Exhibit 99.2

First Alliance Mortgage Loan Trust
                 Mortgage Loan Asset Backed Notes Series 1999-2
                             1999 - Annual Statement
                              DISTRIBUTION DOLLARS

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199907     A-1 NOTE            $324,958.33       $425,425.68    $54,574,574.32
 199908     A-1 NOTE            $322,444.78       $228,523.94    $54,346,050.38
 199909     A-1 NOTE            $321,049.58       $613,249.74    $53,732,800.64
 199910     A-1 NOTE            $317,471.30       $599,127.87    $53,133,672.77
 199911     A-1 NOTE            $313,931.45       $533,463.42    $52,600,209.35
 199912     A-1 NOTE            $310,779.57       $501,152.78    $52,099,056.57
Total by Class                $1,910,680.01     $2,900,943.43

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199907     A-2 NOTE            $175,194.44        $97,391.57    $34,902,608.43
 199908     A-2 NOTE            $164,701.53       $401,827.42    $34,500,781.02
 199909     A-2 NOTE            $166,147.62       $299,146.74    $34,201,634.27
 199910     A-2 NOTE            $161,923.36       $510,934.28    $33,690,699.99
 199911     A-2 NOTE            $176,265.53        $74,893.29    $33,615,806.70
 199912     A-2 NOTE            $154,063.11     $1,045,739.99    $32,570,066.71
Total by Class                  $998,295.59      2,429,933.29

Total Class R Certificates: $0.00

Factor Information Per $1,000

             PRINCIPAL      INTEREST     ENDING NOTE   INIT NOTE     CURR NOTE
  CLASS     DISTRIBUTION  DISTRIBUTION     BALANCE        RATE          RATE
--------    ------------  ------------  ------------  ------------  ------------

A-1 NOTE    52.744426000  34.739636545  947.25557400    7.09000%      7.09000%

A-2 NOTE    69.42666543   28.52273114   930.57333457    5.30000%      5.89250

                                                            Per $1,000
NOTE DISTRIBUTION:                          $8,239,852.32      91.55

SCHEDULED PRINCIPAL:                          $363,712.61
PREPAYMENTS & PREFUNDING ACT. REMAINDER:    $4,153,280.41
SUBORDINATION INCREASE:                       $813,883.70
                                            --------------
TOTAL PRINCIPAL DISTRIBUTION:               $5,330,876.72      59.23

TOTAL INTEREST DISTRIBUTION:                $2,908,975.60


LOAN PURCHASE PRICES
   A-1 RATE NOTE:                                   $0.00
   A-2 RATE NOTE:                                   $0.00


SUBORDINATION REDUCTION AMOUNT
   A-1 RATE NOTE:                                   $0.00
   A-2 RATE NOTE:                                   $0.00

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CURRENT REALIZED LOSSES
   A-1 RATE NOTE:                                   $0.00
   A-2 RATE NOTE:                                   $0.00

CUMULATIVE REALIZED LOSSES
   A-1 RATE NOTE:                                   $0.00
   A-2 RATE NOTE:                                   $0.00

DELINQUENT MORTGAGE LOANS(includes loans in foreclosure and bankruptcy):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS      16    $1,660,285.12      3.159%
           60-89 DAYS       8      $472,566.36      0.899%
            90+ DAYS        3      $392,394.02      0.747%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS       4      $471,871.93      1.433%
           60-89 DAYS       4      $284,984.88      0.866%
            90+ DAYS        6      $903,026.45      2.743%


LOANS IN FORECLOSURE(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            9      $702,253.92      1.336%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            8    $1,074,000.45      3.262%


LOANS IN BANKRUPTCY(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            2      $179,730.70      0.342%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            0            $0.00       0.00%

REO PROPERTIES(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            0            $0.00       0.00%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            0            $0.00       0.00%

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ENDING AGGREGATE LOAN BALANCE
   A-1 RATE NOTE:                      $52,559,316.44
   A-2 RATE NOTE:                      $32,923,690.54

BOOK VALUE OF REO PROPERTY:
   A-1 RATE NOTE:                               $0.00
   A-2 RATE NOTE:                               $0.00