AAMES CAPITAL CORP
8-K, 1999-05-21
ASSET-BACKED SECURITIES
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================================================================================


                       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)
                                  MAY 17, 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
          (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:  May 21, 1999


                                     Page 3
<PAGE>


                                INDEX TO EXHIBITS


EXHIBIT
- -------


20.1           Aames Capital Corporation, Mortgage Pass-Through
               Certificates, Series 1998-C - Statement to Certificateholders


                                     Page 4


                                                                    EXHIBIT 20.1

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS

<TABLE>
<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 distibution date.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                    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>           
   I-1F     1,184,000.00       904,617.33       7,150.99      44,827.96      51,978.95           0.00         0.00        859,789.37
   I-2F       803,000.00       803,000.00       6,347.70           0.00       6,347.70           0.00         0.00        803,000.00
   I-3F       399,000.00       399,000.00       3,154.09           0.00       3,154.09           0.00         0.00        399,000.00
   I-4F       721,000.00       721,000.00       5,699.49           0.00       5,699.49           0.00         0.00        721,000.00
   I-5F       403,000.00       403,000.00       3,185.71           0.00       3,185.71           0.00         0.00        403,000.00
   I-6F       390,000.00       390,000.00       3,082.94           0.00       3,082.94           0.00         0.00        390,000.00
   I-MF   386,100,000.00   365,367,962.38   2,878,236.76   3,448,861.14   6,327,097.90           0.00     9,990.98    361,929,092.22
   I-1A     1,950,000.00     1,726,168.57      13,302.56      59,753.68      73,056.24           0.00         0.00      1,666,414.89
   I-2A       650,000.00       650,000.00       5,009.16           0.00       5,009.16           0.00         0.00        650,000.00
   I-MA   257,400,000.00   240,495,891.36   1,846,079.58   5,194,941.92   7,041,021.50           0.00     7,279.52    235,308,228.96
   R-I              0.00             0.00           0.00           0.00           0.00           0.00         0.00              0.00









- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS    650,000,000.00   611,860,639.64   4,771,248.98   8,748,384.70  13,519,633.68           0.00    17,270.50    603,129,525.44
- ------------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                          FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                     PASS-THROUGH
                                    PRIOR                                                     CURRENT          RATES
                                PRINCIPAL                                                   PRINCIPAL                      ESTIMATED
   CLASS           CUSIP          BALANCE       INTEREST      PRINCIPAL          TOTAL        BALANCE       CURRENT             NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
   <S>                       <C>                <C>           <C>            <C>        <C>              <C>              <C>      
   I-1F                        764.034907       6.039688      37.861453      43.901140     726.173454     9.485980%       9.477730%
   I-2F                      1,000.000000       7.904981       0.000000       7.904981   1,000.000000     9.485980%       9.477730%
   I-3F                      1,000.000000       7.904987       0.000000       7.904987   1,000.000000     9.485980%       9.477730%
   I-4F                      1,000.000000       7.904979       0.000000       7.904979   1,000.000000     9.485980%       9.477730%
   I-5F                      1,000.000000       7.904988       0.000000       7.904988   1,000.000000     9.485980%       9.477730%
   I-6F                      1,000.000000       7.904974       0.000000       7.904974   1,000.000000     9.485980%       9.477730%
   I-MF                        946.303969       7.454641       8.932559      16.387200     937.397286     9.485980%       9.477730%
   I-1A                        885.214651       6.821826      30.642913      37.464738     854.571738     9.247688%       9.242215%
   I-2A                      1,000.000000       7.706400       0.000000       7.706400   1,000.000000     9.247688%       9.242215%
   I-MA                        934.327472       7.172026      20.182370      27.354396     914.173384     9.247688%       9.242215%









- ------------------------------------------------------------------------------------------------------------------------------------
<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:                              April 30, 1999                                                       Irvine, CA 92614
DISTRIBUTION DATE:                        May 17, 1999                            FACTOR INFORMATION:           (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
                                       Page 1 of 6                                          (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>

<PAGE>

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS


<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
                                                  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>          
A-1F      118,400,000.00    90,461,732.44     470,325.62   4,482,795.87   4,953,121.49        0.00           0.00     85,978,936.57
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   172,616,857.79     795,763.71   5,975,367.90   6,771,131.61        0.00           0.00    166,641,489.89
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    12,182,049.42           0.00           0.00           0.00        0.00   1,727,049.56     13,909,098.98
R-II                0.00             0.00           0.00           0.00           0.00        0.00           0.00              0.00










- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS    650,000,000.00   611,860,639.65   2,991,507.41  10,458,163.77  13,449,671.18        0.00   1,727,049.56    603,129,525.44
- ------------------------------------------------------------------------------------------------------------------------------------

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

<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                          FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                                         PASS-THROUGH
                                    PRIOR                                                     CURRENT              RATES
                                PRINCIPAL                                                   PRINCIPAL                      ESTIMATED
   CLASS           CUSIP          BALANCE       INTEREST      PRINCIPAL          TOTAL        BALANCE       CURRENT             NEXT
- ------------------------------------------------------------------------------------------------------------------------------------
   <S>         <C>           <C>                <C>           <C>            <C>         <C>              <C>             <C>      
   A-1F        00253CFD4       764.034902       3.972345      37.861452      41.833796      726.173451     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       885.214655       4.080840      30.642912      34.723752      854.571743     5.186250%      5.186250%
   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%









- ------------------------------------------------------------------------------------------------------------------------------------
<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:                             April 30, 1999                                                         Irvine, CA 92614
DISTRIBUTION DATE:                       May 17, 1999                             FACTOR INFORMATION:            (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
                                       Page 2 of 6                                          (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>

<PAGE>

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS


Distribution Date:      May 17, 1999

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
                                                           1                  2                3+
                 DELINQUENT LOAN INFORMATION            PAYMENT            PAYMENTS          PAYMENTS            TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
 <S>                                                <C>                   <C>               <C>               <C>          
 FIXED GROUP     PRINCIPAL BALANCE                  8,945,765.47            963,137.32      314,333.15        10,223,235.94
 -----------     PERCENTAGE OF POOL BALANCE              2.44751%              0.26351%        0.08600%             2.79702%
                 NUMBER OF LOANS                             152                    17               5                  174
                 PERCENTAGE OF POOL LOANS                2.75962%              0.30864%        0.09078%             3.15904%
- ---------------------------------------------------------------------------------------------------------------------------
   ADJ GROUP     PRINCIPAL BALANCE                  6,967,436.25          1,213,334.91      540,186.88         8,720,958.04
 -----------     PERCENTAGE OF POOL BALANCE              2.93212%              0.51061%        0.22733%             3.67006%
                 NUMBER OF LOANS                              67                    10               7                   84
                 PERCENTAGE OF POOL LOANS                2.80100%              0.41806%        0.29264%            3.51171%
- ---------------------------------------------------------------------------------------------------------------------------
                 FORECLOSURE LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
 FIXED GROUP     PRINCIPAL BALANCE                    228,940.38          1,727,445.68   12,720,164.45        14,676,550.51
 -----------     PERCENTAGE OF POOL BALANCE              0.06264%              0.47262%        3.48016%             4.01542%
                 NUMBER OF LOANS                               4                    28             223                  255
                 PERCENTAGE OF POOL LOANS                0.07262%              0.50835%        4.04866%             4.62963%
- ---------------------------------------------------------------------------------------------------------------------------
   ADJ GROUP     PRINCIPAL BALANCE                    144,046.49          2,083,966.40   12,878,871.72        15,106,884.61
 -----------     PERCENTAGE OF POOL BALANCE              0.06062%              0.87700%        5.41984%             6.35746%
                 NUMBER OF LOANS                               1                    20             141                  162
                 PERCENTAGE OF POOL LOANS                0.04181%              0.83612%        5.89465%             6.77258%
- ---------------------------------------------------------------------------------------------------------------------------
                 REO LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
 FIXED GROUP     PRINCIPAL BALANCE                          0.00                  0.00      526,385.90           526,385.90
 -----------     PERCENTAGE OF POOL BALANCE              0.00000%              0.00000%        0.14402%             0.14402%
                 NUMBER OF LOANS                               0                     0               8                    8
                 PERCENTAGE OF POOL LOANS                0.00000%              0.00000%        0.14524%             0.14524%
- ---------------------------------------------------------------------------------------------------------------------------
   ADJ GROUP     PRINCIPAL BALANCE                          0.00                  0.00      363,750.00           363,750.00
 -----------     PERCENTAGE OF POOL BALANCE              0.00000%              0.00000%        0.15308%             0.15308%
                 NUMBER OF LOANS                               0                     0               5                    5
                 PERCENTAGE OF POOL LOANS                0.00000%              0.00000%        0.20903%             0.20903%
- ---------------------------------------------------------------------------------------------------------------------------
                 BANKRUPTCY LOAN INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
 FIXED GROUP     PRINCIPAL BALANCE                    232,796.22            183,837.51      827,416.46         1,244,050.19
 -----------     PERCENTAGE OF POOL BALANCE              0.06369%              0.05030%        0.22638%             0.34036%
                 NUMBER OF LOANS                               3                     4               8                   15
                 PERCENTAGE OF POOL LOANS                0.05447%              0.07262%        0.14524%             0.27233%
- ---------------------------------------------------------------------------------------------------------------------------
   ADJ GROUP     PRINCIPAL BALANCE                          0.00            111,322.86      164,156.17           275,479.03
 -----------     PERCENTAGE OF POOL BALANCE              0.00000%              0.04685%        0.06908%             0.11593%
                 NUMBER OF LOANS                               0                     2               3                    5
                 PERCENTAGE OF POOL LOANS                0.00000%              0.08361%        0.12542%             0.20903%
- ---------------------------------------------------------------------------------------------------------------------------
                 TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
 FIXED GROUP     PRINCIPAL BALANCE                  9,407,502.07          2,874,420.51   14,388,299.96        26,670,222.54
 -----------     PERCENTAGE OF POOL BALANCE              2.57384%              0.78642%        3.93655%             7.29682%
                 NUMBER OF LOANS                             159                    49             244                  452
                 PERCENTAGE OF POOL LOANS                2.88671%              0.88962%        4.42992%             8.20625%
- ---------------------------------------------------------------------------------------------------------------------------
   ADJ GROUP     PRINCIPAL BALANCE                  7,111,482.74          3,408,624.17   13,946,964.77        24,467,071.68
 -----------     PERCENTAGE OF POOL BALANCE              2.99274%              1.43446%        5.86933%            10.29652%
                 NUMBER OF LOANS                              68                    32             156                  256
                 PERCENTAGE OF POOL LOANS                2.84281%              1.33779%        6.52174%            10.70234%
- ---------------------------------------------------------------------------------------------------------------------------
                                       Page 3 of 6                                 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>

<PAGE>

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS


Distribution Date:      May 17, 1999

<TABLE>
<CAPTION>
COLLECTION ACCOUNT INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------
         SOURCES OF PRINCIPAL                                             FIXED GROUP         ADJ GROUP            TOTAL
- ---------------------------------------------------------------------------------------------------------------------------

         <S>                                                              <C>               <C>               <C>       
         SCHEDULED PRINCIPAL RECEIVED                                       582,694.56        134,761.74         717,456.30
         PREPAYMENTS & CURTAILMENTS                                       2,901,003.56      5,112,654.34       8,013,657.90
         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                                           0.00              0.00               0.00

         LESS: REALIZED LOSSES                                                    0.00              0.00               0.00

         TOTAL  PRINCIPAL                                                 3,483,698.12      5,247,416.08       8,731,114.20
- ---------------------------------------------------------------------------------------------------------------------------
         SOURCES OF INTEREST
- ---------------------------------------------------------------------------------------------------------------------------
         SCHEDULED INTEREST                                               3,070,593.90      1,972,867.52       5,043,461.42
         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                                         (606,880.13)      (440,304.96)     (1,047,185.09)
         LESS: PPIS                                                               0.00              0.00               0.00 
         LESS: PPIS CIVIL RELIEF SHORTFALL                                        0.00              0.00               0.00 
         LESS: CURRENT SERVICING FEES                                      (126,069.25)       (80,113.00)       (206,182.25)
         LESS: REALIZED LOSSES                                                    0.00              0.00               0.00
         PLUS: COMPENSATING INTEREST                                              0.00              0.00               0.00
         PLUS: INTEREST ADVANCED AMOUNT                                     579,204.14        419,221.27         998,425.41
         PLUS: CAPITALIZED INTEREST AMOUNT                                        0.00              0.00               0.00
         PLUS: CLOSING DATE DEPOSIT                                               0.00              0.00               0.00

         TOTAL INTEREST                                                   2,916,848.66      1,871,670.83       4,788,519.49
- ---------------------------------------------------------------------------------------------------------------------------
         PERMITTED WITHDRAWALS
- ---------------------------------------------------------------------------------------------------------------------------
                                                                                  0.00              0.00               0.00
- ---------------------------------------------------------------------------------------------------------------------------
         TOTAL SOURCES
- ---------------------------------------------------------------------------------------------------------------------------
                                                                          6,400,546.78      7,119,086.91      13,519,633.69
- ---------------------------------------------------------------------------------------------------------------------------

CAPITALIZED INTEREST DEPOSIT FOR CERTIFICATE ACCOUNT                                                                   0.00
PREFUNDING DEPOSIT FOR CERTIFICATE ACCOUNT                                                                             0.00

TOTAL REMITTANCE DUE                                                                                          13,519,633.69
- ---------------------------------------------------------------------------------------------------------------------------
                                       Page 4 of 6                                 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>

<PAGE>

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS


Distribution Date:      May 17, 1999

<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
SERVICING FEES                                                             FIXED GROUP         ADJ GROUP            TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>               <C>                <C>       
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:                               153,745.24        101,196.69         254,941.93
LESS:  AMOUNTS TO COVER INTEREST SHORTFALLS:                                      0.00              0.00               0.00
LESS:  DELINQUENT SERVICE FEES:                                             (27,675.99)       (21,083.69)        (48,759.68)

COLLECTED SERVICING FEES FOR CURRENT PERIOD:                                126,069.25         80,113.00         206,182.25
AMOUNT PER $1000 CERTIFICATE:                                               
- ---------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------
POOL INFORMATION                                                           FIXED GROUP         ADJ GROUP            TOTAL
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>               <C>                <C>           
PRIOR PRINCIPAL BALANCE OF POOL:                                        368,988,579.71    242,872,059.94     611,860,639.65
CURRENT PRINCIPAL BALANCE OF POOL:                                      365,504,881.59    237,624,643.86     603,129,525.45
GROUP FACTOR                                                                  93.71920%         91.39409%          92.78916%
PRIOR NUMBER OF LOANS:                                                           5,565             2,441              8,006 
CURRENT NUMBER OF LOANS:                                                         5,508             2,392              7,900
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:                                                       57                49                106

CURRENT WEIGHTED AVERAGE MORTGAGE RATE:                                        9.98598%          9.74769%
NEXT WEIGHTED AVERAGE MORTGAGE RATE:                                           9.97773%          9.74221%
WEIGHTED AVERAGE TERM TO MATURITY:                                                 301               349
- ---------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------
TRIGGER EVENTS                                                             FIXED GROUP         ADJ GROUP
- ---------------------------------------------------------------------------------------------------------------------------
<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
- ---------------------------------------------------------------------------------------------------------------------------

- ---------------------------------------------------------------------------------------------------------------------------
OVERCOLLATERALIZATION                                                      FIXED GROUP         ADJ GROUP
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>               <C>          
EXTRA PRINCIPAL DISTRIBUTION AMOUNT                                         999,097.75        727,951.82
OVERCOLLATERALIZATION AMOUNT                                              7,925,945.02      5,983,153.97
TARGET OVERCOLLATERALIZATION AMOUNT                                      10,335,000.00     16,510,000.00
- ---------------------------------------------------------------------------------------------------------------------------
                                       Page 5 of 6                                 (C) COPYRIGHT 1999 Bankers Trust Company
</TABLE>

<PAGE>

                            AAMES CAPITAL CORPORATION
                       MORTGAGE PASS-THROUGH CERTIFICATES
                                  SERIES 1998-C

                         STATEMENT TO CERTIFICATEHOLDERS


Distribution Date:      May 17, 1999


<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
ACCRUED CERTIFICATE INTEREST                                                                    PRIOR             CURRENT
- ---------------------------------------------------------------------------------------------------------------------------
      <S>                                                                                     <C>                <C>       
      CLASS A-1F                                                                              504,307.21         470,325.62
      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                                                                              800,769.45         795,763.71
      CLASS A-2A                                                                              320,233.33         320,233.33
      CLASS C                                                                                       0.00               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
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                               <C>      
MBIA PREMIUM PAID:                                                                                                69,962.51
INSURED AMOUNTS:                                                                                                       0.00
UNPAID INSURED AMOUNTS AND INTEREST ON THE AMOUNTS:                                                                    0.00
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
<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
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