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


                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
========================================================================================================================
                                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         6.46500%      305,157,736.64    1,589,236.06   3,660,287.31      0.00
      A-2          02926NAC0       SEQ         7.09000%       56,478,838.89      333,695.81     750,498.58      0.00
   INV_CERT        AMINV1992       SEQ         0.00000%        9,617,101.73      697,971.17     677,406.26      0.00
========================================================================================================================
Totals                                                      371,253,677.26     2,620,903.04   5,088,192.15      0.00
========================================================================================================================
</TABLE>





<TABLE>
<CAPTION>
=============================================================
                      Ending                       Cumulative
                   Certificate         Total        Realized
     Class           Balance        Distribution     Losses
=============================================================
<S>               <C>               <C>            <C>
      A-1         301,497,449.33    5,249,523.37      0.00
      A-2          55,728,340.31    1,084,194.39      0.00
   INV_CERT         8,330,658.95    1,375,377.43      0.00
=============================================================
Totals            365,556,448.59    7,709,095.19      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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>



                        Principal Distribution Statement



<TABLE>
<CAPTION>
=======================================================================================================================
                                  Beginning      Scheduled     Unscheduled                                  Total
                Original Face    Certificate     Principal      Principal                    Realized     Principal
    Class           Amount         Balance      Distribution   Distribution     Accretion     Loss(1)     Reduction
=======================================================================================================================
<S>             <C>             <C>             <C>            <C>              <C>          <C>         <C>
     A-1        332,350,000.00  305,157,736.64   176,761.02    3,483,526.29        0.00        0.00      3,660,287.31
     A-2         61,750,000.00   56,478,838.89    54,068.83      696,429.75        0.00        0.00        750,498.58
   INV_CERT      10,223,416.68    9,617,101.73         0.00      677,406.26        0.00        0.00        677,406.26
=======================================================================================================================
    Totals      404,323,416.68  371,253,677.26   230,829.85    4,857,362.30        0.00        0.00      5,088,192.15
=======================================================================================================================
</TABLE>



<TABLE>
<CAPTION>
=============================================================
                      Ending         Ending         Total
                  Certificate     Certificate     Principal
    Class            Balance       Percentage    Distribution
=============================================================
<S>               <C>              <C>           <C>
     A-1          301,497,449.33   0.90716850    3,660,287.31
     A-2           55,728,340.31   0.90248324      750,498.58
   INV_CERT         8,330,658.95   0.81486055      677,406.26
=============================================================
    Totals        365,556,448.59   0.90411891    5,088,192.15
=============================================================
</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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>



                    Principal Distribution Factors Statement



<TABLE>
<CAPTION>
===========================================================================================================================
                                    Beginning      Scheduled     Unscheduled                                     Total
                Original Face      Certificate     Principal      Principal                     Realized       Principal
   Class(2)         Amount           Balance     Distribution   Distribution     Accretion       Loss(3)       Reduction
===========================================================================================================================
<S>             <C>               <C>            <C>            <C>              <C>            <C>           <C>
     A-1        332,350,000.00    918.18184637    0.53185202     10.48149929     0.00000000     0.00000000    11.01335132
     A-2         61,750,000.00    914.63706704    0.87560858     11.27821457     0.00000000     0.00000000    12.15382316
   INV_CERT      10,223,416.68      0.00000000    0.00000000      0.00000000     0.00000000     0.00000000     0.00000000
===========================================================================================================================
</TABLE>




<TABLE>
<CAPTION>
===========================================================
                    Ending         Ending          Total
                  Certificate    Certificate     Principal
   Class(2)         Balance      Percentage    Distribution
===========================================================
<S>               <C>             <C>           <C>
     A-1          907.16849505    0.90716850    11.01335132
     A-2          902.48324389    0.90248324    12.15382316
   INV_CERT         0.00000000    0.81486055     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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>


                         Interest Distribution Statement



<TABLE>
<CAPTION>
================================================================================================================================
                                                  Beginning                     Payment of                  Non-
                                   Current      Certificate/      Current         Unpaid      Current    Supported
                Original Face    Certificate      Notional        Accrued        Interest     Interest    Interest    Realized
    Class           Amount           Rate          Balance        Interest       Shortfall    Shortfall   Shortfall   Losses(4)
================================================================================================================================
<S>             <C>              <C>           <C>              <C>             <C>           <C>        <C>          <C>
     A-1        332,350,000.00     6.46500%    305,157,736.64   1,589,236.06       0.00          0.00       0.00        0.00
     A-2         61,750,000.00     7.09000%     56,478,838.89     333,695.81       0.00          0.00       0.00        0.00
   INV_CERT      10,223,416.68     0.00000%      9,617,101.73           0.00       0.00          0.00       0.00        0.00
================================================================================================================================
Totals          404,323,416.68                                  1,922,931.87       0.00           0.00      0.00        0.00
================================================================================================================================
</TABLE>


<TABLE>
<CAPTION>
===========================================================
                                  Remaining       Ending
                   Total           Unpaid      Certificate/
                   Interest       Interest        Notional
    Class        Distribution     Shortfall       Balance
===========================================================
<S>              <C>              <C>         <C>
     A-1         1,589,236.06        0.00     301,497,449.33
     A-2           333,695.81        0.00      55,728,340.31
   INV_CERT        697,971.17        0.00       8,330,658.95
===========================================================
Totals           2,620,903.04        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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>


                     Interest Distribution Factors Statement


<TABLE>
<CAPTION>
===================================================================================================================================
                                                  Beginning                     Payment of                    Non-
                                   Current      Certificate/      Current         Unpaid      Current      Supported
                Original Face    Certificate      Notional        Accrued        Interest     Interest      Interest      Realized
    Class(5)        Amount           Rate          Balance        Interest       Shortfall    Shortfall     Shortfall     Losses(6)
===================================================================================================================================
<S>             <C>              <C>           <C>                <C>           <C>           <C>          <C>           <C>
     A-1        332,350,000.00      6.46500%    918.18184637      4.78181453    0.00000000    0.00000000    0.00000000   0.00000000
     A-2         61,750,000.00      7.09000%    914.63706704      5.40398073    0.00000000    0.00000000    0.00000000   0.00000000
   INV_CERT      10,223,416.68      0.00000%      0.00000000      0.00000000    0.00000000    0.00000000    0.00000000   0.00000000
===================================================================================================================================
</TABLE>



<TABLE>
<CAPTION>
===========================================================
                                  Remaining       Ending
                     Total         Unpaid      Certificate/
                    Interest       Interest      Notional
    Class(5)      Distribution     Shortfall      Balance
===========================================================
<S>               <C>              <C>         <C>
     A-1           4.78181453      0.00000000   907.1684950
     A-2           5.40398073      0.00000000   902.4832438
   INV_CERT        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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-2000                                       Columbia, MD  21044
                                                                     Telephone:   (301) 815-6600
                                                                     Facsimile:   (410) 884-2369
</TABLE>



                      Certificateholder Component Statement

<TABLE>
<CAPTION>
=================================================================================================================================
                       Component         Beginning Notional       Ending Notional      Beginning Component     Ending Component
         Class     Pass-Through Rate           Balance                Balance                Balance                Balance
=================================================================================================================================
<S>                <C>                   <C>                      <C>                  <C>                     <C>
          FEE        1,200.00000%             61,874.43              61,121.30                0.00                   0.00
=================================================================================================================================
</TABLE>



<TABLE>
<CAPTION>
=======================================
                       Ending Component
         Class            Percentage
=======================================
<S>                    <C>
          FEE            90.65247780%
=======================================
</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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-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                8,030,158.73
     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                                         8,030,158.73


Withdrawals
     Reimbursement for Servicer Advances                       0.00
     Payment of Service Fee                              321,063.54
     Payment of Interest and Principal                 7,709,095.19
                                                       ------------

Total Withdrawals (Pool Distribution Amount)           8,030,158.73


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                                        154,689.04
Management Fee                                               1,000.00
FSA Group 1 Premium                                         53,402.60
FSA Group 2 Premium                                          8,471.83
PMI Group 1 Fee                                             91,848.98
PMI Group 2 Fee                                             11,651.09
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------

Net Servicing Fee                                          321,063.54
                                                           ==========

======================================================================
</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                         53        5,775,237.39      1.505682%     1.577221%
60 Days                          9          636,565.34      0.255682%     0.173846%
90+ Days                         4          366,459.25      0.113636%     0.100080%
Foreclosure                     98        8,383,597.75      2.784091%     2.289565%
REO                              4          245,442.82      0.113636%     0.067031%
                               ---       -------------      --------      --------
Totals                         168       15,407,302.55      4.772727%     4.207743%


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   0.02731006%
       Fraud                12,129,702.50    3.00000000%    12,129,702.50   3.31262858%
       Special Hazard        4,043,234.17    1.00000000%     4,043,234.17   1.10420953%

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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-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                                                    9.174750%
Weighted Average Net Coupon                                                      9.009303%
Weighted Average Pass-Through Rate                                               8.674750%
Weighted Average Maturity (Stepdown Calculation)                                       339

Beginning Scheduled Collateral Loan Count                                            3,572
Number of Loans Paid in Full                                                            52
Ending Scheduled Collateral Loan Count                                               3,520

Beginning Scheduled Collateral Balance                                      371,253,677.26
Ending Scheduled Collateral Balance                                         366,165,485.11
Ending Actual Collateral Balance at 31-Jan-2000                             366,410,725.39
Monthly P&I Constant                                                          3,069,296.36
Ending Scheduled Balance for Premium Loans                                  366,165,485.11

===========================================================================================
</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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-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                    9.134512          9.393235
 Weighted Average Net Rate                       8.634512          8.893235
 Weighted Average Maturity                         349.00            285.00
 Record Date                                     03/31/00          03/31/00
 Principal And Interest Constant             2,563,260.34        506,036.02        3,069,296.36
 Beginning Loan Count                               2,834               738               3,572
 Loans Paid In Full                                    40                12                  52
 Ending Loan Count                                  2,794               726               3,520
 Beginning Scheduled Balance               313,514,187.13      57,739,490.13     371,253,677.26
 Ending Scheduled Balance                  309,176,493.56      56,988,991.55     366,165,485.11
 Scheduled Principal                           176,761.02         54,068.83          230,829.85
 Unscheduled Principal                       4,160,932.55        696,429.75        4,857,362.30
 Scheduled Interest                          2,386,499.32        451,967.19        2,838,466.51
 Servicing Fee                                 130,630.91         24,058.13          154,689.04
 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                                            0.00              0.00                0.00
 Spread 2                                            0.00              0.00                0.00
 Spread 3                                            0.00              0.00                0.00
 Net Interest                                2,255,868.41        427,909.06        2,683,777.47
 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

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


<TABLE>
<CAPTION>
 ===============================================================================================
                                                   1                   2              Total
<S>                                          <C>               <C>                 <C>
 Required Overcollateralization Amount       7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Increase Amount               0.00              0.00                0.00
 Overcollateralization Reduction Amount        677,406.26              0.00          677,406.26
 Specified Overcollateralization Amount      7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Amount                7,679,044.23      1,260,651.24        8,939,695.47
 Overcollateralization Deficiency Amount             0.00              0.00                0.00
 Base Overcollateralization Amount           7,679,044.23      1,260,651.24        8,939,695.47
 Extra Principal Distribution Amount                 0.00              0.00                0.00
 Excess Cash Amount                            612,385.91         85,585.26          697,971.17

 ===============================================================================================
</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-Mar-2000                                       11000 Broken Land Parkway
Distribution Date: 25-Apr-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>
  1      Principal Balance             4,407,088.15       323,132.96    225,630.70    7,126,916.53    213,978.73      2,923,441.18
         Percentage Of Balance               1.425%           0.105%        0.073%          2.305%        0.069%            0.946%
         Loan Count                              40                5             3              77             3                21
         Percentage of Loan Count            1.432%           0.179%        0.107%          2.756%        0.107%            0.752%

  2      Principal Balance             1,368,149.24       313,432.38    140,828.55    1,256,681.22     31,464.09        342,618.58
         Percentage Of Balance               2.401%           0.550%        0.247%          2.205%        0.055%            0.601%
         Loan Count                              13                4             1              21             1                 4
         Percentage of Loan Count            1.791%           0.551%        0.138%          2.893%        0.138%            0.551%

Totals   Principal Balance             5,775,237.39       636,565.34    366,459.25    8,383,597.75    245,442.82      3,266,059.76
         Percentage of Balance               1.577%           0.174%        0.100%          2.290%        0.067%            0.892%
         Loan Count                              53                9             4              98             4                25
         Percentage of Loan Count            1.506%           0.256%        0.114%          2.784%        0.114%            0.710%
==================================================================================================================================
</TABLE>