==========================
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, 1998
AAMES CAPITAL ACCEPTANCE CORP.
ON BEHALF OF AAMES MORTGAGE TRUST 1998-B
---------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 333-46893-01 95-4619902
-------- ------------ ----------
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file numbers) identification no.)
350 SOUTH GRAND AVENUE
LOS ANGELES, CALIFORNIA 90071
- ---------------------------------------- ---------
(Address of principal executive offices) (ZIP Code)
(213) 210-5270
---------------
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 Acceptance Corp., Mortgage Pass-Through
Certificates, Series 1998-B - Statement to
Certificateholders
Page 2
<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/ JOSEPH MAGNUS
--------------------------------
Joseph Magnus
Executive Vice President
Dated: July 22, 1998
Page 3
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
- -------
20.1 Aames Capital Acceptance Corp., Mortgage Pass-Through Certificates,
Series 1998-B - Statement to Certificateholders
EXHIBIT 20.1
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
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>
1FA 25,000,000.00 25,000,000.00 202,277.29 0.00 202,277.29 0.00 0.00 25,000,000.00
1FB 225,000,000.00 225,000,000.00 1,820,495.61 1,205,009.98 3,025,505.59 0.00 0.00 223,794,990.02
IA 375,000,000.00 375,000,000.00 2,898,796.29 2,472,082.14 5,370,878.43 0.00 0.00 72,527,917.86
R1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
TOTALS 625,000,000.00 625,000,000.00 4,921,569.19 3,677,092.12 8,598,661.31 0.00 0.00 621,322,907.88
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1FA 1,000.000000 8.091092 0.000000 8.091092 1,000.000000 9.707142% 9.700366%
1FB 1,000.000000 8.091092 5.355600 13.446692 994.644400 9.707142% 9.700366%
IA 1,000.000000 7.730123 6.592219 14.322342 993.407781 9.276165% 9.277056%
R1 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------
SELLER: Aames Capital Acceptance Corp. ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1998 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 8 (C)COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC II
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
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>
LTFM 247,500,000.00 247,500,000.00 1,899,397.13 1,192,959.88 3,092,357.01 0.00 5,827.27 246,312,867.39
LTA1F 990,000.00 990,000.00 7,597.59 17,877.37 25,474.96 0.00 0.00 972,122.63
LTA2F 140,000.00 140,000.00 1,074.41 0.00 1,074.41 0.00 0.00 140,000.00
LTA3F 560,000.00 560,000.00 4,297.63 0.00 4,297.63 0.00 0.00 560,000.00
LTA4F 290,000.00 290,000.00 2,225.56 0.00 2,225.56 0.00 0.00 290,000.00
LTA5F 270,000.00 270,000.00 2,072.07 0.00 2,072.07 0.00 0.00 270,000.00
LTA6F 250,000.00 250,000.00 1,918.58 0.00 1,918.58 0.00 0.00 250,000.00
LTAIO * 25,000,000.00 25,000,000.00 104,189.93 0.00 104,189.93 0.00 0.00 25,000,000.00
LTAM 371,250,000.00 371,250,000.00 2,869,808.33 2,447,361.32 5,317,169.65 0.00 9,455.74 368,812,094.42
LTA1A 2,775,000.00 2,775,000.00 21,451.09 34,176.56 55,627.65 0.00 0.00 2,740,823.44
LTM1A 375,000.00 375,000.00 2,898.79 0.00 2,898.79 0.00 0.00 375,000.00
LTM2A 318,750.00 318,750.00 2,463.98 0.00 2,463.98 0.00 0.00 318,750.00
LFB1A 281,250.00 281,250.00 2,174.10 0.00 2,174.10 0.00 0.00 281,250.00
R2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
TOTALS 625,000,000.00 625,000,000.00 4,921,569.19 3,692,375.13 8,613,944.32 0.00 15,283.01 621,322,907.88
- -----------------------------------------------------------------------------------------------------------------------------
<FN>
* Class LTAIO Represents a Notional Balance
</FN>
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LTFM 1,000.000000 7.674332 4.820040 12.494372 995.203505 9.207142% 9.197945%
LTA1F 1,000.000000 7.674333 18.057949 25.732283 981.942051 9.207142% 9.197945%
LTA2F 1,000.000000 7.674357 0.000000 7.674357 1,000.000000 9.207142% 9.197945%
LTA3F 1,000.000000 7.674339 0.000000 7.674339 1,000.000000 9.207142% 9.197945%
LTA4F 1,000.000000 7.674345 0.000000 7.674345 1,000.000000 9.207142% 9.197945%
LTA5F 1,000.000000 7.674333 0.000000 7.674333 1,000.000000 9.207142% 9.197945%
LTA6F 1,000.000000 7.674320 0.000000 7.674320 1,000.000000 9.207142% 9.197945%
LTAIO * 1,000.000000 4.167597 0.000000 4.167597 1,000.000000 5.000000% 5.000000%
LTAM 1,000.000000 7.730123 6.592219 14.322342 993.433251 9.276165% 9.277056%
LTA1A 1,000.000000 7.730123 12.315877 20.046000 987.684123 9.276165% 9.277056%
LTM1A 1,000.000000 7.730107 0.000000 7.730107 1,000.000000 9.276165% 9.277056%
LTM2A 1,000.000000 7.730133 0.000000 7.730133 1,000.000000 9.276165% 9.277056%
LFB1A 1,000.000000 7.730133 0.000000 7.730133 1,000.000000 9.276165% 9.277056%
R2 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------
SELLER: Aames Capital Acceptance Corp. ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1998 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------
<FN>
* Notional Balance
</FN>
</TABLE>
Page 2 of 8 (C) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC III
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
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>
MTFM 247,500,000.00 247,500,000.00 1,899,397.13 1,192,959.88 3,092,357.01 0.00 5,827.27 246,312,867.39
MTA1F 990,000.00 990,000.00 5,219.30 17,877.37 23,096.67 0.00 0.00 972,122.63
MTA2F 140,000.00 140,000.00 724.66 0.00 724.66 0.00 0.00 140,000.00
MTA3F 560,000.00 560,000.00 2,956.99 0.00 2,956.99 0.00 0.00 560,000.00
MTA4F 290,000.00 290,000.00 1,565.14 0.00 1,565.14 0.00 0.00 290,000.00
MTA5F 270,000.00 270,000.00 1,550.60 0.00 1,550.60 0.00 0.00 270,000.00
MTA6F 250,000.00 250,000.00 1,345.09 0.00 1,345.09 0.00 0.00 250,000.00
MTAIO 0.00 0.00 104,189.93 0.00 104,189.93 0.00 0.00 0.00
MTFIO 0.00 0.00 5,824.06 0.00 5,824.06 0.00 0.00 0.00
MTAM 371,250,000.00 371,250,000.00 2,869,808.32 2,447,361.32 5,317,169.64 0.00 9,455.74 368,812,094.42
MTA1A 2,775,000.00 2,775,000.00 15,765.07 34,176.56 49,941.63 0.00 0.00 2,740,823.44
MTM1A 375,000.00 375,000.00 2,188.23 0.00 2,188.23 0.00 0.00 375,000.00
MTM2A 318,750.00 318,750.00 1,915.78 0.00 1,915.78 0.00 0.00 318,750.00
MTB1A 281,250.00 281,250.00 1,833.36 0.00 1,833.36 0.00 0.00 281,250.00
MTADJIO 0.00 0.00 7,285.53 0.00 7,285.53 0.00 0.00 0.00
R3 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
TOTALS 625,000,000.00 625,000,000.00 4,921,569.19 3,692,375.13 8,613,944.32 0.00 15,283.01 621,322,907.88
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MTFM 1,000.000000 7.674332 4.820040 12.494372 995.203505 9.207142% 9.197945%
MTA1F 1,000.000000 5.272020 18.057949 23.329970 981.942051 6.325000% 6.325000%
MTA2F 1,000.000000 5.176143 0.000000 5.176143 1,000.000000 6.210000% 6.210000%
MTA3F 1,000.000000 5.280339 0.000000 5.280339 1,000.000000 6.335000% 6.335000%
MTA4F 1,000.000000 5.397034 0.000000 5.397034 1,000.000000 6.475000% 6.475000%
MTA5F 1,000.000000 5.742963 0.000000 5.742963 1,000.000000 6.890000% 6.890000%
MTA6F 1,000.000000 5.380360 0.000000 5.380360 1,000.000000 6.455000% 6.455000%
MTAIO 0.000000 0.166704 0.000000 0.166704 0.000000 0.000000% 0.000000%
MTFIO 0.000000 0.009318 0.000000 0.009318 0.000000 0.000000% 0.000000%
MTAM 1,000.000000 7.730123 6.592219 14.322342 993.433251 9.276165% 9.277056%
MTA1A 1,000.000000 5.681106 12.315877 17.996984 987.684123 6.817340% 5.821250%
MTM1A 1,000.000000 5.835280 0.000000 5.835280 1,000.000000 7.002340% 6.006250%
MTM2A 1,000.000000 6.010290 0.000000 6.010290 1,000.000000 7.212340% 6.216250%
MTB1A 1,000.000000 6.518613 0.000000 6.518613 1,000.000000 7.822340% 6.826250%
MTADJIO 0.000000 0.011657 0.000000 0.011657 0.000000 0.000000% 0.000000%
R3 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- --------------------------------------------------------------------------------------------------------------------------
SELLER: Aames Capital Acceptance Corp. ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1998 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 8 (C) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC IV
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
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>
A1F 99,000,000.00 99,000,000.00 521,812.50 1,787,737.04 2,309,549.54 0.00 0.00 97,212,262.96
A2F 14,000,000.00 14,000,000.00 72,450.00 0.00 72,450.00 0.00 0.00 14,000,000.00
A3F 56,000,000.00 56,000,000.00 295,633.33 0.00 295,633.33 0.00 0.00 56,000,000.00
A4F 29,000,000.00 29,000,000.00 156,479.17 0.00 156,479.17 0.00 0.00 29,000,000.00
A5F 27,000,000.00 27,000,000.00 155,025.00 0.00 155,025.00 0.00 0.00 27,000,000.00
A6F 25,000,000.00 25,000,000.00 134,479.17 0.00 134,479.17 0.00 0.00 25,000,000.00
AIO * 25,000,000.00 25,000,000.00 104,166.67 0.00 104,166.67 0.00 0.00 25,000,000.00
A1A 277,500,000.00 277,500,000.00 1,418,858.89 3,417,656.25 4,836,515.14 0.00 0.00 274,082,343.75
M1A 37,500,000.00 37,500,000.00 196,940.81 0.00 196,940.81 0.00 0.00 37,500,000.00
M2A 31,875,000.00 31,875,000.00 172,420.00 0.00 172,420.00 0.00 0.00 31,875,000.00
B1A 28,125,000.00 28,125,000.00 165,002.48 0.00 165,002.48 0.00 0.00 28,125,000.00
C 0.00 0.00 0.00 0.00 0.00 0.00 1,528,301.17 1,528,301.17
R4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 625,000,000.00 625,000,000.00 3,393,268.02 5,205,393.29 8,598,661.31 0.00 1,528,301.17 621,322,907.88
- ------------------------------------------------------------------------------------------------------------------------------
<FN>
* Represents a Notional Amount
</FN>
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1F 00253CES2 1,000.000000 5.270833 18.057950 23.328783 981.942050 6.325000% 6.325000%
A2F 00253CET0 1,000.000000 5.175000 0.000000 5.175000 1,000.000000 6.210000% 6.210000%
A3F 00253CEU7 1,000.000000 5.279167 0.000000 5.279167 1,000.000000 6.335000% 6.335000%
A4F 00253CEV5 1,000.000000 5.395833 0.000000 5.395833 1,000.000000 6.475000% 6.475000%
A5F 00253CEW3 1,000.000000 5.741667 0.000000 5.741667 1,000.000000 6.890000% 6.890000%
A6F 00253CEX1 1,000.000000 5.379167 0.000000 5.379167 1,000.000000 6.455000% 6.455000%
AIO 00253CEY9 1,000.000000 4.166667 0.000000 4.166667 1,000.000000 5.000000% 5.000000%
A1A 00253CEZ6 1,000.000000 5.113005 12.315878 17.428883 987.684122 6.817340% 5.821250%
M1A 00253CFA0 1,000.000000 5.251755 0.000000 5.251755 1,000.000000 7.002340% 6.006250%
M2A 00253CFB8 1,000.000000 5.409255 0.000000 5.409255 1,000.000000 7.212340% 6.216250%
B1A 00253CFC6 1,000.000000 5.866755 0.000000 5.866755 1,000.000000 7.822340% 6.826250%
C 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R4 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------
SELLER: Aames Capital Acceptance Corp. ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1998 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 8 (C) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 15, 1998
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
1 2 3+
DELINQUENT LOAN INFORMATION PAYMENT PAYMENTS PAYMENTS TOTAL
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fixed Group PRINCIPAL BALANCE 4,934,045.28 472,033.04 0.00 5,406,078.32
-------------------
PERCENTAGE OF POOL BALANCE 1.98273% 0.18969% 0.00000% 2.17242%
NUMBER OF LOANS 71 5 0 76
PERCENTAGE OF POOL LOANS 1.84511% 0.12994% 0.00000% 1.97505%
----------------------------------------------------------------------------------------------------------------------------------
Adj Group PRINCIPAL BALANCE 7,892,200.94 465,362.22 0.00 8,357,563.16
-------------------
PERCENTAGE OF POOL BALANCE 2.11855% 0.12492% 0.00000% 2.24347%
NUMBER OF LOANS 89 7 0 96
PERCENTAGE OF POOL LOANS 2.32741% 0.18305% 0.00000% 2.51046%
----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE LOAN INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Fixed Group PRINCIPAL BALANCE 0.00 674,833.87 0.00 674,833.87
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.27118% 0.00000% 0.27118%
NUMBER OF LOANS 0 9 0 9
PERCENTAGE OF POOL LOANS 0.00000% 0.23389% 0.00000% 0.23389%
----------------------------------------------------------------------------------------------------------------------------------
Adj Group PRINCIPAL BALANCE 0.00 796,053.70 0.00 796,053.70
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.21369% 0.00000% 0.21369%
NUMBER OF LOANS 0 8 0 8
PERCENTAGE OF POOL LOANS 0.00000% 0.20921% 0.00000% 0.20921%
----------------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Fixed Group PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
----------------------------------------------------------------------------------------------------------------------------------
Adj Group PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Fixed Group PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
----------------------------------------------------------------------------------------------------------------------------------
Adj Group PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
-------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
TOTAL
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Fixed Group PRINCIPAL BALANCE 4,934,045.28 1,146,866.91 0.00 6,080,912.19
-------------------
PERCENTAGE OF POOL BALANCE 1.98273% 0.46087% 0.00000% 2.44360%
NUMBER OF LOANS 71 14 0 85
PERCENTAGE OF POOL LOANS 1.84511% 0.36383% 0.00000% 2.20894%
----------------------------------------------------------------------------------------------------------------------------------
Adj Group PRINCIPAL BALANCE 7,892,200.94 1,261,415.92 0.00 9,153,616.86
-------------------
PERCENTAGE OF POOL BALANCE 2.11855% 0.33861% 0.00000% 2.45716%
NUMBER OF LOANS 89 15 0 104
PERCENTAGE OF POOL LOANS 2.32741% 0.39226% 0.00000% 2.71967%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5 of 8 (C) COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 15, 1998
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COLLECTION ACCOUNT INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SOURCES OF PRINCIPAL Fixed Group Adj Group Total
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SCHEDULED PRINCIPAL RECEIVED 207,469.69 166,766.36 374,236.05
PREPAYMENTS & CURTAILMENTS (201,748.96) 1,962,184.64 1,760,435.68
REPURCHASES/SUBSTITUTIONS 1,199,289.25 342,444.30 1,541,733.55
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PREFUNDING ACCOUNT TERMINATION 0.00 686.84 686.84
LESS: REALIZED LOSSES 0.00 0.00 0.00
TOTAL PRINCIPAL 1,205,009.98 2,472,082.14 3,677,092.12
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SOURCES OF INTEREST
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SCHEDULED INTEREST 2,141,248.42 2,544,384.26 4,685,632.68
REPURCHASES/SUBSTITUTIONS 10,714.41 2,683.78 13,398.19
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INTEREST (591,017.84) (1,174,162.53) (1,765,180.37)
LESS: PPIS (2,886.39) (1,825.11) (4,711.50)
LESS: PPIS CIVIL RELIEF SHORTFALL 0.00 0.00 0.00
LESS: CURRENT SERVICING FEES (76,320.21) (96,952.20) (173,272.41)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 2,886.39 1,825.11 4,711.50
PLUS: INTEREST ADVANCED AMOUNT 563,148.12 1,114,865.02 1,678,013.14
PLUS: CAPITALIZED INTEREST AMOUNT 0.00 507,977.96 507,977.96
PLUS: CLOSING DATE DEPOSIT 0.00 0.00 0.00
TOTAL INTEREST 2,047,772.90 2,898,796.29 4,946,569.19
----------------------------------------------------------------------------------------------------------------------------------
PERMITTED WITHDRAWALS
----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SOURCES
----------------------------------------------------------------------------------------------------------------------------------
3,252,782.88 5,370,878.43 8,623,661.31
----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE REPLACEMENT SUBSTITUTION AMOUNT 4,021.26
PREFUNDING ACCOUNT DEPOSIT TO CERTIFICATE ACCOUNT 686.84
CAPITALIZED INTEREST ACCOUNT DEPOSIT TO CERTIFICATE ACCOUNT 507,977.96
TOTAL REMITTANCE DUE 8,110,975.25
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 6 of 8 (C)COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 15, 1998
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SERVICING FEES Fixed Group Adj Group Total
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 104,189.93 156,249.71 260,439.64
LESS:~ AMOUNTS TO COVER INTEREST SHORTFALLS: (2,886.39) (1,825.11) (4,711.50)
LESS:~ DELINQUENT SERVICE FEES: (27,869.72) (59,297.51) (87,167.23)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 73,433.82 95,127.09 168,560.91
AMOUNT PER $1000 CERTIFICATE:
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
POOL INFORMATION Fixed Group Adj Group Total
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
PRIOR PRINCIPAL BALANCE OF POOL: 250,055,829.25 374,999,313.16 625,055,142.41
CURRENT PRINCIPAL BALANCE OF POOL: 248,850,819.27 372,527,917.86 621,378,737.13
GROUP FACTOR 99.51810% 99.34096% 99.41183%
PRIOR NUMBER OF LOANS: 3,879 3,851 7,730
CURRENT NUMBER OF LOANS: 3,848 3,824 7,672
NUMBER OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0
CURRENT PRINCIPAL BAL. OF LOANS PURCHASED FROM MORT REPLACEMENT 0 0 0.00
NUMBER OF LOANS PAID IN FULL: 31 27 58
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.32712% 9.77617%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.31766% 9.77660%
WEIGHTED AVERAGE TERM TO MATURITY: 308 356
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
TRIGGER EVENTS Fixed Group Adj Group
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
HAS TRIGGER EVENT OCCURRED ? NO NO
ROLLING DELINQUENCY PERCENTAGES > 40% NO
TARGET LOSS OC EVENT OCCURRED? NO
TARGET DELINQUENCY EVENT OCCURRED? NO
STEP DOWN ROLLING LOSS TEST NOT SATISFIED? NO
STEP DOWN ROLLING DELINQUENCY TEST NOT SATISFIED? NO
STEP DOWN CUMULATIVE LOSS TEST NOT SATISFIED? NO
SENIOR ENHANCEMENT% 26.17%
STEPPED UP SENIOR ENHANCEMENT% 99.15%
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OVERCOLLATERALIZATION Fixed Group Adj Group
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 582,727.06 945,574.11
OVERCOLLATERALIZATION AMOUNT 638,556.31 945,574.11
TARGET OVERCOLLATERALIZATION AMOUNT 8,126,814.45 13,125,000.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7 of 8 (C)COPYRIGHT 1998 Bankers Trust Company
<PAGE>
<TABLE>
AAMES CAPITAL ACCEPTANCE CORP.
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-B
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 15, 1998
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
INTEREST CARRY FORWARD AMOUNT Prior Current
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS A1F 0.00 0.00
CLASS A2F 0.00 0.00
CLASS A3F 0.00 0.00
CLASS A4F 0.00 0.00
CLASS A5F 0.00 0.00
CLASS A6F 0.00 0.00
CLASS AIO 0.00 0.00
CLASS A1A 0.00 0.00
CLASS M1A 0.00 0.00
CLASS M2A 0.00 0.00
CLASS B1A 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE INSURER INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL GUARANTY PREMIUM PAID: 25,000.00
INSURED AMOUNTS: 0.00
UNPAID INSURED AMOUNTS AND INTEREST ON THE AMOUNTS: 0.00
----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8 of 8 (C)COPYRIGHT 1998 Bankers Trust Company
