<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) OCTOBER 25, 1999.
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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
- --------------------------------------------------------------------------------
(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
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(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 OCTOBER 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 OCTOBER 25, 1999 Payment Date.
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<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: NOVEMBER 5, 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 OCTOBER 25, 1999 Payment Date.
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<PAGE> 1
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<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 76,669,762.73 465,129.89 1,367,384.75 1,832,514.64 75,302,377.98
Factors per
Thousand 5.82699867 17.13015932 22.95715799 943.36413497
- ------------------------------------------------------------------------------------------------------------------------------------
A-2 35729BAC5 5.6150% 342,523,735.00 330,632,110.66 1,547,082.75 5,782,941.21 7,330,023.96 324,849,169.45
Factors per
Thousand 4.51671692 16.88332988 21.40004680 948.39900496
- ------------------------------------------------------------------------------------------------------------------------------------
A-3 35729BAD3 5.6650% 73,145,197.00 69,359,891.79 327,436.49 750,606.38 1,078,042.87 68,609,285.41
Factors per
Thousand 4.47652756 10.26186832 14.73839588 937.98756752
- ------------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 495,492,168.00 476,661,765.18 2,339,649.13 7,900,932.34 10,240,581.47 468,760,832.84
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====================================================================================================================================
</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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 1,877,211.52 Aggregate Beginning Balance of Loans 77,135,219.81
(Trust Fees and Expenses) (44,696.87) Aggregate Ending Balance of Loans 75,936,539.06
Available Payment Amount 1,832,514.65 Interest Carry-Forward 0.00
Regular Payment 1,663,810.63 Loan Count 918
Excess Spread 168,704.02 Overcollateralization Amount 634,161.08
-------------- Overcollateralization Deficiency Amount 2,359,210.27
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 2,993,371.35
- ---- Prepayment Penalties 28,735.80
Servicer Fee 22,497.77 Principal Prepayments 1,141,256.87
Master Servicer Fee 9,641.90 Scheduled Principal 57,423.87
Indenture Trustee Fee 417.82 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 12,139.38 Weighted Average Home Loan Interest Rate (WAC) 10.1097%
-------------- Weighted Average Maturity (WAM) 280.64
TOTAL FEES 44,696.87
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 1.0093%
====================================================================================================================================
</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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 7,523,326.05 Aggregate Beginning Balance of Loans 333,943,545.80
(Trust Fees and Expenses) (193,302.09) Aggregate Ending Balance of Loans 329,311,621.70
Available Payment Amount 7,330,023.96 Interest Carry-Forward 0.00
Regular Payment 6,179,006.82 Loan Count 3,239
Excess Spread 1,151,017.14 Overcollateralization Amount 4,462,452.25
-------------- Overcollateralization Deficiency Amount 10,951,115.83
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 15,413,568.08
- ---- Prepayment Penalties 102,583.83
Servicer Fee 97,400.20 Principal Prepayments 4,474,704.67
Master Servicer Fee 41,742.94 Scheduled Principal 157,219.40
Indenture Trustee Fee 1,808.86 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 52,350.08 Spread Squeeze % 4.1361%
-------------- Weighted Average Home Loan Interest Rate (WAC) 10.0167%
TOTAL FEES 193,302.09 Weighted Average Maturity (WAM) 353.73
====================================================================================================================================
</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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 1,118,821.72 Aggregate Beginning Balance of Loans 69,943,201.19
(Trust Fees and Expenses) (40,778.84) Aggregate Ending Balance of Loans 69,386,858.14
Available Payment Amount 1,078,042.88 Interest Carry-Forward 0.00
Regular Payment 883,779.54 Loan Count 234
Excess Spread 194,263.34 Overcollateralization Amount 777,572.73
------------- Overcollateralization Deficiency Amount 2,513,961.14
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 3,291,533.87
- ---- Prepayment Penalties 9,587.24
Servicer Fee 20,400.10 Principal Prepayments 1,037,870.21
Master Servicer Fee 8,742.90 Scheduled Principal 36,780.40
Indenture Trustee Fee 653.86 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 10,981.98 Spread Squeeze % 3.3329%
------------- Weighted Average Home Loan Interest Rate (WAC) 9.4734%
TOTAL FEES 40,778.84 Weighted Average Maturity (WAM) 353.93
====================================================================================================================================
</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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
- --------------------------------- ----------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 75,936,539.06 Delinquent 30-59 Days 6 289,423.29 0.381138%
- --------------------------------- Delinquent 60-89 Days 3 289,657.61 0.381447%
Delinquent 90+ Days 11 884,675.61 1.165020%
REO 0 0.00 0.000000%
Loans in Foreclosure 12 899,777.90 1.184908%
Loans in Bankruptcy 0 0.00 0.000000%
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TOTAL 32 2,363,534.41 3.112513%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------
Defaulted Home Loans 7 593,172.61 899,777.90
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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
- --------------------------------- ----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 329,311,621.70 Delinquent 30-59 Days 14 1,124,235.01 0.341389%
- --------------------------------- Delinquent 60-89 Days 26 2,228,619.15 0.676751%
Delinquent 90+ Days 35 3,442,827.83 1.045462%
REO 0 0.00 0.000000%
Loans in Foreclosure 41 3,396,778.11 1.031478%
Loans in Bankruptcy 14 1,382,565.42 0.419835%
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TOTAL 130 11,575,025.52 3.514916%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------------
Defaulted Home Loans 22 1,752,542.55 2,886,363.13
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: 9/30/99
PREVIOUS DISTRIBUTION: 9/27/99
DISTRIBUTION DATE: 10/25/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
- --------------------------------- ---------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ---------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 69,386,858.14 Delinquent 30-59 Days 0 0.00 0.000000%
- --------------------------------- Delinquent 60-89 Days 0 0.00 0.000000%
Delinquent 90+ Days 1 274,500.00 0.395608%
REO 0 0.00 0.000000%
Loans in Foreclosure 0 0.00 0.000000%
Loans in Bankruptcy 1 251,443.17 0.362379%
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TOTAL 2 525,943.17 0.757987%
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OTHER INFORMATION # 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
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
