<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
Date of Report (Date of earliest event reported) SEPTEMBER 27, 1999.
Fremont Home Loan Owner Trust Series 1999-2
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(Exact name of registrant as specified in its charter)
Delaware 333-61785 52-2182286
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o First Union National Bank, 230 S. Tryon Street, 9th Floor,
Charlotte, NC 28288-1179
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 383-9568
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. See the monthly statement to Bondholders attached as Exhibit 20.1
hereto reflecting the required information for the SEPTEMBER 1999 payment to the
Fremont Home Loan Asset-Backed Notes Series 1999-2
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Item 601 (a) of Regulation S-K
Exhibit Number.
- ---------------
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed Notes
Series 1999-2 relating to the SEPTEMBER 27, 1999 Payment Date.
-2-
<PAGE> 3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of Fremont Home
Loan Owner Trust Series 1999-2 by the undersigned thereunto duly authorized.
Dated: OCTOBER 8, 1999 By: First Union National Bank, as Indenture
Trustee and on behalf of Fremont Home
Loan Owner Trust Series 1999-2
BY: Robert Ashbaugh
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Vice President
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<PAGE> 4
EXHIBIT INDEX
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed Notes
Series 1999-2 relating to the SEPTEMBER 27, 1999 Payment Date.
-4-
<PAGE> 1
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
Original Beginning Ending
Certificate Certificate Certificate Total Certificate
Class Cusip Rate Balance Balance Interest Principal Distribution Balance
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 7.2800% 79,823,236.00 78,346,245.65 475,300.56 1,676,482.92 2,151,783.48 76,669,762.73
Factors per
Thousand 5.95441357 21.00244245 26.95685602 960.49429429
- ----------------------------------------------------------------------------------------------------------------------------------
A-2 5.5525% 342,523,735.00 335,683,719.92 1,605,011.10 5,051,609.26 6,656,620.36 330,632,110.66
Factors per
Thousand 4.68583907 14.74820208 19.43404115 965.28233484
- ----------------------------------------------------------------------------------------------------------------------------------
A-3 5.6025% 73,145,197.00 69,992,157.38 337,668.41 632,265.59 969,934.00 69,359,891.79
Factors per
Thousand 4.61641261 8.64397959 13.26039220 948.24943584
- ----------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 495,492,168.00 484,022,122.95 2,417,980.07 7,360,357.77 9,778,337.84 476,661,765.18
- ----------------------------------------------------------------------------------------------------------------------------------
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 2
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 1
SCHEDULE OF REMITTANCE POOL INFORMATION
---------------------- ----------------
<S> <C> <C> <C>
Available Collection Amount 2,197,376.95 Aggregate Beginning Balance of Loans 78,630,565.38
(Trust Fees and Expenses) (45,593.48) Aggregate Ending Balance of Loans 77,135,219.81
Available Payment Amount 2,151,783.47 Interest Carry-Forward 0.00
Regular Payment 1,970,646.13 Loan Count 930
Excess Spread 181,137.34 Overcollateralization Amount 465,457.08
-----------------------
Overcollateralization Deficiency Amount 2,527,914.27
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 2,993,371.35
----
Servicer Fee 22,933.91 Prepayment Penalties 38,352.11
Master Servicer Fee 9,828.82 Principal Prepayments 1,437,859.56
Indenture Trustee Fee 425.92 Scheduled Principal 57,486.01
Guaranty Insurance Premium 12,404.82 Securities Insurer Reimbursement 0.00
-----------------------
TOTAL FEES 45,593.48 Weighted Average Home Loan Interest Rate (WAC) 10.1088%
Weighted Average Maturity (WAM) 280.77
AGGREGATE INFORMATION
---------------------
Annual Loss Percentage 0.0000%
OC Trigger Increase Event? No
Realized Losses - Cumulative 0.00
Realized Losses % 0.0000%
Three Month Average Delinquency 0.3843%
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 3
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 2
SCHEDULE OF REMITTANCE POOL INFORMATION
---------------------- ----------------
<S> <C> <C> <C>
Available Collection Amount 6,852,368.18 Aggregate Beginning Balance of Loans 337,843,007.20
(Trust Fees and Expenses) (195,747.82) Aggregate Ending Balance of Loans 333,943,545.80
Available Payment Amount 6,656,620.36 Interest Carry-Forward 0.00
Regular Payment 5,504,472.47 Loan Count 3,284
Excess Spread 1,152,147.89 Overcollateralization Amount 3,311,435.14
-----------------------
Overcollateralization Deficiency Amount 12,102,132.94
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 15,413,568.08
----
Servicer Fee 98,537.54 Prepayment Penalties 132,933.63
Master Servicer Fee 42,230.38 Principal Prepayments 3,738,696.29
Indenture Trustee Fee 1,829.98 Scheduled Principal 160,765.08
Guaranty Insurance Premium 53,149.92 Securities Insurer Reimbursement 0.00
-----------------------
TOTAL FEES 195,747.82 Spread Squeeze % 4.0924%
Weighted Average Home Loan Interest Rate (WAC) 10.0142%
Weighted Average Maturity (WAM) 354.70
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 4
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 3
SCHEDULE OF REMITTANCE POOL INFORMATION
---------------------- ----------------
<S> <C> <C> <C>
Available Collection Amount 1,010,722.67 Aggregate Beginning Balance of Loans 70,380,816.86
(Trust Fees and Expenses) (40,788.66) Aggregate Ending Balance of Loans 69,943,201.19
Available Payment Amount 969,934.01 Interest Carry-Forward 0.00
Regular Payment 775,284.07 Loan Count 236
Excess Spread 194,649.94 Overcollateralization Amount 583,309.40
-----------------------
Overcollateralization Deficiency Amount 2,708,224.46
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 3,291,533.87
----
Servicer Fee 20,527.74 Prepayment Penalties 17,148.18
Master Servicer Fee 8,797.60 Principal Prepayments 799,886.75
Indenture Trustee Fee 381.23 Scheduled Principal 37,010.64
Guaranty Insurance Premium 11,082.09 Securities Insurer Reimbursement 0.00
-----------------------
TOTAL FEES 40,788.66 Spread Squeeze % 3.3188%
Weighted Average Home Loan Interest Rate (WAC) 9.4763%
Weighted Average Maturity (WAM) 354.89
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 5
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 1
---------------------------------------- --------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
---------------------------------------- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 77,135,219.81 Delinquent230-59 Days 9 571,121.95 0.740417%
---------------------------------------- Delinquent 60-89 Days 6 514,796.51 0.667395%
Delinquent 90+ Days 4 371,929.93 0.482179%
REO 0 0.00 0.000000%
Loans in Foreclosure 5 306,605.29 0.397491%
Loans in Bankruptcy 2 229,695.16 0.297782%
--------------------------------------------------------------------------------
TOTAL 26 1,994,148.84 2.585264%
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Defaulted Home Loans 5 306,605.29 306,605.29
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
--------------------------------------------------------------------------------
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 6
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 2
---------------------------------------- --------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
---------------------------------------- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 333,943,545.80 Delinquent 30-59 Days 21 1,618,898.74 0.484782%
----------------------------------------- Delinquent 60-89 Days 18 1,502,775.21 0.450009%
Delinquent 90+ Days 16 1,549,364.94 0.463960%
REO 0 0.00 0.000000%
Loans in Foreclosure 21 1,822,525.86 0.545759%
Loans in Bankruptcy 10 928,815.81 0.278136%
--------------------------------------------------------------------------------
TOTAL 86 7,422,380.56 2.222645%
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Defaulted Home Loans 13 1,133,820.58 1,133,820.58
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
--------------------------------------------------------------------------------
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
<PAGE> 7
FREMONT HOME LOAN OWNER TRUST 1999-2 Record Date: 8/31/99
Previous Distribution: 8/25/99
STATEMENT TO CERTIFICATEHOLDER Distribution Datae: 9/27/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 3
---------------------------------------- --------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
---------------------------------------- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 69,943,201.19 Delinquent,30-599Days 0 0.00 0.000000%
---------------------------------------- Delinquent 60-89 Days 0 0.00 0.000000%
Delinquent 90+ Days 0 0.00 0.000000%
REO 0 0.00 0.000000%
Loans in Foreclosure 0 0.00 0.000000%
Loans in Bankruptcy 1 251,723.67 0.359897%
--------------------------------------------------------------------------------
TOTAL 1 251,723.67 0.359897%
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Defaulted Home Loans 0 0.00 0.00
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
--------------------------------------------------------------------------------
==================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
230 South Tryon Street, 9th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
