891 0.00
=====================================================================================
Totals 10,829,202.29 156,138,738.81 0.66080431 10,829,202.29
=====================================================================================
</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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 229,000,000.00 706.63703258 0.00000000 47.28909297 0.00000000 0.00000000
INV_CERT 7,285,896.30 698.68188626 0.00000000 0.00000000 0.00000000 0.00000000
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================================
Total Ending Ending
Principal Certificate Certificate Total Principal
Class(2) Reduction Balance Percentage Distribution
====================================================================================
<S> <C> <C> <C> <C>
A 47.28909297 659.34793961 0.65934794 47.28909297
INV_CERT 0.00000000 706.57890643 0.70657891 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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
========================================================================================================================
Beginning Current Payment of Current
Original Face Current Certificate/ Accrued Unpaid Interest Interest
Class Amount Certificate Rate Notional Balance Interest Shortfall Shortfall
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.96000% 161,819,880.46 1,001,125.66 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,090,523.77 0.00 0.00 0.00
========================================================================================================================
Totals 236,285,896.30 1,001,125.66 0.00 0.00
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================================
Remaining
Non-Supported Unpaid Ending
Interest Realized Total Interest Interest Certificate/
Class Shortfall Losses(4) Distribution Shortfall Notional Balance
============================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 1,001,125.64 0.00 150,990,678.17
INV_CERT 0.00 0.00 0.00 0.00 5,148,060.64
============================================================================================
Totals 0.00 0.00 1,001,125.64 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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</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 Total Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6) Distribution
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.96000% 706.63703258 4.37172777 0.00000000 0.00000000 0.00000000 0.00000000 4.37172769
INV_CERT 7,285,896.30 0.00000% 698.68188626 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================
Remaining Ending
Unpaid Certificate/
Interest Notional
Class(5) Shortfall Balance
=======================================
<S> <C> <C>
A 0.00000000 659.34793961
INV_CERT 0.00000000 706.57890643
=======================================
</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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-2000 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Component Statement
<TABLE>
<CAPTION>
====================================================================================================================================
Component Pass- Beginning Ending Notional Beginning Component Ending Component Ending Component
Class Through Rate Notional Balance Balance Balance Balance Percentage
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 31,015.48 28,939.88 0.00 0.00 65.93478899%
====================================================================================================================================
</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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-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 12,204,943.24
Liquidations, Insurance Proceeds,
Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (238,189.88)
--------------
Total Deposits 11,966,753.36
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 136,425.43
Payment of Interest and Principal 11,830,327.93
--------------
Total Withdrawals (Pool Distribution
Amount) 11,966,753.36
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 69,545.93
Management Fee 1,000.00
FSA Insurance Premium 695.60
Trustee Fee - Norwest Bank Minnesota N.A. 31,015.48
Mortgage Insurance Premium 34,168.42
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 136,425.43
==========
==========================================================================
</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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-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
Number Of Unpaid Principal Number of Unpaid
Loans Balance Loans Balance
--------- ---------------- --------- --------
<S> <C> <C> <C> <C>
30 Days 48 3,951,170.00 3.426124% 2.530551%
60 Days 13 1,077,149.96 0.927909% 0.689867%
90+ Days 28 3,507,998.78 1.998572% 2.246719%
Foreclosure 78 7,907,766.16 5.567452% 5.064577%
REO 24 2,548,096.89 1.713062% 1.631944%
--- ------------- --------- ---------
Totals 191 18,992,181.79 13.633119% 12.163658%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 2,094,166.76
Current Period Class A Insufficient Funds 999.98
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% 5,148,060.64 3.29710659% 96.702893% 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: 31-May-2000 7485 New Horizon Way
Distribution Date: 26-June-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 10.307589%
Weighted Average Net Coupon 9.807589%
Weighted Average Pass-Through Rate 9.802588%
Weighted Average Maturity (Stepdown Calculation) 314
Beginning Scheduled Collateral Loan Count 1,481
Number of Loans Paid in Full 80
Ending Scheduled Collateral Loan Count 1,401
Beginning Scheduled Collateral Balance 166,910,404.23
Ending Scheduled Collateral Balance 156,138,738.81
Ending Actual Collateral Balance at
31-May-2000 156,138,738.81
Monthly P&I Constant 1,534,639.34
Class A Optimal Amount 11,862,343.41
Ending Scheduled Balance for Premium Loans 156,138,738.81
Scheduled Principal 100,936.14
Unscheduled Principal 10,728,266.15
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 464,098.78
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,148,060.64
Overcollateralized Deficiency Amount 464,098.78
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 296,726.73
Excess Cash Amount 295,726.73
============================================================================
Bankruptcy 29
Bankruptcies are included in the 30, 60 and
90 day delinquencies $ 3,722,480
============================================================================
</TABLE>
