EXHIBIT 99


[AAMES FINANCIAL CORPORATION LOGO]

                                        Contact:  Joseph R. Tomei
                                                  Investor Relations Department
                                                  Aames Financial Corporation
                                                  (323) 210-5311


For Immediate Release


  AAMES FINANCIAL CORPORATION APPOINTS ROBERT A. SPASS TO THE BOARD OF DIRECTORS

     LOS ANGELES, CA., July 27, 2000 - AAMES FINANCIAL CORPORATION (NYSE:
AAM), a leader in subprime home equity lending, announced today that Robert
A. Spass has been appointed to the Board of Directors of the Company, filling
the vacancy created by the resignation from the Board of Directors of David
A. Spuria on July 26, 2000.

     Spass, a partner in and a co-founder of Capital Z Partners, is also the
President and a Director of Capital Z Partners, Ltd. and related entities.
In addition to his new position as a director of the Company, Mr. Spass
currently serves on the Board of Directors of USI Insurance Services,
Universal American Financial Corporation, Superior National Insurance Group,
CERES Group, Inc. and Highlands Insurance Group.

     Prior to co-founding Capital Z Partners, Mr. Spass was the Managing
Partner and co-founder of Insurance Partners I. L.P.  Mr. Spass also was
President and CEO of International Insurance Advisors, Inc., the management
company of International Insurance Investors, L.P.  Prior thereto, Mr. Spass
was a Director of Investment Banking at Salomon Brothers with responsibility
for corporate finance relationships with the insurance industry.  Prior to
joining Salomon, Mr. Spass was a Senior Manager for KPMG, LLP, providing
accounting and consulting services for the insurance industry.  Mr. Spass
received a B.A. degree from the State University of New York at Buffalo.

     "I am pleased that Robert has agreed to join our board," said A. Jay
Meyerson, the Company's Chief Executive Officer. "Robert's experience in the
financial services industry will be a valuable asset to the Company as we
execute on our turnaround plan."

     "I am excited about the opportunity to work with the Board of Directors
and Management of Aames Financial Corporation," said Mr. Spass.  "The Company
has a good plan in place and the right team to accomplish the job.  I hope to
have a positive impact on the future success of the Company."

     Aames Financial Corporation is a leading home equity lender, and at
March 31, 2000 operated 101 retail Aames Home Loan offices and 7 wholesale
loan centers nationwide.

     From time to time the Company may publish forward-looking statements
relating to such matters as anticipated financial performance, business
prospects and similar matters. The Private Securities Litigation Reform Act
of 1995 provides a safe harbor for forward-looking statements.  In order to
comply with the terms of the safe harbor, the Company notes that a variety of
factors could cause the Company's actual results and experience to differ

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materially from the anticipated results or other expectations expressed in
the Company's forward-looking statements.  The risks and uncertainties that
may affect the operations, performance and results of the Company's business
include the following: negative cash flow and continued access to outside
sources of cash to fund operations; dependence on funding sources; third
party rights to terminate mortgage servicing; high delinquencies and losses
in the Company's securitization trusts; prepayment risk; changes in interest
rates; basis risk; prolonged interruptions or reductions in the secondary
market for mortgage loans; timing of loan sales; dependence on broker
network; competition; concentration of operations in California and Florida;
economic conditions; contingent risks on loans sold; government regulation;
changes in federal income tax laws; ability to pay dividends and the
concentrated ownership of the Company's controlling stockholder.  For a more
complete discussion of these risks and uncertainties, see "Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations - Risk Factors" in the Company's Annual Report on Form 10-K and
10-K/A for the fiscal year ended June 30, 1999 and "Item 2.  Management's
Discussion and Analysis of Financial Condition and Results of Operations -
Risk Factors" in Form 10-Q for the quarter ended March 31, 2000, and
subsequent Company Filings with the United States Securities and Exchange
Commission.

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