Monthly Payment Date Statement for American Residential Eagle Bond Trust 1999-1, Series 1999-1 (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 1999-1, Series 1999-1, with Norwest Bank Minnesota, N.A. acting as the Securities Administrator. It summarizes the amounts distributed to holders of Class A and INV_CERT mortgage-backed LIBOR notes as of May 31, 2000, and distributed on June 26, 2000. The document outlines beginning and ending balances, interest and principal payments, and notes that all calculations are made in accordance with the Pooling and Servicing Agreement.

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EX-10.1 2 ex10-1.txt MONTHLY PAYMENT DATE STATEMENT 1 American Residential Eagle Bond Trust 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
EXHIBIT 10.1 Certificateholder Distribution Summary
========================================================================================================================= Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution ========================================================================================================================= A 02926NAA4 SEQ 6.96000% 161,819,880.46 1,001,125.64 10,829,202.29 INV_CERT ARE991INV SUB 0.00000% 5,090,523.77 0.00 0.00 ========================================================================================================================= Totals 166,910,404.23 1,001,125.64 10,829,202.29 =========================================================================================================================
====================================================================================== Current Ending Cumulative Realized Loss Certificate Total Realized Losses Class Balance Distribution ====================================================================================== A 0.00 150,990,678.17 11,830,327.93 0.00 INV_CERT 0.00 5,148,060.64 0.00 0.00 ====================================================================================== Totals 0.00 156,138,738.81 11,830,327.93 0.00 ======================================================================================
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee 27-May-2000 1:04 p.m. 2 American Residential Eagle Bond Trust 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Statement
========================================================================================================================== Beginning Scheduled Unscheduled Original Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss(1) ========================================================================================================================== A 229,000,000.00 161,819,880.46 0.00 10,829,202.29 0.00 0.00 INV_CERT 7,285,896.30 5,090,523.77 0.00 0.00 0.00 0.00 ========================================================================================================================== Totals 236,285,896.30 166,910,404.23 0.00 10,829,202.29 0.00 0.00 ==========================================================================================================================
===================================================================================== Total Ending Ending Principal Certificate Certificate Total Principal Class Reduction Balance Percentage Distribution ===================================================================================== A 10,829,202.29 150,990,678.17 0.65934794 10,829,202.29 INV_CERT 0.00 5,148,060.64 0.70657891 0.00 ===================================================================================== Totals 10,829,202.29 156,138,738.81 0.66080431 10,829,202.29 =====================================================================================
(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 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Factors Statement
=========================================================================================================================== Beginning Scheduled Unscheduled Original Face Certificate Principal Principal Realized Class(2) Amount Balance Distribution Distribution Accretion Loss(3) =========================================================================================================================== A 229,000,000.00 706.63703258 0.00000000 47.28909297 0.00000000 0.00000000 INV_CERT 7,285,896.30 698.68188626 0.00000000 0.00000000 0.00000000 0.00000000 ===========================================================================================================================
==================================================================================== Total Ending Ending Principal Certificate Certificate Total Principal Class(2) Reduction Balance Percentage Distribution ==================================================================================== A 47.28909297 659.34793961 0.65934794 47.28909297 INV_CERT 0.00000000 706.57890643 0.70657891 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 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Statement
======================================================================================================================== Beginning Current Payment of Current Original Face Current Certificate/ Accrued Unpaid Interest Interest Class Amount Certificate Rate Notional Balance Interest Shortfall Shortfall ======================================================================================================================== A 229,000,000.00 6.96000% 161,819,880.46 1,001,125.66 0.00 0.00 INV_CERT 7,285,896.30 0.00000% 5,090,523.77 0.00 0.00 0.00 ======================================================================================================================== Totals 236,285,896.30 1,001,125.66 0.00 0.00 ========================================================================================================================
============================================================================================ Remaining Non-Supported Unpaid Ending Interest Realized Total Interest Interest Certificate/ Class Shortfall Losses(4) Distribution Shortfall Notional Balance ============================================================================================ A 0.00 0.00 1,001,125.64 0.00 150,990,678.17 INV_CERT 0.00 0.00 0.00 0.00 5,148,060.64 ============================================================================================ Totals 0.00 0.00 1,001,125.64 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 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Factors Statement
==================================================================================================================================== Beginning Payment of Non- Current Certificate/ Current Unpaid Current Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Total Interest Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6) Distribution ==================================================================================================================================== A 229,000,000.00 6.96000% 706.63703258 4.37172777 0.00000000 0.00000000 0.00000000 0.00000000 4.37172769 INV_CERT 7,285,896.30 0.00000% 698.68188626 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ====================================================================================================================================
======================================= Remaining Ending Unpaid Certificate/ Interest Notional Class(5) Shortfall Balance ======================================= A 0.00000000 659.34793961 INV_CERT 0.00000000 706.57890643 =======================================
(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 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Component Statement
==================================================================================================================================== Component Pass- Beginning Ending Notional Beginning Component Ending Component Ending Component Class Through Rate Notional Balance Balance Balance Balance Percentage ==================================================================================================================================== FSA 1,200.00000% 31,015.48 28,939.88 0.00 0.00 65.93478899% ====================================================================================================================================
7 American Residential Eagle Bond Trust 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Account Statement
======================================================== CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 12,204,943.24 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (238,189.88) -------------- Total Deposits 11,966,753.36 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 136,425.43 Payment of Interest and Principal 11,830,327.93 -------------- Total Withdrawals (Pool Distribution Amount) 11,966,753.36 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 =====================================================================
====================================================================== 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 69,545.93 Management Fee 1,000.00 FSA Insurance Premium 695.60 Trustee Fee - Norwest Bank Minnesota N.A. 31,015.48 Mortgage Insurance Premium 34,168.42 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 136,425.43 ========== ==========================================================================
8 American Residential Eagle Bond Trust 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
======================================================================================================== CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS Percentage Delinquent Based On ------------------------ Current Number Of Unpaid Principal Number of Unpaid Loans Balance Loans Balance --------- ---------------- --------- -------- 30 Days 48 3,951,170.00 3.426124% 2.530551% 60 Days 13 1,077,149.96 0.927909% 0.689867% 90+ Days 28 3,507,998.78 1.998572% 2.246719% Foreclosure 78 7,907,766.16 5.567452% 5.064577% REO 24 2,548,096.89 1.713062% 1.631944% --- ------------- --------- --------- Totals 191 18,992,181.79 13.633119% 12.163658% Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 2,094,166.76 Current Period Class A Insufficient Funds 999.98 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 =========================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------ SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Original $ Original % Current $ Current % Current Class % Next Prepayment % ---------- ---------- --------- --------- --------------- ----------------- Class A 7,285,896.30 3.08350876% 5,148,060.64 3.29710659% 96.702893% 0.000000% Please Refer to Prospectus Supplement for a Full Description of Loss Exposure. - ------------------------------------------------------------------------------------------------------------------------------------
9 American Residential Eagle Bond Trust 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 31-May-2000 7485 New Horizon Way Distribution Date: 26-June-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
============================================================================ COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM Balloon Weighted Average Gross Coupon 10.307589% Weighted Average Net Coupon 9.807589% Weighted Average Pass-Through Rate 9.802588% Weighted Average Maturity (Stepdown Calculation) 314 Beginning Scheduled Collateral Loan Count 1,481 Number of Loans Paid in Full 80 Ending Scheduled Collateral Loan Count 1,401 Beginning Scheduled Collateral Balance 166,910,404.23 Ending Scheduled Collateral Balance 156,138,738.81 Ending Actual Collateral Balance at 31-May-2000 156,138,738.81 Monthly P&I Constant 1,534,639.34 Class A Optimal Amount 11,862,343.41 Ending Scheduled Balance for Premium Loans 156,138,738.81 Scheduled Principal 100,936.14 Unscheduled Principal 10,728,266.15 Required Overcollateralized Amount 5,316,432.67 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 464,098.78 Specified O/C Amount 5,316,432.67 Overcollateralized Amount 5,148,060.64 Overcollateralized Deficiency Amount 464,098.78 Base Overcollateralization Amount 5,316,432.67 Extra Principal Distribution Amount 296,726.73 Excess Cash Amount 295,726.73 ============================================================================ Bankruptcy 29 Bankruptcies are included in the 30, 60 and 90 day delinquencies $ 3,722,480 ============================================================================