Prospectus Supplement No. 23
The Prospectus dated November 14, 1996 (the "Prospectus")
relating to the offer for resale of up to $115,000,000 aggregate
principal amount of 5.5% Convertible Subordinated Debentures due
2006 of Aames Financial Corporation (the "Company") and 6,160,713
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
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NatWest Securities Limited(1) $1,500,000
135 Bishopsgate
London, UK EC 2M 3UR
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(1) NatWest Securities Limited served as a Manager in the offering
of the Company's 5.5% Convertible Subordinated Debentures due 2006
pursuant to a Subscription Agreement dated February 16, 1996.
The date of this Prospectus Supplement is June 18, 1997.
