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)
DECEMBER 15, 1997
AAMES CAPITAL CORPORATION
-------------------------
(Exact name of Registrant as specified in its charter)
CALIFORNIA 333-10185 and 333-21219 95-4438859
- ----------- ----------------------- ----------
(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) 210-5000
---------------
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 Corporation, Mortgage Pass-Through
Certificates, Series 1997-C - Statement to Certificateholders
<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 CORPORATION
By:/S/ MARK E. ELBAUM
-----------------------------
Mark E. Elbaum
Senior Vice President - Finance
Dated: December 22, 1997
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
- -------
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1997-C - Statement to
Certificateholders
<PAGE>
EXHIBIT 20.1
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
<TABLE>
<CAPTION>
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 63,000,000.00 59,546,714.48 271,863.83 2,151,770.89 2,423,634.72 0.00 0.00 57,394,943.59
A2F 20,790,000.00 20,790,000.00 112,872.38 0.00 112,872.38 0.00 0.00 20,790,000.00
A3F 25,000,000.00 25,000,000.00 137,395.83 0.00 137,395.83 0.00 0.00 25,000,000.00
A4F 10,000,000.00 10,000,000.00 57,458.33 0.00 57,458.33 0.00 0.00 10,000,000.00
A5F 12,000,000.00 12,000,000.00 72,550.00 0.00 72,550.00 0.00 0.00 12,000,000.00
A6F 15,000,000.00 15,000,000.00 86,125.00 0.00 86,125.00 0.00 0.00 15,000,000.00
AIO* 40,500,000.00 40,500,000.00 236,250.00 0.00 236,250.00 0.00 0.00 40,500,000.00
M1F 9,778,000.00 9,778,000.00 58,016.13 0.00 58,016.13 0.00 0.00 9,778,000.00
M2F 8,889,000.00 8,889,000.00 54,185.86 0.00 54,185.86 0.00 0.00 8,889,000.00
BF1 8,000,000.00 8,000,000.00 51,000.00 0.00 51,000.00 0.00 0.00 8,000,000.00
BF2 5,335,000.00 5,335,000.00 36,678.13 0.00 36,678.13 0.00 0.00 5,335,000.00
A1A 244,758,000.00 237,209,310.85 1,097,751.98 6,071,600.35 7,169,352.33 0.00 0.00 231,137,710.50
M1A 27,739,000.00 27,739,000.00 132,253.39 0.00 132,253.39 0.00 0.00 27,739,000.00
M2A 27,739,000.00 27,739,000.00 136,784.09 0.00 136,784.09 0.00 0.00 27,739,000.00
B1A 26,109,000.00 26,109,000.00 137,072.25 0.00 137,072.25 0.00 0.00 26,109,000.00
C 0.00 2,689,458.53 0.00 0.00 0.00 0.00 1,390,772.42 4,080,230.95
RIII 0 0 0 0 0 0 0 0
------------- -------------- ---------- ------------ ------------- ---- ------------ --------------
TOTAL 504,137,000.00 495,824,483.86 2,678,257.20 8,223,371.24 10,901,628.44 0.00 1,390,772.42 488,991,885.04
============== ============== ============ ============ ============= ==== ============ ==============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- -------- ------------- -------- --------- --------- ------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1F 00253CDC8 945.185944 4.315299 34.155093 38.470392 911.030851 5.870000% 6.120000%
A2F 00253CDD6 1,000.000000 5.429167 0.000000 5.429167 1,000.000000 6.515000% 6.515000%
A3F 00253CDE4 1,000.000000 5.495833 0.000000 5.495833 1,000.000000 6.595000% 6.595000%
A4F 00253CDF1 1,000.000000 5.745833 0.000000 5.745833 1,000.000000 6.895000% 6.895000%
A5F 00253CDG9 1,000.000000 6.045833 0.000000 6.045833 1,000.000000 7.255000% 7.255000%
A6F 00253CDH7 1,000.000000 5.741667 0.000000 5.741667 1,000.000000 6.890000% 6.890000%
AIO* 00253CDJ3 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
M1F 00253CDK0 1,000.000000 5.933333 0.000000 5.933333 1,000.000000 7.120000% 7.120000%
M2F 00253CDL8 1,000.000000 6.095833 0.000000 6.095833 1,000.000000 7.315000% 7.315000%
BF1 00253CDM6 1,000.000000 6.375000 0.000000 6.375000 1,000.000000 7.650000% 7.650000%
BF2 00253CDT1 1,000.000000 6.875001 0.000000 6.875001 1,000.000000 8.250000% 8.250000%
A1A 00253CDN4 969.158560 4.485050 24.806545 29.291595 944.352015 5.950000% 6.200000%
M1A 00253CDQ7 1,000.000000 4.767778 0.000000 4.767778 1,000.000000 6.130000% 6.380000%
M2A 00253CDR5 1,000.000000 4.931111 0.000000 4.931111 1,000.000000 6.340000% 6.590000%
B1A 00253CDS3 1000 5.25 0 5.25 1000 0.0675 0.07
C 0 0 0 0 0 0 0
RIII 0 0 0 0 0 0 0
SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92614
DISTRIBUTION DATE: December 15, 1997 FACTOR INFORMATION: (800) 735-7777
* Notional Balance
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
<TABLE>
<CAPTION>
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>
IFA1 9,000,000.00 9,000,000.00 76,985.03 0.00 76,985.03 0.00 0.00 9,000,000.00
IFA2 13,500,000.00 13,500,000.00 115,477.54 0.00 115,477.54 0.00 0.00 13,500,000.00
IFA3 4,500,000.00 4,500,000.00 38,492.51 0.00 38,492.51 0.00 0.00 4,500,000.00
IFA4 13,500,000.00 13,500,000.00 115,477.54 0.00 115,477.54 0.00 0.00 13,500,000.00
IFB 137,292,995.45 134,481,719.53 1,150,342.08 1,829,391.68 2,979,733.76 0.00 0.00 132,652,327.85
RIF 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ ------------ ------------ ---- ---- --------------
TOTAL 177,792,995.45 174,981,719.53 1,496,774.70 1,829,391.68 3,326,166.38 0.00 0.00 173,152,327.85
============== ============== ============ ============ ============ ==== ==== ===============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- ----------- -------- --------- -------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IFA1 1,000.000000 8.553892 0.000000 8.553892 1,000.000000 10.264670% 10.258261%
IFA2 1,000.000000 8.553892 0.000000 8.553892 1,000.000000 10.264670% 10.258261%
IFA3 1,000.000000 8.553891 0.000000 8.553891 1,000.000000 10.264670% 10.258261%
IFA4 1,000.000000 8.553892 0.000000 8.553892 1,000.000000 10.264670% 10.258261%
IFB 979.523530 8.378738 13.324727 21.703465 966.198803 10.264670% 10.258261%
RIF 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92614
DISTRIBUTION DATE: December 15, 1997 FACTOR INFORMATION: (800) 735-7777
* Notional Balance
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
<TABLE>
<CAPTION>
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>
IA 326,345,084.45 320,843,844.23 2,572,254.92 5,003,207.14 7,575,462.06 0.00 0.00 315,840,637.09
RIA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ------------ ------------ ------------ ---- ---- --------------
TOTAL 326,345,084.45 320,843,844.23 2,572,254.92 5,003,207.14 7,575,462.06 0.00 0.00 315,840,637.09
============== ============== ============ ============ ============ ==== ==== ==============
</TABLE>
<TABLE>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ----- --------- -------- --------- ---------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA 983.142874 7.882009 15.331033 23.213042 967.811841 9.620586% 9.612964%
RIA 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92614
DISTRIBUTION DATE: December 15, 1997 FACTOR INFORMATION: (800) 735-7777
* Notional Balance
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
<TABLE>
<CAPTION>
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>
IIAF 174,237,135.54 171,482,085.14 1,235,314.20 1,792,803.84 3,028,118.04 0.00 0.00 169,689,281.30
II1F 630,000.00 595,467.14 4,289.60 21,517.71 25,807.31 0.00 0.00 573,949.43
II2F 207,900.00 207,900.00 1,497.66 0.00 1,497.66 0.00 0.00 207,900.00
II3F 250,000.00 250,000.00 1,800.94 0.00 1,800.94 0.00 0.00 250,000.00
II4F 100,000.00 100,000.00 720.38 0.00 720.38 0.00 0.00 100,000.00
II5F 120,000.00 120,000.00 864.45 0.00 864.45 0.00 0.00 120,000.00
II6F 150,000.00 150,000.00 1,080.56 0.00 1,080.56 0.00 0.00 150,000.00
II7F 97,780.00 97,780.00 704.38 0.00 704.38 0.00 0.00 97,780.00
II8F 88,890.00 88,890.00 640.34 0.00 640.34 0.00 0.00 88,890.00
II9F 80,000.00 80,000.00 576.30 0.00 576.30 0.00 0.00 80,000.00
II10F 53,350.00 53,350.00 384.32 0.00 384.32 0.00 0.00 53,350.00
IIMF 1,777,939.91 1,756,247.25 9,427.78 18,293.92 27,721.70 0.00 3,223.79 1,741,177.12
IIAA 319,818,182.76 314,426,967.34 2,520,809.82 4,903,143.00 7,423,952.82 0.00 0.00 309,523,824.34
II1A 2,447,580.00 2,372,093.11 19,017.44 60,716.00 79,733.44 0.00 0.00 2,311,377.11
II2A 277,390.00 277,390.00 2,223.88 0.00 2,223.88 0.00 0.00 277,390.00
II3A 277,390.00 277,390.00 2,223.88 0.00 2,223.88 0.00 0.00 277,390.00
II4A 261090 261090 2093.2 0 2093.2 0 0 261090
IIMA 3263451.69 3228913.78 15202.77 50032.07 65234.84 0 10683.93 3189565.64
IIIO* 40500000 40500000 236250 0 236250 0 0 40500000
RII 0 0 0 0 0 0 0 0
------------- -------------- ----------- ------------ ------------- ---- ---------- --------------
TOTAL 504,138,079.90 495,825,563.76 4,055,121.90 6,846,506.54 10,901,628.44 0.00 13,907.72 488,992,964.94
============== ============== ============ ============ ============= ==== ========= ==============
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- ----- ------- ---------- -------- --------- ------- ------------ --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IIAF 984.187926 7.089845 10.289447 17.379292 973.898479 8.644501% 8.620974%
II1F 945.185937 6.808889 34.155095 40.963984 911.030841 8.644501% 8.620974%
II2F 1,000.000000 7.203752 0.000000 7.203752 1,000.000000 8.644501% 8.620974%
II3F 1,000.000000 7.203760 0.000000 7.203760 1,000.000000 8.644501% 8.620974%
II4F 1,000.000000 7.203800 0.000000 7.203800 1,000.000000 8.644501% 8.620974%
II5F 1,000.000000 7.203750 0.000000 7.203750 1,000.000000 8.644501% 8.620974%
II6F 1,000.000000 7.203733 0.000000 7.203733 1,000.000000 8.644501% 8.620974%
II7F 1,000.000000 7.203723 0.000000 7.203723 1,000.000000 8.644501% 8.620974%
II8F 1,000.000000 7.203735 0.000000 7.203735 1,000.000000 8.644501% 8.620974%
II10F 1,000.000000 7.203749 0.000000 7.203749 1,000.000000 8.644501% 8.620974%
IIMF 987.798991 5.302643 10.289392 15.592034 979.322816 8.644501% 8.620974%
IIAA 983.142874 7.882009 15.331033 23.213042 967.811841 9.620586% 9.612964%
II1A 969.158561 7.769895 24.806544 32.576439 944.352017 9.620586% 9.612964%
II2A 1,000.000000 8.017160 0.000000 8.017160 1,000.000000 9.620586% 9.612964%
II3A 1000 8.017159955 0 8.017159955 1000 0.096205863 0.096129637
II4A 1000 8.017158834 0 8.017158834 1000 0.096205863 0.096129637
IIMA 989.4167546 4.658493964 15.33102823 19.9895222 977.3595392 0.096205863 0.096129637
IIIO* 1000 5.833333333 0 5.833333333 1000 0.07 0.07
RII 0 0 0 0 0 0 0
SELLER: Aames Capital Corporation ADMINISTRATON: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities 3 Park Plaza
RECORD DATE: November 28, 1997 Irvine, CA 92614
DISTRIBUTION DATE: December 15, 1997 FACTOR INFORMATION: (800) 735-7777
* Notional Balance
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
Distribution Date: December 15, 1997
<TABLE>
<CAPTION>
Distribution Date: December 15, 1997
1 2 3+
DELINQUENT LOAN INFORMATION Payment Payments Payments Total
--------------------------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Fixed Group PRINCIPAL BALANCE 4,030,800.40 555,429.25 426,499.18 5,012,728.83
PERCENTAGE OF POOL BALANCE 2.33% 0.32% 0.25% 2.89%
NUMBER OF LOANS 78 13 4 95
PERCENTAGE OF POOL LOANS 2.60% 0.43% 0.13% 3.17%
Adj Group PRINCIPAL BALANCE 9,782,528.92 2,361,247.73 200,562.36 12,344,339.01
PERCENTAGE OF POOL BALANCE 3.10% 0.75% 0.06% 3.91%
NUMBER OF LOANS 109 29 4 142
PERCENTAGE OF POOL LOANS 3.19% 0.85% 0.12% 4.16%
FORECLOSURE LOAN INFORMATION
Fixed Group PRINCIPAL BALANCE 0 910,339.98 549,806.38 1,460,146.36
PERCENTAGE OF POOL BALANCE 0.00% 0.53% 0.32% 0.84%
NUMBER OF LOANS 0 15 10 25
PERCENTAGE OF POOL LOANS 0.00% 0.50% 0.33% 0.83%
Adj Group PRINCIPAL BALANCE 183,212.26 2,496,209.81 1,862,793.14 4,542,215.21
PERCENTAGE OF POOL BALANCE 0.06% 0.79% 0.59% 1.44%
NUMBER OF LOANS 3 30 26 59
PERCENTAGE OF POOL LOANS 0.09% 0.88% 0.76% 1.73%
REO LOAN INFORMATION
Fixed Group PRINCIPAL BALANCE 0 0 0 0
PERCENTAGE OF POOL BALANCE 0.00% 0.00% 0.00% 0.00%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00% 0.00% 0.00% 0.00%
Adj Group PRINCIPAL BALANCE 0 0 0 0
PERCENTAGE OF POOL BALANCE 0.00% 0.00% 0.00% 0.00%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00% 0.00% 0.00% 0.00%
BANKRUPTCY LOAN INFORMATION
Fixed Group PRINCIPAL BALANCE 0 0 0 0
PERCENTAGE OF POOL BALANCE 0.00% 0.00% 0.00% 0.00%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00% 0.00% 0.00% 0.00%
Adj Group PRINCIPAL BALANCE 0 0 84,000.00 84,000.00
PERCENTAGE OF POOL BALANCE 0.00% 0.00% 0.03% 0.03%
NUMBER OF LOANS 0 0 1 1
PERCENTAGE OF POOL LOANS 0.00% 0.00% 0.03% 0.03%
TOTAL
Fixed Group PRINCIPAL BALANCE 4,030,800.40 1,465,769.23 976,305.56 6,472,875.19
PERCENTAGE OF POOL BALANCE 2.33% 0.85% 0.56% 3.74%
NUMBER OF LOANS 78 28 14 120
PERCENTAGE OF POOL LOANS 2.60% 0.93% 0.47% 4.00%
Adj Group PRINCIPAL BALANCE 9,965,741.18 4,857,457.54 2,147,355.50 16,970,554.22
PERCENTAGE OF POOL BALANCE 3.16% 1.54% 0.68% 5.37%
NUMBER OF LOANS 112 59 31 202
PERCENTAGE OF POOL LOANS 3.28% 1.73% 0.91% 5.91%
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
<TABLE>
<CAPTION>
Distribution Date: December 15, 1997
COLLECTION ACCOUNT INFORMATION
SOURCES OF PRINCIPAL Fixed Group Adj Group Total
-------------------- ------------- --------- --------
<S> <C> <C> <C>
SCHEDULED PRINCIPAL RECEIVED 190,122.38 160,610.54 350,732.92
PREPAYMENTS & CURTAILMENTS 1,524,084.20 3,466,889.35 4,990,973.55
REPURCHASES/SUBSTITUTIONS 115,185.10 1,375,707.25 1,490,892.35
LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL
LESS: REALIZED LOSSES 0.00 0.00 0.00
TOTAL PRINCIPAL 1,829,391.68 5,003,207.14 6,832,598.82
SOURCES OF INTEREST
SCHEDULED INTEREST 1,568,435.95 2,692,719.71 4,261,155.66
REPURCHASES/SUBSTITUTIONS 1,247.80 13,220.15 14,467.95
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 (207,703.27) (486,325.53) (694,028.80)
LESS: PPIS 0.00 0.00 0.00
LESS: PPIS CIVIL RELIEF SHORTFALL 0.00 0.00 0.00
LESS: CURRENT SERVICING FEES (63,987.98) (111,608.64) (175,596.62)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 0.00 0.00 0.00
PLUS: INTEREST ADVANCED AMOUNT 198,782.20 464,249.23 663,031.43
PLUS: CAPITALIZED INTEREST AMOUNT 0.00 0.00 0.00
TOTAL INTEREST 1,496,774.70 2,572,254.92 4,069,029.62
PERMITTED WITHDRAWALS
0.00 0.00 0.00
TOTAL SOURCES
3,326,166.38 7,575,462.06 10,901,628.44
MORTGAGE REPLACEMENT SUBSTITUTION AMOUNT
TOTAL REMITTANCE DUE 10,901,628.44
</TABLE>
<PAGE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
<TABLE>
<CAPTION>
Distribution Date: December 15, 1997
SERVICING FEES Fixed Group Adj Group Total
- -------------- ----------- --------- -------
<S> <C> <C> <C>
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 72,909.05 133,684.94 206,593.99
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 0.00 0.00 0.00
LESS: DELINQUENT SERVICE FEES: (8,921.07) (22,076.30) (30,997.37)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 63,987.98 111,608.64 175,596.62
AMOUNT PER $1000 CERTIFICATE:
POOL INFORMATION Fixed Group Adj Group Total
- ---------------- ----------- --------- -----
PRIOR PRINCIPAL BALANCE OF POOL: 174,981,719.53 320,843,844.23 495,825,563.76
CURRENT PRINCIPAL BALANCE OF POOL: 173,152,327.87 315,840,637.09 488,992,964.96
GROUP FACTOR 97.38985% 96.78118% 96.99584%
PRIOR NUMBER OF LOANS: 3,025 3,471 6,496
CURRENT NUMBER OF LOANS: 2,997 3,417 6,414
NUMBER OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0
CURRENT PRINCIPAL BAL. OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0.00
NUMBER OF LOANS PAID IN FULL: 28 54 82
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.76467% 10.12059%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.75826% 10.11296%
WEIGHTED AVERAGE TERM TO MATURITY: 283 353
TRIGGER EVENTS Fixed Group Adj Group
- -------------- ----------- ---------
HAS TRIGGER EVENT OCCURRED ? NO NO
ROLLING DELINQUENCY PERCENTAGES 1.30608% 1.88098%
SENIOR ENHANCEMENT PERCENTAGE 18.85335% 26.47998%
OVERCOLLATERALIZATION Fixed Group Adj Group
- --------------------- ----------- ---------
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 322,379.21 1,068,393.21
OVERCOLLATERALIZATION AMOUNT 965,384.28 3,115,926.59
TARGET OVERCOLLATERALIZATION AMOUNT 4,889,280.00 9,790,350.00
</TABLE>
Aames Capital Corporation
Mortgage Pass-Through Certificates
Series 1997-C
Statement To Certificateholders
Distribution Date: December 15, 1997
<TABLE>
<CAPTION>
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 M1F 0.00 0.00
CLASS M2F 0.00 0.00
CLASS BF1 0.00 0.00
CLASS BF2 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
</TABLE>
<PAGE>
