<PAGE>   1

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




                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary


<TABLE>
<CAPTION>
=================================================================================================
                               Certificate      Certificate      Beginning
                                  Class         Pass-Through    Certificate            Interest
    Class          CUSIP       Description         Rate           Balance            Distribution
=================================================================================================
<S>              <C>           <C>              <C>            <C>                   <C>
     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
=================================================================================================
</TABLE>


<TABLE>
<CAPTION>
=========================================================================================
                                Current        Ending                          Cumulative
                  Principal    Realized      Certificate           Total        Realized
    Class       Distribution     Loss          Balance          Distribution     Losses
=========================================================================================
<S>            <C>             <C>         <C>                 <C>             <C>
     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
=========================================================================================
</TABLE>


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



<PAGE>   2

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




                        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        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
=========================================================================================================
</TABLE>


<TABLE>
<CAPTION>
==========================================================================================================
                                    Total             Ending                 Ending
                   Realized       Principal         Certificate           Certificate      Total Principal
     Class          Loss(1)       Reduction           Balance              Percentage        Distribution
==========================================================================================================
<S>                <C>           <C>               <C>                    <C>              <C>
      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
==========================================================================================================
</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

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




                    Principal Distribution Factors Statement


<TABLE>
<CAPTION>
===========================================================================================================
                      Original            Beginning         Scheduled         Unscheduled
                        Face             Certificate        Principal          Principal
    Class(2)           Amount              Balance         Distribution       Distribution       Accretion
===========================================================================================================
<S>                <C>                   <C>               <C>                <C>                <C>
      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
===========================================================================================================
</TABLE>


<TABLE>
<CAPTION>
============================================================================================================
                                                          Ending             Ending
                  Realized         Total Principal      Certificate        Certificate       Total Principal
    Class(2)       Loss(3)            Reduction           Balance           Percentage        Distribution
============================================================================================================
<S>               <C>              <C>                  <C>                <C>               <C>
      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
============================================================================================================
</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

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




                         Interest Distribution Statement

<TABLE>
<CAPTION>
====================================================================================================================

                                                              Beginning               Current          Payment of
                  Original Face           Current            Certificate/             Accrued        Unpaid Interest
    Class            Amount           Certificate Rate     Notional Balance          Interest          Shortfall
====================================================================================================================
<S>               <C>                 <C>                  <C>                      <C>              <C>
      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
====================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
==================================================================================================================
                                    Non-                                             Remaining
                  Current        Supported                                             Unpaid          Ending
                  Interest        Interest        Realized      Total Interest        Interest      Certificate/
    Class        Shortfall       Shortfall        Losses(4)      Distribution        Shortfall    Notional Balance
==================================================================================================================
<S>              <C>             <C>              <C>           <C>                  <C>          <C>
      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
==================================================================================================================
</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

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




                     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             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
=======================================================================================================================
</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          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
===================================================================================================================================
</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

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




                      Certificateholder Component Statement


<TABLE>
<CAPTION>
=======================================================================================
                         Component Pass-        Beginning Notional      Ending Notional
       Class              Through Rate              Balance                 Balance
=======================================================================================
<S>                      <C>                    <C>                     <C>
        FEE               1,200.00000%             60,196.31               58,704.00
=======================================================================================
</TABLE>



<TABLE>
<CAPTION>
===================================================================
    Beginning Component     Ending Component       Ending Component
         Balance                Balance               Percentage
===================================================================
<S>                         <C>                    <C>
           0.00                   0.00               87.06724263%
===================================================================
</TABLE>


<PAGE>   7

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




                       Certificateholder Account Statement


<TABLE>
<CAPTION>
===========================================================================
                               CERTIFICATE ACCOUNT
<S>                                                           <C>
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
                                                              =============
============================================================================
</TABLE>



<TABLE>
<CAPTION>
===========================================================================
                                 OTHER ACCOUNTS

                        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>



<TABLE>
<CAPTION>
=====================================================================
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

=====================================================================
</TABLE>



<TABLE>
<CAPTION>
===================================================================
                                 SERVICING FEES

<S>                                                      <C>
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
                                                         ==========

===================================================================
</TABLE>



<PAGE>   8

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



           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             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%
</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>



<TABLE>
<CAPTION>
====================================================================================================
                        Original $             Original %           Current $             Current %
<S>                   <C>                     <C>                <C>                     <C>
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
====================================================================================================
</TABLE>



<PAGE>   9

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



<TABLE>
<CAPTION>
================================================================================
                              COLLATERAL STATEMENT

<S>                                                            <C>
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

================================================================================
</TABLE>



<PAGE>   10

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



<TABLE>
<CAPTION>
=======================================================================================================
            Group                                 1                       2                    Total
<S>                                      <C>                      <C>                    <C>
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

=======================================================================================================
</TABLE>



<TABLE>
<CAPTION>
================================================================================================
                                                   1                   2               Total
<S>                                          <C>                 <C>               <C>
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
================================================================================================
</TABLE>



<PAGE>   11

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



                           Delinquency Status By Group

<TABLE>
<CAPTION>
==========================================================================================================
 Group                                            30 Day                  60 Day               90 + Day
<S>                                            <C>                      <C>                  <C>
   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%
==========================================================================================================
</TABLE>


<TABLE>
<CAPTION>
======================================================================================================
 Group                                      Foreclosure                REO                Bankruptcy
<S>                                        <C>                      <C>                <C>
   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%
======================================================================================================
</TABLE>