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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-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            6.49500%    173,290,457.10     937,934.60    11,470,576.64
   INV_CERT        ARE991INV       SUB            0.00000%      5,206,954.10           0.00             0.00
================================================================================================================
Totals                                                        178,497,411.20     937,934.60    11,470,576.64
================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================================
                     Current        Ending                       Cumulative
                     Realized     Certificate        Total        Realized
     Class             Loss         Balance       Distribution     Losses
===========================================================================
<S>                  <C>        <C>               <C>            <C>
       A               0.00     161,819,880.46    12,408,511.24      0.00
   INV_CERT            0.00       5,090,523.77             0.00      0.00
===========================================================================
Totals                 0.00     166,910,404.23    12,408,511.24      0.00
===========================================================================
</TABLE>

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

25-May-2000
<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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-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    173,290,457.10        0.00      11,470,576.64          0.00          0.00
   INV_CERT       7,285,896.30      5,206,954.10        0.00               0.00          0.00          0.00
==============================================================================================================
    Totals      236,285,896.30    178,497,411.20        0.00      11,470,576.64          0.00          0.00
==============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================
                     Total            Ending          Ending          Total
                   Principal        Certificate    Certificate      Principal
    Class          Reduction          Balance       Percentage     Distribution
===============================================================================
<S>              <C>              <C>              <C>            <C>
      A          11,470,576.64    161,819,880.46     0.70663703   11,470,576.64
   INV_CERT               0.00      5,090,523.77     0.69868189            0.00
===============================================================================
    Totals       11,470,576.64    166,910,404.23     0.70639173   11,470,576.64
===============================================================================
</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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-2000                                    Frederick, MD  21703
                                                                   Telephone:   (301) 846-8130
                                                                   Facsimile:   (301) 846-8152
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
==============================================================================================================================
                                    Beginning        Scheduled     Unscheduled                                      Total
                 Original Face     Certificate       Principal      Principal                       Realized      Principal
    Class(2)         Amount          Balance        Distribution   Distribution       Accretion      Loss(3)      Reduction
==============================================================================================================================
<S>             <C>               <C>               <C>           <C>                 <C>           <C>         <C>
==============================================================================================================================
      A         229,000,000.00     756.72688690      0.00000000    50.08985432        0.00000000    0.00000000   50.08985432
   INV_CERT       7,285,896.30     714.66212057      0.00000000     0.00000000        0.00000000    0.00000000    0.00000000
==============================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
================================================================
                       Ending          Ending          Total
                     Certificate    Certificate      Principal
    Class(2)           Balance       Percentage     Distribution
================================================================
<S>                <C>              <C>            <C>
================================================================
      A              706.63703258    0.70663703     50.08985432
   INV_CERT          698.68188626    0.69868189      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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-2000                                    Frederick, MD  21703
                                                                   Telephone:   (301) 846-8130
                                                                   Facsimile:   (301) 846-8152
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
===========================================================================================================
                                                    Beginning                      Payment of
                                      Current      Certificate/      Current         Unpaid      Current
                 Original Face      Certificate     Notional         Accrued        Interest     Interest
    Class            Amount            Rate          Balance         Interest      Shortfall     Shortfall
===========================================================================================================
<S>             <C>                 <C>           <C>               <C>            <C>           <C>
      A         229,000,000.00       6.49500%     173,290,457.10    937,934.60        0.00         0.00
   INV_CERT       7,285,896.30       0.00000%       5,206,954.10          0.00        0.00         0.00
===========================================================================================================
Totals          236,285,896.30                                      937,934.60        0.00         0.00
===========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================================================================
                                                              Remaining      Ending
                Non-Supported                     Total        Unpaid      Certificate/
                   Interest     Realized         Interest     Interest      Notional
    Class         Shortfall     Losses(4)     Distribution    Shortfall      Balance
=======================================================================================
<S>             <C>             <C>           <C>             <C>        <C>
      A              0.00          0.00        937,934.60        0.00    161,819,880.46
   INV_CERT          0.00          0.00              0.00        0.00      5,090,523.77
=======================================================================================
Totals               0.00          0.00        937,934.60        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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-2000                                    Frederick, MD  21703
                                                                   Telephone:   (301) 846-8130
                                                                   Facsimile:   (301) 846-8152
</TABLE>

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================
                                                    Beginning                      Payment of
                                      Current      Certificate/      Current         Unpaid      Current
                 Original Face      Certificate     Notional         Accrued        Interest     Interest
    Class(5)         Amount            Rate          Balance         Interest      Shortfall     Shortfall
===========================================================================================================
<S>             <C>                 <C>           <C>               <C>            <C>          <C>
      A         229,000,000.00       6.49500%      756.72688690     4.09578428     0.00000000   0.00000000
   INV_CERT       7,285,896.30       0.00000%      714.66212057     0.00000000     0.00000000   0.00000000
===========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================================================================
                                                               Remaining      Ending
                 Non-Supported                     Total        Unpaid      Certificate/
                    Interest     Realized         Interest     Interest      Notional
    Class(5)       Shortfall     Losses(6)     Distribution    Shortfall      Balance
=======================================================================================
<S>              <C>             <C>           <C>             <C>        <C>
      A            0.00000000   0.00000000       4.09578428   0.00000000    706.6370325
   INV_CERT        0.00000000   0.00000000       0.00000000   0.00000000    698.6818862
=======================================================================================
</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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-2000                                    Frederick, MD  21703
                                                                   Telephone:   (301) 846-8130
                                                                   Facsimile:   (301) 846-8152
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
==================================================================================================================================
                Component       Beginning Notional    Ending Notional    Beginning Component   Ending Component   Ending Component
  Class     Pass-Through Rate         Balance             Balance              Balance              Balance          Percentage
==================================================================================================================================
<S>         <C>                 <C>                   <C>                <C>                   <C>                <C>
   FSA        1,200.00000%           33,214.00           31,015.48              0.00                 0.00           70.66370453%
==================================================================================================================================
</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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-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               13,104,367.75
     Liquidations, Insurance Proceeds, Reserve                 0.00
     Funds
     Proceeds from Repurchased Loans                           0.00
     Other Amounts (Servicer Advances)                         0.00
     Realized Losses                                   (549,511.52)

Total Deposits                                        12,554,856.23
                                                      -------------

Withdrawals
     Reimbursement for Servicer Advances                       0.00
     Payment of Service Fee                              146,344.99
     Payment of Interest and Principal                12,408,511.24

Total Withdrawals (Pool Distribution Amount)          12,554,856.23
                                                      -------------

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                                         74,373.84
Management Fee                                               1,000.00
FSA Insurance Premium                                          743.82
Trustee Fee - Norwest Bank Minnesota N.A.                   33,214.00
Mortgage Insurance Premium                                  37,013.33
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------
Net Servicing Fee                                          146,344.99
                                                           ==========
======================================================================
</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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-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       Unpaid
                             Number Of     Principal         Number         Unpaid
                               Loans        Balance         of Loans        Balance
<S>                          <C>         <C>               <C>           <C>
30 Days                         70        6,170,532.28      4.726536%     3.696913%
60 Days                         11        1,288,017.73      0.742741%     0.771682%
90+ Days                        30        3,633,923.10      2.025658%     2.177170%
Foreclosure                     73        7,660,385.05      4.929102%     4.589519%
REO                             22        2,451,476.28      1.485483%     1.468738%
                               ---       -------------     ----------    ----------
Totals                         206       21,204,334.44     13.909521%    12.704022%
</TABLE>

<TABLE>
<S>                                                             <C>
Current Period Realized Loss - Includes Interest Shortfall      0.00
Cumulative Realized Losses - Includes Interest Shortfall        1,855,976.88
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%        5,090,523.77         3.04985408%         96.950146%           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:        30-Apr-2000                                    7485 New Horizon Way
Distribution Date:  25-May-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                                                   10.202851%
Weighted Average Net Coupon                                                      9.702852%
Weighted Average Pass-Through Rate                                               9.697851%
Weighted Average Maturity (Stepdown Calculation)                                       315

Beginning Scheduled Collateral Loan Count                                            1,565
Number of Loans Paid in Full                                                            84
Ending Scheduled Collateral Loan Count                                               1,481

Beginning Scheduled Collateral Balance                                      178,497,411.20
Ending Scheduled Collateral Balance                                         166,910,404.23
Ending Actual Collateral Balance at 31-Jan-2000                             166,910,404.23
Monthly P&I Constant                                                          1,635,229.32
Class A Optimal Amount                                                       12,667,634.13
Ending Scheduled Balance for Premium Loans                                  166,910,404.23

Scheduled Principal                                                             117,577.20
Unscheduled Principal                                                        11,469,429.77

Required Overcollateralized Amount                                            5,316,432.67
Overcollateralized Increase Amount                                                    0.00
Overcollateralized Reduction Amount                                             116,430.34
Specified O/C Amount                                                          5,316,432.67
Overcollateralized Amount                                                     5,090,523.77
Overcollateralized Deficiency Amount                                            225,908.90
Base Overcollateralization Amount                                             5,316,432.67

Extra Principal Distribution Amount                                                   0.00
Excess Cash Amount                                                              434,081.19
===========================================================================================
Bankruptcy                                                                36    $4,250,174
Bankruptcies are included in the 30, 60 and 90 day delinquencies
===========================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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       6.48500%     301,497,449.33 1,629,342.47  4,979,699.58
      A-2       02926NAC0     SEQ       7.09000%      55,728,340.31   329,261.61    356,957.09
   INV_CERT     AMINV1992     SEQ       0.00000%       8,939,695.47         0.00          0.00
===============================================================================================
Totals                                               366,165,485.11 1,958,604.08  5,336,656.67
===============================================================================================
</TABLE>

<TABLE>
<CAPTION>
====================================================================
                 Current       Ending                  Cumulative
                Realized    Certificate      Total      Realized
     Class        Loss        Balance     Distribution   Losses
====================================================================
<S>             <C>        <C>            <C>          <C>
      A-1        0.00      296,517,749.75 6,609,042.05  0.00
      A-2        0.00       55,371,383.22   686,218.70  0.00
   INV_CERT      0.00        9,525,684.93         0.00  0.00
====================================================================
Totals           0.00      361,414,817.90 7,295,260.75  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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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       332,350,000.00 301,497,449.33  0.00        4,979,699.58    0.00
     A-2        61,750,000.00  55,728,340.31  0.00          356,957.09    0.00
   INV_CERT     10,223,416.68   8,939,695.47  0.00                0.00    0.00
====================================================================================
    Totals     404,323,416.68 366,165,485.11  0.00        5,336,656.67    0.00
====================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================================
                                Total         Ending        Ending       Total
                 Realized     Principal     Certificate   Certificate  Principal
    Class         Loss(1)     Reduction       Balance     Percentage Distribution
===================================================================================
<S>              <C>         <C>          <C>             <C>        <C>
     A-1          0.00       4,979,699.58  296,517,749.75 0.89218520  4,979,699.58
     A-2          0.00         356,957.09   55,371,383.22 0.89670256    356,957.09
   INV_CERT       0.00               0.00    9,525,684.93 0.93175161          0.00
===================================================================================
    Totals        0.00       5,336,656.67  361,414,817.90 0.89387555  5,336,656.67
===================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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   907.16849505  0.00000000   14.98329947    0.00000000
     A-2        61,750,000.00   902.48324389  0.00000000    5.78068162    0.00000000
   INV_CERT     10,223,416.68     0.00000000  0.00000000    0.00000000    0.00000000
=====================================================================================
</TABLE>

<TABLE>
<CAPTION>
====================================================================================
                                Total         Ending        Ending        Total
                 Realized     Principal     Certificate   Certificate   Principal
   Class(2)       Loss(3)     Reduction       Balance     Percentage  Distribution
====================================================================================
<S>            <C>           <C>          <C>             <C>         <C>
     A-1          0.00000000  14.98329947    892.18519558 0.89218520    14.98329947
     A-2          0.00000000   5.78068162    896.70256227 0.89670256     5.78068162
   INV_CERT       0.00000000   0.00000000      0.00000000 0.93175161     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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-2000                                                                Columbia, MD  21044
                                                                                               Telephone:  (301) 815-6600
                                                                                               Facsimile:  (410) 884-2369
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
========================================================================================
                                               Beginning                   Payment of
                                 Current     Certificate/     Current        Unpaid
               Original Face   Certificate     Notional       Accrued       Interest
    Class          Amount         Rate          Balance       Interest     Shortfall
========================================================================================
<S>            <C>            <C>           <C>             <C>            <C>
     A-1       332,350,000.00  6.48500%      301,497,449.33 1,629,342.47    0.00
     A-2        61,750,000.00  7.09000%       55,728,340.31   329,261.61    0.00
   INV_CERT     10,223,416.68  0.00000%        8,939,695.47         0.00    0.00
========================================================================================
Totals         404,323,416.68                               1,958,604.08    0.00
========================================================================================
</TABLE>

<TABLE>
<CAPTION>
=====================================================================================
                          Non-                             Remaining      Ending
              Current   Supported               Total        Unpaid    Certificate/
              Interest  Interest  Realized     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       1,629,342.47  0.00      296,517,749.75
     A-2         0.00    0.00      0.00         329,261.61  0.00       55,371,383.22
   INV_CERT      0.00    0.00      0.00               0.00  0.00        9,525,684.93
=====================================================================================
Totals           0.00    0.00      0.00       1,958,604.08  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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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    6.48500%    907.16849505    4.90248975    0.00000000
     A-2        61,750,000.00    7.09000%    902.48324389    5.33217182    0.00000000
   INV_CERT     10,223,416.68    0.00000%      0.00000000    0.00000000    0.00000000
=====================================================================================
</TABLE>

<TABLE>
<CAPTION>
==============================================================================================
                                 Non-                               Remaining      Ending
                  Current     Supported                  Total        Unpaid    Certificate/
                  Interest     Interest    Realized     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   4.90248975   0.00000000   892.1851955
     A-2          0.00000000   0.00000000  0.00000000   5.33217182   0.00000000   896.7025622
   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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-2000                                                                Columbia, MD  21044
                                                                                               Telephone:  (301) 815-6600
                                                                                               Facsimile:  (410) 884-2369
</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>
    FEE       1,200.00000%           61,121.30           60,196.31            0.00                0.00           89.28057250%
===================================================================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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                            7,648,600.35
     Liquidations, Insurance Proceeds, Reserve Funds                       0.00
     Proceeds from Repurchased Loans                                       0.00
     Other Amounts (Servicer Advances)                                     0.00
     Realized Losses                                                (36,986.15)
                                                                   ------------

Total Deposits                                                     7,611,614.20

Withdrawals
     Reimbursement for Servicer Advances                                   0.00
     Payment of Service Fee                                          316,353.45
     Payment of Interest and Principal                             7,295,260.75
                                                                   ------------

Total Withdrawals (Pool Distribution Amount)                       7,611,614.20

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                                                   152,568.99
Management Fee                                                          1,000.00
FSA Group 1 Premium                                                    52,762.05
FSA Group 2 Premium                                                     8,359.25
PMI Group 1 Fee                                                        90,072.13
PMI Group 2 Fee                                                        11,591.03
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     316,353.45
                                                                      ==========

================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-2000                                                                Columbia, MD  21044
                                                                                               Telephone:  (301) 815-6600
                                                                                               Facsimile:  (410) 884-2369
</TABLE>

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

           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

                                                          Percentage Delinquent
                                                                 Based On
                                                         ----------------------
                           Current        Unpaid
                          Number Of      Principal        Number         Unpaid
                            Loans         Balance        of Loans        Balance
                          ---------      ---------       --------        ------
<S>                       <C>          <C>               <C>           <C>
30 Days                       68       7,231,358.31      1.957398%     2.000847%
60 Days                        8         930,726.74      0.230282%     0.257523%
90+ Days                       4         386,589.27      0.115141%     0.106966%
Foreclosure                  103       9,323,537.31      2.964882%     2.579733%
REO                            4         201,342.44      0.115141%     0.055710%
                             ---      -------------      --------      --------

Totals                       187      18,073,554.07      5.382844%     5.000778%

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   0.02766904%
     Fraud            12,129,702.50    3.00000000%   12,129,702.50   3.35617188%
     Special Hazard    4,043,234.17    1.00000000%    4,043,234.17   1.11872396%

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

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

Collateral Description                                        Fixed & Mixed ARM
<S>                                                           <C>
Weighted Average Gross Coupon                                         9.505260%
Weighted Average Net Coupon                                           9.005260%
Weighted Average Pass-Through Rate                                    8.663955%
Weighted Average Maturity (Stepdown Calculation)                            338

Beginning Scheduled Collateral Loan Count                                 3,520
Number of Loans Paid in Full                                                 46
Ending Scheduled Collateral Loan Count                                    3,474

Beginning Scheduled Collateral Balance                           366,165,485.11
Ending Scheduled Collateral Balance                              361,414,817.90
Ending Actual Collateral Balance at 31-Jan-2000                  361,679,452.72
Monthly P&I Constant                                               3,128,248.77
Ending Scheduled Balance for Premium Loans                       361,414,817.90

================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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                    9.473446          9.625594
Weighted Average Net Rate                       8.623851          8.881525
Weighted Average Maturity                         348.00            284.00
Record Date                                     04/30/00          04/30/00
Principal And Interest Constant             2,616,951.75        511,297.02        3,128,248.77
Beginning Loan Count                               2,794               726               3,520
Loans Paid In Full                                    41                 5                  46
Ending Loan Count                                  2,753               721               3,474
Beginning Scheduled Balance               309,176,493.56     56,988,991.55      366,165,485.11
Ending Scheduled Balance                  304,782,783.44     56,632,034.46      361,414,817.90
Scheduled Principal                           176,146.06         54,169.61          230,315.67
Unscheduled Principal                       4,217,564.06        302,787.48        4,520,351.54
Scheduled Interest                          2,440,805.69        457,127.41        2,897,933.10
Servicing Fee                                 128,823.57         23,745.42          152,568.99
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                                      90,072.13         11,591.03          101,663.16
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                                2,221,909.99        421,790.96        2,643,700.95
Realized Loss Amount                           36,986.15              0.00           36,986.15
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       8,989,441.98      1,260,651.24       10,250,093.22
Overcollateralization Increase Amount               0.00              0.00                0.00
Overcollateralization Reduction Amount      1,310,397.75              0.00        1,310,397.75
Specified Overcollateralization Amount      8,989,441.98      1,260,651.24       10,250,093.22
Overcollateralization Amount                7,679,044.23      1,260,651.24        8,939,695.47
Overcollateralization Deficiency Amount     1,310,397.75              0.00        1,310,397.75
Base Overcollateralization Amount           7,679,044.23      1,260,651.24        8,939,695.47
Extra Principal Distribution Amount           538,961.50              0.00          538,961.50
Excess Cash Amount                            538,961.50         84,014.11          622,975.61

=================================================================================================
</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:        30-Apr-2000                                                                11000 Broken Land Parkway
Distribution Date:  25-May-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          5,161,688.39    826,796.97   248,400.58     7,919,281.75   169,878.35     3,565,364.48
          Percentage Of Balance            1.694%        0.271%       0.082%           2.598%       0.056%           1.170%
          Loan Count                           43             7            3               81            3               38
          Percentage of Loan Count         1.562%        0.254%       0.109%           2.942%       0.109%           1.380%

    2     Principal Balance          2,069,669.92    103,929.77   138,188.69     1,404,255.56    31,464.09       507,592.60
          Percentage Of Balance            3.655%        0.184%       0.244%           2.480%       0.056%           0.896%
          Loan Count                           25             1            1               22            1                9
          Percentage of Loan Count         3.467%        0.139%       0.139%           3.051%       0.139%           1.248%

  Totals  Principal Balance          7,231,358.31    930,726.74   386,589.27     9,323,537.31   201,342.44     4,072,957.08
          Percentage of Balance            2.001%        0.258%       0.107%           2.580%       0.056%           1.127%
          Loan Count                           68             8            4              103            4               47
          Percentage of Loan Count         1.957%        0.230%       0.115%           2.965%       0.115%           1.353%

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]