<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) NOVEMBER 26, 1999.
Fremont Home Loan Owner Trust Series 1999-2
(Exact name of registrant as specified in its charter)
Delaware 333-61785 52-2182286
(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
(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 NOVEMBER 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 NOVEMBER 26, 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: DECEMBER 9, 1999 By: First Union National Bank, as Indenture
Trustee and on behalf of Fremont Home
Loan Owner Trust Series 1999-2
BY: Robert Ashbaugh
---------------------------------------
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 NOVEMBER 26, 1999 Payment Date.
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<PAGE> 1
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<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 35729BAB7 7.2800% 79,823,236.00 75,302,377.98 456,834.43 634,270.80 1,091,105.23 74,668,107.18
Factors per
Thousand 5.72307580 7.94594196 13.66901775 935.41819302
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 35729BAC5 5.6775% 342,523,735.00 324,849,169.45 1,588,174.05 5,312,573.94 6,900,747.99 319,536,595.51
Factors per
Thousand 4.63668321 15.51008995 20.14677316 932.88891501
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 35729BAD3 5.7275% 73,145,197.00 68,609,285.41 338,381.95 1,066,105.70 1,404,487.65 67,543,179.71
Factors per
Thousand 4.62616773 14.57519760 19.20136533 923.41236992
- ------------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 495,492,168.00 468,760,832.84 2,383,390.43 7,012,950.44 9,396,340.87 461,747,882.40
- ------------------------------------------------------------------------------------------------------------------------------------
====================================================================================================================================
</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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 1,135,184.65 Aggregate Beginning Balance of Loans 75,936,539.06
(Trust Fees and Expenses) (44,079.42) Aggregate Ending Balance of Loans 75,505,610.12
Available Payment Amount 1,091,105.23 Interest Carry-Forward 0.00
Regular Payment 887,763.37 Loan Count 913
Excess Spread 203,341.86 Overcollateralization Amount 837,502.94
-------------- Overcollateralization Deficiency Amount 2,155,868.41
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 2,993,371.35
- ---- Prepayment Penalties 64,398.10
Servicer Fee 22,148.16 Principal Prepayments 373,825.69
Master Servicer Fee 9,492.07 Scheduled Principal 57,103.25
Indenture Trustee Fee 516.32 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 11,922.88 Weighted Average Home Loan Interest Rate (WAC) 10.1121%
-------------- Weighted Average Maturity (WAM) 279.51
TOTAL FEES 44,079.42
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 1.8770%
====================================================================================================================================
</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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 7,091,284.39 Aggregate Beginning Balance of Loans 329,311,621.70
(Trust Fees and Expenses) (190,536.40) Aggregate Ending Balance of Loans 324,979,888.40
Available Payment Amount 6,900,747.99 Interest Carry-Forward 0.00
Regular Payment 5,919,907.38 Loan Count 3,201
Excess Spread 980,840.61 Overcollateralization Amount 5,443,292.89
-------------- Overcollateralization Deficiency Amount 9,970,275.18
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 15,413,568.08
- ---- Prepayment Penalties 6,015.91
Servicer Fee 96,049.22 Principal Prepayments 4,174,201.36
Master Servicer Fee 41,163.95 Scheduled Principal 157,531.97
Indenture Trustee Fee 1,888.77 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 51,434.45 Spread Squeeze % 3.5741%
-------------- Weighted Average Home Loan Interest Rate (WAC) 10.0292%
TOTAL FEES 190,536.40 Weighted Average Maturity (WAM) 352.74
====================================================================================================================================
</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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 1,444,742.83 Aggregate Beginning Balance of Loans 69,386,858.14
(Trust Fees and Expenses) (40,255.17) Aggregate Ending Balance of Loans 68,503,557.26
Available Payment Amount 1,404,487.66 Interest Carry-Forward 0.00
Regular Payment 1,221,682.83 Loan Count 231
Excess Spread 182,804.83 Overcollateralization Amount 960,377.55
------------- Overcollateralization Deficiency Amount 2,331,156.31
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 3,291,533.87
- ---- Prepayment Penalties 12,355.43
Servicer Fee 20,237.83 Principal Prepayments 1,672.309.47
Master Servicer Fee 8,673.36 Scheduled Principal 36,700.79
Indenture Trustee Fee 480.85 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 10,863.14 Spread Squeeze % 3.1615%
------------- Weighted Average Home Loan Interest Rate (WAC) 9.4991%
TOTAL FEES 40,255.17 Weighted Average Maturity (WAM) 352.96
====================================================================================================================================
</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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
- --------------------------------- ----------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 75,505.610.12 Delinquent 30-59 Days 16 702,527.90 0.930431%
- --------------------------------- Delinquent 60-89 Days 8 807,739.28 1.069774%
Delinquent 90+ Days 14 1,207,802.73 1.599620%
REO 0 0.00 0.000000%
Loans in Foreclosure 14 963,806.58 1.276470%
Loans in Bankruptcy 4 358,854.73 0.475269%
----------------------------------------------------------------------------------------
TOTAL 56 4,040,731.22 5.351564%
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------
Defaulted Home Loans 3 229,140.40 1,128,918.30
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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
- --------------------------------- ----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 324,979,888.40 Delinquent 30-59 Days 21 2,011,828.47 0.619062%
- --------------------------------- Delinquent 60-89 Days 20 1,407,137.91 0.432992%
Delinquent 90+ Days 67 6,217,041.87 1.913054%
REO 2 188,919.65 0.058133%
Loans in Foreclosure 51 4,295,037.59 1.321632%
Loans in Bankruptcy 18 1,819,062.55 0.559746%
----------------------------------------------------------------------------------------------
TOTAL 179 15,939,028.04 4.904620%
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------------
Defaulted Home Loans 13 1,198,999.48 4,085,362.61
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
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
- --------------------------------- ---------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ---------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 68,503,557.26 Delinquent 30-59 Days 2 648,836.43 0.947157%
- --------------------------------- Delinquent 60-89 Days 0 0.00 0.000000%
Delinquent 90+ Days 2 519,433.69 0.758258%
REO 0 0.00 0.000000%
Loans in Foreclosure 1 274,500.00 0.400709%
Loans in Bankruptcy 1 251,302.35 0.366844%
---------------------------------------------------------------------------------------------
TOTAL 6 1,694,071.47 2.472969%
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
---------------------------------------------------------------------------------------------
Defaulted Home Loans 1 274,500.00 274,500.00
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
