8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                                    Form 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): August 15, 2000


                           AAMES FINANCIAL CORPORATION
             (Exact name of Registrant as Specified in Its Charter)


         Delaware                        0-19604                  95-340340
- ----------------------------           ------------          -----------------
(State or Other Jurisdiction           (Commission           (IRS Employer
     of Incorporation)                 File Number)          Identification No.)



                       350 South Grand Avenue, 52nd Floor
                          Los Angeles, California 90071
                    (Address of Principal Executive Offices)



                                 (323) 210-5000
              ----------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


                                       NA
          -------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)






ITEM 5.  OTHER EVENTS

         Reference is made to the press release of Registrant issued on August
15, 2000 which contains information meeting the requirements of this Item 5 and
is incorporated herein by this reference. A copy of the press releases are
attached to this Form 8-K as Exhibit 99.1.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (c)               EXHIBITS

         99.1              Press release issued August 15, 2000.


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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.


                                            AAMES FINANCIAL CORPORATION





Dated: August 17, 2000                      By:      /s/     Ralph W. Flick
                                                     ---------------------------
                                                     Ralph W. Flick
                                                     Assistant Secretary


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                                  EXHIBIT INDEX


Exhibit No.                         Description of Exhibit
- -----------                         ----------------------

      99.1                          Press release issued August 15, 2000.


                                       4

EX-99.1

                                   EXHIBIT 99
[AAMES LOGO]



                                 Contact:          James Huston
                                                   Investor Relations Department
                                                   Aames Financial Corporation
                                                   (323) 210-5311


For Immediate Release


              AAMES FINANCIAL CORPORATION HIRES BANK ONE EXECUTIVE

       JAMES HUSTON AS CHIEF FINANCIAL OFFICER - MANAGEMENT TEAM COMPLETE

         LOS ANGELES, CA., AUGUST 15, 2000 - AAMES FINANCIAL CORPORATION (NYSE:
AAM), a leader in subprime home equity lending, announced the appointment of
James Huston to the position of Executive Vice President and Chief Financial
Officer.

         Mr. Huston is a seasoned executive who brings more than 16 years of
financial products and services experience to Aames.

         Mr. Huston, who had been with Bank One Corporation in Columbus, Ohio
since 1992, was most recently Senior Vice President and Chief Financial Officer
of Bank One Consumer Financial Services, a $35.0 billion wholly-owned consumer
lending subsidiary of Bank One. Immediately prior thereto, he served as Regional
Chief Financial Officer of Bank One Services Corporation, and before that was
Controller of Bank One's National Retail Lending Division.

         Prior to joining Bank One, Mr. Huston held various senior financial
officer positions with CRT, Inc., a health care cost containment firm; and, with
City Loan Bank and City Loan Financial Services, a commercial bank and finance
company, respectively.

         Mr. Huston is responsible for providing strategic direction relating to
all aspects of the Company's accounting and financial activities. In addition,
Mr. Huston has primary responsibility for Aames' financial planning and analyses
and will act as the Company's representative in dealings with outside financial
analysts.

         "We are delighted to have Jim on board," said CEO Jay Meyerson. He went
on to add, "Jim's appointment completes the restructuring of our executive
management team making it one of the strongest within the subprime mortgage
lending industry. I believe Aames is now well positioned to fully execute its
new business model and return to profitable growth."




         Along with the appointment of Mr. Huston, Aames has also added four
other key executives to its management team, each possessing extensive mortgage
banking experience within their respective areas of expertise.

         John Kohler joined the Company in May 1999 as Senior Vice President of
Capital Markets and was promoted to Executive Vice President of Capital Markets
and Secondary Marketing in May of this year. Mr. Kohler brings over fourteen
years of expertise in negotiating financing and securitization transactions.
Prior to joining Aames, Mr. Kohler worked with several home equity lenders in
the UK and was a Senior Vice President at Greenwich Capital Markets. Mr.
Kohler's primary focus is to manage relationships with the Company's financial
counterparties, to establish effective funding strategies and achieve liquidity
for the Company's loan production.

         Peter Yaskowitz, formerly a Senior Vice President of ContiMortgage and
Executive Vice President of Bank One's Consumer Finance Division with
responsibility for marketing and advertising, joined Aames in March 2000 as
Executive Vice President of Corporate Marketing & National Lending. Mr.
Yaskowitz is playing a critical role in the Company's Internet strategy and in
developing alternative non-branch loan production channels.

         Barry Levine, most recently Vice President & Chief Information Officer
at Residential Money Centers, a subsidiary of Residential Funding Corporation,
was named Chief Information Officer in May of this year. Mr. Levine brings
fifteen years of experience in managing technology activities within the
mortgage industry. Mr. Levine is responsible for directing the Company's
expansion into the World Wide Web, implementing new loan origination and data
warehouse systems, and improving the Company's networking environments.

         John F. Madden, Jr., who joined the Company in 1995 as Assistant
General Counsel, was promoted to Senior Vice President and General Counsel in
May 2000. Prior to joining Aames, Mr. Madden was General Counsel for Funders
Mortgage Corporation and served as a corporate and securities lawyer for the law
firm of McKenna, Connor & Cuneo. Mr. Madden is responsible for representing the
Company in all areas of legal compliance and activities.

         Mr. Meyerson commented, "The additions of Messrs. Huston, Kohler,
Yaskowitz, Levine and Madden fill vital gaps and strengthen our management team.
With the achievements to date that include restructuring the Company, securing
new capital, and reengineering our credit process for quality and value while
growing new business, I am confident Aames will emerge from this sector
shake-out a winner."

         Aames Financial Corporation is a leading home equity lender, and at
June 30, 2000 operated 100 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 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.