<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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-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               6.15375%    313,005,245.81     1,658,634.36
       A-2         02926NAC0         SEQ               7.09000%     58,009,090.83       342,737.04
     INV_CERT      AMINV1992         SEQ               0.00000%      8,939,695.44       562,375.20
===================================================================================================
Totals                                                             379,954,032.08     2,563,746.60
===================================================================================================
</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         3,485,837.11       0.00         309,519,408.70     5,144,471.47      0.00
       A-2           649,359.58       0.00          57,359,731.25       992,096.62      0.00
     INV_CERT              0.00       0.00           9,008,065.21       562,375.20      0.00
===================================================================================================
Totals             4,135,196.69       0.00         375,887,205.16     6,698,943.29      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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-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    313,005,245.81      177,400.38     3,308,436.73     0.00
      A-2         61,750,000.00     58,009,090.83       58,923.79       595,435.79     0.00
    INV_CERT      10,223,416.68      8,939,695.44            0.00             0.00     0.00
===================================================================================================
     Totals      404,323,416.68    379,954,032.08      231,324.17     3,903,872.52     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           3,485,837.11     309,519,408.70     0.93130558      3,485,837.11
      A-2         0.00             649,359.58      57,359,731.25     0.92890253        649,359.58
    INV_CERT      0.00                   0.00       9,008,065.21     0.88112081              0.00
==================================================================================================
     Totals       0.00           4,135,196.69     375,887,205.16     0.92966964      4,135,196.69
==================================================================================================
</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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



                    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      941.79402982      0.53377578       9.95467649       0.00000000
      A-2             61,750,000.00      939.41847498      0.87325976       9.64268486       0.00000000
    INV_CERT          10,223,416.68        0.00000000      0.00000000       0.00000000       0.00000000
=======================================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================================================
                                       Total            Ending           Ending
                    Realized         Principal        Certificate      Certificate   Total Principal
    Class(2)         Loss(3)         Reduction          Balance        Percentage      Distribution
======================================================================================================
<S>                 <C>              <C>              <C>              <C>           <C>
      A-1             0.00000000      10.48845226       931.30557755     0.93130558       10.48845226
      A-2             0.00000000      10.51594462       928.90253036     0.92890253       10.51594462
    INV_CERT          0.00000000       0.00000000         0.00000000     0.88112081        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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>


                         Interest Distribution Statement


<TABLE>
<CAPTION>
========================================================================================================
                                                        Beginning
                                                       Certificate/        Current         Payment of
                  Original Face        Current           Notional          Accrued      Unpaid Interest
     Class            Amount       Certificate Rate      Balance          Interest         Shortfall
========================================================================================================
<S>               <C>              <C>                 <C>                <C>           <C>
      A-1          332,350,000.00      6.15375%        313,005,245.81     1,658,634.36        0.00
      A-2           61,750,000.00      7.09000%         58,009,090.83       342,737.04        0.00
   INV_CERT         10,223,416.68      0.00000%          8,939,695.44             0.00        0.00
========================================================================================================
Totals             404,323,416.68                                         2,001,371.40        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         1,658,634.36      0.00         309,519,408.70
      A-2           0.00        0.00         0.00           342,737.04      0.00          57,359,731.25
   INV_CERT         0.00        0.00         0.00           562,375.20      0.00           9,008,065.21
========================================================================================================
Totals              0.00        0.00         0.00         2,563,746.60      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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



                     Interest Distribution Factors Statement


<TABLE>
<CAPTION>
===========================================================================================================
                                                         Beginning                            Payment of
                                                        Certificate/                            Unpaid
                   Original Face        Current           Notional       Current Accrued       Interest
    Class(5)           Amount       Certificate Rate      Balance            Interest         Shortfall
===========================================================================================================
<S>                <C>              <C>                 <C>              <C>                  <C>
      A-1           332,350,000.00      6.15375%        941.79402982        4.99062543        0.00000000
      A-2            61,750,000.00      7.09000%        939,41847498        5.55039741        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       4.990652543    0.00000000     931.30557755
      A-2           0.00000000       0.00000000    0.00000000        5.55039741    0.00000000     928.90253036
    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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



                      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%          63,477.28           62,769.86              0.00                 0.00             93.09755094%
====================================================================================================================================
</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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



                       Certificateholder Account Statement


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

                             CERTIFICATE ACCOUNT

Beginning Balance                                                         0.00
Deposits
      Payments of Interest and Principal                          7,079,187.17
      Liquidations, Insurance Proceeds, Reserve Funds                     0.00
      Proceeds from Repurchased Loans                                     0.00
      Other Amounts (Servicer Advances)                                   0.00
      Realized Losses                                              (51,154.59)
                                                                  ------------

Total Deposits                                                    7,028,032.58


Withdrawals
      Reimbursement for Servicer Advances                                 0.00
      Payment of Service Fee                                        329,089.29
      Payment of Interest and Principal                           6,698,943.29
                                                                  ------------

Total Withdrawals (Pool Distribution Amount)                      7,028,032.58


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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

Total Prepayment/Curtailment Interest Shortfall                            0.00
Servicing Fee Support                                                      0.00
                                                                           ----
Non-Supported Prepayment/Curtailment Interest Shortfall                    0.00
                                                                           ====

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

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

                                 SERVICING FEES

Gross Servicing Fee                                                  158,314.20
Management Fee                                                         1,000.00
FSA Group 1 Premium                                                   54,775.92
FSA Group 2 Premium                                                    8,701.36
PMI Group 1 Fee                                                       94,339.66
PMI Group 2 Fee                                                       11,958.15
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                     ----------

Net Servicing Fee                                                    329,089.29
                                                                     ==========

================================================================================
</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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



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

           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

                                                             Percentage Delinquent
                                                                   Based On
                                                           -------------------------
                      Current            Unpaid
                     Number Of          Principal           Number           Unpaid
                       Loans             Balance           of Loans          Balance
                     ---------        -------------        --------         --------
<S>                  <C>              <C>                  <C>              <C>
30 Days                     88         7,627,994.19        2.434975%        2.029331%
60 Days                     15           962,929.26        0.415053%        0.256175%
90+ Days                     7           554,891.66        0.193691%        0.147622%
Foreclosure                 77         6,589,001.65        2.130603%        1.752920%
REO                          2            60,327.89        0.055340%        0.016049%
                      --------        -------------        --------         --------

Totals                     189        15,795,144.65        5.229662%        4.202097%



Current Period Realized Loss - Includes Interest Shortfall    0.00
Cumulative Realized Losses - Includes Interest Shortfall      51,154.59
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      0.02660373%
        Fraud                      12,129,702.50       3.00000000%      12,129,702.50      3.22695275%
        Special Hazard              4,043,234.17       1.00000000%       4,043,234.17      1.07565092%

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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



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

                              COLLATERAL STATEMENT

Collateral Description                                       Fixed & Mixed ARM

<S>                                                          <C>
Weighted Average Gross Coupon                                          9.513867%
Weighted Average Net Coupon                                            9.013868%
Weighted Average Pass-Through Rate                                     8.678149%
Weighted Average Maturity (Stepdown Calculation)                            341

Beginning Scheduled Collateral Loan Count                                 3,651
Number of Loans Paid in Full                                                 37
Ending Scheduled Collateral Loan Count                                    3,614

Beginning Scheduled Collateral Balance                           379,954,032.11
Ending Scheduled Collateral Balance                              375,887,205.17
Ending Actual Collateral Balance at 31-Jan-2000                  376,134,631.67
Monthly P&I Constant                                               3,243,684.39
Ending Scheduled Balance for Premium Loans                       375,887,205.17

================================================================================
</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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</TABLE>



<TABLE>
<CAPTION>
================================================================================================================
                    Group                                 1                     2                  Total
Collateral Description                                  Mixed ARM           Mixed Fixed
<S>                                                <C>                    <C>                 <C>
Weighted Average Coupon Rate                             9.487170              9.658318
Weighted Average Net Rate                                8.634151              8.916208
Weighted Average Maturity                                  351.00                287.00
Record Date                                              01/31/00              01/31/00
Principal And Interest Constant                      2,712,722.24            530,962.15         3,243,684.39
Beginning Loan Count                                        2,892                   759                3,651
Loans Paid In Full                                             26                    11                   37
Ending Loan Count                                           2,866                   748                3,614
Beginning Scheduled Balance                        320,684,290.04         59,269,742.07       379,954,032.11
Ending Scheduled Balance                           317,266,822.68         58,620,382.49       375,887,205.17
Scheduled Principal                                    177,400.38             53,923.79           231,324.17
Unscheduled Principal                                3,240,066.98            595,435.79         3,835,502.77
Scheduled Interest                                   2,535,321.86            477,038.36         3,012,360.22
Servicing Fee                                          133,618.47             24,695.73           158,314.20
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                                               94,339.66             11,958.15           106,297.81
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                                         2,307,363.73            440,384.48         2,747,748.21
Realized Loss Amount                                    50,568.72                585.87            51,154.59
Cumulative Realized Loss                                50,568.72                585.87            51,154.59
Percentage of Cumulative Losses                              0.00                  0.00                 0.00

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

<TABLE>
<CAPTION>
================================================================================================================
                                                          1                      2                 Total
<S>                                                  <C>                   <C>                  <C>
Required Overcollateralization Amount                7,747,413.98          1,260,651.24         9,008,065.22
Overcollateralization Increase Amount                        0.00                  0.00                 0.00
Overcollateralization Reduction Amount                  68,369.75                  0.00            68,369.75
Specified Overcollateralization Amount               7,747,413.98          1,260,651.24         9,008,065.22
Overcollateralization Amount                         7,679,044.23          1,260,651.24         8,939,695.47
Overcollateralization Deficiency Amount                 68,369.75                  0.00            68,369.75
Base Overcollateralization Amount                    7,679,044.23          1,260,651.24         8,939,695.47
Extra Principal Distribution Amount                     68,369.75                  0.00            68,369.75
Excess Cash Amount                                     593,109.82             88,789.72           681,899.54

================================================================================================================
</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-Jan-2000                                                  11000 Broken Land Parkway
Distribution Date: 25-Feb-2000                                                  Columbia, MD  21044
                                                                                Telephone: (301) 815-6600
                                                                                Facsimile: (410) 884-2369
</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            5,999,870.35     495,985.96     387,554.84     5,226,771.58     28,863.80    1,808,454.19
             Percentage Of Balance              1.891%         0.156%         0.122%           1,647%        0.009%          0.570%
             Loan Count                             63              7              4               55             1              21
             Percentage of Loan Count           2.198%         0.244%         0.140%           1.919%        0.035%          0.733%

      2      Principal Balance            1,628,123.84     466,943.30     167,336.82     1,362,230.07     31,464.09      152,383.68
             Percentage Of Balance              2.777%         0.797%         0.285%           2.324%        0.054%          0.260%
             Loan Count                             25              8              3               22             1               3
             Percentage of Loan Count           3.342%         1.070%         0.401%           2.941%        0.134%          0.401%

   Totals    Principal Balance            7,627,994.19     962,929.26     554,891.66     6,589,001.65     60,327.89   $1,960,837.87
             Percentage of Balance              2.029%         0.256%         0.148%           1.753%        0.016%          0.522%
             Loan Count                             88             15              7               77             2              24
             Percentage of Loan Count           2.435%         0.415%         0.194%           2.131%        0.055%          0.664%

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