<PAGE>   1

                                                                    EXHIBIT 10.1
<TABLE>
<CAPTION>

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:          29-Feb-2000                                                      11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                      Columbia, MD  21044
                                                                                       Telephone:     (301) 815-6600
                                                                                       Facsimile:     (410) 884-2369



                                       Certificateholder Distribution Summary

========================================================================================================================
                       Certificate    Certificate        Beginning                                       Current
                          Class       Pass-Through      Certificate       Interest         Principal    Realized
   Class        CUSIP   Description       Rate            Balance       Distribution      Distribution     Loss
========================================================================================================================
<S>           <C>     <C>             <C>              <C>              <C>               <C>           <C>
    A-1       02926NAB2    SEQ          6.21875%       309,519,408.70    1,657,487.18     4,361,672.06     0.00
    A-2       02926NAC0    SEQ          7.09000%        57,359,731.25      338,900.41       880,892.36     0.00
  INV_CERT    AMINV1992    SEQ          0.00000%         9,008,065.21       49,144.64             0.00     0.00
========================================================================================================================
Totals                                                 375,887,205.16    2,045,532.23     5,242,564.42     0.00
========================================================================================================================

<CAPTION>

=============================================================
                  Ending                         Cumulative
               Certificate          Total         Realized
   Class         Balance        Distribution       Losses
=============================================================
    A-1       305,157,736.64    6,019,159.24      0.00
    A-2        56,478,838.89    1,219,792.77      0.00
  INV_CERT      9,617,101.73       49,144.64      0.00
=============================================================
Totals        371,253,677.26    7,288,096.65      0.00
=============================================================
</TABLE>



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


04-Apr-2000    9:23AM


<PAGE>   2


<TABLE>
<CAPTION>

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:          29-Feb-2000                                                      11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                      Columbia, MD  21044
                                                                                       Telephone:     (301) 815-6600
                                                                                       Facsimile:     (410) 884-2369



                                                  Principal Distribution Statement


==============================================================================================================================
                                           Beginning        Scheduled           Unscheduled
                      Original Face       Certificate        Principal           Principal                        Realized
       Class             Amount             Balance         Distribution        Distribution      Accretion        Loss(1)
==============================================================================================================================
<S>         >        <C>                 <C>                <C>               <C>                 <C>             <C>
        A-1          332,350,000.00      309,519,408.70        177,204.71        4,184,467.35             0.00            0.00
        A-2           61,750,000.00       57,359,731.25         54,126.15          826,766.21             0.00            0.00
     INV_CERT         10,223,416.68        9,008,065.21              0.00                0.00             0.00            0.00
==============================================================================================================================
      Totals         404,323,416.68      375,887,205.16        231,330.86        5,011,233.56             0.00            0.00
==============================================================================================================================
<CAPTION>


===============================================================================================
                                            Ending               Ending
                    Total Principal       Certificate         Certificate        Total Principal
       Class           Reduction            Balance            Percentage         Distribution
===============================================================================================
<S>                 <C>                  <C>                   <C>               <C>
        A-1            4,361,672.06      305,157,736.64          0.91818185        4,361,672.06
        A-2              880,892.36       56,478,838.89          0.91463707          880,892.36
     INV_CERT                  0.00        9,617,101.73          0.94069351                0.00
===============================================================================================
      Totals           5,242,564.42      371,253,677.26          0.91820969        5,242,564.42
===============================================================================================
</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>
<CAPTION>

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:          29-Feb-2000                                                 11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                 Columbia, MD  21044
                                                                                  Telephone:     (301) 815-6600
                                                                                  Facsimile:     (410) 884-2369


                                         Principal Distribution Factors Statement

=====================================================================================================================
                                  Beginning         Scheduled       Unscheduled
            Original Face       Certificate         Principal        Principal                            Realized
Class(2)        Amount             Balance         Distribution     Distribution        Accretion          Loss(3)
=====================================================================================================================
<S>         <C>                 <C>                <C>              <C>                 <C>               <C>
   A-1      332,350,000.00      931.30557755        0.53318703       12.59054416        0.00000000        0.00000000
   A-2       61,750,000.00      928.90253036        0.87653684       13.38892648        0.00000000        0.00000000
INV_CERT     10,223,416.68        0.00000000        0.00000000        0.00000000        0.00000000        0.00000000
=====================================================================================================================
<CAPTION>

==================================================================================
                                   Ending            Ending
             Total Principal     Certificate       Certificate     Total Principal
Class(2)         Reduction         Balance          Percentage      Distribution
==================================================================================
<S>          <C>                <C>                <C>             <C>
   A-1         13.12373119      918.18184637        0.91818185       13.12373119
   A-2         14.26546332      914.63706704        0.91463707       14.26546332
INV_CERT        0.00000000        0.00000000        0.94069351        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>
<CAPTION>
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:          29-Feb-2000                                                              11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                              Columbia, MD  21044
                                                                                               Telephone:     (301) 815-6600
                                                                                               Facsimile:     (410) 884-2369


                                                     Interest Distribution Statement

===================================================================================================================================
                                                              Beginning
                                                            Certificate/         Current         Payment of         Current
                      Original Face        Current            Notional           Accrued       Unpaid Interest      Interest
      Class               Amount       Certificate Rate        Balance           Interest         Shortfall         Shortfall
===================================================================================================================================
<S>                   <C>              <C>                 <C>                 <C>             <C>                  <C>
       A-1            332,350,000.00           6.21875%    309,519,408.70      1,657,487.18              0.00              0.00
       A-2             61,750,000.00           7.09000%     57,359,731.25        338,900.41              0.00              0.00
    INV_CERT           10,223,416.68           0.00000%      9,008,065.21              0.00              0.00              0.00
===================================================================================================================================
Totals                404,323,416.68                                                             1,996,387.59              0.00
===================================================================================================================================

<CAPTION>

===========================================================================================================
                           Non-                                              Remaining          Ending
                        Supported                                             Unpaid          Certificate/
                        Interest          Realized       Total Interest      Interest           Notional
      Class             Shortfall         Losses(4)       Distribution       Shortfall          Balance
===========================================================================================================
       A-1                     0.00              0.00      1,657,487.18              0.00    305,157,736.64
       A-2                     0.00              0.00        338,900.41              0.00     56,478,838.89
    INV_CERT                   0.00              0.00         49,144.64              0.00      9,617,101.73
===========================================================================================================
Totals                         0.00              0.00              0.00      2,045,532.23              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>
<CAPTION>

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:          29-Feb-2000                                                              11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                              Columbia, MD  21044
                                                                                               Telephone:     (301) 815-6600
                                                                                               Facsimile:     (410) 884-2369


                                              Interest Distribution Factors Statement

===================================================================================================================================
                                                              Beginning                           Payment of
                                                             Certificate/                           Unpaid            Current
                       Original Face         Current           Notional       Current Accrued      Interest           Interest
     Class(5)              Amount        Certificate Rate       Balance           Interest         Shortfall          Shortfall
===================================================================================================================================
<S>                    <C>               <C>                 <C>              <C>                 <C>                <C>
       A-1             332,350,000.00           6.21875%      931.30557755        4.98717370        0.00000000        0.00000000
       A-2              61,750,000.00           7.09000%      928.90253036        5.48826575        0.00000000        0.00000000
     INV_CERT           10,223,416.68           0.00000%        0.00000000        0.00000000        0.00000000        0.00000000
===================================================================================================================================
<CAPTION>

=============================================================================================================
                             Non-                                              Remaining        Ending
                          Supported                                              Unpaid        Certificate/
                          Interest          Realized        Total Interest      Interest        Notional
     Class(5)             Shortfall         Losses(6)        Distribution       Shortfall        Balance
=============================================================================================================
       A-1                 0.00000000        0.00000000        4.98717370        0.00000000      918.18184637
       A-2                 0.00000000        0.00000000        5.48826575        0.00000000      914.63706704
     INV_CERT              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>
<CAPTION>
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:          29-Feb-2000                                                              11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                              Columbia, MD  21044
                                                                                               Telephone:     (301) 815-6600
                                                                                               Facsimile:     (410) 884-2369



                                                     Certificateholder Component Statement

==================================================================================================================================
             Component Pass-   Beginning Notional   Ending Notional    Beginning Component  Ending Component     Ending Component
   Class       ThroughRate          Balance             Balance              Balance            Balance             Percentage
==================================================================================================================================
<S>          <C>               <C>                  <C>                <C>                   <C>                 <C>
    FEE        1,200.00000%        62,769.86            61,874.43              0.00                0.00             91.76948775%
==================================================================================================================================
</TABLE>

<PAGE>   7


<TABLE>
<CAPTION>

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:          29-Feb-2000                           11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                           Columbia, MD  21044
                                                            Telephone:     (301) 815-6600
                                                            Facsimile:     (410) 884-2369

                            Certificateholder Account Statement


===============================================================================================
                                    CERTIFICATE ACCOUNT
<S>                                                                            <C>
Beginning Balance                                                                      0.00
Deposits
      Payments of Interest and Principal                                       7,613,445.66
      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                                                                 7,613,445.66


Withdrawals
      Reimbursement for Servicer Advances                                              0.00
      Payment of Service Fee                                                     325,349.01
      Payment of Interest and Principal                                        7,288,096.65
                                                                               ------------
Total Withdrawals (Pool Distribution Amount)                                   7,613,445.66


Ending Balance                                                                         0.00
===============================================================================================




===============================================================================================

                                        OTHER ACCOUNTS

                                    Beginning        Current        Current     Ending
              Account Type           Balance       Withdrawals      Deposits    Balance
-----------------------------------------------------------------------------------------------
Financial Guaranty                     0.00            0.00           0.00        0.00
Financial Guaranty                     0.00            0.00           0.00        0.00

===============================================================================================





===============================================================================================

                          PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

===============================================================================================



===============================================================================================
                                        SERVICING FEES

Gross Servicing Fee                                                                 156,619.65
Management Fee                                                                        1,000.00
FSA Group 1 Premium                                                                  54,165.90
FSA Group 2 Premium                                                                   8,603.96
PMI Group 1 Fee                                                                      93,300.45
PMI Group 2 Fee                                                                      11,659.05
Supported Prepayment/Curtailment Interest Shortfall                                       0.00
                                                                                    ----------
Net Servicing Fee                                                                   325,349.01
                                                                                    ==========

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

<PAGE>   8


<TABLE>
<CAPTION>
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:          29-Feb-2000                                                      11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                      Columbia, MD  21044
                                                                                       Telephone:     (301) 815-6600
                                                                                       Facsimile:     (410) 884-2369

 =======================================================================================================================
                               CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                                                   DELINQUENCY STATUS

                                                                                        Percentage Delinquent
                                                                                               Based On
                                                                                    -----------------------------
                                          Current
                                         Number Of        Unpaid Principal           Number              Unpaid
                                           Loans              Balance               of Loans             Balance
                                         ---------        ----------------          --------            ---------
<S>                                      <C>              <C>                       <C>                  <C>
 30 Days                                        67            5,729,915.59            1.875700%          1.543396%
 60 Days                                        11              918,260.16            0.307951%          0.247340%
 90+ Days                                        1               61,914.10            0.027996%          0.016677%
 Foreclosure                                    96            7,887,421.91            2.687570%          2.124537%
 REO                                             4              245,442.82            0.111982%          0.066112%
                                               ---           -------------            --------           --------
 Totals                                        179           14,842,954.58            5.011198%          3.998063%



 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

 =======================================================================================================================


========================================================================================================================
                                         Original $           Original %             Current $            Current %

          Bankruptcy                          100,000.00          0.02473268%             100,000.00        0.02693576%
          Fraud                            12,129,702.50          3.00000000%          12,129,702.50        3.26722757%
          Special Hazard                    4,043,234.17          1.00000000%           4,043,234.17        1.08907586%

 Limit of Subordinate's Exposure to Certain Types of Losses
 =======================================================================================================================
</TABLE>

<PAGE>   9

<TABLE>
<CAPTION>

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:          29-Feb-2000                                                      11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                      Columbia, MD  21044
                                                                                       Telephone:     (301) 815-6600
                                                                                       Facsimile:     (410) 884-2369

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


Weighted Average Gross Coupon                                                                                     9.513230%
Weighted Average Net Coupon                                                                                       9.013230%
Weighted Average Pass-Through Rate                                                                                8.474570%
Weighted Average Maturity (Stepdown Calculation)                                                                        340

Beginning Scheduled Collateral Loan Count                                                                             3,614
Number of Loans Paid in Full                                                                                             42
Ending Scheduled Collateral Loan Count                                                                                3,572

Beginning Scheduled Collateral Balance                                                                       375,887,205.17
Ending Scheduled Collateral Balance                                                                          371,253,677.26
Ending Actual Collateral Balance at 31-Jan-2000                                                              371,510,194.48
Monthly P&I Constant                                                                                           3,211,248.63
Ending Scheduled Balance for Premium Loans                                                                   371,253,677.26

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


<PAGE>   10


<TABLE>
<CAPTION>

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:          29-Feb-2000                                                              11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                              Columbia, MD  21044
                                                                                               Telephone:     (301) 815-6600
                                                                                               Facsimile:     (410) 884-2369

 ===================================================================================================================================
                         Group                                       1                         2                      Total
<S>                                                           <C>                         <C>                      <C>
 Collateral Description                                             Mixed ARM               Mixed Fixed
 Weighted Average Coupon Rate                                        9.488085                  9.649320
 Weighted Average Net Rate                                           8.635194                  8.910652
 Weighted Average Maturity                                             350.00                    286.00
 Record Date                                                         02/29/00                  02/29/00
 Principal And Interest Constant                                 2,685,750.11                525,498.52              3,211,248.63
 Beginning Loan Count                                                   2,866                       748                     3,614
 Loans Paid In Full                                                        32                        10                        42
 Ending Loan Count                                                      2,834                       738                     3,572
 Beginning Scheduled Balance                                   317,266,822.68             58,620,382.49            375,887,205.17
 Ending Scheduled Balance                                      313,514,187.13             57,739,490.13            371,253,677.26
 Scheduled Principal                                               177,204.71                 54,126.15                231,330.86
 Unscheduled Principal                                           3,575,430.84                826,766.21              4,402,197.05
 Scheduled Interest                                              2,508,545.40                471,372.37              2,979,917.77
 Servicing Fee                                                     132,194.50                 24,425.15                156,619.65
 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                                                               0.00                      0.00                      0.00
 Pool Insurance Fee                                                      0.00                      0.00                      0.00
 Spread 1                                                           93,300.45                      0.00                 93,300.45
 Spread 2                                                                0.00                 11,659.05                 11,659.05
 Spread 3                                                                0.00                      0.00                      0.00
 Net Interest                                                    2,283,050.45                435,288.17              2,718,338.62
 Realized Loss Amount                                                    0.00                      0.00                      0.00
 Cumulative Realized Loss                                           50,568.72                    585.87                 51,154.59
 Percentage of Cumulative Losses                                         0.00                      0.00                      0.00

 ===================================================================================================================================

 ===================================================================================================================================
                                                                     1                          2                     Total
 Required Overcollateralization Amount                           8,356,450.49              1,260,651.24              9,617,101.73
 Overcollateralization Increase Amount                                   0.00                      0.00                      0.00
 Overcollateralization Reduction Amount                            609,036.51                      0.00                609,036.51
 Specified Overcollateralization Amount                          8,356,450.49              1,260,651.24              9,617,101.73
 Overcollateralization Amount                                    7,747,413.98              1,260,651.24              9,008,065.22
 Overcollateralization Deficiency Amount                           609,036.51                      0.00                609,036.51
 Base Overcollateralization Amount                               7,679,044.23              1,260,651.24              8,939,695.47
 Extra Principal Distribution Amount                               570,553.71                      0.00                570,553.71
 Excess Cash Amount                                                570,553.71                 87,627.45                658,181.15

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


<PAGE>   11




<TABLE>
<CAPTION>

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:          29-Feb-2000                                                              11000 Broken Land Parkway
Distribution Date:    27-Mar-2000                                                              Columbia, MD  21044
                                                                                               Telephone:     (301) 815-6600
                                                                                               Facsimile:     (410) 884-2369


====================================================================================================================================
                                                       Delinquency Status By Group
  Group                                 30 Day           60 Day          90 + Day     Foreclosure          REO       Bankruptcy

<S> <C>     <C>                        <C>               <C>             <C>          <C>             <C>           <C>
    1       Principal Balance          4,020,959.55      542,643.70       61,914.10    6,222,238.35    213,978.73   2,526,429.78
            Percentage Of Balance             1.283%          0.173%          0.020%          1.985%        0.068%         0.806%
            Loan Count                           44               6               1              68             3             28
            Percentage of Loan Count          1.553%          0.212%          0.035%          2.399%        0.106%         0.988%

    2       Principal Balance          1,708,956.04      375,616.46            0.00    1,665,183.56     31,464.09     191,986.01
            Percentage Of Balance             2.960%          0.651%          0.000%          2.884%        0.054%         0.333%
            Loan Count                           23               5               0              28             1              4
            Percentage of Loan Count          3.117%          0.678%          0.000%          3.794%        0.136%         0.542%

  Totals    Principal Balance          5,729,915.59      918,260.16       61,914.10    7,887,421.91    245,442.82  $2,718,415.79
            Percentage of Balance             1.543%          0.247%          0.017%          2.125%        0.066%         0.732%
            Loan Count                           67              11               1              96             4             32
            Percentage of Loan Count          1.876%          0.308%          0.028%          2.688%        0.112%         0.896%

====================================================================================================================================

</TABLE>