Document:

<PAGE>

                                  Exhibit 10.1

GreenPoint Mortgage           SERVICING CERTIFICATE

<TABLE>
<CAPTION>
====================================================================================================================================
<S>                          <C>                                      <C>           <C>                          <C>
Revolving Home Equity Loan   LIBOR:                                   6.46250%   Current Collection Period:        12/01/99-12/31/99
Asset-Backed Notes           Margin A-1:                              0.30000%   P&S Agreement Date:                    12/1/99

Series 1999-2                Class A-1  Note Rate:                    6.76250%   Original Closing Date:                12/22/99
                             Class A-2  Note Rate:                    6.84250%   Distribution Date:                     1/18/00
                             Margin A-2:                              0.38000%   Record Date:                           1/17/00
                             Interest Period 12/22/99 thru 01/17/00:     27      Pool Factor:                          99.8473013%

                             Servicing Fee Rate:                      0.50000%   Initial Class A-1 O/C Amt:               22.71
                             Class A-1 Premium Fee Rate:              0.18000%   Initial Class A-2 O/C Amt:              565.15
                             Class A-2 Premium Fee Rate:              0.18000%
                                                                                 Class A-1 O/C Amt as of Pmt Date:        22.71
                             Trustee Fee:                             0.00900%   Class A-2 O/C Amt as of Pmt Date:       565.15
                             Class A-1 Act Weighted Avg Ln Rate:      7.03532%
                             Class A-2 Act Weighted Avg Ln Rate:      6.39620%

                             Total Management Fee                      500.00
          ==========================================================================================================================
</TABLE>

<TABLE>
<S>                                                                                                                <C>
BALANCES
          Beginning Class A-1 Pool Balance                                                                           154,536,428.19
          Beginning Class A-2 Pool Balance                                                                            41,109,718.39

          Beginning Class A-1 Note Balance -- CUSIP                                                                  193,275,000.00
          Beginning Class A-2 Note Balance -- CUSIP                                                                   52,370,000.00

          Class A-1 Overcollateralization Amount to Fill                                                               5,408,752.28
          Class A-2 Overcollateralization Amount to Fill                                                               1,438,274.99

          Ending Class A-1 Pool Balance                                                                              196,586,731.48
          Ending Class A-2 Pool Balance                                                                               51,995,468.54

          Ending Class A-1 Note Balance -- CUSIP                                                                     193,275,000.00
          Ending Class A-2 Note Balance -- CUSIP                                                                      51,994,903.39

          Additional Balances  Class A-1                                                                               9,040,403.18
          Additional Balances  Class A-2                                                                               1,625,732.92

          Number of all Retransferred Mortgage Loans (Current Retransfer Date)                                                    0
          Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                                                 0.00
          Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                                     0
          Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                                  0.00
          Number of all Subsequent Class A-1 HELOC Mortgage Loans (Current Date)                                               1108
          Subsequent Class A-1 HELOC Mortgage Loan Asset Balance (Current Date)                                       38,738,594.52
          Number of all Subsequent Class A-2 Heloc Loans (Current Date)                                                         102
          Subsequent Class A-2 HELOC Loan Asset Balance (Current Date)                                                11,260,846.76
          Number of all Subsequent HLTV Mortgage Loans (Current Date)                                                             0
          Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                           0.00
          Cumulative Number of ALL Subsequent Mortgage Loans                                                                      0
          Cumulative Subsequent Mortgage Loan Asset Balance                                                                    0.00
          Class A-1 Cumulative  Excess of Draws Over Principal Paydown                                                 3,311,708.77

          Beginning Loan Count                                                                                                4,596
          Ending Loan Count                                                                                                   5,758
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                               <C>
COLLECTION AMOUNTS Class A-1
     1        Aggregate of All Mortgage Collections (Gross)                                                          6,552,826.03
     2        Total Mortgage Interest Collections (Gross)                                                              824,131.62
              Servicing Fees (current collection period)                                                                80,531.26
              Deferred Interest Transfer (DI)                                                                                0.00
          3a     Mortgage Principal Collections                                                                      5,728,694.41
          3b     Pre-Funded Balance                                                                                          0.00
          3c     Net Liquidation Proceeds                                                                                    0.00

     3        Total Mortgage Principal Collections                                                                   5,728,694.41

              Aggregate of Transfer Deposits                                                                                 0.00

              Investor Loss Amount                                                                                           0.00
              Aggregate Investor Loss Reduction Amount                                                                       0.00

COLLECTION AMOUNTS Class A-2
     1        Aggregate of All Mortgage Collections (Gross)                                                          2,230,413.07
     2        Total Mortgage Interest Collections (Gross)                                                              229,583.54
              Servicing Fees (current collection period)                                                                21,821.07
              Deferred Interest Transfer (DI)                                                                                0.00
          3a     Mortgage Principal Collections                                                                      2,000,829.53
          3b     Pre-Funded Balance                                                                                          0.00
          3c     Net Liquidation Proceeds                                                                                    0.00
     3        Total Mortgage Principal Collections                                                                   2,000,829.53
              Aggregate of Transfer Deposits                                                                                 0.00
              Investor Loss Amount                                                                                           0.00
              Aggregate Investor Loss Reduction Amount                                                                       0.00

TOTAL COLLECTION AMOUNT
     1        Aggregate of All Mortgage Collections (Gross)                                                          8,783,239.10
     2        Total Mortgage Interest Collections (Gross)                                                            1,053,715.16
              Servicing Fees (current collection period)                                                               102,352.33
              Deferred Interest Transfer (DI)                                                                                0.00
          3a     Mortgage Principal Collections                                                                      7,729,523.94
          3b     Insurance Proceeds                                                                                          0.00
          3c     Net Liquidation Proceeds                                                                                    0.00
     3        Total Mortgage Principal Collections                                                                   7,729,523.94
              Aggregate of Transfer Deposits                                                                                 0.00
              Investor Loss Amount                                                                                           0.00
              Aggregate Investor Loss Reduction Amount                                                                       0.00

              Class A-1 Net Interest Collection                                                                        743,600.36
              Class A-2 Net Interest Collection                                                                        207,762.47

DISTRIBUTION AMOUNTS Class A-1
         Class A-1 Note    Interest 8.6 (d)(iv)                                                                        980,266.64
         Class A-1 Note    Unpaid Interest Shortfall (current cycle)                                                         0.00
         Class A-1 Note    Reserve Fund Amount                                                                               0.00
         Investor Loss Amount                                                                                                0.00
         Previous Investor Loss Amount                                                                                       0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                    28,991.25
         Credit Enhancer Reimbursement                                                                                       0.00
         Accelerated Principal Distribution Amount                                                                           0.00
         Spread Account Deposit                                                                                              0.00
         Indenture Trustee Fee 8.6 (d)(i)                                                                                1,449.56
         Management Fee 8.6 (d)(iii)                                                                                       393.40
         Payment to Servicer                                                                                                 0.00
         Deferred Interest                                                                                                   0.00
         Remaining Amount to Transferor                                                                                      0.00
         Total Certificateholders Distribution Allocable to Interest                                                 1,011,100.85
</TABLE>

                                       2
<PAGE>

<TABLE>
<S>                                                                                                                    <C>
         Maximum Principal Payment                                                                                             0.00
         Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt)
         8.6(d)(v)                                                                                                             0.00
         Accelerated Principal Distribution Amount                                                                             0.00
         Loan Loss                                                                                                             0.00
         Class A-1 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
         Total Certificateholders Distribution Allocable to Principal                                                          0.00

DISTRIBUTION AMOUNTS Class A-2
         Class A-2 Note    Interest 8.6 (d)(iv)                                                                          268,756.29
         Class A-2 Note    Unpaid Interest Shortfall (current cycle)                                                           0.00
         Class A-2 Note    Reserve Fund Amount                                                                                 0.00
         Investor Loss Amount                                                                                                  0.00
         Previous Investor Loss Amount                                                                                         0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                       7,855.50
         Credit Enhancer Reimbursement                                                                                         0.00
         Accelerated Principal Distribution Amount                                                                             0.00
         Spread Account Deposit                                                                                                0.00
         Indenture Trustee Fee 8.6 (d)(i)                                                                                    392.78
         Management Fee 8.6 (d)(iii)                                                                                         106.60
         Payment to Servicer                                                                                                   0.00
         Deferred Interest                                                                                                     0.00
         Remaining Amount to Transferor                                                                                        0.00
         Total Certificateholders Distribution Allocable to Interest                                                     277,111.17

         Maximum Principal Payment                                                                                       375,096.61
         Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt)
         8.6(d)(v)                                                                                                             0.00
         Accelerated Principal Distribution Amount                                                                             0.00
         Loan Loss                                                                                                             0.00
         Class A-2 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
         Total Certificateholders Distribution Allocable to Principal                                                    375,096.61

TOTAL DISTRIBUTION AMOUNT
         Class A Note    Interest 8.6 (d)(iv)                                                                          1,249,022.93
         Class A Note    Unpaid Interest Shortfall (current cycle) 5.01(i)                                                     0.00
         Class A Note    Reserve Fund Amount                                                                                   0.00
         Investor Loss Amount 5.01(iii)                                                                                        0.00
         Previous Investor Loss Amount 5.01(iv)                                                                                0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                      36,846.75
         Credit Enhancer Reimbursement 5.01(vi)                                                                                0.00
         Accelerated Principal Distribution Amount 5.01(vii)                                                                   0.00
         Spread Account Deposit 5.01(viii)                                                                                     0.00
         Indenture Trustee Fee 8.6 (d)(i)                                                                                  1,842.34
         Management Fee 8.6 (d)(iii)                                                                                         500.00
         Payment to Servicer per Section 7.03 5.01 (x)                                                                         0.00
         Deferred Interest 5.01 (xi)                                                                                           0.00
         Remaining Amount to Transferor 5.01 (xii)                                                                             0.00
         Total Certificateholders Distribution Allocable to Interest                                                   1,288,212.02

         Maximum Principal Payment                                                                                       375,096.61
         Scheduled Principal Collection Payment                                                                                0.00
         Accelerated Principal Distribution Amount                                                                             0.00
         Loan Loss                                                                                                             0.00
         Overcollateralization Deficit 8.6 (d)(vi)                                                                             0.00
         Total Certificateholders Distribution Allocable to Principal                                                    375,096.61
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                    <C>
LOSSES/RETRANSFERS
         Unpaid Class A-1 Note    Interest Shortfall Due (From Previous Distributions)                                        0.00
         Unpaid Class A-2 Note    Interest Shortfall Due (From Previous Distributions)                                        0.00
         Interest Earned on Shortfall @ applicable Certificate Rate                                                           0.00
         Investor Loss Reduction Amount (From Previous Distributions)                                                         0.00

DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
         Total Class A-1 Note Distribution Amount Allocable to Interest                                                  5.0718750
         Interest Distribution Amount                                                                                    5.0718750
         Unpaid Note Interest Shortfall Included in Current Distribution                                                 0.0000000
         Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                                 0.0000000

         Total Class A-1 Note Distribution Amount Allocable to Principal                                                 0.0000000
         Maximum Principal Payment                                                                                       0.0000000
         Scheduled Principal Collections Payment                                                                         0.0000000
         Loan Loss                                                                                                       0.0000000
         Accelerated Principal Distribution Amount                                                                       0.0000000

Class A-2
         Total Class A-2 Note Distribution Amount Allocable to Interest                                                  5.1318750
         Interest Distribution Amount                                                                                    5.1318750
         Unpaid Note Interest Shortfall Included in Current Distribution                                                 0.0000000
         Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                                 0.0000000

         Total Class A-2 Note Distribution Amount Allocable to Principal                                                 7.1624329
         Maximum Principal Payment                                                                                       7.1624329
         Scheduled Principal Collections Payment                                                                         0.0000000
         Loan Loss                                                                                                       0.0000000
         Accelerated Principal Distribution Amount                                                                       0.0000000

         Total Interest Amount Distributed to Class A Certificateholder                                                 10.2037500
         Total Principal Amount Distributed to Class A Certificateholder                                                 7.1624329

         Credit Enhancement Draw Amount                                                                                       0.00

DELINQUENCIES/FORECLOSURES

Class A-1
         Number of Mortgages 30 to 59 Days Delinquent                                                                           37
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                           1,153,267.35
         Number of Mortgages 60 to 89 Days Delinquent                                                                            1
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                              14,151.04
         Number of Mortgages 90 to 179 Days Delinquent                                                                           0
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                  0.00
         Number of Mortgages 180 or more Days Delinquent                                                                         0
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                0.00
         Number of Mortgage Loans in Foreclosure                                                                                 0
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                        0.00

         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                            0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                0.00
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                   <C>
Class A-2
         Number of Mortgages 30 to 59 Days Delinquent                                                                             4
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                              754,364.06
         Number of Mortgages 60 to 89 Days Delinquent                                                                             0
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                                    0.00
         Number of Mortgages 90 to 179 Days Delinquent                                                                            0
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                   0.00
         Number of Mortgages 180 or more Days Delinquent                                                                          0
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                 0.00
         Number of Mortgage Loans in Foreclosure                                                                                  0
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                         0.00

         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                             0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

TOTAL DELINQUENCIES/FORECLOSURES

         Number of Mortgages 30 to 59 Days Delinquent                                                                            41
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                            1,907,631.41
         Number of Mortgages 60 to 89 Days Delinquent                                                                             1
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                               14,151.04
         Number of Mortgages 90 to 179 Days Delinquent                                                                            0
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                   0.00
         Number of Mortgages 180 or more Days Delinquent                                                                          0
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                 0.00
         Number of Mortgage Loans in Foreclosure                                                                                  0
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                         0.00

         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                             0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

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

RESERVE FUND ACTIVITY

         Class A-1 Reserve Fund Beginning Balance                                                                              0.00
         Class A-1 Reserve Fund Deposit/Withdrawal                                                                             0.00
         Class A-1 Reserve Fund Ending Balance                                                                                 0.00

         Class A-2 Reserve Fund Beginning Balance                                                                              0.00
         Class A-2 Reserve Fund Deposit/Withdrawal                                                                             0.00
         Class A-2 Reserve Fund Ending Balance                                                                                 0.00

PRE-FUNDED ACCOUNT ACTIVITY

         Beginning Balance Pre-Funded Account                                                                         50,000,000.00
         Remaining Amount for Distribution to Classes                                                                          0.00
         Withdrawal for Subsequent Loan Purchase:                                                                    (49,999,441.28)

         Ending Balance Pre-Funded Account                                                                                   558.72

         All Computations reflected in this Servicer Certificate were made

         in conformity with the Pooling and Servicing Agreement.

         The Attached Servicing Certificate is true and correct in all material respects.

       ______________________________________________________________________
       A Servicing Officer   Teri Martine
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                   <C>
            Mortgage Principal Collections                                                                            2,000,829.53
            Pre-Funded Balance                                                                                                0.00
                                                                                                                              0.00
        Total Mortgage Principal Collections                                                                          2,000,829.53

TOTAL COLLECTION AMOUNT
        Aggregate of All Mortgage Collections                                                                         8,783,239.10
        Total Mortgage Interest Collections                                                                           1,053,715.16
            Mortgage Principal Collections                                                                            7,729,523.94
            Pre-Funded Balance                                                                                                0.00

        Total Mortgage Principal Collections                                                                          7,729,523.94

DISTRIBUTION AMOUNTS Class A-1
        Class A-1 Note  Interest                                                                                        980,266.64
        Class A-1 Note  Unpaid Interest Shortfall (current cycle)                                                             0.00
        Class A-1 Note  Reserve Fund Amount                                                                                   0.00

        Maximum Principal Payment                                                                                             0.00
        Scheduled Principal Collection                                                                                        0.00
        Accelerated Principal Distribution Amount                                                                             0.00
        Loan Loss                                                                                                             0.00
        Class A-1 Overcollateralization Deficit                                                                               0.00
        Total Certificateholders Distribution Allocable to Principal                                                          0.00

DISTRIBUTION AMOUNTS Class A-2
        Class A-2 Note  Interest                                                                                        268,756.29
        Class A-2 Note  Unpaid Interest Shortfall (current cycle)                                                             0.00
        Class A-2 Note  Reserve Fund Amount                                                                                   0.00

        Maximum Principal Payment                                                                                       375,096.61
        Scheduled Principal Collection                                                                                        0.00
        Accelerated Principal Distribution Amount                                                                             0.00
        Loan Loss                                                                                                             0.00
        Class A-2 Overcollateralization Deficit                                                                               0.00
        Total Certificateholders Distribution Allocable to Principal                                                    375,096.61

TOTAL DISTRIBUTION AMOUNT
        Class A Note Interest                                                                                         1,249,022.93
        Class A Note Unpaid Interest Shortfall (current cycle)                                                                0.00
        Class A Note  Reserve Fund Amount                                                                                     0.00

        Maximum Principal Payment                                                                                       375,096.61
        Scheduled Principal Collection Payment                                                                                0.00
        Accelerated Principal Distribution Amount                                                                             0.00
        Overcollateralization Deficit                                                                                         0.00
        Total Certificateholders Distribution Allocable to Principal                                                    375,096.61

LOSSES/RETRANSFERS

        Unpaid Class A-1 Note  Interest Shortfall Due (From Previous Distributions)                                           0.00
        Unpaid Class A-2 Note  Interest Shortfall Due (From Previous Distributions)                                           0.00
        Interest Earned on Shortfall @ applicable Certificate Rate                                                            0.00
        Investor Loss Reduction Amount (From Previous Distributions)                                                          0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
<S>                                                                                                         <C>
Class A-1
        Total Class A-1 Note Distribution Amount Allocable to Interest                                      5.0718750
        Interest Distribution Amount                                                                        5.0718750
        Unpaid Note Interest Shortfall Included in Current Distribution                                     0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                     0.0000000

        Total Class A-1 Note Distribution Amount Allocable to Principal                                     0.0000000
        Maximum Principal Payment                                                                           0.0000000
        Scheduled Principal Collections Payment                                                             0.0000000
        Loan Loss                                                                                           0.0000000
        Accelerated Principal Distribution Amount                                                           0.0000000

Class A-2
        Total Class A-2 Note Distribution Amount Allocable to Interest                                      5.1318750
        Interest Distribution Amount                                                                        5.1318750
        Unpaid Note Interest Shortfall Included in Current Distribution                                     0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                     0.0000000

        Total Class A-2 Note Distribution Amount Allocable to Principal                                     7.1624329
        Maximum Principal Payment                                                                           7.1624329
        Scheduled Principal Collections Payment                                                             0.0000000
        Loan Loss                                                                                           0.0000000
        Accelerated Principal Distribution Amount                                                           0.0000000

        Total Interest Amount Distributed to Class A Certificateholder                                     10.2037500
        Total Principal Amount Distributed to Class A Certificateholder                                     7.1624329

        Credit Enhancement Draw Amount                                                                           0.00

DELINQUENCIES/FORECLOSURES
Class A-1
        Number of Mortgages 31 to 60 Days Delinquent                                                               37
        Aggregate Principal Balances of Mortgages 31 to 60 Day Delinquent                                1,153,267.35

        Number of Mortgages 61 to 90 Days Delinquent                                                                1
        Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                                  14,151.04
        Number of Mortgages 91 to 180 or more Days Delinquent                                                       0
        Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                              0.00
        Number of Mortgages 181 or more Days Delinquent                                                             0
        Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                    0.00
        Number of Mortgage Loans in Foreclosure                                                                     0
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                            0.00

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current Month                                    0.00

Class A-2
        Number of Mortgages 31 to 60 Days Delinquent                                                                4
        Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                                 754,364.06

        Number of Mortgages 61 to 90 Days Delinquent                                                                0
        Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent
        Number of Mortgages 91 to 180 or more Days Delinquent                                                       0
        Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                              0.00
        Number of Mortgages 181 or more Days Delinquent                                                             0
        Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                    0.00
        Number of Mortgage Loans in Foreclosure                                                                     0
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                            0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
GREENPOINT MORTGAGE                                   STATEMENT TO NOTEHOLDERS
===================================================================================================================================
Revolving Home Equity Loan       LIBOR:                                    6.46250%  Current Collection Period:   12/01/99-12/31/99
Asset-Backed Notes               Margin:                                   0.30000%  P&S Agreement Date:                12/1/99

Series 1999-2                    Class A-1  Note Rate:                     6.76250%  Original Closing Date:             12/22/99
                                 Class A-2  Note Rate:                     6.84250%  Distribution Date:                 1/18/00
                                                                                     Record date:                       1/17/00

                                 Interest Period 12/22/99 thru 01/17/00:        27   Pool Factor:                     99.8473013%
===================================================================================================================================
<S>                                                                        <C>                                    <C>
            BALANCES
         Beginning HELOC Pool Balance                                                                                154,536,428.19
         Beginning Second Lien Pool Balance                                                                           41,109,718.39

         Beginning Class A-1 Note Balance-- CUSIP                                                                    193,275,000.00
         Beginning Class A-2 Note Balance-- CUSIP                                                                     52,370,000.00

         Ending Class A-1 Pool Balance                                                                               196,586,731.48
         Ending Class A-2 Pool Balance                                                                                51,995,468.54

         Ending Class A-1 Note Balance -- CUSIP                                                                      193,275,000.00
         Ending Class A-2 Note Balance -- CUSIP                                                                       51,994,903.39

         Additional Balances  Class A-1                                                                                9,040,403.18
         Additional Balances  Class A-2                                                                                1,625,732.92

         Number of all Retransferred Mortgage Loans (Current Retransfer Date)                                                     0
         Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                                                  0.00
         Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                                      0
         Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                                   0.00
         Number of all Subsequent HELOC Mortgage Loans (Current Date)                                                         1,108
         Subsequent HELOC Mortgage Loan Asset Balance (Current Date)                                                  38,738,594.52
         Number of all Subsequent Second Lien Mortgage Loans (Current Date)                                                     102
         Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)                                            11,260,846.76
         Number of all Subsequent HLTV Mortgage Loans (Current Date)                                                              0
         Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                            0.00
         Cumulative Number of ALL Subsequent Mortgage Loans                                                                       0
         Cumulative Subsequent Mortgage Loan Asset Balance                                                                     0.00
         Class A-1 Cumulative Excess of Draws Over Principal Paydown                                                   3,311,708.77

         Beginning Loan Count                                                                                                 4,596
         Ending Loan Count                                                                                                    5,758

COLLECTION AMOUNTS Class A-1
         Aggregate of All Mortgage Collections                                                                         6,472,294.77
         Total Mortgage Interest Collections                                                                             824,131.62
         Servicing Fees (current collection period)                                                                      (80,531.26)
            Mortgage Principal Collections                                                                             5,728,694.41
            Pre-Funded Balance                                                                                                 0.00
                                                                                                                               0.00
         Total Mortgage Principal Collections                                                                          5,728,694.41

COLLECTION AMOUNTS Class A-2
         Aggregate of All Mortgage Collections                                                                         2,208,592.00
         Total Mortgage Interest Collections                                                                             229,583.54
         Servicing Fees (current collection period)                                                                      (21,821.07)
         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                             0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

TOTAL DELINQUENCIES/FORECLOSURES
         Number of Mortgages 31 to 60 Days Delinquent                                                                            41
         Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                                            1,907,631.41
         Number of Mortgages 61 to 90 Days Delinquent                                                                             1
         Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                                               14,151.04
         Number of Mortgages 91 to 180 or more Days Delinquent                                                                    0
         Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                                           0.00
         Number of Mortgages 181 or more Days Delinquent                                                                          0
         Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                                 0.00
         Number of Mortgage Loans in Foreclosure                                                                                  0
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                         0.00

         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                             0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

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

         Class A-1 Note Rate For Next Distribution                     LIBOR      tbd                                   #VALUE!

RESERVE FUND ACTIVITY

         Class A-1 Reserve Fund Beginning Balance                                                                              0.00
         Class A-1 Reserve Fund Deposit/Withdrawal                                                                             0.00
         Class A-1 Reserve Fund Ending Balance                                                                                 0.00

         Class A-2 Reserve Fund Beginning Balance                                                                              0.00
         Class A-2 Reserve Fund Deposit/Withdrawal                                                                             0.00
         Class A-2 Reserve Fund Ending Balance                                                                                 0.00
</TABLE>EXHIBIT 4.9

                           WARRANT PURCHASE AGREEMENT

       THIS WARRANT  PURCHASE  AGREEMENT (the  "Agreement")  is made and entered
into this 15th day of June, 1999 by and between  POSITRON  CORPORATION,  a Texas
corporation (the "Company") and GARY H. BROOKS (the "Investor").

                                R E C I T A L S :
                                 - - - - - - - -

       WHEREAS,  the  Company  desires  to issue to  Investor  and the  Investor
desires to  purchase  from the  Company a warrant  (the  "Warrant")  to purchase
3,000,000  shares of the Company's  common stock (the "Shares") all on the terms
and conditions  hereinafter  provided.  The Warrant and the Shares are hereafter
collectively referred to as the "Securities".

       NOW, THEREFORE, IT IS AGREED AS FOLLOWS:

       1.     ISSUANCE OF WARRANT;  REPURCHASE  RIGHT.  For a purchase  price of
$0.0067 per warrant (the "Per Warrant Purchase Price") representing an aggregate
purchase  price of $20,000  ("Aggregate  Purchase  Price")  payable in cash upon
execution hereof, the Company agrees to issue to Investor the Warrant,  the form
of which is  attached  hereto as Exhibit A. The  Company  reserves to itself the
right  to  repurchase  any  portion  of the  Warrant  issued  pursuant  to  this
Agreement,  and the right to  repurchase  any stock issued upon  exercise of any
portion of the  Warrant  ("Repurchase  Right"),  as of a date 90 days  following
termination  for any  reason or for no reason of  Investor's  employment  by the
Company. The price of repurchase will be equal to the Per Warrant Purchase Price
regarding  any portion of the Warrant that remains  unexercised  at the time the
Company  exercises its Repurchase Right, or the purchase price of the underlying
stock (i.e.  the  exercise  price of the Warrant)  regarding  any portion of the
Warrant that has already been  exercised at the time the Company  exercises  its
Repurchase Right. The Repurchase Right shall lapse as follows:  immediately upon
issuance as to 750,000 shares;  as to an additional  187,500 shares on September
15, 1999; and as to an additional 187,500 shares quarterly  thereafter until the
Company's Repurchase Right shall have lapsed as to all shares.

       2.     INVESTOR REPRESENTATIONS.  Investor hereby represents and warrants
to the Company as follows:

              (a)    The Investor understands that: (i)The offer and sale of the
Securities  by the  Company  to  Investor  has not  been  registered  under  the
Securities Act of 1933 (the "Securities  Act"), in reliance on an exemption from
such  registration   available  under  the  Securities  Act  and  rules  adopted
thereunder;  (ii)The  Investor  must hold the  Warrant  indefinitely  unless the
Securities are  subsequently  registered  under the Securities Act and qualified
under

<PAGE>

applicable state securities laws, or unless an exemption from such  registration
and qualification is available.

              (b)    The Investor is acquiring the Securities for his or her own
account, for investment,  and not with a view to any sale or distribution of any
interest therein.

              (c)    The Investor has such knowledge and experience in financial
and business  matters as to be capable of evaluating  the merits and risks of an
investment  in the  Securities,  and the  Investor is able to bear the  economic
risks of such an investment.

              (d)    All statements  made,  and  information  furnished,  by the
Investor in this certificate and all other information furnished by the Investor
to the Company, are true and complete, to the best of the Investor's knowledge.

       3.     RESTRICTIONS ON TRANSFER. The Investor agrees that:

              (a)    The Investor will not attempt to transfer the Securities in
violation of the restrictions set forth in this Agreement.

              (b)    The Company may note such  restrictions  on transfer in its
records and refuse to recognize any transfer  which  violates this  agreement or
for which the Company has not received an acceptable  opinion of counsel stating
that such transfer will not violate such restrictions.

              (c)    One or more legends indicating a lack of registration under
the Securities Act and a lack of qualification  under state securities laws will
be imprinted on the  Securities.  One such legend  shall read  substantially  as
follows:

       THE SECURITIES  HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY SALE, TRANSFER,
PLEDGE OR OTHER DISPOSITION THEREOF MAY BE MADE ONLY (i) IN A REGISTRATION UNDER
SAID ACT OR (ii) IF AN EXEMPTION FROM  REGISTRATION  UNDER SAID ACT IS AVAILABLE
AND THE  COMPANY HAS  RECEIVED  AN OPINION OF COUNSEL TO THAT EFFECT  REASONABLY
SATISFACTORY TO IT.

       4.     BINDING ON SUCCESSORS;  INDEMNIFICATION.  The Investor agrees that
the  above   representations  and  warranties  are  binding  on  the  Investor's
successors and assigns and are made for the benefit of the Company and any other
persons who may become liable for violations of federal or state securities laws
as a  result  of  the  falsity  of  any of  the  Investor's  representations  or
warranties.  The Investor  agrees to indemnify,  defend,  and hold harmless such
persons from any  liability  arising  from the falsity of any of the  Investor's
representations  or  warranties  or from the breach of any  covenant of Investor
contained herein.

       5.     REGISTRATION  RIGHTS.  The Company  hereby  grants to Investor the
following registration rights with respect to the Shares:

              (a)    Definitions.

                                      -2-
<PAGE>

              "Commission" shall mean the Securities and Exchange  Commission or
any other federal  agency at the time  administering  the Securities Act of 1933
(the "Securities Act").

              "Register,"   "registered,"   and   "registration"   refer   to  a
registration  effected  by  preparing  and filing a  registration  statement  in
compliance  with the Securities Act of 1933, and the  declaration or ordering of
the effectiveness of such registration statement.

              "Registration  Expenses"  shall mean all expenses  incurred by the
Company in compliance with the provisions of this Section 5, including,  without
limitation,  all  registration  and filing  fees,  printing  expenses,  fees and
disbursements  of counsel for the Company,  blue sky fees and expenses,  and the
expenses of any special audits incident to or required by any such  registration
(but excluding the compensation of regular employees of the Company, which shall
be paid in any event by the Company).

              "Selling  Expenses"  shall  mean all  underwriting  discounts  and
selling  commissions  applicable  to  the  sale  of  Shares  and  all  fees  and
disbursements of counsel to Investor.

              "Shares"   means  the  shares  of  the   Company's   common  stock
exercisable  upon  exercise  of the  Warrant  and any common  stock  issued with
respect thereto (e.g. upon a stock split or stock dividend.

              "Investor"  means the  person  set forth  above and any  permitted
assignee.

              (b)    COMPANY REGISTRATION.

                     (i)    NOTICE OF  REGISTRATION.  If, at any time  after the
date hereof,  the Company  shall  determine  to register  any of its  securities
either  for its own  account  or the  account  of a  security  holder or holders
exercising  their  respective   demand   registration   rights,   other  than  a
registration  relating  solely to  employee  benefit  plans,  or a  registration
relating solely to a Commission Rule 145  transaction,  or a registration on any
registration form which does not permit secondary sales, the Company will:

                            a)     promptly  give  to  Investor  written  notice
thereof  (which shall include a list of the  jurisdictions  in which the Company
intends to attempt to qualify such  securities  under the applicable blue sky or
other state securities laws); and

                            b)     include in such registration (and any related
qualification under blue sky laws or other compliance),  and in any underwriting
involved  therein,  all the Shares  specified in a written  request or requests,
made by Investor  within  fifteen (15) days after receipt of the written  notice
from the Company  described  in this clause (i),  except as set forth in Section
5(b)(ii) below.

                     (ii)   UNDERWRITING.  If  the  registration  of  which  the
Company  gives  notice  is  for  a  registered  public  offering   involving  an
underwriting: the Company shall so advise Investor as part of the written notice
given pursuant to Section 5(b) hereof.  In such event,  the right of Investor to
registration  pursuant to this Section 5 shall be  conditioned  upon  Investor's
participation in such underwriting and the inclusion of Investor's Shares in the
underwriting to

                                      -3-
<PAGE>

the extent  provided  herein.  Investor shall  (together  with the Company,  its
directors and officers, and any other shareholders distributing their securities
through such  underwriting)  enter into an  underwriting  agreement in customary
form with the  underwriter  or  underwriters  selected for  underwriting  by the
Company.

       Notwithstanding any other provision of this Section 5, if the underwriter
determines  that marketing  factors require a limitation on the number of shares
to be  underwritten,  the  underwriter  may exclude from such  registration  and
underwriting  some or all of the Shares which would  otherwise  be  underwritten
pursuant hereto.  Any securities so excluded shall be apportioned pro rata among
Investor and any other  shareholders  distributing their securities through such
underwriting  according to the total amount of securities  otherwise entitled to
be included therein owned by such  shareholders or in such other  proportions as
shall mutually be agreed upon.

       If Investor  disapproves  of the terms of any such  underwriting,  it may
elect  to  withdraw   therefrom  by  written  notice  to  the  Company  and  the
underwriter.  Any Shares excluded or withdrawn from such  underwriting  shall be
withdrawn from such registration.

       The Company shall bear all Registration  Expenses  incurred in connection
with any  registration,  qualification and compliance by the Company pursuant to
this Section  5(b).  All Selling  Expenses  shall be borne by the holders of the
securities so registered  pro rata on the basis of the number of their shares so
registered.

                     (iii)  REGISTRATION PROCEDURES. In the case of registration
effected  by the  Company  pursuant to this  Agreement,  the  Company  will keep
Investor  advised in writing as to the initiation of registration  and as to the
completion thereof. At its expense, the Company will:

                            a)     keep such registration effective for a period
of one year or until  Investor has completed the  distribution  described in the
registration statement relating thereto, whichever first occurs;

                            b)     furnish such number of prospectuses and other
documents incident thereto as Investor from time to time may reasonably request;
and

                            c)     use its best  efforts to  register or qualify
the  Shares  under  the  securities  or blue sky laws of such  jurisdictions  as
Investor may request; provided, however, that the Company shall not be obligated
to register or qualify such Shares in any particular  jurisdiction  in which the
Company would be required to execute a general  consent to service of process in
order to effect such  registration,  qualification,  or  compliance,  unless the
Company is already subject to service in such  jurisdiction and except as may be
required by the Securities Act or applicable rules or regulations thereunder.

                            d)     Notify the  holder of Shares  covered by such
registration  statement  at any  time  when a  prospectus  relating  thereto  is
required to be delivered under the Act of the happening of any event as a result
of which the  prospectus  included in such  registration  statement,  as then in
effect,  includes  an untrue  statement  of a material  fact or omits to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing.

                             4-
<PAGE>

       (c)    INDEMNIFICATION.

              (i)    The  Company  will  indemnify  the  Investor,  each  of its
officers,  directors and  partners,  and each person  controlling  such Investor
within the  meaning of Section 15 of the  Securities  Act or the 1934 Act,  with
respect to which  registration,  qualification  or compliance  has been effected
pursuant to this Agreement,  and each  underwriter,  if any, and each person who
controls any underwriter  within the meaning of Section 15 of the Securities Act
or the 1934 Act, against all expenses,  claims,  losses,  damages or liabilities
(or actions in respect  thereof),  including  any of the  foregoing  incurred in
settlement of any litigation,  commenced or threatened,  arising out of or based
on any untrue  statement  (or  alleged  untrue  statement)  of a  material  fact
contained in any registration statement,  prospectus, offering circular or other
document,  or  any  amendment  or  supplement  thereto,  incident  to  any  such
registration,  qualification or compliance, or based on any omission (or alleged
omission)  to state  therein a material  fact  required to be stated  therein or
necessary to make the statements  therein,  in the light of the circumstances in
which they were made,  not  misleading,  or any  violation by the Company of the
Securities Act, or the 1934 Act, or any rule or regulation promulgated under the
Securities  Act,  or the 1934 Act,  or under any state  securities  law or under
common law,  applicable to the Company in connection with any such registration,
qualification or compliance,  and the Company will reimburse the Investor,  each
of its  officers,  directors  and  partners,  and each  person  controlling  the
Investor,   each  such  underwriter  and  each  person  who  controls  any  such
underwriter,  for any legal and any other expenses reasonably incurred,  as such
expenses are incurred, in connection with investigating,  preparing or defending
any such claim, loss, damage, liability or action;  provided,  however, that the
Company will not be liable (i) for amounts paid in  settlement of any such loss,
claim,  damage,  liability or action if such settlement is effected  without the
consent of the Company  (which consent shall not be  unreasonably  withheld) and
(ii) in any such case to the extent that any such claim, loss, damage, liability
or expense  arises out of or is based on any untrue  statement  or  omission  or
alleged  untrue  statement or omission,  made in reliance upon and in conformity
with written information furnished to the Company by an instrument duly executed
by the Investor, controlling person or underwriter and stated to be specifically
for use therein.

              (ii)   The  Investor  will,  if Shares  held by the  Investor  are
included  in the  securities  as to which such  registration,  qualification  or
compliance is being effected,  indemnify the Company,  each of its directors and
officers, each underwriter,  if any, of the Company's securities covered by such
a  registration  statement,  each  person  who  controls  the  Company  or  such
underwriter  within the meaning of Section 15 of the  Securities Act against all
claims,  losses, damages and liabilities (or actions in respect thereof) arising
out of or based on any untrue  statement  (or  alleged  untrue  statement)  of a
material fact contained in any such registration statement, prospectus, offering
circular or other  document,  or any  omission  (or alleged  omission)  to state
therein a material fact  required to be stated  therein or necessary to make the
statements  therein  not  misleading,  and  will  reimburse  the  Company,  such
directors,  officers, persons,  underwriters or control persons for any legal or
any other  expenses  reasonably  incurred in connection  with  investigating  or
defending any such claim, loss, damage, liability or action, in each case to the
extent,  but only to the extent,  that such untrue  statement (or alleged untrue
statement)  or  omission  (or  alleged  omission)  is made in such  registration
statement,  prospectus, offering circular or other document in reliance upon and
in conformity with written

                                      -5-
<PAGE>

information  furnished  to the  Company by an  instrument  duly  executed by the
Investor  and stated to be  specifically  for use therein.  Notwithstanding  the
foregoing,  the liability of the Investor under this subsection  shall not apply
to amounts paid in  settlement  of any such loss,  claim,  damage,  liability or
action if such settlement is effected without the consent of the Investor (which
consent  shall not be  unreasonably  withheld),  and (ii) shall be limited in an
amount equal to the  aggregate  net proceeds of the shares sold by the Investor,
except  to the  extent  such  liability  arises  out of or is based  on  willful
misconduct by the Investor.

              (iii)  Each party entitled to  indemnification  under this Section
5(d) (the  "Indemnified  Party")  shall  give  notice to the party  required  to
provide   indemnification   (the  "Indemnifying   Party")  promptly  after  such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought,  and shall  permit the  Indemnifying  Party to assume the defense of any
such claim or any litigation resulting therefrom,  provided that counsel for the
Indemnifying  Party,  who shall conduct the defense of such claim or litigation,
shall  be  approved  by  the   Indemnified   Party  (whose  approval  shall  not
unreasonably  be withheld),  and the  Indemnified  Party may participate in such
defense at such party's  expense,  and provided  further that the failure of any
Indemnified  Party to give  notice as  provided  herein  shall not  relieve  the
Indemnifying  Party of its obligations under this Agreement except to the extent
that  the  failure  to  give  such  notice  is  materially   prejudicial  to  an
Indemnifying  Party's ability to defend such action and provided  further,  that
the  Indemnifying  Party  shall not assume the  defense  for matters as to which
there is a conflict of interest or separate and  different  defenses,  but shall
pay the fees and expenses of one separate  counsel  retained by the  Indemnified
Party in the event of such conflict of interest.  No Indemnifying  Party, in the
defense of any such claim or litigation,  shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement
which  does not  include  as an  unconditional  term  thereof  the giving by the
claimant or plaintiff to such Indemnified  Party of a release from all liability
in respect to such claim or litigation.

              (iv)   If the indemnification provided for in this Section 5(d) is
held by a court of competent  jurisdiction  to be  unavailable to an indemnified
party with respect to any loss, liability, claim, damage, or expense referred to
therein,  then the Indemnifying  Party, in lieu of indemnifying such Indemnified
Party  hereunder,  shall  contribute  to the  amount  paid  or  payable  by such
Indemnified Party as a result of such loss, liability, claim, damage, or expense
in such  proportion  as is  appropriate  to reflect  the  relative  fault of the
Indemnifying  Party on the one hand and of the Indemnified Party on the other in
connection  with  the  statements  or  omissions  that  resulted  in such  loss,
liability,  claim,  damage,  or expense as well as any other relevant  equitable
considerations.  The  relative  fault  of  the  Indemnifying  Party  and  of the
Indemnified  Party shall be  determined  by reference  to,  among other  things,
whether  the  untrue or  alleged  untrue  statement  of a  material  fact or the
omission  to state a  material  fact  relates  to  information  supplied  by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge,  access to  information,  and  opportunity to correct or prevent such
statement or omission.

              (v)    The  obligations of the Company and the Investor under this
Section  5(d)  shall  survive  the  completion  of any  offering  of Shares in a
registration statement under this Section 5 and otherwise.

                                      -6-
<PAGE>

              (vi)   INFORMATION BY INVESTOR. The Investor of Shares included in
any  registration  shall  furnish  to the  Company  such  information  regarding
Investor,  the Shares held by it and the distribution  proposed by such Investor
as the Company  may  reasonably  request in writing  and as shall be  reasonably
required  in  connection  with any  registration,  qualification  or  compliance
referred to in this Agreement.

              (vii)  TRANSFER OF  REGISTRATION  RIGHTS.  The rights to cause the
Company to register  securities  granted Holders under Section 5 may be assigned
to a transferee  or assignee in  connection  with any transfer or  assignment of
Shares by a Holder provided that: (i) such transfer may otherwise be effected in
accordance with applicable  securities laws and (ii) such assignee or transferee
becomes a party to this  Agreement  and  assumes all of the  obligations  of the
transferring Holder under Section 5.

       6.     GOVERNING LAW. This  Agreement  shall be governed by and construed
in accordance with the laws of the State of Texas.

       7.     COUNTERPARTS.  This  Agreement  may be  executed  in any number of
counterparts,  each of which  shall be an  original,  but all of which  together
shall constitute one instrument.

       IN WITNESS  WHEREOF,  the  undersigned  purchasers of securities  and the
Company have executed this Agreement as of the day and year first above written.

                                       POSITRON CORPORATION

                                       By: /s/ S. Lewis Meyer
                                          --------------------------------------
                                                       Its: Chairman

                                       INVESTOR

                                       /s/ Gary H. Brooks
                                       -----------------------------------------
                                                       Gary H. Brooks

                                      -7-

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