AAMES CAPITAL CORP
8-K, 1997-03-19
ASSET-BACKED SECURITIES
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                     --------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, DC  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):
                                 March 18, 1997


       Aames Capital Corporation on behalf of Aames Mortgage Trust 1997-A     
    ------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)




          California                    333-21219                 95-4438859    
- -------------------------------       -------------          -------------------
   (State of Incorporation)            (Commission            (I.R.S. Employer
                                       File Number)          Identification No.)
                                                       
                                                       
                                                       
  3731 Wilshire Boulevard                                    90010       
   Los Angeles, California                             ------------------
- -----------------------------                              (Zip Code)
    (Address of Principal                                            
      Executive Offices)                               


      Registrant's telephone number, including area code:  (213) 351-6100


                                   No Change                                 
              ----------------------------------------------------
         (Former Name or Former Address, if Changed Since Last Report)



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         Item 5.  Other Events.(1)

         Attached as Exhibit 99.1 to this Current Report are certain materials
(the "Computational Materials") furnished to the Registrant by Donaldson,
Lufkin & Jenrette Securities Corporation, as representative of the several
underwriters (collectively, the "Underwriters"), in respect of the Aames
Mortgage Trust 1997-A Mortgage Pass-Through Certificates, Series 1997-A, Class
A-1, Class A-2, Class A-3, Class A-4 and Class A-5 (the "Certificates").  The
Certificates will be offered pursuant to a Prospectus Supplement, to be dated
March 18, 1997, and a Prospectus, to be dated March 18, 1997 (the Prospectus
Supplement and the Prospectus are collectively referred to herein as the
"Prospectus"), to be filed with the Commission pursuant to Rule 424(b)(2) under
the Securities Act of 1933, as amended (the "Act").  The Certificates have been
registered pursuant to the Act under a Registration Statement on Form S-3
(Commission File No. 333-21219) (the "Registration Statement").

         The Computational Materials were prepared solely by the Underwriters,
and the Registrant did not prepare or participate (other than providing to the
Underwriters the background information concerning the underlying pool of
assets upon which the Computational Materials are based) in the preparation of
the Computational Materials.

         Any statements or information contained in the Computational Materials
shall be deemed to be modified or superseded for purposes of the Prospectus and
the Registration Statement by statements or information contained in the
Prospectus.



         Item 7.  Financial Statements; Pro Forma Financial Information and
                  Exhibits.

         (a)     Not applicable.

         (b)     Not applicable.

         (c)     Exhibits:

                          99.1             Computational Materials





- -----------------

(1)  Capitalized terms used but not otherwise defined herein shall have the
     meanings ascribed to such terms in the Prospectus.
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                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
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:  March 18, 1997

<PAGE>   4
                                 Exhibit Index



Exhibit

99.1     Computational Materials of the Underwriters*


- -------------

     * Filed under cover of Form SE pursuant to a Continuing Hardship
       Exemption.


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