Exhibit 99.1

Report on
Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in
theUniform  Single Attestation Program for Mortgage Bankers

# Report
of Independent Accountants

The
Board of DirectorsAames Financial Corporation

We
have examined managements assertion, included in the accompanying report
titled Report of Management, that Aames Financial Corporation (the
Company) complied with the minimum servicing standards set forth in the Mortgage
Bankers Association of Americas Uniform Single Attestation Program for
Mortgage Bankers (USAP) during the yearended June 30, 2003.
Management is responsible for the Companys compliance with those
requirements. Our responsibility is to express an opinion on managements
assertions about the Companys compliance based on our examination.

Our
examination was made in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Companys compliance with
those requirements and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on the Companys compliance with specified requirements.

In our
opinion,managements assertion that the Company complied with the
aforementioned requirements during the year ended June 30, 2003, is fairly
stated, in all material respects.

This
report is intended solely for the information and use of the Board of Directors,
audit committee, and the Companys private investors and is not intended to
be and should not be used by anyone other than these specified parties. However,
this report accompanied by the related managements assertion may be a
matter of public record as a result of being included as an exhibit to the
annual reports on Form 10-K of various securitization trusts for which the
Company acts as a servicer and its distribution is not limited.





/s/ ERNST & YOUNG LLP

September 4, 2003

















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Managements
Assertion on Compliance with Minimum Servicing StandardsSet
Forth in theUniform Single Attestation Program for Mortgage Bankers

# Report  of
Management

We, as
members of management of Aames Financial Corporation (the Company),
are responsible for complying with the minimum servicing standards as set forth
in the Mortgage Bankers Association of Americas Uniform Single
Attestation Program for Mortgage Bankers (USAP). We are also
responsible for establishing and maintaining effective internal control over
compliance with these standards. We have performed an evaluation of the
Companys compliance with the minimum servicing standards as set forth in
the USAP as of June 30, 2003 and for the year then ended. Based on this
evaluation, we assert that during the year ended June 30, 2003, the Company
complied, in all material respects, with the minimum servicing standards set
forth in the USAP.

During
the year ended June 30, 2003, the Company had in effect fidelity bond and errors
and omissions policies which at June 30, 2003 were $7,500,000.00 and
$20,000,000.00, respectively.

September 4, 2003

| |  | /s/
        A. Jay Meyerson
        A. Jay Meyerson
        Chief Executive Officer                   
| |  | ------------------------------------------------------------------------------------------------------
| |  |                                                                                                       
| |  |                                                                                                       
| |  | /s/ Ronald J. Nicolas,
      Jr.
      Ronald J. Nicolas, Jr.
      Chief Financial Officer           
| |  |                                                                                                       
| |  |                                                                                                       
| |  |                                                                                                       
| |  | /s/ Daniel H. Relf
      Daniel H. Relf
      Executive Vice President, 
      National Loan Servicing
| |  |                                                                                                       
| |  |                                                                                                       









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