Document:

<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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-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        Principal
      Class         CUSIP       Description        Rate           Balance       Distribution    Distribution
===============================================================================================================
<S>                <C>          <C>            <C>              <C>             <C>             <C>
       A-1         02926NAB2        SEQ           6.82125%      318,073,776.47    1,747,782.27    5,068,530.66
       A-2         02926NAC0        SEQ           7.09000%       58,781,245.92      347,299.19      772,155.09
     INV_CERT      AMINV1992        SEQ           0.00000%        8,939,695.44      632,398.87            0.00
===============================================================================================================
Totals                                                          385,794,717.83    2,727,480.33    5,840,685.75
===============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==================================================================================================
                                                     Ending
                                    Current       Certificate         Total         Cumulative
      Class                      Realized Loss      Balance       Distribution   Realized Losses
==================================================================================================
<S>                                 <C>           <C>             <C>                 <C>
       A-1                            0.00        313,005,245.81    6,816,312.93        0.00
       A-2                            0.00         58,009,090.83    1,119,454.28        0.00
     INV_CERT                         0.00          8,939,695.44      632,398.87        0.00
==================================================================================================
Totals                                0.00        379,954,032.08    8,568,166.08        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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-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   318,073,776.47     178,404.88    4,890,125.78       0.00
      A-2            61,750,000.00    58,781,245.92      53,917.21      718,237.88       0.00
    INV_CERT         10,223,416.68     8,939,695.44           0.00            0.00       0.00
====================================================================================================
     Totals         404,323,416.68   385,794,717.83     232,322.09    5,608,363.66       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         5,068,530.66    313,005,245.81    0.94179403     5,068,530.66
      A-2                0.00           772,155.09     58,009,090.83    0.93941847       772,155.09
    INV_CERT             0.00                 0.00      8,939,695.44    0.87443325             0.00
====================================================================================================
     Totals              0.00         5,840,685.75    379,954,032.08    0.93972799     5,840,685.75
====================================================================================================
</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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
=====================================================================================================
                                      Beginning       Scheduled      Unscheduled
                   Original Face     Certificate      Principal       Principal
    Class(2)          Amount           Balance       Distribution   Distribution      Accretion
=====================================================================================================
<S>                <C>               <C>             <C>            <C>               <C>
      A-1           332,350,000.00     957.04461101     0.53679819     14.71378300      0.00000000
      A-2            61,750,000.00     951.92301085     0.87315320     11.63138267      0.00000000
    INV_CERT         10,223,416.68       0.00000000     0.00000000      0.00000000      0.00000000
=====================================================================================================
</TABLE>

<TABLE>
<CAPTION>
================================================================================================
                                    Total           Ending          Ending
                  Realized        Principal       Certificate     Certificate  Total Principal
    Class(2)       Loss(3)        Reduction         Balance       Percentage     Distribution
================================================================================================
<S>               <C>             <C>             <C>             <C>          <C>
      A-1           0.00000000     15.25058119      941.79402982    0.94179403      15.25058119
      A-2           0.00000000     12.50453587      939.41847498    0.93941847      12.50453587
    INV_CERT        0.00000000      0.00000000        0.00000000    0.87443325       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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
===================================================================================================
                                                     Beginning
                                                    Certificate/       Current        Payment of
                 Original Face       Current          Notional         Accrued     Unpaid Interest
     Class           Amount      Certificate Rate     Balance         Interest        Shortfall
===================================================================================================
<S>              <C>                <C>             <C>               <C>          <C>
      A-1         332,350,000.00     6.82125%       318,073,776.47    1,747,782.27             0.00
      A-2          61,750,000.00     7.09000%        58,781,245.92      347,299.19             0.00
   INV_CERT        10,223,416.68     0.00000%         8,939,695.44            0.00             0.00
===================================================================================================
Totals            404,323,416.68                                      2,095,081.46             0.00
===================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================================================
                               Non-                                   Remaining        Ending
                  Current    Supported                                 Unpaid        Certificate/
                  Interest   Interest    Realized    Total Interest    Interest       Notional
     Class        Shortfall  Shortfall   Losses(4)    Distribution    Shortfall        Balance
===================================================================================================
<S>                <C>         <C>         <C>         <C>               <C>        <C>
      A-1           0.00        0.00        0.00       1,747,782.27       0.00      313,005,245.81
      A-2           0.00        0.00        0.00         347,299.19       0.00       58,009,090.83
   INV_CERT         0.00        0.00        0.00         632,398.87       0.00        8,939,695.44
===================================================================================================
Totals              0.00        0.00        0.00       2,727,480.33       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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
=======================================================================================================
                                                       Beginning                         Payment of
                                          Current     Certificate/         Current         Unpaid
                  Original Face         Certificate     Notional           Accrued        Interest
    Class(5)          Amount               Rate         Balance            Interest       Shortfall
=======================================================================================================
<S>               <C>                   <C>           <C>                  <C>           <C>
      A-1          332,350,000.00         6.82125%     957.04461101         5.25886045     0.00000000
      A-2           61,750,000.00         7.09000%     951.92301085         5.62427838     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       5.25886045   0.00000000    941.79402982
      A-2         0.00000000      0.00000000   0.00000000       5.62427838   0.00000000    939.41847498
    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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
====================================================================================================================================
            Component Pass-Through  Beginning Notional   Ending Notional   Beginning Component   Ending Component   Ending Component
    Class            Rate                 Balance            Balance             Balance             Balance            Percentage
====================================================================================================================================
<S>         <C>                     <C>                  <C>               <C>                   <C>                <C>
     FEE         1,200.00000%            64,480.10          63,366.61             0.00                 0.00            93.98262482%
====================================================================================================================================
</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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

                       Certificateholder Account Statement

<TABLE>
<S>                                                               <C>
================================================================================

                               CERTIFICATE ACCOUNT

Beginning Balance                                                         0.00
Deposits
      Payments of Interest and Principal                          8,901,271.18
      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                                                    8,901,271.18

Withdrawals
      Reimbursement for Servicer Advances                                 0.00
      Payment of Service Fee                                        333,105.10
      Payment of Interest and Principal                           8,568,166.08
                                                                  ------------

Total Withdrawals (Pool Distribution Amount)                      8,901,271.18

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>
<S>                                                                         <C>
================================================================================

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

<TABLE>
<S>                                                                   <C>
================================================================================

                                 SERVICING FEES

Gross Servicing Fee                                                   160,747.82
Management Fee                                                          1,000.00
FSA Group 1 Premium                                                    55,662.91
FSA Group 2 Premium                                                     8,817.19
PMI Group 1 Fee                                                        94,814.20
PMI Group 2 Fee                                                        12,062.98
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     333,105.10
                                                                      ==========

================================================================================
</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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-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
                                  Number Of     Unpaid Principal        Number            Unpaid
                                    Loans            Balance           of Loans          Balance
                                  ---------     ----------------      ----------        ----------
<S>                               <C>           <C>                   <C>               <C>
30 Days                                  68        4,997,357.12        1.862503%         1.315253%
60 Days                                  17        1,245,268.20        0.465626%         0.327742%
90+ Days                                  6          275,585.23        0.164339%         0.072531%
Foreclosure                              63        5,825,869.42        1.725555%         1.533309%
REO                                       2           60,327.89        0.054780%         0.015878%
                                        ---       -------------        ---------         ---------
Totals                                  156       12,404,407.86        4.272802%         3.264713%

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      0.02631897%
        Fraud                      12,129,702.50       3.00000000%      12,129,702.50      3.19241315%
        Special Hazard              4,043,234.17       1.00000000%       4,043,234.17      1.06413772%

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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

================================================================================
                              COLLATERAL STATEMENT

Collateral Description                                         Fixed & Mixed ARM

Weighted Average Gross Coupon                                         9.519836%
Weighted Average Net Coupon                                           9.019836%
Weighted Average Pass-Through Rate                                    8.483725%
Weighted Average Maturity (Stepdown Calculation)                           342

Beginning Scheduled Collateral Loan Count                                3,702
Number of Loans Paid in Full                                                51
Ending Scheduled Collateral Loan Count                                   3,651

Beginning Scheduled Collateral Balance                          385,794,717.86
Ending Scheduled Collateral Balance                             379,954,032.11
Ending Actual Collateral Balance at 31-Dec-1999                 380,186,396.70
Monthly P&I Constant                                              3,292,907.55
Ending Scheduled Balance for Premium Loans                      379,954,032.11

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

<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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-2000                                      Columbia, MD  21044
                                                                      Telephone: (301) 815-6600
                                                                      Facsimile: (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
================================================================================================================
                    Group                                 1                     2                  Total
Collateral Description                                  Mixed ARM           Mixed Fixed
<S>                                                <C>                    <C>                 <C>
Weighted Average Coupon Rate                             9.494360              9.658056
Weighted Average Net Rate                                8.645086              8.916965
Weighted Average Maturity                                  352.00                288.00
Record Date                                              12/31/99              12/31/99
Principal And Interest Constant                      2,755,750.32            537,157.23         3,292,907.55
Beginning Loan Count                                        2,934                   768                3,702
Loans Paid In Full                                             42                     9                   51
Ending Loan Count                                           2,892                   759                3,651
Beginning Scheduled Balance                        325,752,820.70         60,041,897.16       385,794,717.86
Ending Scheduled Balance                           320,684,290.04         59,269,742.07       379,954,032.11
Scheduled Principal                                    178,404.88             53,917.21           232,322.09
Unscheduled Principal                                4,890,125.78            718,237.88         5,608,363.66
Scheduled Interest                                   2,577,345.44            483,240.02         3,060,585.46
Servicing Fee                                          135,730.36             25,017.46           160,747.82
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                                               94,814.20             12,062.98           106,877.18
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                                         2,346,800.88            446,159.58         2,792,960.46
Realized Loss Amount                                         0.00                  0.00                 0.00
Cumulative Realized Loss                                     0.00                  0.00                 0.00
Percentage of Cumulative Losses                              0.00                  0.00                 0.00

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

================================================================================================================
                                                          1                      2                 Total
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                       0.00                  0.00                 0.00
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                                     542,511.58             89,887.29           632,398.87

================================================================================================================
</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-Dec-1999                                      11000 Broken Land Parkway
Distribution Date:   25-Jan-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>          <C>

     1      Principal Balance            3,525,124.31      871,735.99     115,789.31      4,755,903.29    28,863.80    1,034,265.21
            Percentage Of Balance              1.099%          0.272%         0.036%            1.483%       0.009%          0.323%
            Loan Count                             41              10              2                47            1              12
            Percentage of Loan Count           1.418%          0.346%         0.069%            1.625%       0.035%          0.415%

     2      Principal Balance            1,472,232.81      373,532.21     159,795.92      1,069,966.13    31,464.09       93,550.96
            Percentage Of Balance              2.484%          0.630%         0.270%            1.805%       0.053%          0.158%
            Loan Count                             27               7              4                16            1               2
            Percentage of Loan Count           3.557%          0.922%         0.527%            2.108%       0.132%          0.264%

  Totals    Principal Balance            4,997,357.12    1,245,268.20     275,585.23      5,825,869.42    60,327.89   $1,127,816.17
            Percentage of Balance              1.315%          0.328%         0.073%            1.533%       0.016%          0.297%
            Loan Count                             68              17              6                63            2              14
            Percentage of Loan Count           1.863%          0.466%         0.164%            1.726%       0.055%          0.383%

====================================================================================================================================
</TABLE><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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            FACSIMILE:  (301) 846-8152
</TABLE>

                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
===============================================================================================================================
                                             Certificate                                   Beginning
                                                Class               Certificate          Certificate            Interest
       Class                   CUSIP         Description         Pass-Through Rate          Balance            Distribution
===============================================================================================================================
<S>                          <C>             <C>                 <C>                     <C>                   <C>
         A                   02926NAA4          SEQ                    6.83125%          198,228,415.74        1,090,841.34
      INV_CERT               ARE991INV          SUB                    0.00000%            5,316,432.67          216,492.81
===============================================================================================================================
      Totals                                                                             203,544,848.41        1,307,334.15
===============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=================================================================================================================
                                              Current            Ending                                Cumulative
                       Principal              Realized        Certificate             Total             Realized
       Class          Distribution              Loss            Balance            Distribution          Losses
=================================================================================================================
<S>                   <C>                     <C>           <C>                   <C>                  <C>
         A            5,181,374.66              0.00        193,047,041.08        6,272,216.00           0.00
      INV_CERT                0.00              0.00          5,316,432.67          216,492.81           0.00
=================================================================================================================
      Totals          5,181,374.66              0.00        198,363,473.75        6,488,708.81           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 1999-1                                Contact:    Customer Service
Mortgage-Backed LIBOR Notes, Class A, Series 1999-1                         Norwest Bank Minnesota, N.A.
                                                                            Securities Administration Services
Record Date:            31-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-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
       Class                  Amount                Balance             Distribution    Distribution            Accretion
==============================================================================================================================
<S>                       <C>                   <C>                     <C>             <C>                     <C>
         A                229,000,000.00        198,228,415.74              0.00        5,181,374.66                0.00
     INV_CERT               7,285,896.30          5,316,432.67              0.00                0.00                0.00
==============================================================================================================================
      Totals              236,285,896.30        203,544,848.41              0.00        5,181,374.66                0.00
==============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=========================================================================================================
                                                     Ending                Ending
                 Realized    Total Principal       Certificate           Certificate      Total Principal
       Class      Loss(1)       Reduction            Balance             Percentage        Distribution
=========================================================================================================
<S>              <C>         <C>                   <C>                   <C>              <C>
         A         0.00        5,181,374.66        193,047,041.08        0.84300018        5,181,374.66
     INV_CERT      0.00                0.00          5,316,432.67        0.72968822                0.00
=========================================================================================================
      Totals       0.00        5,181,374.66        198,363,473.75        0.83950620        5,181,374.66
=========================================================================================================
</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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-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
     Class(2)                 Amount                Balance          Distribution       Distribution          Accretion
========================================================================================================================
<S>                       <C>                     <C>                <C>                <C>                   <C>
         A                229,000,000.00          865.62626961        0.00000000         22.62609022          0.00000000
     INV_CERT               7,285,896.30          729.68821557        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       0.00000000         22.62609022          843.00017939        0.84300018         22.62609022
     INV_CERT    0.00000000          0.00000000          729.68821557        0.72968822          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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            Facsimile:  (301) 846-8152
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
=============================================================================================================================
                                                                    Beginning
                                                                  Certificate/            Current                Payment of
                         Original Face            Current           Notional              Accrued             Unpaid Interest
      Class                 Amount            Certificate Rate       Balance              Interest                Shortfall
=============================================================================================================================
<S>                     <C>                   <C>                 <C>                   <C>                   <C>
        A               229,000,000.00             6.83125%       198,228,415.74        1,090,841.34                 0.00
    INV_CERT              7,285,896.30             0.00000%         5,316,432.67                0.00                 0.00
=============================================================================================================================
    Totals              236,285,896.30                                                  1,090,841.34                 0.00
=============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================================
                                                                                  Remaining          Ending
               Current     Non-Supported                                           Unpaid         Certificate/
               Interest      Interest       Realized       Total Interest         Interest          Notional
      Class    Shortfall     Shortfall      Losses(4)       Distribution          Shortfall         Balance
===============================================================================================================
<S>            <C>         <C>              <C>            <C>                    <C>           <C>
        A        0.00           0.00           0.00         1,090,841.34             0.00       193,047,041.08
    INV_CERT     0.00           0.00           0.00           216,492.81             0.00         5,316,432.67
===============================================================================================================
    Totals       0.00           0.00           0.00         1,307,334.15             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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            Facsimile:  (301) 846-8152
</TABLE>

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================================
                                                                      Beginning                                 Payment of
                                                                     Certificate/                                 Unpaid
                          Original Face             Current            Notional             Current Accrued      Interest
     Class(5)                 Amount            Certificate Rate       Balance                  Interest         Shortfall
===========================================================================================================================
<S>                      <C>                    <C>                  <C>                    <C>                 <C>
        A                229,000,000.00             6.83125%         865.62626961              4.76349930        0.00000000
     INV_CERT              7,285,896.30             0.00000%         729.68821557              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      0.00000000          0.00000000      0.00000000           4.76349930       0.00000000       843.00017939
     INV_CERT  0.00000000          0.00000000      0.00000000          29.71395709       0.00000000       729.68821557
======================================================================================================================
</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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            Facsimile:  (301) 846-8152
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
==============================================================================================================================
         Component Pass-  Beginning Notional  Ending Notional    Beginning Component    Ending Component      Ending Component
  Class   Through Rate         Balance            Balance              Balance               Balance             Percentage
==============================================================================================================================
<S>      <C>              <C>                 <C>                <C>                    <C>                   <C>
   FSA    1,200.00000%        37,993.78          37,000.68               0.00                  0.00             84.30000499%
==============================================================================================================================
</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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            Facsimile:  (301) 846-8152
</TABLE>

                       Certificateholder Account Statement

                                    CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                            <C>
Beginning Balance                                                                      0.00
Deposits
      Payments of Interest and Principal                                       6,766,558.00
      Liquidations, Insurance Proceeds, Reserve Funds                                  0.00
      Proceeds from Repurchased Loans                                                  0.00
      Other Amounts (Servicer Advances)                                                0.00
      Realized Losses                                                           (115,810.92)
                                                                               ------------
Total Deposits                                                                 6,650,747.08

Withdrawals
      Reimbursement for Servicer Advances                                              0.00
      Payment of Service Fee                                                     172,038.27
      Payment of Interest and Principal                                        6,488,708.81
                                                                               ------------
Total Withdrawals (Pool Distribution Amount)                                   6,660,747.08

Ending Balance                                                                         0.00
                                                                               ============
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         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>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                 <C>
Total Prepayment/Curtailment Interest Shortfall                     0.00
Servicing Fee Support                                               0.00
                                                                    ----
Non-Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                                    ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                       <C>
Gross Servicing Fee                                       84,810.27
Management Fee                                             1,000.00
FSA Insurance Premium                                     37,993.78
Trustee Fee - Norwest Bank Minnesota N.A.                    848.22
Mortgage Insurance Premium                                47,386.00
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        172,038.27
                                                         ==========
</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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-2000                                         Frederick, MD  21703
                                                                            Telephone:  (301) 846-8130
                                                                            Facsimile:  (301) 846-8152
</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                    85            8,291,556.18            4.956268%          4.179981%
60 Days                    23            2,390,488.33            1.341108%          1.205105%
90+ Days                   32            4,023,493.44            1.865889%          2.028344%
Foreclosure                61            6,383,693.19            3.556851%          3.218180%
REO                        30            3,230,106.07            1.749271%          1.628377%
                        ---------      ----------------          ---------         ----------
Totals                    231           24,319,337.21           13.469388%         12.259988%
</TABLE>

<TABLE>
<S>                                                              <C>
Current Period Realized Loss - Includes Interest Shortfall             0.00
Cumulative Realized Losses - Includes Interest Shortfall         351,285.70
Current Period Class A Insufficient Funds                              0.00
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%      5,316,432.67       2.68014699%      97.319853%         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-Dec-1999                                         7485 New Horizon Way
Distribution Date:      25-Jan-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                                            9.404414%
Weighted Average Net Coupon                                              8.904414%
Weighted Average Pass-Through Rate                                       8.899414%
Weighted Average Maturity (Stepdown Calculation)                               319

Beginning Scheduled Collateral Loan Count                                    1,758
Number of Loans Paid in Full                                                    43
Ending Scheduled Collateral Loan Count                                       1,715

Beginning Scheduled Collateral Balance                              203,544,848.41
Ending Scheduled Collateral Balance                                 198,363,473.75
Ending Actual Collateral Balance at 31-Dec-1999                     198,363,473.75
Monthly P&I Constant                                                  1,731,268.13
Class A Optimal Amount                                                6,310,209.78
Ending Scheduled Balance for Premium Loans                          198,363,473.75

Scheduled Principal                                                     136,084.82
Unscheduled Principal                                                 5,045,289.84

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

Extra Principal Distribution Amount                                           0.00
Excess Cash Amount                                                      333,303.70

==================================================================================
Bankruptcy                                                    40        $4,976,913
Bankruptcies are included in the 30, 60 and 90 day delinquencies
==================================================================================
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]