AMERICAN RESIDENTIAL EAGLE BOND TRUST 1999-2 COLLATERALIZED
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>

<PAGE>   1
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                     Certificateholder Distribution Summary


<TABLE>
<CAPTION>
                         Certificate   Certificate    Beginning
                            Class     Pass-Through   Certificate
Class           CUSIP    Description     Rate          Balance
------------------------------------------------------------------------
<S>           <C>        <C>          <C>          <C>
   A-1        02926NAB2      SEQ        6.99125%   288,654,159.86
   A-2        02926NAC0      SEQ        7.09000%    54,596,804.74
INV_CERT      AMINV1992      SEQ        0.00000%     9,915,042.09
                                                   --------------
Totals                                             353,166,006.69
                                                   ==============
</TABLE>


<TABLE>
<CAPTION>
                                                Current       Ending                         Cumulative
               Interest         Principal      Realized     Certificate           Total       Realized
Class        Distribution     Distribution       Loss         Balance         Distribution     Losses
-------------------------------------------------------------------------------------------------------
<S>          <C>              <C>              <C>         <C>                <C>            <C>
   A-1       1,625,654.12      7,005,481.53      0.00      281,648,678.33      8,631,135.65      0.00
   A-2         322,576.12        551,471.94      0.00       54,045,332.80        874,048.06      0.00
INV_CERT             0.00              0.00      0.00       10,443,382.06              0.00      0.00
             ------------      ------------      ----      --------------      ------------      ----
Totals       1,948,230.24      7,556,953.47      0.00      346,137,393.19      9,505,183.71      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 1


<PAGE>   2
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                        Principal Distribution Statement

<TABLE>
<CAPTION>
                 Original           Beginning             Scheduled        Unscheduled
                   Face            Certificate            Principal          Principal
Class             Amount             Balance             Distribution       Distribution
-------------------------------------------------------------------------------------------
<S>           <C>                 <C>                    <C>               <C>
A-1           332,350,000.00      288,654,159.86          172,959.71        6,832,521.82
A-2            61,750,000.00       54,596,804.74           54,337.41          497,134.53
INV_CERT       10,223,416.68        9,915,042.09                0.00                0.00
              --------------      --------------          ----------        ------------
Totals        404,323,416.68      353,166,006.69          227,297.12        7,329,656.35
              --------------      --------------          ----------        ------------
</TABLE>


<TABLE>
<CAPTION>
                                              Total            Ending                Ending               Total
                           Realized         Principal        Certificate           Certificate          Principal
Class          Accretion    Loss(1)         Reduction          Balance              Percentage        Distribution
------------------------------------------------------------------------------------------------------------------
<S>            <C>         <C>            <C>               <C>                    <C>                <C>
A-1               0.00        0.00        7,005,481.53      281,648,678.33          0.84744600        7,005,481.53
A-2               0.00        0.00          551,471.94       54,045,332.80          0.87522806          551,471.94
INV_CERT          0.00        0.00                0.00       10,443,382.06          1.02151584                0.00
                  ----        ----        ------------      --------------          ----------        ------------
Totals            0.00        0.00        7,556,953.47      346,137,393.19          0.85609039        7,556,953.47
                  ----        ----        ------------      --------------          ----------        ------------
</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 Descript


                                     Page 2


<PAGE>   3
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                    Principal Distribution Factors Statement


<TABLE>
<CAPTION>
                  Original            Beginning           Scheduled         Unscheduled
                   Face              Certificate          Principal           Principal
Class (2)         Amount               Balance           Distribution       Distribution          Accretion
------------------------------------------------------------------------------------------------------------
<S>           <C>                   <C>                  <C>                <C>                   <C>
A-1           332,350,000.00        868.52462723          0.52041435         20.55821219          0.00000000
A-2            61,750,000.00        884.15878121          0.87995806          8.05076162          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         21.07862654        847.44600069          0.84744600         21.07862654
A-2           0.00000000          8.93071968        875.22806154          0.87522806          8.93071968
INV_CERT      0.00000000          0.00000000          0.00000000          1.02151584          0.00000000
</TABLE>


All Denominations are Per 1000

(3)     Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
        Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
        Supplement for a Full Descript


                                     Page 3


<PAGE>   4
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                        Interest Distribution Statement


<TABLE>
<CAPTION>
                                                     Beginning
                   Original        Current          Certificate/          Current         Payment of
                     Face        Certificate          Notional            Accrued           Unpaid
Class               Amount           Rate             Balance            Interest          Interest
-----------------------------------------------------------------------------------------------------
<S>              <C>             <C>               <C>                 <C>               <C>
A-1              332,350,000.00   6.99125%         288,654,159.86      1,625,654.12              0.00
A-2               61,750,000.00   7.09000%          54,596,804.74        322,576.12              0.00
INV_CERT          10,223,416.68   0.00000%           9,915,042.09              0.00              0.00
Totals           404,323,416.68                                        1,948,230.24              0.00
</TABLE>


<TABLE>
<CAPTION>
                                                                           Remaining           Ending
                Current      Non-Supported                 Total            Unpaid           Certificate/
                Interest        Interest    Realized      Interest         Interest           Notional
Class           Shortfall       Shortfall    Loss(4)    Distribution       Shortfall           Balance
----------------------------------------------------------------------------------------------------------
<S>             <C>          <C>            <C>         <C>               <C>               <C>
A-1               0.00              0.00      0.00      1,625,654.12              0.00      281,648,678.33
A-2               0.00              0.00      0.00        322,576.12              0.00       54,045,332.80
INV_CERT          0.00              0.00      0.00              0.00              0.00       10,443,382.06
Totals            0.00              0.00      0.00      1,948,230.24              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 4


<PAGE>   5
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                    Interest Distribution Factors Statement


<TABLE>
<CAPTION>
                                                         Beginning                               Payment of
                 Original              Current          Certificate/            Current            Unpaid
                   Face              Certificate          Notional              Accrued            Interest
Class(5)          Amount                 Rate              Balance             Interest           Shortfall
------------------------------------------------------------------------------------------------------------
<S>           <C>                    <C>                <C>                   <C>                <C>
A-1           332,350,000.00           6.99125 %        868.52462723          4.89139197          0.00000000
A-2            61,750,000.00           7.09000 %        884.15878121          5.22390478          0.00000000
INV_CERT       10,223,416.68           0.00000 %          0.00000000          0.00000000          0.00000000
</TABLE>


<TABLE>
<CAPTION>
                                                                                             Remaining             Ending
               Current         Non-Supported                                Total             Unpaid            Certificate/
               Interest           Interest             Realized           Interest           Interest             Notional
Class(5)      Shortfall          Shortfall              Loss(6)         Distribution         Shortfall            Balance
---------------------------------------------------------------------------------------------------------------------------
<S>           <C>             <C>                    <C>                 <C>                 <C>               <C>
A-1           .00000000          0.00000000          0.00000000          4.89139197          0.00000000        847.44600069
A-2           .00000000          0.00000000          0.00000000          5.22390478          0.00000000        875.22806154
INV_CERT      .00000000          0.00000000          0.00000000          0.00000000          0.00000000          0.00000000
</TABLE>


All Denominations are Per 1000

(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 5


<PAGE>   6
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                     Certificateholder Component Statement


<TABLE>
<CAPTION>
             Component      Beginning       Ending       Beginning         Ending           Ending
            Pass-Through    Notional       Notional      Component       Component        Component
Class           Rate         Balance        Balance       Balance         Balance         Percentage
------------------------------------------------------------------------------------------------------
<S>        <C>             <C>             <C>           <C>             <C>             <C>
FEE        1,200.00000 %    58,704.00      57,395.32       0.00            0.00          85.12626485 %
</TABLE>


                                     Page 6


<PAGE>   7
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE Series 1999-2

                      Certificateholder Account Statement


<TABLE>
<S>                                                         <C>
                               CERTIFICATE ACCOUNT


Beginning Balance                                                   0.00

Deposits
     Payments of Interest and Principal                     9,820,672.08
     Liquidations, Insurance Proceeds, Reserve Funds                0.00
     Proceeds from Repurchased Loans                                0.00
     Other Amounts (Servicer Advances)                              0.00
     Realized Losses                                          (11,447.20)
                                                            ------------
Total Deposits                                              9,809,224.88

Withdrawals
     Reimbursement for Servicer Advances                            0.00
     Payment of Service Fee                                   304,041.17
     Payment of Interest and Principal                      9,505,183.71
                                                            ------------
Total Withdrawals (Pool Distribution Amount)                9,809,224.88

Ending Balance                                                      0.00
                                                            ============

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

Total Prepayment/Curtailment Interest Shortfall                     0.00
Servicing Fee Support                                               0.00
                                                            ------------

Non-Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                            ============

                                 SERVICING FEES

Gross Servicing Fee                                           147,152.52
Management Fee                                                  1,000.00
FSA Group 1 Premium                                            50,514.48
FSA Group 2 Premium                                             8,189.52
PMI Group 1 Fee                                                85,749.11
PMI Group 2 Fee                                                11,435.54
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                            ------------

Net Servicing Fee                                             304,041.17
                                                            ============
</TABLE>


                                 OTHER ACCOUNTS


<TABLE>
<CAPTION>
                                      Beginning         Current         Current        Ending
Account Type                           Balance         Withdrawals      Deposits       Balance
----------------------------------------------------------------------------------------------
<S>                                   <C>              <C>              <C>            <C>
Financial Guaranty                       0.00              0.00           0.00          0.00
Financial Guaranty                       0.00              0.00           0.00          0.00
</TABLE>


                                     Page 7


<PAGE>   8
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE SERIES 1999-2

           Certificateholder Delinquency/Credit Enhancement Statement


                                   DELINQUENT


<TABLE>
<CAPTION>
                  No. of         Principal
                  Loans            Balance
<S>           <C>               <C>
30 Days                 66      5,897,787.74
60 Days                  7        526,838.80
90 Days                  2        177,025.03
120 Days                 0              0.00
150 Days                 0              0.00
180 Days                 0              0.00
              ------------      ------------
                        75      6,601,651.57
</TABLE>


<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       1.978417%      1.702603%
60 Days       0.209832%      0.152091%
90 Days       0.059952%      0.051104%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180 Days      0.000000%      0.000000%
              --------       --------
              2.248201%      1.905798%
</TABLE>


                                   BANKRUPTCY


<TABLE>
<CAPTION>
                 No. of           Principal
                  Loans            Balance
<S>           <C>               <C>
30 Days                  1        242,722.51
60 Days                  2         80,647.18
90 Days                  4        324,917.37
120 Days                 1         77,396.48
150 Days                 2        175,105.12
180 Days                24      1,993,301.29
              ------------      ------------
                        34      2,894,089.95
</TABLE>


<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       0.029976%      0.070070%
60 Days       0.059952%      0.023282%
90 Days       0.119904%      0.093799%
120 Days      0.029976%      0.022343%
150 Days      0.059952%      0.050550%
180 Days      0.719424%      0.575436%
              --------       --------
              1.019185%      0.835481%
</TABLE>


                                   FORECLOSURE


<TABLE>
<CAPTION>
                      No. of            Principal
                       Loans             Balance
<S>                <C>                <C>
30 Days                        2         103,972.62
60 Days                       19       1,521,959.33
90 Days                       19       2,217,019.87
120 Days                      16       1,738,891.00
150 Days                       7         803,484.58
180 Days                      56       3,979,945.59
                   -------------      -------------
                             119      10,365,272.99
</TABLE>


<TABLE>
<CAPTION>

                    No. of         Principal
                     Loans          Balance
<S>                <C>            <C>
30 Days            0.059952%      0.030015%
60 Days            0.569544%      0.439367%
90 Days            0.569544%      0.640021%
120 Days           0.479616%      0.501992%
150 Days           0.209832%      0.231954%
180 Days           1.678657%      1.148951%
                   --------       --------
                   3.567146%      2.992300%
</TABLE>


                                       REO


<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>           <C>             <C>
30 Days                0            0.00
60 Days                0            0.00
90 Days                0            0.00
120 Days               0            0.00
150 Days               1       99,598.79
180 Days               6      418,226.31
              ----------      ----------
                       7      517,825.10
</TABLE>


<TABLE>
<CAPTION>
               No. of       Principal
               Loans       Balance
<S>           <C>            <C>
30 Days       0.000000%      0.000000%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.029976%      0.028753%
180 Days      0.179856%      0.120736%
--------      --------       --------
              0.209832%      0.149488%
</TABLE>


<TABLE>
<CAPTION>
                                                  TOTAL
                  No. of           Principal
                  Loans             Balance
<S>           <C>                <C>
30 Days                  69       6,244,482.87
60 Days                  28       2,129,445.31
90 Days                  25       2,718,962.27
120 Days                 17       1,816,287.48
150 Days                 10       1,078,188.49
180 Days                 86       6,391,473.19
              -------------      -------------
                        235      20,378,839.61
</TABLE>


<TABLE>
<CAPTION>
               No. of        Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       2.068345%      1.802689%
60 Days       0.839329%      0.614739%
90 Days       0.749400%      0.784924%
120 Days      0.509592%      0.524335%
150 Days      0.299760%      0.311257%
180 Days      2.577938%      1.845123%
              --------       --------
              7.044365%      5.883067%
</TABLE>


Delinquencies are stratified according to the information the Servicer has
provided.


<TABLE>
<S>                                                             <C>
Current Period Realized Loss - Includes Interest Shortfall           0.00
Cumulative Realized Losses - Includes Interest Shortfall        99,587.94
Current Period Class A Insufficient Funds                            0.00
Principal Balance of Contaminated Properties                         0.00
Periodic Advance                                                     0.00
</TABLE>


                                     Page 8


<PAGE>   9
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                                ARE SERIES 1999-2

                          Delinquency Status By Group

Group 1

                                   DELINQUENT


<TABLE>
<CAPTION>
                  No. of         Principal
                  Loans           Balance
<S>           <C>               <C>
30 Days                 49      4,626,197.79
60 Days                  4        342,529.02
90 Days                  2        177,025.03
120 Days                 0              0.00
150 Days                 0              0.00
180 Days                 0              0.00
              ------------      ------------
                        55      5,145,751.84
</TABLE>


<TABLE>
<CAPTION>
                No. of        Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       1.860995%      1.589609%
60 Days       0.151918%      0.117697%
90 Days       0.075959%      0.060828%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180 Days      0.000000%      0.000000%
              --------       --------
              2.088872%      1.768133%
</TABLE>


                                   BANKRUPTCY


<TABLE>
<CAPTION>
                  No. of          Principal
                  Loans           Balance
<S>           <C>               <C>
30 Days                  1        242,722.51
60 Days                  0              0.00
90 Days                  4        324,917.37
120 Days                 1         77,396.48
150 Days                 2        175,105.12
180 Days                19      1,652,342.94
              ------------      ------------
                        27      2,472,484.42
</TABLE>


<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       0.037979%      0.083402%
60 Days       0.000000%      0.000000%
90 Days       0.151918%      0.111645%
120 Days      0.037979%      0.026594%
150 Days      0.075959%      0.060168%
180 Days      0.721610%      0.567762%
              --------       --------
              1.025446%      0.849571%
</TABLE>


                                   FORECLOSURE


<TABLE>
<CAPTION>
                  No. of          Principal
                  Loans           Balance
<S>           <C>               <C>
30 Days                  2        103,972.62
60 Days                 15      1,125,641.73
90 Days                 16      1,633,579.87
120 Days                13      1,546,209.39
150 Days                 5        575,814.41
180 Days                40      3,098,359.45
              ------------      ------------
                        91      8,083,577.47
</TABLE>


<TABLE>
<CAPTION>
                No. of        Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       0.075959%      0.035726%
60 Days       0.569692%      0.386782%
90 Days       0.607672%      0.561315%
120 Days      0.493733%      0.531294%
150 Days      0.189897%      0.197856%
180 Days      1.519180%      1.064628%
              --------       --------
              3.456134%      2.777601%
</TABLE>


                                       REO


<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans         Balance
<S>           <C>             <C>
30 Days                0            0.00
60 Days                0            0.00
90 Days                0            0.00
120 Days               0            0.00
150 Days               1       99,598.79
180 Days               5      386,762.22
              ----------      ----------
                       6      486,361.01
</TABLE>


<TABLE>
<CAPTION>
               No. of         Principal
               Loans          Balance
<S>           <C>            <C>
30 Days       0.000000%      0.000000%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.037979%      0.034223%
180 Days      0.189897%      0.132895%
              --------       --------
              0.227877%      0.167119%
</TABLE>


<TABLE>
<CAPTION>
                                                TOTAL
                  No. of            Principal
                  Loans             Balance
<S>           <C>                <C>
30 Days                  52       4,972,892.92
60 Days                  19       1,468,170.75
90 Days                  22       2,135,522.27
120 Days                 14       1,623,605.87
150 Days                  8         850,518.32
180 Days                 64       5,137,464.61
              -------------      -------------
                        179      16,188,174.74
</TABLE>


<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
30 Days        1.974934%    1.708737%
60 Days        0.721610%    0.504479%
90 Days        0.835549%    0.733788%
120 Days       0.531713%    0.557888%
150 Days       0.303836%    0.292247%
180 Days       2.430687%    1.765286%
               --------     --------
               6.798329%    5.562424%
</TABLE>


Group 2

                                   DELINQUENT


<TABLE>
<CAPTION>
                 No. of           Principal
                 Loans            Balance
<S>           <C>               <C>
30 Days                 17      1,271,589.95
60 Days                  3        184,309.78
90 Days                  0              0.00
120 Days                 0              0.00
150 Days                 0              0.00
180 Days                 0              0.00
              ------------      ------------
                        20      1,455,899.73
</TABLE>


<TABLE>
<CAPTION>
                No. of         Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       2.418208%      2.296496%
60 Days       0.426743%      0.332864%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180 Days      0.000000%      0.000000%
              --------       --------
              2.844950%      2.629360%
</TABLE>


                                   BANKRUPTCY


<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans         Balance
<S>           <C>             <C>
30 Days                0            0.00
60 Days                2       80,647.18
90 Days                0            0.00
120 Days               0            0.00
150 Days               0            0.00
180 Days               5      340,958.35
--------      ----------      ----------
                       7      421,605.53
</TABLE>


<TABLE>
<CAPTION>
                No. of        Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       0.000000%      0.000000%
60 Days       0.284495%      0.145649%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180 Days      0.711238%      0.615772%
              --------       --------
              0.995733%      0.761421%
</TABLE>


                                   FORECLOSURE


<TABLE>
<CAPTION>
                  No. of          Principal
                  Loans           Balance
<S>           <C>               <C>
30 Days                  0              0.00
60 Days                  4        396,317.60
90 Days                  3        583,440.00
120 Days                 3        192,681.61
150 Days                 2        227,670.17
180 Days                16        881,586.14
              ------------      ------------
                        28      2,281,695.52
</TABLE>


<TABLE>
<CAPTION>
                No. of        Principal
                Loans         Balance
<S>           <C>            <C>
30 Days       0.000000%      0.000000%
60 Days       0.568990%      0.715751%
90 Days       0.426743%      1.053695%
120 Days      0.426743%      0.347984%
150 Days      0.284495%      0.411173%
180 Days      2.275960%      1.592148%
              --------       --------
              3.982930%      4.120750%
</TABLE>


                                       REO


<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans        Balance
<S>           <C>            <C>
30 Days               0           0.00
60 Days               0           0.00
90 Days               0           0.00
120 Days              0           0.00
150 Days              0           0.00
180 Days              1      31,464.09
              ---------      ---------
                      1      31,464.09
</TABLE>


<TABLE>
<CAPTION>
                No. of         Principal
                Loans          Balance
<S>           <C>            <C>
30 Days       0.000000%      0.000000%
60 Days       0.000000%      0.000000%
90 Days       0.000000%      0.000000%
120 Days      0.000000%      0.000000%
150 Days      0.000000%      0.000000%
180 Days      0.142248%      0.056824%
              --------       --------
              0.142248%      0.056824%
</TABLE>


<TABLE>
<CAPTION>
                                               TOTAL
                  No. of          Principal
                  Loans           Balance
<S>           <C>               <C>
30 Days                 17      1,271,589.95
60 Days                  9        661,274.56
90 Days                  3        583,440.00
120 Days                 3        192,681.61
150 Days                 2        227,670.17
180 Days                22      1,254,008.58
              ------------      ------------
                        56      4,190,664.87
</TABLE>


<TABLE>
<CAPTION>
               No. of         Principal
               Loans          Balance
<S>           <C>            <C>
30 Days       2.418208%      2.296496%
60 Days       1.280228%      1.194264%
90 Days       0.426743%      1.053695%
120 Days      0.426743%      0.347984%
150 Days      0.284495%      0.411173%
180 Days      3.129445%      2.264744%
              --------       --------
              7.965861%      7.568356%
</TABLE>


                                     Page 9


<PAGE>   10
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                               ARE Series 1999-2


<TABLE>
<CAPTION>
                      Original $           Original%      Current $            Current%
<S>                 <C>                   <C>           <C>                   <C>
Bankruptcy             100,000.00         0.02473268%      100,000.00         0.02889026%
Fraud               12,129,702.50         3.00000000%   12,129,702.50         3.50430283%
Special Hazard       4,043,234.17         1.00000000%    4,043,234.17         1.16810094%
</TABLE>


Limit of Subordinate's Exposure to Certain Types of Losses


                                    Page 10


<PAGE>   11
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                               ARE Series 1999-2

                              COLLATERAL STATEMENT


<TABLE>
<CAPTION>
Collateral Description                               Fixed & Mixed ARM
<S>                                                  <C>
Weighted Average Gross Coupon                                9.491174%

Weighted Average Net  Coupon                                 8.991174%

Weighted Average Pass-Through Rate                           8.991174%

Weighted Average Maturity (Stepdown Calculation)                  336

Beginning Scheduled Collateral Loan Count                       3,400

Number of Loans Paid in Full                                       64

Ending Scheduled Collateral Loan Count                          3,336

Beginning Scheduled Collateral Balance                 353,166,007.04

Ending Scheduled Collateral Balance                    346,137,394.11

Ending Actual Collateral Balance at 30-Jun-2000        346,398,211.99

Monthly P&I Constant                                     3,019,356.26

Ending Scheduled Balance for Premium Loans             346,137,394.11
</TABLE>


                                    Page 11


<PAGE>   12
<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:       Customer Service - CTSLink
Mortgage Pass-Through Certificates                                    Wells Fargo Bank Minnesota, N.A.
Record Date:                      30-Jun-2000                         Securities Administration Services
Distribution Date:                25-Jul-2000                         7485 New Horizon Way
                                                                      Frederick, MD 21703
                                                                      Telephone:     (301) 815-6600
                                                                      Fax:           (301) 846-8152
</TABLE>


                               ARE Series 1999-2


<TABLE>
<CAPTION>
Group                                                1                   2                 Total

Collateral  Description                         Mixed ARM           Mixed Fixed
<S>                                         <C>                    <C>                <C>
Weighted Average Coupon Rate                       9.462453             9.617385
Weighted Average Net Rate                          8.616352             8.871712
Weighted Average Maturity                            346.00               282.00
Record Date                                        06/30/00             06/30/00
Principal And  Interest Constant               2,517,349.97           502,006.29         3,019,356.26
Beginning Loan Count                                  2,689                  711                3,400
Loans Paid In Full                                       56                    8                   64
Ending Loan Count                                     2,633                  703                3,336
Beginning Scheduled Balance                  297,308,551.06        55,857,455.98       353,166,007.04
Ending Scheduled Balance                     290,831,410.07        55,305,984.04       346,137,394.11
Scheduled Principal                              172,959.71            54,337.41           227,297.12
Unscheduled Principal                          6,304,181.28           497,134.53         6,801,315.81
Scheduled Interest                             2,344,390.26           447,668.88         2,792,059.14
Servicing Fee                                    123,878.58            23,273.94           147,152.52
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                                         85,749.11            11,435.54            97,184.65
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                                   2,134,762.57           412,959.40         2,547,721.97
Realized Loss Amount                              11,447.20                 0.00            11,447.20
Cumulative Realized Loss                          99,002.07               585.87            99,587.94
Percentage of Cumulative Losses                        0.00                 0.00                 0.00
</TABLE>


<TABLE>
<CAPTION>
                                                    1                    2                  Total
<S>                                           <C>                   <C>                 <C>
Required Overcollateralization Amount         11,377,930.92         1,260,651.24        12,638,582.16
Overcollateralization Increase Amount                  0.00                 0.00                 0.00
Overcollateralization Reduction Amount                 0.00                 0.00                 0.00
Specified Overcollateralization Amount        11,377,930.92         1,260,651.24        12,638,582.16
Overcollateralization Amount                   9,182,730.82         1,260,651.24        10,443,382.06
Overcollateralization Deficiency Amount        2,195,200.10                 0.00         2,195,200.10
Base Overcollateralization Amount              7,679,044.23         1,260,651.24         8,939,695.47
Extra Principal Distribution Amount              539,787.76                 0.00           539,787.76
Excess Cash  Amount                              457,753.04            82,034.70           539,787.74
</TABLE>


                                    Page 12

</TEXT>
</DOCUMENT>
