<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) JULY 26, 1999.
-------------
Fremont Home Loan Owner Trust Series 1999-2
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-61785-04 51-6512656
- --------------------------------------------------------------------------------
(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 JULY 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 JULY 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: AUGUST 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
-3-
<PAGE> 4
EXHIBIT INDEX
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed Notes
Series 1999-2 relating to the JULY 26, 1999 Payment Date.
-4-
<PAGE> 1
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
<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 7.2800% 79,823,236.00 79,823,236.00 484,260.97 640,241.86 1,124,502.83 79,182,994.14
Factors per
Thousand 6.06666673 8.02074549 14.08741222 991.97925451
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 5.3025% 342,523,735.00 342,523,735.00 1,614,428.54 2,619,040.33 4,233,468.87 339,904,694.67
Factors per
Thousand 4.71333334 7.64630320 12.35963654 992.35369680
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 5.3525% 73,145,197.00 73,145,197.00 348,008.59 1,350,808.80 1,698,817.39 71,794,388.20
Factors per
Thousand 4.75777774 18.46749828 23.22527602 981.53250172
- ------------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 495,492,168.00 495,492,168.00 2,446,698.10 4,610,090.99 7,056,789.09 490,882,077.01
====================================================================================================================================
</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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 1
SCHEDULE OF REMITTANCE
Available Collection Amount 1,171,498.76
(Trust Fees and Expenses) (46,995.93)
Available Payment Amount 1,124,502.83
Regular Payment 984,032.74
Excess Spread 140,470.09
---------------
FEES
Servicer Fee 23,281.78
Master Servicer Fee 9,977.90
Indenture Trustee Fee 432.38
Guaranty Insurance Premium 13,303.87
---------------
TOTAL FEES 46,995.93
POOL INFORMATION
Aggregate Beginning Balance of Loans 79,823,236.13
Aggregate Ending Balance of Loans 79,323,464.36
Interest Carry-Forward 0.00
Loan Count 951
Net Loan Losses 0.00
Net Loan Losses - Cumulative 0.00
Overcollateralization Amount 140,470.22
Overcollateralization Deficiency Amount 2,852,901.13
Overcollateralization Deficit Amount 140,470.22
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 2,993,371.35
Principal Prepayments 3,373.71
Scheduled Principal 60,810.05
Securities Insurer Reimbursement 0.00
Weighted Average Home Loan Interest Rate (WAC) 283.00
Weighted Average Maturity (WAM) 10.1279%
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 0.0174%
================================================================================
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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 2
SCHEDULE OF REMITTANCE
Available Collection Amount 4,435,129.72
(Trust Fees and Expenses) (201,660.85)
Available Payment Amount 4,233,468.87
Regular Payment 3,189,132.68
Excess Spread 1,044,336.19
-----------------
FEES
Servicer Fee 99,902.76
Master Servicer Fee 42,815.47
Indenture Trustee Fee 1,855.34
Guaranty Insurance Premium 57,087.29
-----------------
TOTAL FEES 201,660.85
POOL INFORMATION
Aggregate Beginning Balance of Loans 342,523,734.90
Aggregate Ending Balance of Loans 340,949,030.80
Interest Carry-Forward 0.00
Loan Count 3,351
Net Loan Losses 0.00
Net Loan Losses - Cumulative 0.00
Overcollateralization Amount 1,044,336.13
Overcollateralization Deficiency Amount 14,369,231.95
Overcollateralization Deficit Amount 1,044,336.13
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 15,413,568.08
Principal Prepayments 14,272.90
Scheduled Principal 159,553.30
Securities Insurer Reimbursement 0.00
Spread Squeeze % 3.6587%
Weighted Average Home Loan Interest Rate (WAC) 10.0201%
Weighted Average Maturity (WAM) 356.00
================================================================================
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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 3
SCHEDULE OF REMITTANCE
Available Collection Amount 1,741,881.63
(Trust Fees and Expenses) (43,064.23)
Available Payment Amount 1,698,817.40
Regular Payment 1,510,554.99
Excess Spread 188,262.40
----------------
FEES
Servicer Fee 21,334.02
Master Servicer Fee 9,143.15
Indenture Trustee Fee 396.20
Guaranty Insurance Premium 12,190.87
----------------
TOTAL FEES 43,064.23
POOL INFORMATION
Aggregate Beginning Balance of Loans 73,145,197.23
Aggregate Ending Balance of Loans 71,982,650.83
Interest Carry-Forward 0.00
Loan Count 242
Net Loan Losses 0.00
Net Loan Losses - Cumulative 0.00
Overcollateralization Amount 188,262.63
Overcollateralization Deficiency Amount 3,103,271.24
Overcollateralization Deficit Amount 188,262.63
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 3,291,533.87
Principal Prepayments 10,041.47
Scheduled Principal 37,896.04
Securities Insurer Reimbursement 0.00
Spread Squeeze % 3.0886%
Weighted Average Home Loan Interest Rate (WAC) 9.5018%
Weighted Average Maturity (WAM) 356.00
================================================================================
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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 1
<TABLE>
<CAPTION>
- ----------------------------------------- ----------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- ----------------------------------------- ----------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 79,323,464.36 Delinquent60-30 Days 6 347,316.19 0.437848%
- ----------------------------------------- Delinquent 31-60 Days 1 53,486.33 0.067428%
Delinquent 61-90 Days 1 155,716.06 0.196305%
Loans in Foreclosure 0 0.00 0.000000%
Loans in Bankruptcy 0 0.00 0.000000%
----------------------------------------------------------------------
TOTAL 8 556,518.58 0.701581%
----------------------------------------------------------------------
----------------------------------------------------------------------
DELINQUENT INFOR. # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------
Defaulted Home Loans 0 0.00 0.00
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 2
<TABLE>
<CAPTION>
- ----------------------------------------- ----------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- ----------------------------------------- ----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 340,949,030.80 Delinquent.0-30 Days 12 1,019,439.33 0.299001%
- ----------------------------------------- Delinquent 31-60 Days 3 386,965.53 0.113497%
Delinquent 61-90 Days 1 101,634.93 0.029809%
Loans in Foreclosure 0 0.00 0.000000%
Loans in Bankruptcy 0 0.00 0.000000%
----------------------------------------------------------------------------
TOTAL 16 1,508,039.79 0.442307%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DELINQUENT INFOR. # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------
Defaulted Home Loans 0 0.00 0.00
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 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
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 6/30/99
DISTRIBUTION DATE: 7/26/99
================================================================================
POOL 3
<TABLE>
<CAPTION>
- ----------------------------------------- ---------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- ----------------------------------------- ---------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 71,982,650.83 Delinquent50-30 Days 0 0.00 0.000000%
- ----------------------------------------- Delinquent 31-60 Days 0 0.00 0.000000%
Delinquent 61-90 Days 0 0.00 0.000000%
Loans in Foreclosure 0 0.00 0.000000%
Loans in Bankruptcy 0 0.00 0.000000%
---------------------------------------------------------------------
TOTAL 0 0.00 0.000000%
---------------------------------------------------------------------
---------------------------------------------------------------------
DELINQUENT INFOR. # LOANS AMOUNT CUMULATIVE
---------------------------------------------------------------------
Defaulted Home Loans 0 0.00 0.00
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 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
