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)
OCTOBER 15, 1998
AAMES CAPITAL CORPORATION
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(Exact name of Registrant as specified in its charter)
CALIFORNIA 333-46893-01 95-4438859
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file numbers) identification no.)
350 SOUTH GRAND AVENUE
LOS ANGELES, CALIFORNIA 90071
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(Address of principal executive offices) (ZIP Code)
(213) 210-5000
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Registrant's telephone number, including area code
NA
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(Former name or former address, if changed since last report)
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<PAGE>
Item 7. FINANCIAL STATEMENTS; PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1998-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: JOSEPH A. MAGNUS
-----------------------------
Joseph A. Magnus
Executive Vice President
Dated: October 29, 1998
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
- -------
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1998-D - Statement to Certificateholders
EXHIBIT 20.1
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
REMIC I
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTIONS IN DOLLARS
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> <C>
I-1F 1,184,000.00 1,184,000.00 8,813.58 9,516.51 18,330.09 0.00 0.00 1,174,483.49
I-2F 803,000.00 803,000.00 5,977.68 0.00 5,977.68 0.00 0.00 803,000.00
I-3F 399,000.00 399,000.00 2,970.23 0.00 2,970.23 0.00 0.00 399,000.00
I-4F 721,000.00 721,000.00 5,367.26 0.00 5,367.26 0.00 0.00 721,000.00
I-5F 403,000.00 403,000.00 3,000.01 0.00 3,000.01 0.00 0.00 403,000.00
I-6F 390,000.00 390,000.00 2,903.23 0.00 2,903.23 0.00 0.00 390,000.00
I-MF 386,100,000.00 386,100,000.00 2,874,199.46 942,134.82 3,816,334.28 0.00 0.00 385,157,865.18
I-1A 1,950,000.00 1,950,000.00 14,048.53 5,627.99 19,676.52 0.00 0.00 1,944,372.01
I-2A 650,000.00 650,000.00 4,682.84 0.00 4,682.84 0.00 0.00 650,000.00
I-MA 257,400,000.00 257,400,000.00 1,854,402.64 557,171.12 2,411,573.76 0.00 0.00 256,842,828.88
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
This statement is also available on Bankers Trust's Website,
www.online.bankerstrust.com/invr/. We begin posting statements to the Web at
7:00 p.m. Eastern Time on the business day before each distribution date.
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TOTALS 650,000,000.00 650,000,000.00 4,776,365.46 1,514,450.44 6,290,815.90 0.00 0.00 648,485,549.56
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
I-1F 1,000.000000 7.443902 8.037596 15.481498 991.962404 8.933021% 9.509591%
I-2F 1,000.000000 7.444184 0.000000 7.444184 1,000.000000 8.933021% 9.509591%
I-3F 1,000.000000 7.444185 0.000000 7.444185 1,000.000000 8.933021% 9.509591%
I-4F 1,000.000000 7.444189 0.000000 7.444189 1,000.000000 8.933021% 9.509591%
I-5F 1,000.000000 7.444194 0.000000 7.444194 1,000.000000 8.933021% 9.509591%
I-6F 1,000.000000 7.444179 0.000000 7.444179 1,000.000000 8.933021% 9.509591%
I-MF 1,000.000000 7.444184 2.440132 9.884316 997.559868 8.933021% 9.509591%
I-1A 1,000.000000 7.204374 2.886149 10.090524 997.113851 8.645251% 9.081485%
I-2A 1,000.000000 7.204369 0.000000 7.204369 1,000.000000 8.645251% 9.081485%
I-MA 1,000.000000 7.204361 2.164612 9.368973 997.835388 8.645251% 9.081485%
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SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: NationsBanc Montgomery Securities LLC 3 Park Plaza
RECORD DATE: September 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: October 15, 1998 FACTOR INFORMATION: (800) 735-7777
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Page 1 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
REMIC II
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F 118,400,000.00 118,400,000.00 615,581.33 1,788,616.70 2,404,198.03 0.00 0.00 116,611,383.30
A-2F 80,300,000.00 80,300,000.00 403,975.92 0.00 403,975.92 0.00 0.00 80,300,000.00
A-3F 39,900,000.00 39,900,000.00 202,525.75 0.00 202,525.75 0.00 0.00 39,900,000.00
A-4F 72,100,000.00 72,100,000.00 376,602.33 0.00 376,602.33 0.00 0.00 72,100,000.00
A-5F 40,300,000.00 40,300,000.00 222,758.25 0.00 222,758.25 0.00 0.00 40,300,000.00
A-6F 39,000,000.00 39,000,000.00 199,322.50 0.00 199,322.50 0.00 0.00 39,000,000.00
A-1A 195,000,000.00 195,000,000.00 634,156.25 1,451,210.21 2,085,366.46 0.00 0.00 193,548,789.79
A-2A 65,000,000.00 65,000,000.00 320,233.33 0.00 320,233.33 0.00 0.00 65,000,000.00
C 0.00 0.00 0.00 0.00 0.00 0.00 1,801,998.59 1,801,998.59
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 650,000,000.00 650,000,000.00 2,975,155.66 3,239,826.91 6,214,982.57 0.00 1,801,998.59 648,562,171.68
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL ESTIMATED
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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A-1F 00253CFD4 1,000.000000 5.199167 15.106560 20.305727 984.893440 6.239000% 6.239000%
A-2F 00253CFE2 1,000.000000 5.030833 0.000000 5.030833 1,000.000000 6.037000% 6.037000%
A-3F 00253CFF9 1,000.000000 5.075833 0.000000 5.075833 1,000.000000 6.091000% 6.091000%
A-4F 00253CFG7 1,000.000000 5.223333 0.000000 5.223333 1,000.000000 6.268000% 6.268000%
A-5F 00253CFH5 1,000.000000 5.527500 0.000000 5.527500 1,000.000000 6.633000% 6.633000%
A-6F 00253CFJ1 1,000.000000 5.110833 0.000000 5.110833 1,000.000000 6.133000% 6.133000%
A-1A 00253CFK8 1,000.000000 3.252083 7.442104 10.694187 992.557896 5.853750% 5.668590%
A-2A 00253CFL6 1,000.000000 4.926667 0.000000 4.926667 1,000.000000 5.912000% 5.912000%
C 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R-II 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
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SELLER: Aames Capital Corporation ADMINISTRATOR: David West
SERVICER: Aames Capital Corporation Bankers Trust Company
LEAD UNDERWRITER: NationsBanc Montgomery Securities LLC 3 Park Plaza
RECORD DATE: September 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: October 15, 1998 FACTOR INFORMATION: (800) 735-7777
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Page 2 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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Distribution Date: October 15, 1998
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1 2 3+
DELINQUENT LOAN INFORMATION PAYMENT PAYMENTS PAYMENTS TOTAL
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<S> <C> <C> <C> <C>
FIXED GROUP PRINCIPAL BALANCE 2,742,443.13 395,042.08 0.00 3,137,485.21
- ----------------
PERCENTAGE OF POOL BALANCE 0.70491% 0.10154% 0.00000% 0.80645%
NUMBER OF LOANS 45 6 0 51
PERCENTAGE OF POOL LOANS 0.76792% 0.10239% 0.00000% 0.87031%
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ADJ GROUP PRINCIPAL BALANCE 3,159,240.07 542,262.92 0.00 3,701,502.99
- ----------------
PERCENTAGE OF POOL BALANCE 1.21773% 0.20902% 0.00000% 1.42674%
NUMBER OF LOANS 30 6 0 36
PERCENTAGE OF POOL LOANS 1.16009% 0.23202% 0.00000% 1.39211%
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FORECLOSURE LOAN INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 0.00 714,444.38 0.00 714,444.38
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.18364% 0.00000% 0.18364%
NUMBER OF LOANS 0 7 0 7
PERCENTAGE OF POOL LOANS 0.00000% 0.11945% 0.00000% 0.11945%
- -----------------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 0.00 1,124,298.87 0.00 1,124,298.87
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.43336% 0.00000% 0.43336%
NUMBER OF LOANS 0 9 0 9
PERCENTAGE OF POOL LOANS 0.00000% 0.34803% 0.00000% 0.34803%
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REO LOAN INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
- -----------------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
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BANKRUPTCY LOAN INFORMATION
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FIXED GROUP PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
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ADJ GROUP PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
- ----------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.00000% 0.00000%
NUMBER OF LOANS 0 0 0 0
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.00000% 0.00000%
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TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
FIXED GROUP PRINCIPAL BALANCE 2,742,443.13 1,109,486.46 0.00 3,851,929.59
- ----------------
PERCENTAGE OF POOL BALANCE 0.70491% 0.28518% 0.00000% 0.99009%
NUMBER OF LOANS 45 13 0 58
PERCENTAGE OF POOL LOANS 0.76792% 0.22184% 0.00000% 0.98976%
- -----------------------------------------------------------------------------------------------------------------------------------
ADJ GROUP PRINCIPAL BALANCE 3,159,240.07 1,666,561.79 0.00 4,825,801.86
- ----------------
PERCENTAGE OF POOL BALANCE 1.21773% 0.64238% 0.00000% 1.86010%
NUMBER OF LOANS 30 15 0 45
PERCENTAGE OF POOL LOANS 1.16009% 0.58005% 0.00000% 1.74014%
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Page 3 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 15, 1998
- ------------------------------------------------------------------------------------------------------------------------
COLLECTION ACCOUNT INFORMATION
- ------------------------------------------------------------------------------------------------------------------------
SOURCES OF PRINCIPAL FIXED GROUP ADJ GROUP TOTAL
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SCHEDULED PRINCIPAL RECEIVED 305,528.89 99,225.17 404,754.06
PREPAYMENTS & CURTAILMENTS 646,076.93 463,074.00 1,109,150.93
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS 0.00 0.00 0.00
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PREFUNDING ACCOUNT TERMINATION 45.51 499.94 545.45
LESS: REALIZED LOSSES 0.00 0.00 0.00
TOTAL PRINCIPAL 951,651.33 562,799.11 1,514,450.44
- ------------------------------------------------------------------------------------------------------------------------
SOURCES OF INTEREST
- ------------------------------------------------------------------------------------------------------------------------
SCHEDULED INTEREST 2,130,074.23 1,319,643.66 3,449,717.89
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
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 (1,141,514.70) (796,924.40)(1,938,439.10)
LESS: PPIS (6.53) 0.00 (6.53)
LESS: PPIS CIVIL RELIEF SHORTFALL 0.00 0.00 0.00
LESS: CURRENT SERVICING FEES (106,662.86) (67,060.81) (173,723.67)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 6.53 0.00 6.53
PLUS: INTEREST ADVANCED AMOUNT 1,086,004.31 755,913.57 1,841,917.88
PLUS: CAPITALIZED INTEREST AMOUNT 151,184.11 33,994.34 185,178.45
PLUS: CLOSING DATE DEPOSIT 784,146.36 627,567.65 1,411,714.01
TOTAL INTEREST 2,903,231.45 1,873,134.01 4,776,365.46
- ------------------------------------------------------------------------------------------------------------------------
PERMITTED WITHDRAWALS
- ------------------------------------------------------------------------------------------------------------------------
0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------
TOTAL SOURCES
- ------------------------------------------------------------------------------------------------------------------------
3,854,882.78 2,435,933.12 6,290,815.90
- ------------------------------------------------------------------------------------------------------------------------
CAPITALIZED INTEREST DEPOSIT FOR CERTIFICATE ACCOUNT 185,178.45
PREFUNDING DEPOSIT FOR CERTIFICATE ACCOUNT 545.45
TOTAL REMITTANCE DUE 6,105,092.00
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Page 4 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 15, 1998
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SERVICING FEES FIXED GROUP ADJ GROUP TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 162,499.98 108,333.13 270,833.11
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: (6.53) 0.00 (6.53)
LESS: DELINQUENT SERVICE FEES: (55,510.39) (41,010.83) (96,521.22)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 106,983.06 67,322.30 174,305.36
AMOUNT PER $1000 CERTIFICATE:
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
POOL INFORMATION FIXED GROUP ADJ GROUP Total
- -----------------------------------------------------------------------------------------------------------------------------------
PRIOR PRINCIPAL BALANCE OF POOL: 389,999,954.49 259,999,500.06 649,999,454.55
CURRENT PRINCIPAL BALANCE OF POOL: 389,048,348.67 259,437,200.89 648,485,549.56
GROUP FACTOR 99.75599% 99.78354% 99.76701%
PRIOR NUMBER OF LOANS: 5,875 2,588 8,463
CURRENT NUMBER OF LOANS: 5,860 2,586 8,446
NUMBER OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0
CURRENT PRINCIPAL BAL. OF LOANS PURCHASED FROM MORT REPLACEMENT 0 0 0.00
NUMBER OF LOANS PAID IN FULL: 15 2 17
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 8.96683% 8.98715%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.00959% 9.58149%
WEIGHTED AVERAGE TERM TO MATURITY: 308 356
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TRIGGER EVENTS FIXED GROUP ADJ GROUP
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <S> <S>
HAS A ROLLING LOSS RATE EVENT OCCURRED? NO NO
HAS A CUMULATIVE LOSS RATE EVENT OCCURRED? NO NO
HAS A DELINQUENCY RATE EVENT OCCURRED? NO NO
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OVERCOLLATERALIZATION FIXED GROUP ADJ GROUP
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 836,965.37 888,411.10
OVERCOLLATERALIZATION AMOUNT 836,965.37 888,411.10
TARGET OVERCOLLATERALIZATION AMOUNT 10,335,000.00 16,510,000.00
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Page 5 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
<PAGE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: October 15, 1998
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
ACCRUED CERTIFICATE INTEREST PRIOR CURRENT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS A-1F 615,581.33
CLASS A-2F 403,975.92
CLASS A-3F 202,525.75
CLASS A-4F 376,602.33
CLASS A-5F 222,758.25
CLASS A-6F 199,322.50
CLASS A-1A 634,156.25
CLASS A-2A 320,233.33
CLASS C 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
INTEREST CARRY FORWARD AMOUNT PRIOR CURRENT
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A-1F 0.00 0.00
CLASS A-2F 0.00 0.00
CLASS A-3F 0.00 0.00
CLASS A-4F 0.00 0.00
CLASS A-5F 0.00 0.00
CLASS A-6F 0.00 0.00
CLASS A-1A 0.00 0.00
CLASS A-2A 0.00 0.00
CLASS C 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE INSURER INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
MBIA PREMIUM PAID: 75,833.33
INSURED AMOUNTS: 0.00
UNPAID INSURED AMOUNTS AND INTEREST ON THE AMOUNTS: 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL INTEREST AMOUNT (PAID) 0.00
SUPPLEMENTAL INTEREST AMOUNT (REMAINING UNPAID) 0.00
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Page 6 of 6 (C) COPYRIGHT 1998 Bankers Trust Company
</TABLE>
