UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Thompson, Cary
c/o Aames Financial Corporation
350 S. Grand Ave.
52nd Floor
Los Angeles, CA 90071
USA
2. Date of Event Requiring Statement (Month/Day/Year)
12/23/91
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Aames Financial Corporation
AAM
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chief Executive Officer*
6. If Amendment, Date of Original (Month/Day/Year)
12/23/91
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C>
___________________________________________________________________________________________________________________________________|
<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Warrants12/3/92 |12/3/92 |12/2/97 |Common Stock |2,500** |$12.00 |D | |
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</TABLE>
Explanation of Responses:
* The reporting person was a director only at the time the original Form 3 was
filed and is now the Company's Chief
Executive Officer as well as a
director.
**The reporting person originally reported warrants for 3,000 shares when the
correct number was 2,500. This
number has not been adjusted for stock
splits.
SIGNATURE OF REPORTING PERSON
Cary H. Thompson
DATE
11/10/97
