Exhibit 99.2

First Alliance Mortgage Loan Trust
                 Mortgage Loan Asset Backed Notes Series 1999-1
                             1999 - Annual Statement
                              DISTRIBUTION DOLLARS

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199904     A-1 NOTE            $473,166.66     $1,220,756.04    $83,779,243.96
 199905     A-1 NOTE            $466,371.12     $1,076,457.52    $82,702,786.43
 199906     A-1 NOTE            $460,378.84     $1,203,718.72    $81,499,067.71
 199907     A-1 NOTE            $453,678.14     $1,630,627.95    $79,868,439.77
 199908     A-1 NOTE            $444,600.97     $2,459,038.23    $77,409,401.54
 199909     A-1 NOTE            $430,912.34     $1,954,094.99    $75,455,306.55
 199910     A-1 NOTE            $420,034.54     $1,714,209.22    $73,741,097.33
 199911     A-1 NOTE            $410,492.11     $1,629,471.84    $72,111,625.48
 199912     A-1 NOTE            $401,421.38     $2,418,663.25    $69,692,962.23

Total by Class                $3,961,056.10    $15,307,037.76

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199904     A-2 NOTE            $140,933.33       $282,647.59    $29,717,352.41
 199905     A-2 NOTE            $129,951.50       $231,698.26    $29,485,654.15
 199906     A-2 NOTE            $137,370.38       $356,725.43    $29,128,928.72
 199907     A-2 NOTE            $125,390.93       $660,670.83    $28,468,257.89
 199908     A-2 NOTE            $134,828.83     $1,042,870.45    $27,425,387.43
 199909     A-2 NOTE            $132,546.52       $907,322.43    $26,518,065.00
 199910     A-2 NOTE            $125,988.43     $1,357,477.44    $25,160,587.56
 199911     A-2 NOTE            $132,098.33     $1,204,481.45    $23,956,106.11
 199912     A-2 NOTE            $110,164.82       $696,585.32    $23,259,520.79

 Total by Class               $1,169,273.07     $6,740,479.20

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     180.082797    46.600660     819.917202     6.68000%      6.68000%

A-2 NOTE     224.682640    38.975769     775.317359     5.28500%      5.91250%

                                                         Per $1,000
NOTE DISTRIBUTION:                        $27,177,846.13    236.33

SCHEDULED PRINCIPAL:                         $684,634.65
PREPAYMENTS & PREFUNDING ACT. REMAINDER:  $17,104,086.13
SUBORDINATION INCREASE:                    $4,258,796.18
                                          ---------------
TOTAL PRINCIPAL DISTRIBUTION:             $22,047,516.96    191.72

TOTAL INTEREST DISTRIBUTION:               $5,130,329.17

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

SUBSTITUTION AMOUNTS
   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

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:                               $7675.41


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

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS      15    $1,263,345.70      1.780%
           60-89 DAYS       7      $732,873.62      1.033%
            90+ DAYS       14    $1,091,275.04      1.538%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS       7      $735,612.60      3.082%
           60-89 DAYS       3      $289,746.23      1.214%
            90+ DAYS        6      $718,303.52      3.010%

LOANS IN FORECLOSURE(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                           16    $1,359,027.20      1.915%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            7      $773,493.20      3.241%


LOANS IN BANKRUPTCY(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            9      $690,799.78      0.973%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            1      $153,279.87      0.642%

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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%

ENDING AGGREGATE LOAN BALANCE
      A-1 RATE NOTE:            $70,967,962.23
      A-2 RATE NOTE:            $23,867,220.40

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