Monthly Payment Date Statement for American Residential Eagle Bond Trust 1999-2 (Norwest Bank Minnesota, N.A. as Administrator)

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Summary

This statement details the monthly distribution of principal and interest to certificateholders of the American Residential Eagle Bond Trust 1999-2, a trust issuing Collateralized Home Equity Bonds. Norwest Bank Minnesota, N.A. acts as the Securities Administrator, calculating and distributing payments as required by the Pooling and Servicing Agreement. The document summarizes the amounts distributed, outstanding balances, and interest rates for each bond class as of May 31, 2000, with distributions made on June 26, 2000. No realized losses or interest shortfalls are reported for this period.

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EX-10.1 2 ex10-1.txt MONTHLY PAYMENT DATE STATEMENT 1 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
EXHIBIT 10.1 Certificateholder Distribution Summary
================================================================================================= Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution ================================================================================================= A-1 02926NAB2 SEQ 6.95000% 296,517,749.75 1,831,820.77 A-2 02926NAC0 SEQ 7.09000% 55,371,383.22 327,152.59 INV_CERT AMINV1992 SEQ 0.00000% 9,525,684.93 0.00 ================================================================================================= Totals 361,414,817.90 2,158,973.36 =================================================================================================
========================================================================================= Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses ========================================================================================= A-1 7,863,589.89 0.00 288,654,159.86 9,695,410.66 0.00 A-2 774,578.48 0.00 54,596,804.74 1,101,731.07 0.00 INV_CERT 0.00 0.00 9,915,042.09 0.00 0.00 ========================================================================================= Totals 8,638,168.37 0.00 353,166,006.69 10,797,141.73 0.00 =========================================================================================
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee 2 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Principal Distribution Statement
========================================================================================================= Beginning Scheduled Unscheduled Original Face Certificate Principal Principal Class Amount Balance Distribution Distribution Accretion ========================================================================================================= A-1 332,350,000.00 296,517,749.75 0.00 7,863,589.89 0.00 A-2 61,750,000.00 55,371,383.22 0.00 774,578.48 0.00 INV_CERT 10,223,416.68 9,525,684.93 0.00 0.00 0.00 ========================================================================================================= Totals 404,323,416.68 361,414,817.90 0.00 8,638,168.37 0.00 =========================================================================================================
========================================================================================================== Total Ending Ending Realized Principal Certificate Certificate Total Principal Class Loss(1) Reduction Balance Percentage Distribution ========================================================================================================== A-1 0.00 7,863,589.89 288,654,159.86 0.86852463 7,863,589.89 A-2 0.00 774,578.48 54,596,804.74 0.88415878 774,578.48 INV_CERT 0.00 0.00 9,915,042.09 0.96983645 0.00 ========================================================================================================== Totals 0.00 8,638,168.37 353,166,006.69 0.87347404 8,638,168.37 ==========================================================================================================
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 3 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Principal Distribution Factors Statement
=========================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class(2) Amount Balance Distribution Distribution Accretion =========================================================================================================== A-1 332,350,000.00 892.18519558 0.00000000 23.66056835 0.00000000 A-2 61,750,000.00 896.70256227 0.00000000 12.54378105 0.00000000 INV_CERT 10,223,416.68 0.00000000 0.00000000 0.00000000 0.00000000 ===========================================================================================================
============================================================================================================ Ending Ending Realized Total Principal Certificate Certificate Total Principal Class(2) Loss(3) Reduction Balance Percentage Distribution ============================================================================================================ A-1 0.00000000 23.66056835 868.52462723 0.86852463 23.66056835 A-2 0.00000000 12.54378105 884.15878121 0.88415878 12.54378105 INV_CERT 0.00000000 0.00000000 0.00000000 0.96983645 0.00000000 ============================================================================================================
(2) All Denominations Are Per $1,000. (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 4 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Interest Distribution Statement
==================================================================================================================== Beginning Current Payment of Original Face Current Certificate/ Accrued Unpaid Interest Class Amount Certificate Rate Notional Balance Interest Shortfall ==================================================================================================================== A-1 332,350,000.00 6.95000% 296,517,749.75 1,831,820.77 0.00 A-2 61,750,000.00 7.09000% 55,371,383.22 327,152.59 0.00 INV_CERT 10,223,416.68 0.00000% 9,525,684.93 0.00 0.00 ==================================================================================================================== Totals 404,323,416.68 2,158,973.36 0.00 ====================================================================================================================
================================================================================================================== Non- Remaining Current Supported Unpaid Ending Interest Interest Realized Total Interest Interest Certificate/ Class Shortfall Shortfall Losses(4) Distribution Shortfall Notional Balance ================================================================================================================== A-1 0.00 0.00 0.00 1,831,820.77 0.00 288,654,159.86 A-2 0.00 0.00 0.00 327,152.59 0.00 54,596,804.74 INV_CERT 0.00 0.00 0.00 0.00 0.00 9,915,042.09 ================================================================================================================== Totals 0.00 0.00 0.00 2,158,973.36 0.00 ==================================================================================================================
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 5 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Interest Distribution Factors Statement
======================================================================================================================= Beginning Payment of Current Certificate/ Unpaid Original Face Certificate Notional Current Accrued Interest Class(5) Amount Rate Balance Interest Shortfall ======================================================================================================================= A-1 332,350,000.00 6.95000% 892.18519558 5.51172189 0.00000000 A-2 61,750,000.00 7.09000% 896.70256227 5.29801765 0.00000000 INV_CERT 10,223,416.68 0.00000% 0.00000000 0.00000000 0.00000000 =======================================================================================================================
=================================================================================================================================== Non- Remaining Ending Current Supported Unpaid Certificate/ Interest Interest Realized Total Interest Interest Notional Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Balance =================================================================================================================================== A-1 0.00000000 0.00000000 0.00000000 5.51172189 0.00000000 868.52462723 A-2 0.00000000 0.00000000 0.00000000 5.29801765 0.00000000 884.15878123 INV_CERT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ===================================================================================================================================
(5) All Denominations Are Per $1,000. (6) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 6 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Certificateholder Component Statement
======================================================================================= Component Pass- Beginning Notional Ending Notional Class Through Rate Balance Balance ======================================================================================= FEE 1,200.00000% 60,196.31 58,704.00 =======================================================================================
=================================================================== Beginning Component Ending Component Ending Component Balance Balance Percentage =================================================================== 0.00 0.00 87.06724263% ===================================================================
7 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Certificateholder Account Statement
=========================================================================== CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 11,108,388.87 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 ------------- Total Deposits 11,108,388.87 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 311,247.14 Payment of Interest and Principal 10,797,141.73 ------------- Total Withdrawals (Pool Distribution Amount) 11,108,388.87 Ending Balance 0.00 ============= ============================================================================
=========================================================================== OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - --------------------------------------------------------------------------- Financial Guaranty 0.00 0.00 0.00 0.00 Financial Guaranty 0.00 0.00 0.00 0.00 ===========================================================================
===================================================================== PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 -------- Non-Supported Prepayment/Curtailment Interest Shortfall 0.00 ======== =====================================================================
=================================================================== SERVICING FEES Gross Servicing Fee 150,589.65 Management Fee 1,000.00 FSA Group 1 Premium 51,890.61 FSA Group 2 Premium 8,305.71 PMI Group 1 Fee 87,935.82 PMI Group 2 Fee 11,525.35 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 311,247.14 ========== ===================================================================
8 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS
========================================================================================= Percentage Delinquent Based On Current ------------------------------ Number Of Unpaid Principal Number Unpaid Loans Balance of Loans Balance --------- ---------------- -------- ------- 30 Days 62 5,813,636.40 1.823529% 1.646148% 60 Days 12 934,818.07 0.352941% 0.26697% 90+ Days 31 2,593,112.72 0.911765% 0.734248% Foreclosure 116 11,174,877.10 3.411765% 3.164200% REO 4 201,342.44 0.117647% 0.057011% --- ------------- -------- -------- Totals 225 20,717,786.73 6.617647% 5.866303%
Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 =========================================================================================
==================================================================================================== Original $ Original % Current $ Current % Bankruptcy 100,000.00 0.02473268% 100,000.00 0.02831530% Fraud 12,129,702.50 3.00000000% 12,129,702.50 3.43456116% Special Hazard 4,043,234.17 1.00000000% 4,043,234.17 1.14485372% Limit of Subordinate's Exposure to Certain Types of Losses ====================================================================================================
9 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
================================================================================ COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 9.494612% Weighted Average Net Coupon 8.994611% Weighted Average Pass-Through Rate 8.994611% Weighted Average Maturity (Stepdown Calculation) 337 Beginning Scheduled Collateral Loan Count 3,474 Number of Loans Paid in Full 74 Ending Scheduled Collateral Loan Count 3,400 Beginning Scheduled Collateral Balance 361,414,817.90 Ending Scheduled Collateral Balance 353,166,007.04 Ending Actual Collateral Balance at 31-May-2000 353,431,786.05 Monthly P&I Constant 3,089,465.38 Ending Scheduled Balance for Premium Loans 353,166,007.04 Scheduled Principal 229,887.53 Unscheduled Principal 8,018,923.33 ================================================================================
10 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
======================================================================================================= Group 1 2 Total Collateral Description Mixed ARM Mixed Fixed Weighted Average Coupon Rate 9.470317 9.625360 Weighted Average Net Rate 8.624094 8.881145 Weighted Average Maturity 347.00 283.00 Record Date 05/31/00 05/31/00 Principal And Interest Constant 2,581,017.46 508,447.92 3,089,465.38 Beginning Loan Count 2,753 721 3,474 Loans Paid In Full 64 10 74 Ending Loan Count 2,689 711 3,400 Beginning Scheduled Balance 304,782,783.44 56,632,034.46 361,414,817.90 Ending Scheduled Balance 297,308,551.06 55,857,455.98 353,166,007.04 Scheduled Principal 175,692.73 54,194.80 229,887.53 Unscheduled Principal 7,298,539.65 720,383.68 8,018,923.33 Scheduled Interest 2,405,324.73 454,253.12 2,859,577.85 Servicing Fee 126,992.81 23,596.69 150,589.50 Master Servicing Fee 0.00 0.00 0.00 Trustee Fee 0.00 0.00 0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 87,935.82 11,525.35 99,461.17 Pool Insurance Fee 0.00 0.00 0.00 Spread 1 0.00 0.00 0.00 Spread 2 0.00 0.00 0.00 Spread 3 0.00 0.00 0.00 Net Interest 2,190,396.10 419,131.08 2,609,527.18 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 87,554.87 585.87 88,140.74 Percentage of Cumulative Losses 0.00 0.00 0.00 =======================================================================================================
================================================================================================ 1 2 Total Required Overcollateralization Amount 18,077,052.98 1,260,651.24 19,337,704.22 Overcollateralization Increase Amount 0.00 0.00 0.00 Overcollateralization Reduction Amount 0.00 0.00 0.00 Specified Overcollateralization Amount 18,077,052.98 1,260,651.24 19,337,704.22 Overcollateralization Amount 8,654,390.84 1,260,651.24 9,915,042.08 Overcollateralization Deficiency Amount 9,812,019.29 0.00 9,812,019.29 Base Overcollateralization Amount 7,679,044.23 1,260,651.24 8,989,695.47 Extra Principal Distribution Amount 305,842.07 0.00 305,842.07 Excess Cash Amount 305,842.07 83,515.44 389,357.51 ================================================================================================
11 American Residential Eagle Bond Trust 1999-2 Contact: Customer Service Collateralized Home Equity Bonds, Series 1999-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 11000 Broken Land Parkway Distribution Date: 26-June-2000 Columbia, MD 21044 Telephone: (301) 815-6600 Facsimile: (410) 884-2369
Delinquency Status By Group
========================================================================================================== Group 30 Day 60 Day 90 + Day 1 Principal Balance 3,529,652.77 854,134.23 2,082,434.56 Percentage Of Balance 1.187% 0.287% 0.700% Loan Count 38 10 24 Percentage of Loan Count 1.413% 0.372% 0.893% 2 Principal Balance 2,283,983.63 80,683.84 510,678.16 Percentage Of Balance 4.089% 0.144% 0.914% Loan Count 24 2 7 Percentage of Loan Count 3.376% 0.281% 0.985% Totals Principal Balance 5,813,636.40 934,818.07 2,593,112.72 Percentage of Balance 1.646% 0.265% 0.734% Loan Count 62 12 31 Percentage of Loan Count 1.824% 0.353% 0.912% ==========================================================================================================
====================================================================================================== Group Foreclosure REO Bankruptcy 1 Principal Balance 9,043,747.44 169,878.35 3,658,633.95 Percentage Of Balance 3.042% 0.057% 1.231% Loan Count 88 3 39 Percentage of Loan Count 3.273% 0.112% 1.450% 2 Principal Balance 2,131,129.66 31,464.09 507,459.20 Percentage Of Balance 3.815% 0.056% 0.908% Loan Count 28 1 9 Percentage of Loan Count 3.938% 0.141% 1.266% Totals Principal Balance 11,174,877.10 201,342.44 $ 4,166,093.15 Percentage of Balance 3.164% 0.057% 1.180% Loan Count 116 4 48 Percentage of Loan Count 3.412% 0.118% 1.412% ======================================================================================================