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)
JULY 15, 1999
AAMES CAPITAL CORPORATION
--------------------------------------------
(Exact name of Registrant as specified in its charter)
CALIFORNIA 333-46893-01 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
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(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 1998-C - Statement to Certificateholders
Page 2
<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/ BARBARA S. POLSKY
--------------------------------
Barbara S. Polsky
Executive Vice President
Dated: July 22, 1999
Page 3
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INDEX TO EXHIBITS
EXHIBIT
20.1 Aames Capital Corporation, Mortgage Pass-Through
Certificates, Series 1998-C - Statement to Certificateholders
Page 4
<PAGE>
EXHIBIT 20.1
Page 5
EXHIBIT 20.1
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
This statement is also available on Bankers Trust's website, http://online.bankerstrust.com/invr/.
BT begins posting statements to the web at 7:00 PM Eastern Standard time on the business day before each distribution date.
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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>
I-1F 1,184,000.00 795,174.87 6,276.98 66,731.77 73,008.75 0.00 0.00 728,443.10
I-2F 803,000.00 803,000.00 6,338.75 0.00 6,338.75 0.00 0.00 803,000.00
I-3F 399,000.00 399,000.00 3,149.64 0.00 3,149.64 0.00 0.00 399,000.00
I-4F 721,000.00 721,000.00 5,691.46 0.00 5,691.46 0.00 0.00 721,000.00
I-5F 403,000.00 403,000.00 3,181.22 0.00 3,181.22 0.00 0.00 403,000.00
I-6F 390,000.00 390,000.00 3,078.60 0.00 3,078.60 0.00 0.00 390,000.00
I-MF 386,100,000.00 356,525,133.07 2,804,527.21 5,633,774.40 8,438,301.61 44,780.14 9,824.96 350,856,403.49
I-1A 1,950,000.00 1,622,541.75 12,508.13 62,874.01 75,382.14 0.00 0.00 1,559,667.74
I-2A 650,000.00 650,000.00 5,010.83 0.00 5,010.83 0.00 0.00 650,000.00
I-MA 257,400,000.00 231,756,209.77 1,779,124.42 5,484,154.28 7,263,278.70 21,943.57 7,478.52 226,257,590.44
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 650,000,000.00 594,065,059.46 4,628,887.24 11,247,534.46 15,876,421.70 66,723.71 17,303.48 582,768,104.77
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<CAPTION>
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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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<S> <C> <C> <C> <C> <C> <C> <C>
I-1F 671.600397 5.301503 56.361292 61.662796 615.239105 9.472607% 9.467197%
I-2F 1,000.000000 7.893836 0.000000 7.893836 1,000.000000 9.472607% 9.467197%
I-3F 1,000.000000 7.893835 0.000000 7.893835 1,000.000000 9.472607% 9.467197%
I-4F 1,000.000000 7.893842 0.000000 7.893842 1,000.000000 9.472607% 9.467197%
I-5F 1,000.000000 7.893846 0.000000 7.893846 1,000.000000 9.472607% 9.467197%
I-6F 1,000.000000 7.893846 0.000000 7.893846 1,000.000000 9.472607% 9.467197%
I-MF 923.401018 7.263733 14.591490 21.855223 908.718994 9.472607% 9.467197%
I-1A 832.072692 6.414426 32.243082 38.657508 799.829610 9.250771% 9.234534%
I-2A 1,000.000000 7.708969 0.000000 7.708969 1,000.000000 9.250771% 9.234534%
I-MA 900.373775 6.911905 21.305961 28.217866 879.011618 9.250771% 9.234534%
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<S> <C> <C> <C>
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: June 30, 1999 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1999 FACTOR INFORMATION: (800) 735-7777
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Page 1 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<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 79,517,486.73 413,424.67 6,673,176.91 7,086,601.58 0.00 0.00 72,844,309.82
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 195,000,000.00 162,254,175.64 709,523.99 6,287,401.38 6,996,925.37 0.00 0.00 155,966,774.26
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 15,693,397.10 0.00 0.00 0.00 0.00 1,663,623.58 17,357,020.68
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 650,000,000.00 594,065,059.47 2,848,366.74 12,960,578.29 15,808,945.03 0.00 1,663,623.58 582,768,104.76
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<CAPTION>
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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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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1F 00253CFD4 671.600395 3.491762 56.361291 59.853054 615.239103 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 832.072696 3.638585 32.243084 35.881669 799.829612 5.247500% 5.440000%
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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<S> <C> <C> <C>
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: June 30, 1999 Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1999 FACTOR INFORMATION: (800) 735-7777
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Page 2 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
Distribution Date: July 15, 1999
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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 9,576,323.19 863,222.85 546,421.78 10,985,967.82
- -------------------
PERCENTAGE OF POOL BALANCE 2.70288% 0.24364% 0.15423% 3.10075%
NUMBER OF LOANS 171 18 8 197
PERCENTAGE OF POOL LOANS 3.20765% 0.33765% 0.15007% 3.69537%
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ADJ GROUP PRINCIPAL BALANCE 6,212,701.64 901,544.69 522,558.99 7,636,805.32
- -------------------
PERCENTAGE OF POOL BALANCE 2.71930% 0.39461% 0.22872% 3.34263%
NUMBER OF LOANS 66 7 6 79
PERCENTAGE OF POOL LOANS 2.85962% 0.30329% 0.25997% 3.42288%
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FORECLOSURE LOAN INFORMATION
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FIXED GROUP PRINCIPAL BALANCE 141,293.47 2,531,752.56 14,318,278.57 16,991,324.60
- -------------------
PERCENTAGE OF POOL BALANCE 0.03988% 0.71458% 4.04128% 4.79573%
NUMBER OF LOANS 3 35 250 288
PERCENTAGE OF POOL LOANS 0.05627% 0.65654% 4.68955% 5.40236%
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ADJ GROUP PRINCIPAL BALANCE 175,184.59 1,834,097.20 14,139,798.62 16,149,080.41
- -------------------
PERCENTAGE OF POOL BALANCE 0.07668% 0.80278% 6.18898% 7.06844%
NUMBER OF LOANS 2 25 154 181
PERCENTAGE OF POOL LOANS 0.08666% 1.08319% 6.67244% 7.84229%
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REO LOAN INFORMATION
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FIXED GROUP PRINCIPAL BALANCE 0.00 0.00 1,048,802.72 1,048,802.72
- -------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.29602% 0.29602%
NUMBER OF LOANS 0 0 17 17
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.31889% 0.31889%
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ADJ GROUP PRINCIPAL BALANCE 0.00 0.00 1,309,206.28 1,309,206.28
- -------------------
PERCENTAGE OF POOL BALANCE 0.00000% 0.00000% 0.57304% 0.57304%
NUMBER OF LOANS 0 0 14 14
PERCENTAGE OF POOL LOANS 0.00000% 0.00000% 0.60659% 0.60659%
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BANKRUPTCY LOAN INFORMATION
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FIXED GROUP PRINCIPAL BALANCE 169,862.58 332,107.42 739,698.72 1,241,668.72
- -------------------
PERCENTAGE OF POOL BALANCE 0.04794% 0.09374% 0.20878% 0.35046%
NUMBER OF LOANS 3 2 11 16
PERCENTAGE OF POOL LOANS 0.05627% 0.03752% 0.20634% 0.30013%
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ADJ GROUP PRINCIPAL BALANCE 207,984.06 209,899.80 239,815.89 657,699.75
- -------------------
PERCENTAGE OF POOL BALANCE 0.09103% 0.09187% 0.10497% 0.28787%
NUMBER OF LOANS 2 3 4 9
PERCENTAGE OF POOL LOANS 0.08666% 0.12998% 0.17331% 0.38995%
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TOTAL
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FIXED GROUP PRINCIPAL BALANCE 9,887,479.24 3,727,082.83 16,653,201.79 30,267,763.86
- -------------------
PERCENTAGE OF POOL BALANCE 2.79070% 1.05195% 4.70030% 8.54296%
NUMBER OF LOANS 177 55 286 518
PERCENTAGE OF POOL LOANS 3.32020% 1.03170% 5.36485% 9.71675%
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ADJ GROUP PRINCIPAL BALANCE 6,595,870.29 2,945,541.69 16,211,379.78 25,752,791.76
- -------------------
PERCENTAGE OF POOL BALANCE 2.88701% 1.28926% 7.09571% 11.27198%
NUMBER OF LOANS 70 35 178 283
PERCENTAGE OF POOL LOANS 3.03293% 1.51646% 7.71231% 12.26170%
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Page 3 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
Distribution Date: July 15, 1999
COLLECTION ACCOUNT INFORMATION
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SOURCES OF PRINCIPAL FIXED GROUP ADJ GROUP TOTAL
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<S> <C> <C> <C>
SCHEDULED PRINCIPAL RECEIVED 520,740.38 238,576.93 759,317.31
PREPAYMENTS & CURTAILMENTS 5,121,224.85 5,192,991.11 10,314,215.96
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS 93,496.12 129,925.31 223,421.43
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER PRINCIPAL 0.00 0.00 0.00
PREFUNDING ACCOUNT TERMINATION 0.00 0.00 0.00
LESS: REALIZED LOSSES (44,780.14) (21,943.57) (66,723.71)
TOTAL PRINCIPAL 5,690,681.21 5,539,549.78 11,230,230.99
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SOURCES OF INTEREST
- ------------------------------------------------------------------------------------------------------------------------------------
SCHEDULED INTEREST 2,991,182.08 1,900,618.85 4,891,800.93
REPURCHASES/SUBSTITUTIONS 0.00 0.00 0.00
LIQUIDATION PROCEEDS 901.87 1,015.04 1,916.91
INSURANCE PROCEEDS 0.00 0.00 0.00
OTHER INTEREST 0.00 0.00 0.00
LESS: DELINQUENT INTEREST (668,800.16) (416,408.99) (1,085,209.15)
LESS: PPIS 0.00 0.00 0.00
LESS: PPIS CIVIL RELIEF SHORTFALL 0.00 0.00 0.00
LESS: CURRENT SERVICING FEES (119,108.52) (77,587.44) (196,695.96)
LESS: REALIZED LOSSES 0.00 0.00 0.00
PLUS: COMPENSATING INTEREST 0.00 0.00 0.00
PLUS: INTEREST ADVANCED AMOUNT 637,893.56 396,484.45 1,034,378.01
PLUS: CAPITALIZED INTEREST AMOUNT 0.00 0.00 0.00
PLUS: CLOSING DATE DEPOSIT 0.00 0.00 0.00
TOTAL INTEREST 2,842,068.83 1,804,121.91 4,646,190.74
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PERMITTED WITHDRAWALS
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0.00 0.00 0.00
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TOTAL SOURCES
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8,532,750.04 7,343,671.69 15,876,421.73
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CAPITALIZED INTEREST DEPOSIT FOR CERTIFICATE ACCOUNT 0.00
PREFUNDING DEPOSIT FOR CERTIFICATE ACCOUNT 0.00
TOTAL REMITTANCE DUE 15,876,421.73
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Page 4 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
Distribution Date: July 15, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
SERVICING FEES FIXED GROUP ADJ GROUP TOTAL
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<S> <C> <C> <C>
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 150,015.13 97,511.98 247,527.11
LESS:~ AMOUNTS TO COVER INTEREST SHORTFALLS: 0.00 0.00 0.00
LESS:~ DELINQUENT SERVICE FEES: (30,906.60) (19,924.54) (50,831.14)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 119,108.53 77,587.44 196,695.97
AMOUNT PER $1000 CERTIFICATE:
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POOL INFORMATION FIXED GROUP ADJ GROUP TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PRIOR PRINCIPAL BALANCE OF POOL: 360,036,307.94 234,028,751.53 594,065,059.47
CURRENT PRINCIPAL BALANCE OF POOL: 354,300,846.59 228,467,258.18 582,768,104.77
GROUP FACTOR 90.84637% 87.87202% 89.65663%
PRIOR NUMBER OF LOANS: 5,420 2,360 7,780
CURRENT NUMBER OF LOANS: 5,331 2,308 7,639
NUMBER OF LOANS PURCHASED FROM Mortgage Replacement 0 0 0
CURRENT PRINCIPAL BAL. OF LOANS PURCHASED FROM MORT REPLACEMENT 0.00 0.00 0.00
NUMBER OF LOANS PAID IN FULL: 89 52 141
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 9.97261% 9.75077%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 9.96720% 9.73453%
WEIGHTED AVERAGE TERM TO MATURITY: 299 347
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TRIGGER EVENTS FIXED GROUP ADJ GROUP
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<S> <C> <C>
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
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OVERCOLLATERALIZATION FIXED GROUP ADJ GROUP
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 982,495.70 747,851.60
OVERCOLLATERALIZATION AMOUNT 9,856,536.77 7,500,483.92
TARGET OVERCOLLATERALIZATION AMOUNT 10,335,000.00 16,510,000.00
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Page 5 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
AAMES CAPITAL CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-C
STATEMENT TO CERTIFICATEHOLDERS
<CAPTION>
Distribution Date: July 15, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
ACCRUED CERTIFICATE INTEREST PRIOR CURRENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS A-1F 447,018.82 413,424.67
CLASS A-2F 403,975.92 403,975.92
CLASS A-3F 202,525.75 202,525.75
CLASS A-4F 376,602.33 376,602.33
CLASS A-5F 222,758.25 222,758.25
CLASS A-6F 199,322.50 199,322.50
CLASS A-1A 693,008.72 709,523.99
CLASS A-2A 320,233.33 320,233.33
CLASS C 0.00 0.00
<CAPTION>
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INTEREST CARRY FORWARD AMOUNT PRIOR CURRENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
MBIA PREMIUM PAID: 67,476.70
INSURED AMOUNTS: 0.00
UNPAID INSURED AMOUNTS AND INTEREST ON THE AMOUNTS: 0.00
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<S> <C>
SUPPLEMENTAL INTEREST AMOUNT (PAID) 0.00
SUPPLEMENTAL INTEREST AMOUNT (REMAINING UNPAID) 0.00
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Page 6 of 6 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>
