<PAGE>   1

                                                                    EXHIBIT 10.1

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
==============================================================================================
                      Certificate   Certificate     Beginning
                         Class     Pass-Through    Certificate      Interest      Principal
  Class      CUSIP    Description      Rate          Balance      Distribution   Distribution
==============================================================================================
<S>        <C>        <C>          <C>           <C>              <C>            <C>
   A-1     02926NAB2      SEQ        5.93000%    332,609,910.68   1,647,371.66   4,536,134.21
   A-2     02926NAC0      SEQ        7.09000%     59,745,433.50     352,995.94     964,187.58
 INV_CERT  AMINV1992      SEQ        0.00000%      8,939,695.44     768,066.42           0.00
==============================================================================================
Totals                                           391,295,039.62   2,768,434.02   5,500,321.79
==============================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================================================================
                      Certificate   Current       Ending                    Cumulative
                         Class     Realized    Certificate        Total      Realized
  Class      CUSIP    Description    Loss        Balance      Distribution    Losses
=======================================================================================
<S>        <C>        <C>          <C>       <C>              <C>           <C>
   A-1     02926NAB2      SEQ       0.00     318,073,776.47   6,183,505.87     0.00
   A-2     02926NAC0      SEQ       0.00      58,781,245.92   1,317,183.52     0.00
 INV_CERT  AMINV1992      SEQ       0.00       8,939,695.44     768,066.42     0.00
=======================================================================================
Totals                              0.00     385,794,717.83   8,268,755.81     0.00
=======================================================================================
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee


07-Jan-2000 3:42PM


<PAGE>   2

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369

                        Principal Distribution Statement


<TABLE>
<CAPTION>
======================================================================================
                                Beginning        Scheduled     Unscheduled
              Original Face    Certificate       Principal      Principal
   Class         Amount          Balance       Distribution   Distribution  Accretion
======================================================================================
<S>          <C>             <C>               <C>            <C>           <C>
    A-1      332,350,000.00  322,609,910.68     178,944.84    4,357,189.37    0.00
    A-2       61,750,000.00   59,745,433.50      54,119.34      910,068.24    0.00
 INV_CERT     10,223,416.68    8,939,695.44           0.00            0.00    0.00
======================================================================================
  Totals     404,323,416.68  391,295,039.62     233,064.18    5,267,257.61    0.00
======================================================================================
</TABLE>

<TABLE>
<CAPTION>
=================================================================================
                          Total         Ending         Ending         Total
             Realized   Principal     Certificate    Certificate    Principal
   Class      Loss(1)   Reduction       Balance       Percentage   Distribution
=================================================================================
<S>         <C>       <C>           <C>              <C>          <C>
    A-1        0.00   4,536,134.21  318,073,776.47   0.95704461   4,536,134.21
    A-2        0.00     964,187.58   58,781,245.92   0.95192301     964,187.58
 INV_CERT      0.00           0.00    8,939,695.44   0.87443325           0.00
=================================================================================
  Totals       0.00   5,500,321.79  385,794,717.83   0.95417357   5,500,321.79
=================================================================================
</TABLE>

(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.



<PAGE>   3

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369

                    Principal Distribution Factors Statement



<TABLE>
<CAPTION>
===================================================================================
                                 Beginning     Scheduled    Unscheduled
                Original Face   Certificate    Principal     Principal
  Class(2)          Amount        Balance     Distribution Distribution  Accretion
===================================================================================
<S>            <C>             <C>            <C>          <C>           <C>
    A-1        332,350,000.00  970.69327721    0.53842287   13.11024333  0.00000000
    A-2         61,750,000.00  967.53738462    0.87642656   14.73794721  0.00000000
 INV_CERT       10,223,416.68    0.00000000    0.00000000    0.00000000  0.00000000
===================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================================
                            Total       Ending       Ending       Total
              Realized    Principal  Certificate   Certificate  Principal
  Class(2)     Loss(3)    Reduction     Balance     Percentage Distribution
============================================================================
<S>          <C>         <C>         <C>           <C>         <C>
    A-1       0.00000000 13.64866620  957.04461101  0.95704461  13.64866620
    A-2       0.00000000 15.61437377  951.92301085  0.95192301  15.61437377
 INV_CERT     0.00000000  0.00000000    0.00000000  0.87443325   0.00000000
============================================================================
</TABLE>

(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.


<PAGE>   4

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


                         Interest Distribution Statement

<TABLE>
<CAPTION>
===================================================================================
                                             Beginning                   Payment of
                                 Current    Certificate/    Current        Unpaid
               Original Face  Certificate     Notional      Accrued       Interest
      Class       Amount          Rate        Balance       Interest      Shortfall
===================================================================================
<S>           <C>             <C>         <C>             <C>            <C>
       A-1    332,350,000.00    5.93000%  322,609,910.68  1,647,371.66       0.00
       A-2     61,750,000.00    7.09000%   59,745,433.50    352,995.94       0.00
    INV_CERT   10,223,416.68    0.00000%    8,939,695.44          0.00       0.00
===================================================================================
Totals        404,323,416.68                              2,000,367.60       0.00
========================================= =========================================
</TABLE>

<TABLE>
<CAPTION>
========================================================================================
                           Non-                                 Remaining     Ending
              Current    Supported                               Unpaid    Certificate/
              Interest   Interest    Realized  Total Interest   Interest     Notional
      Class   Shortfall  Shortfall   Losses(4)  Distribution    Shortfall    Balance
========================================================================================
<S>           <C>        <C>         <C>       <C>              <C>       <C>
       A-1       0.00       0.00       0.00     1,647,371.66       0.00   318,073,776.47
       A-2       0.00       0.00       0.00       352,995.94       0.00    58,781,245.92
    INV_CERT     0.00       0.00       0.00       768,066.42       0.00     8,939,695.44
========================================================================================
Totals           0.00       0.00       0.00     2,768,434.02       0.00
========================================================================================
</TABLE>


(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.


<PAGE>   5

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


                     Interest Distribution Factors Statement



<TABLE>
<CAPTION>
================================================================================
                                         Beginning                    Payment of
                             Current    Certificate/                    Unpaid
             Original Face Certificate   Notional    Current Accrued   Interest
 Class(5)       Amount        Rate        Balance        Interest      Shortfall
================================================================================
<S>         <C>            <C>          <C>          <C>              <C>
   A-1      332,350,000.00   5.93000%   970.69327721    4.95673736    0.00000000
   A-2       61,750,000.00   7.09000%   967.53738462    5.71653344    0.00000000
 INV_CERT    10,223,416.68   0.00000%     0.00000000    0.00000000    0.00000000
================================================================================
</TABLE>

<TABLE>
<CAPTION>
==================================================================================================
                              Non-                                      Remaining        Ending
             Current        Supported                                    Unpaid       Certificate/
             Interest       Interest     Realized    Total Interest     Interest        Notional
 Class(5)    Shortfall      Shortfall    Losses(6)    Distribution      Shortfall       Balance
==================================================================================================
<S>          <C>           <C>          <C>          <C>               <C>            <C>
   A-1       0.00000000    0.00000000   0.00000000     4.95673736       0.00000000    957.04461101
   A-2       0.00000000    0.00000000   0.00000000     5.71653344       0.00000000    951.92301085
 INV_CERT    0.00000000    0.00000000   0.00000000     0.00000000       0.00000000      0.00000000
==================================================================================================
</TABLE>


(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.


<PAGE>   6

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


                      Certificateholder Component Statement

<TABLE>
<CAPTION>
========================================================================================================================
          Component Pass-  Beginning Notional  Ending Notional   Beginning Component  Ending Component  Ending Component
 Class     Through Rate          Balance          Balance             Balance              Balance         Percentage
========================================================================================================================
<S>       <C>              <C>                 <C>               <C>                  <C>               <C>
  FEE      1,200.00000%         65,418.55         64,480.10             0.00                 0.00         95.63410519%
========================================================================================================================
</TABLE>



<PAGE>   7

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


                       Certificateholder Account Statement


<TABLE>
<CAPTION>
=========================================================================
                         CERTIFICATE ACCOUNT
<S>                                                          <C>
Beginning Balance                                                    0.00
Deposits
      Payments of Interest and Principal                     8,606,261.75
      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                                               8,606,261.75


Withdrawals
      Reimbursement for Servicer Advances                            0.00
      Payment of Service Fee                                   337,505.94
      Payment of Interest and Principal                      8,268,755.81

Total Withdrawals (Pool Distribution Amount)                 8,606,261.75

Ending Balance                                                       0.00
=========================================================================
</TABLE>


                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
=============================================================================================
                              Beginning            Current           Current          Ending
    Account Type               Balance           Withdrawals         Deposits         Balance
=============================================================================================
<S>                           <C>                <C>                 <C>              <C>
Financial Guaranty               0.00                0.00              0.00             0.00
Financial Guaranty               0.00                0.00              0.00             0.00
=============================================================================================
</TABLE>



                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
=========================================================================
<S>                                                                  <C>
Total Prepayment/Curtailment Interest Shortfall                      0.00
Servicing Fee Support                                                0.00
         Non-Supported Prepayment/Curtailment                        0.00
Interest Shortfall
=========================================================================
</TABLE>



<PAGE>   8

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


<TABLE>
============================================================================
                                 SERVICING FEES
<S>                                                               <C>
Gross Servicing Fee                                               163,039.61
Management Fee                                                      1,000.00
FSA Group 1 Premium                                                56,456.73
FSA Group 2 Premium                                                 8,961.82
PMI Group 1 Fee                                                    95,889.36
PMI Group 2 Fee                                                    12,158.42
Supported Prepayment/Curtailment Interest Shortfall                     0.00

Net Servicing Fee                                                 337,505.94
============================================================================
</TABLE>



<PAGE>   9

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369



           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

<TABLE>
<CAPTION>
=================================================================================================================
                                                                                         Percentage Delinquent
                                                                                                Based On
                                           Current
                                           Number Of      Unpaid Principal            Number             Unpaid
                                             Loans            Balance                of Loans            Balance
<S>                                        <C>            <C>                        <C>                <C>
30 Days                                        53            5,309,215.79            1.431659%          1.376176%
60 Days                                        15            1,017,813.94            0.405186%          0.263823%
90+ Days                                        1              202,046.83            0.027012%          0.052372%
Foreclosure                                    54            4,466,845.54            1.458671%          1.157830%
REO                                             0                    0.00            0.000000%          0.000000%

Totals                                        123           10,995,922.10            3.322528%          2.850200%
=================================================================================================================
</TABLE>



<TABLE>
<S>                                                         <C>
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
</TABLE>


<PAGE>   10

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369



<TABLE>
<CAPTION>
======================================================================================================================
                                            Original $            Original %            Current $           Current %
<S>                                       <C>                    <C>                  <C>                  <C>
         Bankruptcy                          100,000.00          0.02473268%             100,000.00        0.02592052%
         Fraud                            12,129,702.50          3.00000000%          12,129,702.50        3.14408206%
         Special Hazard                    4,043,234.17          1.00000000%           4,043,234.17        1.04802735%
======================================================================================================================
</TABLE>

Limit of Subordinate's Exposure to Certain Types of Losses


<PAGE>   11

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


<TABLE>
=============================================================================
                              COLLATERAL STATEMENT
<S>                                                        <C>
Collateral Description                                     Fixed & Mixed ARM


Weighted Average Gross Coupon                                      9.525109%
Weighted Average Net Coupon                                        9.025109%
Weighted Average Pass-Through Rate                                 8.490066%
Weighted Average Maturity (Stepdown Calculation)                         343

Beginning Scheduled Collateral Loan Count                              3,754
Number of Loans Paid in Full                                              52
Ending Scheduled Collateral Loan Count                                 3,702

Beginning Scheduled Collateral Balance                        391,295,039.65
Ending Scheduled Collateral Balance                           385,794,717.86
Ending Actual Collateral Balance at 30-Nov-1999               386,025,911.87
Monthly P&I Constant                                            3,339,004.13
Ending Scheduled Balance for Premium Loans                    385,794,717.86
=============================================================================
</TABLE>



<PAGE>   12

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


<TABLE>
<CAPTION>
=====================================================================================================
         Group                                              1                2               Total
<S>                                                <C>               <C>               <C>
Collateral Description                                  Mixed ARM      Mixed Fixed
Weighted Average Coupon Rate                             9.498652         9.668347
Weighted Average Net Rate                                8.650269         8.929189
Weighted Average Maturity                                  353.00           289.00
Record Date                                              11/30/99         11/30/99
Principal And Interest Constant                      2,793,361.45       545,642.68       3,339,004.13
Beginning Loan Count                                        2,973              781              3,754
Loans Paid In Full                                             39               13                 52
Ending Loan Count                                           2,934              768              3,702
Beginning Scheduled Balance                        330,288,954.91    61,006,084.74     391,295,039.65
Ending Scheduled Balance                           325,752,820.70    60,041,897.16     385,794,717.86
Scheduled Principal                                    178,944.84        54,119.34         233,064.18
Unscheduled Principal                                4,357,189.37       910,068.24       5,267,257.61
Scheduled Interest                                   2,614,416.61       491,523.34       3,105,939.95
Servicing Fee                                          137,620.40        25,419.21         163,039.61
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                                               95,889.36        12,158.42         108,047.78
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                                         2,380,906.85       453,945.71       2,834,852.56
Realized Loss Amount                                         0.00             0.00               0.00
Cumulative Realized Loss                                     0.00             0.00               0.00
Percentage of Cumulative Losses                              0.00             0.00               0.00
=====================================================================================================
</TABLE>


<PAGE>   13

American Residential Eagle                   Contact:    Customer Service
Bond Trust 1999-2                            Norwest Bank Minnesota, N.A.
Collateralized Home Equity Bonds,            Securities Administration Services
Series 1999-2                                11000 Broken Land Parkway
Record Date: 30-Nov-1999                     Columbia, MD  21044
Distribution Date: 27-Dec-1999               Telephone: (301) 815-6600
                                             Facsimile: (410) 884-2369


<TABLE>
<CAPTION>
=====================================================================================================
                                                         1                 2              Total
<S>                                                  <C>              <C>                <C>
Required Overcollateralization Amount                7,679,044.23     1,260,651.24       8,939,695.47
Overcollateralization Increase Amount                        0.00             0.00               0.00
Overcollateralization Reduction Amount                       0.00             0.00               0.00
Specified Overcollateralization Amount               7,679,044.23     1,260,651.24       8,939,695.47
Overcollateralization Amount                         7,679,044.23     1,260,651.24       8,939,695.47
Overcollateralization Deficiency Amount                      0.00             0.00               0.00
Base Overcollateralization Amount                    7,679,044.23     1,260,651.24       8,939,695.47
Extra Principal Distribution Amount                          0.00             0.00               0.00
Excess Cash Amount                                     676,234.71        91,831.71         768,066.42
=====================================================================================================
</TABLE>


<TABLE>
<CAPTION>
===================================================================================================================================
                                               Delinquency Status By Group
Group                                 30 Day             60 Day           90 + Day       Foreclosure         REO         Bankruptcy
<S>     <C>                        <C>               <C>                 <C>             <C>                <C>         <C>
  1     Principal Balance          3,686,313.32        571,487.82        202,046.83      3,422,543.57         0.00       880,335.52
        Percentage Of Balance            1.132%            0.175%            0.062%            1.051%       0.000%           0.270%
        Loan Count                           35                 6                 1                38            0               11
        Percentage of Loan Count         1.193%            0.204%            0.034%            1.295%       0.000%           0.375%

  2     Principal Balance          1,622,902.47        446,326.12              0.00      1,044,301.97         0.00             0.00
        Percentage Of Balance            2.703%            0.743%            0.000%            1.739%       0.000%           0.000%
        Loan Count                           18                 9                 0                16            0                0
        Percentage of Loan Count         2.344%            1.172%            0.000%            2.083%       0.000%           0.000%

Totals  Principal Balance          5,309,215.79      1,017,813.94        202,046.83      4,466,845.54         0.00      $880,335.52
        Percentage of Balance            1.376%            0.264%            0.052%            1.158%       0.000%           0.228%
        Loan Count                           53                15                 1                54            0               11
        Percentage of Loan Count         1.432%            0.405%            0.027%            1.459%       0.000%           0.297%
===================================================================================================================================
</TABLE>