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


FOR IMMEDIATE RELEASE


        AAMES FINANCIAL CORPORATION CLOSES $460.0 MILLION SECURITIZATION

     SELLS RESIDUAL ASSET TO AFFILIATE UNDER RESIDUAL FORWARD SALE FACILITY


         LOS ANGELES, CALIFORNIA, SEPTEMBER 28, 2000 - AAMES FINANCIAL
CORPORATION (NYSE: AAM), a leader in subprime home equity lending, today
announced that it completed a $460.0 million mortgage loan securitization in
September, its first securitization of mortgage loans since November 1999. In
connection with the securitization, the Company sold for cash the residual asset
created in the securitization for cash under its previously announced residual
forward sale facility.

         "The Company achieved more favorable gain on sale in the securitization
than realized in recent whole loan sales. In addition, the sale of the residual
interest through the residual forward sale facility provides additional
liquidity to the Company and eliminates the negative cash flow traditionally
experienced by the Company in securitizations", said Meyerson. "With the
residual forward sale facility in place, the Company expects to be able to
fulfill its strategy of selling loans through both securitizations and whole
loan sales in each quarter, balancing the company's liquidity and profitability
with the market conditions existing at the time of the sales."

         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 for the year ended June 30, 2000 and subsequent
filings by the Company with the United States Securities and Exchange
Commission.