Monthly Payment Date Statement for American Residential Eagle Bond Trust 1999-1 (Class A, Series 1999-1) Administered by Norwest Bank Minnesota, N.A.

Summary

This statement details the monthly distribution of principal and interest to certificateholders of the American Residential Eagle Bond Trust 1999-1, specifically for the Mortgage-Backed LIBOR Notes, Class A, Series 1999-1. Norwest Bank Minnesota, N.A. acts as the certificate administrator, calculating and distributing payments as required by the Pooling and Servicing Agreement. The document summarizes the amounts distributed, outstanding balances, and any realized losses for the period ending April 30, 2000, with distributions made on May 25, 2000.

EX-10.1 2 0002.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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-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 6.49500% 173,290,457.10 937,934.60 11,470,576.64 INV_CERT ARE991INV SUB 0.00000% 5,206,954.10 0.00 0.00 ================================================================================================================ Totals 178,497,411.20 937,934.60 11,470,576.64 ================================================================================================================

=========================================================================== Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses =========================================================================== A 0.00 161,819,880.46 12,408,511.24 0.00 INV_CERT 0.00 5,090,523.77 0.00 0.00 =========================================================================== Totals 0.00 166,910,404.23 12,408,511.24 0.00 ===========================================================================
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee 25-May-2000 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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-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 229,000,000.00 173,290,457.10 0.00 11,470,576.64 0.00 0.00 INV_CERT 7,285,896.30 5,206,954.10 0.00 0.00 0.00 0.00 ============================================================================================================== Totals 236,285,896.30 178,497,411.20 0.00 11,470,576.64 0.00 0.00 ==============================================================================================================

=============================================================================== Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution =============================================================================== A 11,470,576.64 161,819,880.46 0.70663703 11,470,576.64 INV_CERT 0.00 5,090,523.77 0.69868189 0.00 =============================================================================== Totals 11,470,576.64 166,910,404.23 0.70639173 11,470,576.64 ===============================================================================
(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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

Principal Distribution Factors Statement
============================================================================================================================== Beginning Scheduled Unscheduled Total Original Face Certificate Principal Principal Realized Principal Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction ============================================================================================================================== ============================================================================================================================== A 229,000,000.00 756.72688690 0.00000000 50.08985432 0.00000000 0.00000000 50.08985432 INV_CERT 7,285,896.30 714.66212057 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ==============================================================================================================================

================================================================ Ending Ending Total Certificate Certificate Principal Class(2) Balance Percentage Distribution ================================================================ ================================================================ A 706.63703258 0.70663703 50.08985432 INV_CERT 698.68188626 0.69868189 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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

Interest Distribution Statement
=========================================================================================================== Beginning Payment of Current Certificate/ Current Unpaid Current Original Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall =========================================================================================================== A 229,000,000.00 6.49500% 173,290,457.10 937,934.60 0.00 0.00 INV_CERT 7,285,896.30 0.00000% 5,206,954.10 0.00 0.00 0.00 =========================================================================================================== Totals 236,285,896.30 937,934.60 0.00 0.00 ===========================================================================================================

======================================================================================= Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses(4) Distribution Shortfall Balance ======================================================================================= A 0.00 0.00 937,934.60 0.00 161,819,880.46 INV_CERT 0.00 0.00 0.00 0.00 5,090,523.77 ======================================================================================= Totals 0.00 0.00 937,934.60 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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

Interest Distribution Factors Statement
=========================================================================================================== Beginning Payment of Current Certificate/ Current Unpaid Current Original Face Certificate Notional Accrued Interest Interest Class(5) Amount Rate Balance Interest Shortfall Shortfall =========================================================================================================== A 229,000,000.00 6.49500% 756.72688690 4.09578428 0.00000000 0.00000000 INV_CERT 7,285,896.30 0.00000% 714.66212057 0.00000000 0.00000000 0.00000000 ===========================================================================================================

======================================================================================= Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class(5) Shortfall Losses(6) Distribution Shortfall Balance ======================================================================================= A 0.00000000 0.00000000 4.09578428 0.00000000 ###-###-#### INV_CERT 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 1999-1 Contact: Customer Service Mortgage-Backed LIBOR Notes, Class A, Series 1999-1 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

Certificateholder Component Statement
================================================================================================================================== Component Beginning Notional Ending Notional Beginning Component Ending Component Ending Component Class Pass-Through Rate Balance Balance Balance Balance Percentage ================================================================================================================================== ~~FSA 1,200.00000% 33,214.00 31,015.48 0.00 0.00 70.66370453% ==================================================================================================================================~~
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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-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 13,104,367.75 Liquidations, Insurance Proceeds, Reserve 0.00 Funds Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (549,511.52) Total Deposits 12,554,856.23 ------------- Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 146,344.99 Payment of Interest and Principal 12,408,511.24 Total Withdrawals (Pool Distribution Amount) 12,554,856.23 ------------- 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 74,373.84 Management Fee 1,000.00 FSA Insurance Premium 743.82 Trustee Fee - Norwest Bank Minnesota N.A. 33,214.00 Mortgage Insurance Premium 37,013.33 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 146,344.99 ========== ======================================================================
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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

===================================================================================== CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS Percentage Delinquent Based On ------------------------ Current Unpaid Number Of Principal Number Unpaid Loans Balance of Loans Balance 30 Days 70 6,170,532.28 4.726536% 3.696913% 60 Days 11 1,288,017.73 0.742741% 0.771682% 90+ Days 30 3,633,923.10 2.025658% 2.177170% Foreclosure 73 7,660,385.05 4.929102% 4.589519% REO 22 2,451,476.28 1.485483% 1.468738% --- ------------- ---------- ---------- Totals 206 21,204,334.44 13.909521% 12.704022%
Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 1,855,976.88 Current Period Class A Insufficient Funds 0.00 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% 5,090,523.77 3.04985408% 96.950146% 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: 30-Apr-2000 7485 New Horizon Way Distribution Date: 25-May-2000 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152

=========================================================================================== COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM Balloon Weighted Average Gross Coupon 10.202851% Weighted Average Net Coupon 9.702852% Weighted Average Pass-Through Rate 9.697851% Weighted Average Maturity (Stepdown Calculation) 315 Beginning Scheduled Collateral Loan Count 1,565 Number of Loans Paid in Full 84 Ending Scheduled Collateral Loan Count 1,481 Beginning Scheduled Collateral Balance 178,497,411.20 Ending Scheduled Collateral Balance 166,910,404.23 Ending Actual Collateral Balance at 31-Jan-2000 166,910,404.23 Monthly P&I Constant 1,635,229.32 Class A Optimal Amount 12,667,634.13 Ending Scheduled Balance for Premium Loans 166,910,404.23 Scheduled Principal 117,577.20 Unscheduled Principal 11,469,429.77 Required Overcollateralized Amount 5,316,432.67 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 116,430.34 Specified O/C Amount 5,316,432.67 Overcollateralized Amount 5,090,523.77 Overcollateralized Deficiency Amount 225,908.90 Base Overcollateralization Amount 5,316,432.67 Extra Principal Distribution Amount 0.00 Excess Cash Amount 434,081.19 =========================================================================================== Bankruptcy 36 $4,250,174 Bankruptcies are included in the 30, 60 and 90 day delinquencies ===========================================================================================