<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) DECEMBER 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
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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 DECEMBER 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 DECEMBER 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: JANUARY 11, 2000 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 DECEMBER 27, 1999 Payment Date.
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<PAGE> 1
FREMONT HOME LOAN OWNER TRUST 1999-2
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<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 35729BAB7 7.2800% 79,823,236.00 74,668,107.18 452,986.52 1,119,518.25 1,572,504.77 73,548,588.93
Factors per
Thousand 5.67487041 14.02496699 19.69983740 921.39322603
- -----------------------------------------------------------------------------------------------------------------------------------
A-2 35729BAC5 5.8025% 342,523,735.00 319,536,595.51 1,545,092.58 5,717,710.72 7,262,803.30 313,818,884.79
Factors per
Thousand 4.51090661 16.69288909 21.20379570 916.19602592
- -----------------------------------------------------------------------------------------------------------------------------------
A-3 35729BAD3 5.8525% 73,145,197.00 67,543,179.71 329,413.72 1,076,273.58 1,405,687.30 66,466,906.13
Factors per
Thousand 4.50355913 14.71420714 19.21776627 908.69816278
- -----------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 495,492,168.00 461,747,882.40 2,327,492.82 7,913,502.55 10,240,995.37 453,834,379.85
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C>
Available Collection Amount 1,616,196.88 Aggregate Beginning Balance of Loans 75,505,610.12
(Trust Fees and Expenses) (43,692.11) Aggregate Ending Balance of Loans 74,485,496.24
Available Payment Amount 1,572,504.77 Interest Carry-Forward 0.00
Regular Payment 1,473,100.40 Loan Count 898
Excess Spread 99,404.37 Overcollateralization Amount 936,907.31
---------------- Overcollateralization Deficiency Amount 2,056,464.04
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 2,993,371.35
- ---- Prepayment Penalties 15,555.14
Servicer Fee 22,022.47 Principal Prepayments 963,295.88
Master Servicer Fee 9,438.20 Scheduled Principal 56,818.00
Indenture Trustee Fee 408.99 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 11,822.45 Weighted Average Home Loan Interest Rate (WAC) 10.1100%
---------------- Weighted Average Maturity (WAM) 280.20
TOTAL FEES 43,692.11
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 2.1698%
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C>
Available Collection Amount 7,450,565.19 Aggregate Beginning Balance of Loans 324,979,888.40
(Trust Fees and Expenses) (187,761.89) Aggregate Ending Balance of Loans 320,267,946.80
Available Payment Amount 7,262,803.30 Interest Carry-Forward 0.00
Regular Payment 6,257,034.21 Loan Count 3,153
Excess Spread 1,005,769.09 Overcollateralization Amount 6,449,062.01
--------------- Overcollateralization Deficiency Amount 8,964,506.06
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 15,413,568.08
- ---- Prepayment Penalties 115,004.57
Servicer Fee 94,785.80 Principal Prepayments 4,556,673.89
Master Servicer Fee 40,622.49 Scheduled Principal 155,267.74
Indenture Trustee Fee 1,760.31 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 50,593.29 Spread Squeeze % 3.7138%
--------------- Weighted Average Home Loan Interest Rate (WAC) 10.0300%
TOTAL FEES 187,761.89 Weighted Average Maturity (WAM) 325.91
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C>
Available Collection Amount 1,445,295.85 Aggregate Beginning Balance of Loans 68,503,557.26
(Trust Fees and Expenses) (39,608.55) Aggregate Ending Balance of Loans 67,591,977.19
Available Payment Amount 1,405,687.30 Interest Carry-Forward 0.00
Regular Payment 1,240,993.80 Loan Count 228
Excess Spread 164,693.50 Overcollateralization Amount 1,125,071.06
---------------- Overcollateralization Deficiency Amount 2,166,462.81
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 3,291,533.87
- ---- Prepayment Penalties 11,070.89
Servicer Fee 19,980.20 Principal Prepayments 875,307.45
Master Servicer Fee 8,562.94 Scheduled Principal 36,272.62
Indenture Trustee Fee 371.06 Securities Insurer Reimbursement 0.00
Guaranty Insurance Premium 10,694.34 Spread Squeeze % 2.8850%
---------------- Weighted Average Home Loan Interest Rate (WAC) 9.5050%
TOTAL FEES 39,608.55 Weighted Average Maturity (WAM) 358.67
====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
- --------------------------------- -----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- -----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 74,485,496.24 Delinquent 30-59 Days 33 1,938,321.77 2.602281%
- --------------------------------- Delinquent 60-89 Days 11 912,437.59 1.224987%
Delinquent 90+ Days 7 564,815.17 0.758289%
REO 1 155,716.06 0.209056%
Loans in Foreclosure 9 414,582.11 0.556594%
Loans in Bankruptcy 5 321,607.84 0.431772%
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TOTAL 66 4,307,480.54 5.782979%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
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Defaulted Home Loans 0 0.00 1,128,918.30
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 1 33,726.57 33,726.57
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====================================================================================================================================
</TABLE>
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
Structured Finance Trust Services VICE PRESIDENT
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
- --------------------------------- -----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- -----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 320,267,946.80 Delinquent 30-59 Days 122 11,023,065.70 3.441826%
- --------------------------------- Delinquent 60-89 Days 16 1,446,335.11 0.451602%
Delinquent 90+ Days 26 2,527,418.16 0.789157%
REO 3 226,419.65 0.070697%
Loans in Foreclosure 43 3,545,976.15 1.107190%
Loans in Bankruptcy 24 2,524,633.77 0.788288%
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TOTAL 234 21,293,848.54 6.648760%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
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Defaulted Home Loans 0 0.00 4,085,362.01
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
401 South Tryon Street, 12th 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: 11/30/99
PREVIOUS DISTRIBUTION: 11/26/99
DISTRIBUTION DATE: 12/27/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 3
- --------------------------------- -----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- -----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 67,591,977.19 Delinquent 30-59 Days 6 1,986,680.95 2.939226%
- --------------------------------- Delinquent 60-89 Days 1 349,465.78 0.517023%
Delinquent 90+ Days 1 244,933.69 0.362371%
REO 0 0.00 0.000000%
Loans in Foreclosure 1 274,500.00 0.406113%
Loans in Bankruptcy 1 251,301.35 0.371792%
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TOTAL 10 3,106,881.77 4.596524%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
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Defaulted Home Loans 0 0.00 274,500.00
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
401 South Tryon Street, 12th Floor PHONE: 704-383-9568
Charlotte, North Carolina 28288-1179 FAX: 704-383-6039
