Prospectus Supplement No. 12
The Prospectus dated November 14, 1996 (the "Prospectus") relating to the offer
for resale of up to $115,000,000 aggregate principal amount of 5 1/2%
Convertible Subordinated Debentures due 2006 of Aames Financial Corporation
(the "Company") and 4,107,142 shares of the common stock of the Company, par
value $0.001 per share, into which such Debentures are convertible is hereby
amended as follows:
The following entity is hereby named as a Selling Security Holder as
contemplated on page 33 of the Prospectus:
Selling Security Holder Principal Amount of Debentures
BT Securities Corp. $500,000
130 Liberty Street
New York, NY 10006
The date of this Prospectus Supplement is February 11, 1997.