-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HGj7LHlcYuHZhPfM/lWcD/86KoXN65bXhvr49ijdtOju36Gkrtngxji8rERy07ER
 PaOUk1kocE4xF2AvxTB+9A==

<SEC-DOCUMENT>0001005477-03-000348.txt : 20030507
<SEC-HEADER>0001005477-03-000348.hdr.sgml : 20030507
<ACCEPTANCE-DATETIME>20030506173306
ACCESSION NUMBER:		0001005477-03-000348
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030506
FILED AS OF DATE:		20030507

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AAMES FINANCIAL CORP/DE
		CENTRAL INDEX KEY:			0000879957
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				954340340
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		350 S GRAND AVE
		STREET 2:		43RD FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071-3459
		BUSINESS PHONE:		323-210-5000

	MAIL ADDRESS:	
		STREET 1:		350 S GRAND AVE
		STREET 2:		43RD FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DOWNING JAMES H
		CENTRAL INDEX KEY:			0001230526

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13660
		FILM NUMBER:		03684905

	BUSINESS ADDRESS:	
		STREET 1:		350 S GRAND AVE 43RD FL
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		3232105000

	MAIL ADDRESS:	
		STREET 1:		350 S GRAND AVE 43RD FL
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0101</schemaVersion>

<documentType>3</documentType>
    <periodOfReport>2003-05-06</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>
<issuer>        <issuerCik>0000879957</issuerCik>
        <issuerName>AAMES FINANCIAL CORP/DE</issuerName>
<issuerTradingSymbol>AMSF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
    <reportingOwnerId>
        <rptOwnerCik>0001230526</rptOwnerCik>
            <rptOwnerName>DOWNING JAMES H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
<reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>Executive Vice President</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeSecurity>
        <securityTitle>
            <value>Option to Purchase Common Stock</value>
        </securityTitle>
        <conversionOrExercisePrice>
            <value>1.29</value>
        </conversionOrExercisePrice>
        <exerciseDate>
            <value>2003-05-06</value>
            <footnoteId id="F1"/>
        </exerciseDate>
        <expirationDate>
            <value>2013-05-06</value>
        </expirationDate>
        <underlyingSecurity>
            <underlyingSecurityTitle>
                <value>Common Stock</value>
            </underlyingSecurityTitle>
            <underlyingSecurityShares>
                <value>400000</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <ownershipNature>
            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
    </derivativeSecurity>

    <footnotes>
        <footnote id="F1">Vests 20% on date of grant (May 6, 2003); vests 20% annually thereafter on annviersary date of grant until fully vested.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James H. Downing</signatureName>
        <signatureDate>2003-05-06</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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