Exhibit 99.2

First Alliance Mortgage Loan Trust
                 Mortgage Loan Asset Backed Notes Series 1999-3
                             1999 - Annual Statement
                              DISTRIBUTION DOLLARS

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199910     A-1 NOTE            $250,723.00       $111,678.74    $39,528,321.26
 199911     A-1 NOTE            $250,016.63       $103,659.45    $39,424,661.81
 199912     A-1 NOTE            $249,360.99       $552,413.71    $38,872,248.10
Total by Class                  $750,100.62       $767,751.90

                                                                     ENDING
 PERIOD      CLASS              INTEREST          PRINCIPAL          BALANCE
 ------     --------         ---------------   ---------------   ---------------
 199910     A-2 NOTE            $414,438.98       $144,412.81    $77,655,587.19
 199911     A-2 NOTE            $415,538.28     $1,071,597.29    $76,583,989.90
 199912     A-2 NOTE            $358,732.17       $402,467.92    $76,181,521.99
Total by Class                $1,188,709.43     $1,618,478.02

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    19.36811049   18.92282089   980.63188951    7.59000%      7.59000%

A-2 NOTE    20.80305938   15.27904152   979.19694075    5.81125%      6.02250%

                                                            Per $1,000
NOTE DISTRIBUTION:                          $4,325,039.97      36.83

SCHEDULED PRINCIPAL:                          $226,406.24
PREPAYMENTS & PREFUNDING ACT. REMAINDER:    $1,699,243.90
SUBORDINATION INCREASE:                       $610,525.57
                                            --------------
TOTAL PRINCIPAL DISTRIBUTION:               $2,536,175.71      21.60

TOTAL INTEREST DISTRIBUTION:                $1,938,810.05


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

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

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

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS       4      $427,643.70      1.087%
           60-89 DAYS       2      $118,188.46      0.300%
            90+ DAYS        0            $0.00      0.000%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
            CATEGORY     NUMBER   LOAN BALANCE   PERCENTAGE
           30-59 DAYS       6      $582,153.68      0.739%
           60-89 DAYS       2      $110,824.00      0.141%
            90+ DAYS        1      $240,965.26      0.306%


LOANS IN FORECLOSURE(included in delinquencies above):

      A-1 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            0            $0.00      0.000%

      A-2 RATE NOTE
      -------------
                                   AGGREGATE
                         NUMBER   LOAN BALANCE   PERCENTAGE
                            3      $351,789.26      0.447%


LOANS IN BANKRUPTCY(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%

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:                   $39,339,650.73
   A-2 RATE NOTE:                   $78,736,411.26

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