Document:

<PAGE>   1

<TABLE>
<S>                                                              <C>
American Residential Eagle Bond Trust 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
=========================================================================================================================
                                      Certificate     Certificate        Beginning
                                         Class        Pass-Through      Certificate        Interest         Principal
      Class              CUSIP        Description         Rate            Balance        Distribution     Distribution
=========================================================================================================================
<S>                     <C>           <C>             <C>             <C>                <C>             <C>
        A               02926NAA4         SEQ             6.96000%    161,819,880.46     1,001,125.64    10,829,202.29
     INV_CERT           ARE991INV         SUB             0.00000%      5,090,523.77             0.00             0.00
=========================================================================================================================
Totals                                                                166,910,404.23     1,001,125.64    10,829,202.29
=========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================================
                     Current           Ending                           Cumulative
                  Realized Loss     Certificate          Total       Realized Losses
      Class                           Balance        Distribution
======================================================================================
<S>              <S>              <C>               <C>              <C>
        A                 0.00    150,990,678.17    11,830,327.93              0.00
     INV_CERT             0.00      5,148,060.64             0.00              0.00
======================================================================================
Totals                    0.00    156,138,738.81    11,830,327.93              0.00
======================================================================================
</TABLE>

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

27-May-2000          1:04 p.m.

<PAGE>   2

<TABLE>
<S>                                                              <C>
American Residential Eagle Bond Trust 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                        Principal Distribution Statement

<TABLE>
<CAPTION>
==========================================================================================================================
                                        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             229,000,000.00    161,819,880.46          0.00     10,829,202.29            0.00            0.00
    INV_CERT           7,285,896.30      5,090,523.77          0.00              0.00            0.00            0.00
==========================================================================================================================
     Totals          236,285,896.30    166,910,404.23          0.00     10,829,202.29            0.00            0.00
==========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=====================================================================================
                      Total            Ending           Ending
                    Principal        Certificate      Certificate   Total Principal
     Class          Reduction          Balance        Percentage      Distribution
=====================================================================================
<S>               <C>               <C>               <C>           <C>
       A          10,829,202.29     150,990,678.17     0.65934794     10,829,202.29
    INV_CERT               0.00       5,148,060.64     0.70657891              0.00
=====================================================================================
     Totals       10,829,202.29     156,138,738.81     0.66080431     10,829,202.29
=====================================================================================
</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 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================================
                                        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            229,000,000.00     706.63703258      0.00000000      47.28909297       0.00000000       0.00000000
    INV_CERT          7,285,896.30     698.68188626      0.00000000       0.00000000       0.00000000       0.00000000
===========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
====================================================================================
                     Total              Ending           Ending
                   Principal          Certificate      Certificate   Total Principal
    Class(2)       Reduction            Balance        Percentage      Distribution
====================================================================================
<S>              <C>                  <C>              <C>           <C>
       A            47.28909297       659.34793961     0.65934794       47.28909297
    INV_CERT         0.00000000       706.57890643     0.70657891        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 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
========================================================================================================================
                                                           Beginning          Current         Payment of     Current
                    Original Face        Current         Certificate/         Accrued      Unpaid Interest   Interest
     Class             Amount        Certificate Rate  Notional Balance      Interest         Shortfall      Shortfall
========================================================================================================================
<S>                <C>               <C>               <C>                 <C>             <C>               <C>
       A           229,000,000.00          6.96000%     161,819,880.46     1,001,125.66              0.00      0.00
    INV_CERT         7,285,896.30          0.00000%       5,090,523.77             0.00              0.00      0.00
========================================================================================================================
Totals             236,285,896.30                                          1,001,125.66              0.00      0.00
========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================================================
                                                               Remaining
                   Non-Supported                                 Unpaid          Ending
                    Interest     Realized    Total Interest     Interest      Certificate/
     Class          Shortfall    Losses(4)    Distribution     Shortfall    Notional Balance
============================================================================================
<S>               <C>            <C>         <C>               <C>          <C>
       A                0.00         0.00     1,001,125.64          0.00     150,990,678.17
    INV_CERT            0.00         0.00             0.00          0.00       5,148,060.64
============================================================================================
Totals                  0.00         0.00     1,001,125.64          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 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</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    Total Interest
 Class(5)      Amount          Rate       Balance     Interest     Shortfall  Shortfall   Shortfall   Losses(6)   Distribution
====================================================================================================================================
<S>        <C>              <C>       <C>             <C>         <C>         <C>         <C>         <C>        <C>
     A     229,000,000.00   6.96000%  706.63703258    4.37172777  0.00000000  0.00000000  0.00000000  0.00000000 4.37172769
 INV_CERT    7,285,896.30   0.00000%  698.68188626    0.00000000  0.00000000  0.00000000  0.00000000  0.00000000 0.00000000
====================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================
           Remaining        Ending
            Unpaid        Certificate/
           Interest         Notional
 Class(5)  Shortfall        Balance
=======================================
<S>        <C>             <C>
     A     0.00000000      659.34793961
 INV_CERT  0.00000000      706.57890643
=======================================
</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 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                            Certificateholder Component Statement
<TABLE>
<CAPTION>
====================================================================================================================================
                      Component Pass-       Beginning       Ending Notional  Beginning Component  Ending Component  Ending Component
       Class           Through Rate     Notional Balance        Balance           Balance            Balance           Percentage
====================================================================================================================================
<S>                    <C>                  <C>                <C>                  <C>                <C>           <C>
        FSA            1,200.00000%         31,015.48          28,939.88            0.00               0.00          65.93478899%
====================================================================================================================================
</TABLE>

<PAGE>   7
<TABLE>
<S>                                                              <C>
American Residential Eagle Bond Trust 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

                       Certificateholder Account Statement
<TABLE>
<CAPTION>
========================================================
                  CERTIFICATE ACCOUNT
<S>                                        <C>
Beginning Balance                                  0.00
Deposits
    Payments of Interest and Principal     12,204,943.24
    Liquidations, Insurance Proceeds,
      Reserve Funds                                0.00
    Proceeds from Repurchased Loans                0.00
    Other Amounts (Servicer Advances)              0.00
    Realized Losses                         (238,189.88)
                                          --------------
Total Deposits                             11,966,753.36

Withdrawals
    Reimbursement for Servicer Advances            0.00
    Payment of Service Fee                   136,425.43
    Payment of Interest and Principal     11,830,327.93
                                         --------------
Total Withdrawals (Pool Distribution
  Amount)                                 11,966,753.36

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
=====================================================================
</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                                              69,545.93
Management Fee                                                    1,000.00
FSA Insurance Premium                                               695.60
Trustee Fee - Norwest Bank Minnesota N.A.                        31,015.48
Mortgage Insurance Premium                                       34,168.42
Supported Prepayment/Curtailment Interest Shortfall                   0.00
                                                                ----------
Net Servicing Fee                                               136,425.43
                                                                ==========
==========================================================================
</TABLE>

<PAGE>   8

<TABLE>
<S>                                                              <C>
American Residential Eagle Bond Trust 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

<TABLE>
<CAPTION>
========================================================================================================
                      CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                                          DELINQUENCY STATUS

                                                                            Percentage Delinquent
                                                                                 Based On
                                                                          ------------------------
                                 Current
                                Number Of    Unpaid Principal          Number of             Unpaid
                                  Loans          Balance                 Loans               Balance
                                ---------    ----------------          ---------            --------
<S>                                <C>       <C>                     <C>                   <C>
30 Days                             48         3,951,170.00           3.426124%              2.530551%
60 Days                             13         1,077,149.96           0.927909%              0.689867%
90+ Days                            28         3,507,998.78           1.998572%              2.246719%
Foreclosure                         78         7,907,766.16           5.567452%              5.064577%
REO                                 24         2,548,096.89           1.713062%              1.631944%
                                   ---        -------------          ---------              ---------
Totals                             191        18,992,181.79          13.633119%             12.163658%

Current Period Realized Loss - Includes Interest Shortfall                    0.00
Cumulative Realized Losses - Includes Interest Shortfall              2,094,166.76
Current Period Class A Insufficient Funds                                   999.98
Principal Balance of Contaminated Properties                                  0.00
Periodic Advance                                                              0.00

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                         SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

                        Original $         Original %          Current $          Current %      Current Class %   Next Prepayment %
                        ----------         ----------          ---------          ---------      ---------------   -----------------
<S>                    <C>                 <C>               <C>                 <C>             <C>               <C>
Class A                7,285,896.30        3.08350876%       5,148,060.64        3.29710659%        96.702893%         0.000000%

Please Refer to Prospectus Supplement for a Full Description of Loss Exposure.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   9
<TABLE>
<S>                                                              <C>
American Residential Eagle Bond Trust 1999-1                     Contact: Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1              Norwest Bank Minnesota, N.A.
                                                                 Securities Administration Services
Record Date:       31-May-2000                                   7485 New Horizon Way
Distribution Date: 26-June-2000                                  Frederick, MD  21703
                                                                 Telephone: (301) 846-8130
                                                                 Facsimile: (301) 846-8152
</TABLE>

<TABLE>
<CAPTION>
============================================================================
                              COLLATERAL STATEMENT

Collateral Description                             Fixed Mixed & ARM Balloon
<S>                                                 <C>
Weighted Average Gross Coupon                                     10.307589%
Weighted Average Net Coupon                                        9.807589%
Weighted Average Pass-Through Rate                                 9.802588%
Weighted Average Maturity (Stepdown Calculation)                         314

Beginning Scheduled Collateral Loan Count                              1,481
Number of Loans Paid in Full                                              80
Ending Scheduled Collateral Loan Count                                 1,401

Beginning Scheduled Collateral Balance                        166,910,404.23
Ending Scheduled Collateral Balance                           156,138,738.81
Ending Actual Collateral Balance at
  31-May-2000                                                 156,138,738.81
Monthly P&I Constant                                            1,534,639.34
Class A Optimal Amount                                         11,862,343.41
Ending Scheduled Balance for Premium Loans                    156,138,738.81

Scheduled Principal                                               100,936.14
Unscheduled Principal                                          10,728,266.15

Required Overcollateralized Amount                              5,316,432.67
Overcollateralized Increase Amount                                      0.00
Overcollateralized Reduction Amount                               464,098.78
Specified O/C Amount                                            5,316,432.67
Overcollateralized Amount                                       5,148,060.64
Overcollateralized Deficiency Amount                              464,098.78
Base Overcollateralization Amount                               5,316,432.67

Extra Principal Distribution Amount                               296,726.73
Excess Cash Amount                                                295,726.73

============================================================================
Bankruptcy                                                                29
Bankruptcies are included in the 30, 60 and
  90 day delinquencies                              $              3,722,480
============================================================================
</TABLE><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-May-2000                               11000 Broken Land Parkway
Distribution Date:  26-June-2000                              Columbia, MD  21044
                                                              Telephone:  (301) 815-6600
                                                              Facsimile:  (410) 884-2369
</TABLE>

                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
=================================================================================================
                               Certificate      Certificate      Beginning
                                  Class         Pass-Through    Certificate            Interest
    Class          CUSIP       Description         Rate           Balance            Distribution
=================================================================================================
<S>              <C>           <C>              <C>            <C>                   <C>
     A-1         02926NAB2         SEQ            6.95000%     296,517,749.75        1,831,820.77
     A-2         02926NAC0         SEQ            7.09000%      55,371,383.22          327,152.59
   INV_CERT      AMINV1992         SEQ            0.00000%       9,525,684.93                0.00
=================================================================================================
Totals                                                         361,414,817.90        2,158,973.36
=================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=========================================================================================
                                Current        Ending                          Cumulative
                  Principal    Realized      Certificate           Total        Realized
    Class       Distribution     Loss          Balance          Distribution     Losses
=========================================================================================
<S>            <C>             <C>         <C>                 <C>             <C>
     A-1       7,863,589.89      0.00      288,654,159.86       9,695,410.66      0.00
     A-2         774,578.48      0.00       54,596,804.74       1,101,731.07      0.00
   INV_CERT            0.00      0.00        9,915,042.09               0.00      0.00
=========================================================================================
Totals         8,638,168.37      0.00      353,166,006.69      10,797,141.73      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-May-2000                                                       11000 Broken Land Parkway
Distribution Date:  26-June-2000                                                      Columbia, MD  21044
                                                                                      Telephone:  (301) 815-6600
                                                                                      Facsimile:  (410) 884-2369
</TABLE>

                        Principal Distribution Statement

<TABLE>
<CAPTION>
=========================================================================================================
                                           Beginning           Scheduled      Unscheduled
                    Original Face         Certificate          Principal       Principal
     Class             Amount               Balance           Distribution    Distribution      Accretion
=========================================================================================================
<S>                <C>                   <C>                  <C>             <C>               <C>
      A-1          332,350,000.00        296,517,749.75           0.00        7,863,589.89         0.00
      A-2           61,750,000.00         55,371,383.22           0.00          774,578.48         0.00
    INV_CERT        10,223,416.68          9,525,684.93           0.00                0.00         0.00
=========================================================================================================
     Totals        404,323,416.68        361,414,817.90           0.00        8,638,168.37         0.00
=========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==========================================================================================================
                                    Total             Ending                 Ending
                   Realized       Principal         Certificate           Certificate      Total Principal
     Class          Loss(1)       Reduction           Balance              Percentage        Distribution
==========================================================================================================
<S>                <C>           <C>               <C>                    <C>              <C>
      A-1            0.00        7,863,589.89      288,654,159.86          0.86852463        7,863,589.89
      A-2            0.00          774,578.48       54,596,804.74          0.88415878          774,578.48
    INV_CERT         0.00                0.00        9,915,042.09          0.96983645                0.00
==========================================================================================================
     Totals          0.00        8,638,168.37      353,166,006.69          0.87347404        8,638,168.37
==========================================================================================================
</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-May-2000                                                11000 Broken Land Parkway
Distribution Date:  26-June-2000                                               Columbia, MD  21044
                                                                               Telephone:  (301) 815-6600
                                                                               Facsimile:  (410) 884-2369
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================
                      Original            Beginning         Scheduled         Unscheduled
                        Face             Certificate        Principal          Principal
    Class(2)           Amount              Balance         Distribution       Distribution       Accretion
===========================================================================================================
<S>                <C>                   <C>               <C>                <C>                <C>
      A-1          332,350,000.00        892.18519558       0.00000000         23.66056835       0.00000000
      A-2           61,750,000.00        896.70256227       0.00000000         12.54378105       0.00000000
    INV_CERT        10,223,416.68          0.00000000       0.00000000          0.00000000       0.00000000
===========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================================================================
                                                          Ending             Ending
                  Realized         Total Principal      Certificate        Certificate       Total Principal
    Class(2)       Loss(3)            Reduction           Balance           Percentage        Distribution
============================================================================================================
<S>               <C>              <C>                  <C>                <C>               <C>
      A-1         0.00000000         23.66056835        868.52462723       0.86852463         23.66056835
      A-2         0.00000000         12.54378105        884.15878121       0.88415878         12.54378105
    INV_CERT      0.00000000          0.00000000          0.00000000       0.96983645          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-May-2000                                                        11000 Broken Land Parkway
Distribution Date:  26-June-2000                                                       Columbia, MD  21044
                                                                                       Telephone:  (301) 815-6600
                                                                                       Facsimile:  (410) 884-2369
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
====================================================================================================================

                                                              Beginning               Current          Payment of
                  Original Face           Current            Certificate/             Accrued        Unpaid Interest
    Class            Amount           Certificate Rate     Notional Balance          Interest          Shortfall
====================================================================================================================
<S>               <C>                 <C>                  <C>                      <C>              <C>
      A-1         332,350,000.00          6.95000%           296,517,749.75         1,831,820.77          0.00
      A-2          61,750,000.00          7.09000%            55,371,383.22           327,152.59          0.00
   INV_CERT        10,223,416.68          0.00000%             9,525,684.93                 0.00          0.00
====================================================================================================================
    Totals        404,323,416.68                                                    2,158,973.36          0.00
====================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==================================================================================================================
                                    Non-                                             Remaining
                  Current        Supported                                             Unpaid          Ending
                  Interest        Interest        Realized      Total Interest        Interest      Certificate/
    Class        Shortfall       Shortfall        Losses(4)      Distribution        Shortfall    Notional Balance
==================================================================================================================
<S>              <C>             <C>              <C>           <C>                  <C>          <C>
      A-1           0.00            0.00            0.00         1,831,820.77           0.00       288,654,159.86
      A-2           0.00            0.00            0.00           327,152.59           0.00        54,596,804.74
   INV_CERT         0.00            0.00            0.00                 0.00           0.00         9,915,042.09
==================================================================================================================
    Totals          0.00            0.00            0.00         2,158,973.36           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-May-2000                                                      11000 Broken Land Parkway
Distribution Date:  26-June-2000                                                     Columbia, MD  21044
                                                                                     Telephone:  (301) 815-6600
                                                                                     Facsimile:  (410) 884-2369
</TABLE>

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
=======================================================================================================================
                                                                    Beginning                               Payment of
                                                   Current         Certificate/                               Unpaid
                        Original Face            Certificate         Notional         Current Accrued        Interest
      Class(5)             Amount                   Rate             Balance             Interest            Shortfall
=======================================================================================================================
<S>                     <C>                      <C>               <C>                <C>                   <C>
        A-1             332,350,000.00             6.95000%        892.18519558          5.51172189          0.00000000
        A-2              61,750,000.00             7.09000%        896.70256227          5.29801765          0.00000000
     INV_CERT            10,223,416.68             0.00000%          0.00000000          0.00000000          0.00000000
=======================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================================================================================
                                            Non-                                                     Remaining           Ending
                      Current            Supported                                                    Unpaid           Certificate/
                     Interest            Interest            Realized         Total Interest          Interest           Notional
      Class(5)       Shortfall           Shortfall           Losses(6)         Distribution          Shortfall           Balance
===================================================================================================================================
<S>                  <C>                 <C>                 <C>              <C>                    <C>               <C>
        A-1          0.00000000          0.00000000          0.00000000          5.51172189          0.00000000        868.52462723
        A-2          0.00000000          0.00000000          0.00000000          5.29801765          0.00000000        884.15878123
     INV_CERT        0.00000000          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>
<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-May-2000                             11000 Broken Land Parkway
Distribution Date:  26-June-2000                            Columbia, MD  21044
                                                            Telephone:  (301) 815-6600
                                                            Facsimile:  (410) 884-2369
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
=======================================================================================
                         Component Pass-        Beginning Notional      Ending Notional
       Class              Through Rate              Balance                 Balance
=======================================================================================
<S>                      <C>                    <C>                     <C>
        FEE               1,200.00000%             60,196.31               58,704.00
=======================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================
    Beginning Component     Ending Component       Ending Component
         Balance                Balance               Percentage
===================================================================
<S>                         <C>                    <C>
           0.00                   0.00               87.06724263%
===================================================================
</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-May-2000                             11000 Broken Land Parkway
Distribution Date:  26-June-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                   11,108,388.87
         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                                                11,108,388.87

Withdrawals
         Reimbursement for Servicer Advances                           0.00
         Payment of Service Fee                                  311,247.14
         Payment of Interest and Principal                    10,797,141.73
                                                              -------------
Total Withdrawals (Pool Distribution Amount)                  11,108,388.87

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                                      150,589.65
Management Fee                                             1,000.00
FSA Group 1 Premium                                       51,890.61
FSA Group 2 Premium                                        8,305.71
PMI Group 1 Fee                                           87,935.82
PMI Group 2 Fee                                           11,525.35
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------

Net Servicing Fee                                        311,247.14
                                                         ==========

===================================================================
</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-May-2000                             11000 Broken Land Parkway
Distribution Date:  26-June-2000                            Columbia, MD  21044
                                                            Telephone:  (301) 815-6600
                                                            Facsimile:  (410) 884-2369
</TABLE>

           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

<TABLE>
<CAPTION>
=========================================================================================
                                                                Percentage Delinquent
                                                                     Based On
                 Current                                   ------------------------------
                Number Of        Unpaid Principal           Number                Unpaid
                  Loans              Balance               of Loans               Balance
                ---------        ----------------          --------               -------
<S>             <C>              <C>                       <C>                   <C>
30 Days             62            5,813,636.40             1.823529%             1.646148%
60 Days             12              934,818.07             0.352941%              0.26697%
90+ Days            31            2,593,112.72             0.911765%             0.734248%
Foreclosure        116           11,174,877.10             3.411765%             3.164200%
REO                  4              201,342.44             0.117647%             0.057011%
                   ---           -------------             --------              --------
Totals             225           20,717,786.73             6.617647%             5.866303%
</TABLE>

<TABLE>
<S>                                                               <C>
Current Period Realized Loss - Includes Interest Shortfall        0.00
Cumulative Realized Losses - Includes Interest Shortfall          0.00
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           0.02831530%
Fraud                 12,129,702.50           3.00000000%        12,129,702.50           3.43456116%
Special Hazard         4,043,234.17           1.00000000%         4,043,234.17           1.14485372%

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-May-2000                             11000 Broken Land Parkway
Distribution Date:  26-June-2000                            Columbia, MD  21044
                                                            Telephone:  (301) 815-6600
                                                            Facsimile:  (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
================================================================================
                              COLLATERAL STATEMENT

<S>                                                            <C>
Collateral Description                                         Fixed & Mixed ARM

Weighted Average Gross Coupon                                          9.494612%
Weighted Average Net Coupon                                            8.994611%
Weighted Average Pass-Through Rate                                     8.994611%
Weighted Average Maturity (Stepdown Calculation)                             337

Beginning Scheduled Collateral Loan Count                                  3,474
Number of Loans Paid in Full                                                  74
Ending Scheduled Collateral Loan Count                                     3,400

Beginning Scheduled Collateral Balance                            361,414,817.90
Ending Scheduled Collateral Balance                               353,166,007.04
Ending Actual Collateral Balance at 31-May-2000                   353,431,786.05
Monthly P&I Constant                                                3,089,465.38
Ending Scheduled Balance for Premium Loans                        353,166,007.04

Scheduled Principal                                                   229,887.53
Unscheduled Principal                                               8,018,923.33

================================================================================
</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-May-2000                             11000 Broken Land Parkway
Distribution Date:  26-June-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                   9.470317                9.625360
Weighted Average Net Rate                      8.624094                8.881145
Weighted Average Maturity                        347.00                  283.00
Record Date                                                            05/31/00                05/31/00
Principal And Interest Constant            2,581,017.46              508,447.92            3,089,465.38
Beginning Loan Count                              2,753                     721                   3,474
Loans Paid In Full                                   64                      10                      74
Ending Loan Count                                 2,689                     711                   3,400
Beginning Scheduled Balance              304,782,783.44           56,632,034.46          361,414,817.90
Ending Scheduled Balance                 297,308,551.06           55,857,455.98          353,166,007.04
Scheduled Principal                          175,692.73               54,194.80              229,887.53
Unscheduled Principal                      7,298,539.65              720,383.68            8,018,923.33
Scheduled Interest                         2,405,324.73              454,253.12            2,859,577.85
Servicing Fee                                126,992.81               23,596.69              150,589.50
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                                     87,935.82               11,525.35               99,461.17
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                               2,190,396.10              419,131.08            2,609,527.18
Realized Loss Amount                               0.00                    0.00                    0.00
Cumulative Realized Loss                      87,554.87                  585.87               88,140.74
Percentage of Cumulative Losses                    0.00                    0.00                    0.00

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

<TABLE>
<CAPTION>
================================================================================================
                                                   1                   2               Total
<S>                                          <C>                 <C>               <C>
Required Overcollateralization Amount        18,077,052.98       1,260,651.24      19,337,704.22
Overcollateralization Increase Amount                 0.00               0.00               0.00
Overcollateralization Reduction Amount                0.00               0.00               0.00
Specified Overcollateralization Amount       18,077,052.98       1,260,651.24      19,337,704.22
Overcollateralization Amount                  8,654,390.84       1,260,651.24       9,915,042.08
Overcollateralization Deficiency Amount       9,812,019.29               0.00       9,812,019.29
Base Overcollateralization Amount             7,679,044.23       1,260,651.24       8,989,695.47
Extra Principal Distribution Amount             305,842.07               0.00         305,842.07
Excess Cash Amount                              305,842.07          83,515.44         389,357.51
================================================================================================
</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-May-2000                                         11000 Broken Land Parkway
Distribution Date:  26-June-2000                                        Columbia, MD  21044
                                                                        Telephone:  (301) 815-6600
                                                                        Facsimile:  (410) 884-2369
</TABLE>

                           Delinquency Status By Group

<TABLE>
<CAPTION>
==========================================================================================================
 Group                                            30 Day                  60 Day               90 + Day
<S>                                            <C>                      <C>                  <C>
   1         Principal Balance                 3,529,652.77             854,134.23           2,082,434.56
             Percentage Of Balance                    1.187%                 0.287%                 0.700%
             Loan Count                                  38                     10                     24
             Percentage of Loan Count                 1.413%                 0.372%                 0.893%

   2         Principal Balance                 2,283,983.63              80,683.84             510,678.16
             Percentage Of Balance                    4.089%                 0.144%                 0.914%
             Loan Count                                  24                      2                      7
             Percentage of Loan Count                 3.376%                 0.281%                 0.985%

Totals       Principal Balance                 5,813,636.40             934,818.07           2,593,112.72
             Percentage of Balance                    1.646%                 0.265%                 0.734%
             Loan Count                                  62                     12                     31
             Percentage of Loan Count                 1.824%                 0.353%                 0.912%
==========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================================================
 Group                                      Foreclosure                REO                Bankruptcy
<S>                                        <C>                      <C>                <C>
   1         Principal Balance             9,043,747.44             169,878.35           3,658,633.95
             Percentage Of Balance                3.042%                 0.057%                 1.231%
             Loan Count                              88                      3                     39
             Percentage of Loan Count             3.273%                 0.112%                 1.450%

   2         Principal Balance             2,131,129.66              31,464.09             507,459.20
             Percentage Of Balance                3.815%                 0.056%                 0.908%
             Loan Count                              28                      1                      9
             Percentage of Loan Count             3.938%                 0.141%                 1.266%

Totals       Principal Balance            11,174,877.10             201,342.44         $ 4,166,093.15
             Percentage of Balance                3.164%                 0.057%                 1.180%
             Loan Count                             116                      4                     48
             Percentage of Loan Count             3.412%                 0.118%                 1.412%
======================================================================================================
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00011-of-00352.parquet"}]]