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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
JULY 15, 1997
AAMES CAPITAL ACCEPTANCE CORP.
ON BEHALF OF AAMES CAPITAL OWNER
TRUST 1997-1
----------------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 333-21219 95-4619902
------------ --------- -----------
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
305 SOUTH GRAND AVENUE
LOS ANGELES, CALIFORNIA 90071
- ------------------------------------ -------
(Address of principal executive offices) (ZIP Code)
(213) 640-5000
---------------------------------
Registrant's telephone number, including area code
NA
-----------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 7. FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
- ---------------------------------------------------------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
20.1 Aames Capital Owner Trust 1997-1, Adjustable Rate
Asset-Backed Bonds, Series 1997-1 - Statement to Bondholders
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
AAMES CAPITAL ACCEPTANCE CORP.
By: /s/ Mark E. Elbaum
-------------------------------
Mark E. Elbaum
Senior Vice President - Finance
and Chief Accounting Officer
Dated: July 25, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit
- -------
20.1 Aames Capital Owner Trust 1997-1, Adjustable Rate
Asset-Backed Bonds, Series 1997-1 - Statement to
Bondholders
<PAGE>
EXHIBIT 20.1
<PAGE>
<TABLE>
<CAPTION>
AAMES CAPITAL OWNER TRUST 1997-1
ADJUSTABLE RATE ASSET-BACKED BONDS
SERIES 1997-1
DUE JUNE 15, 2029
STATEMENT TO BONDHOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----- -------------- -------------- ------------ ------------ ------------ ------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BONDS 415,000,000.00 395,840,241.00 1,877,354.81 8,411,173.21 10,288,528.02 0.00 0.00 387,429,067.79
- ------ ------------- ------------- ------------ ------------ ------------ ----- ------ --------------
TOTALS 415,000,000.00 395,840,241.00 1,877,354.81 8,411,173.21 10,288,528.02 0.00 0.00 387,429,067.79
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- --------- ---------- -------- --------- -------- ----------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BONDS 00252YAA8 953.831906 4.523747 20.267887 24.791634 933.564019 5.887500% 5.887500%
SELLER: Aames Capital Corporation ADMINISTRATOR: Whitney Iger
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: DLJ Securities Corporation 3 Park Plaza
RECORD DATE: June 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1997 FACTOR INFORMATION (800) 735-7777
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AAMES CAPITAL OWNER TRUST 1997-1
ADJUSTABLE RATE ASSET-BACKED BONDS
SERIES 1997-1
DUE JUNE 15, 2029
STATEMENT TO BONDHOLDERS
Distribution Date: July 15, 1997
<S> <C> <C>
MONTHLY ADVANCES: 661,521.36
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 167,009.78
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 167,009.78
----------
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 0.00
LESS: DELINQUENT SERVICE FEES: (30,326.39)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 136,683.39
---------- 136,683.39
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS TOTAL
- --------------- --------- -------- -------- ------------
<S> <C> <C> <C> <C>
PRINCIPAL BALANCE 10,282,376.72 4,680,128.85 3,841,603.96 18,804,109.53
NUMBER OF LOANS 134 45 36 215
FORECLOSURE LOAN INFORMATION
PRINCIPAL BALANCE 49,955.38 2,968,828.71 8,661,004.36 11,679,788.45
NUMBER OF LOANS 1 30 82 113
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS: 0
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS: 0.00
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00
REALIZED LOSS INFORMATION
LOAN NUMBER PRINCIPAL BALANCE NET LIQUIDATION PROCEEDS TOTAL LOSS AMOUNT
TOTAL CURRENT PERIOD LOSSES: 0.00
CUMULATIVE REALIZED LOSSES: 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AAMES CAPITAL OWNER TRUST 1997-1
AJUSTABLE RATE ASSET-BACKED BONDS
Series 1997-1
Due June 15, 2029
Statement to Bondholders
Distribution Date: July 15, 1997
<S> <C>
BEGINNING NUMBER OF LOANS: 4112
ENDING NUMBER OF LOANS: 4047
BEGINNING PRINCIPAL BALANCE OF POOL: 403,865,000.08
ENDING PRINCIPAL BALANCE OF POOL: 396,812,320.02
WEIGHTED AVERAGE TERM TO MATURITY: 281
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.287300%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.516844%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 65
PRINCIPAL BALANCE: 6,749,621.59
NUMBER OF LOANS SUBSTITUTED: 0
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 0.00
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00
AVAILABLE FUNDS: 10,347,904.06
INSURED AMOUNT: 0.00
CERTIFICATE INSURER PREMIUM: 59,376.04
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
MONTHLY PRINCIPAL: 7,052,680.06
EXCESS CASH DISTRIBUTION: 1,358,493.15
COVERAGE AMOUNTS:
COVERAGE AMOUNT: 9,383,252.23
REQUIRED COVERAGE AMOUNT: 23,004,076.43
COVERAGE SURPLUS: 0.00
COVERAGE DEFICIT: 0.00
UNREIMBURSED MONTHLY ADVANCES: 0.00
UNREIMBURSED SERVICING ADVANCES: 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Aames Capital Owner Trust 1997-1
Adjustable Rate Asset-Backed Bonds
Series 1997-1
Due June 15, 2029
PAYMENT DATE STATEMENT
Distribution Date: July 15, 1997
<S> <C>
REPORTED SCHEDULED INTEREST ON MORTGAGE LOANS 3,462,233.78
TOTAL PRINCIPAL PAYMENTS RECEIVED:
SCHEDULED PRINCIPAL 303,058.47
PREPAYMENTS IN FULL 6,749,675.64
CURTAILMENTS (54.05)
-------------
7,052,680.06
PAYMENTS AHEAD 0.00
TRUST INSURANCE PROCEEDS (PRINCIPAL & INTEREST): 0.00
NET LIQUIDATION PROCEEDS: 0.00
COMPENSATING INTEREST PAYMENTS TO BE PAID BY SERVICER: 0.00
AGGREGATE REPURCHASE PRICE: 0.00
SUBSTITUTION OF QUALIFIED REPLACEMENT MORTGAGE LOAN: 0.00
MONTHLY ADVANCES: 661,521.36
MONTHLY SERVICING FEE: (136,683.39)
DELINQUENT INTEREST: (691,847.75)
SERVICING ADVANCES NOT PREVIOUSLY REIMBURSED: 0.00
MONTHLY ADVANCES NOT PREVIOUSLY REIMBURSED: 0.00
REPAYMENT INTEREST SHORTFALL: 0.00
ISSUER DEPOSIT TO CAPITALIZED INTEREST ACCOUNT: 0.00
TOTAL REMITTANCE DUE: 10,347,904.06
-------------
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</TABLE>
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