Exhibit
10.35(e)

# AMENDMENT
NO. 1 TOCORPORATE GUARANTY

This
Amendment No. 1 to Corporate Guaranty (the Amendment) is made and
entered into as of December 1, 2003 by Aames Financial Corporation (the
Guarantor). This Amendment amends that certain Corporate Guaranty
dated as of July 1, 2003 (the Guaranty) by Guarantor for the benefit
of Countrywide Warehouse Lending (Lender).

# R
E C I T A L S

| | A.  Guarantor
has previously entered into the Guaranty for the benefit of Lender  pursuant to which
Guarantor has guaranteed the obligations of Aames Capital  Corporation and Aames Funding
Corporation (Borrower) under that  certain Revolving Credit and Security
Agreement by and between Lender and  Borrower. Lender and Guarantor hereby agree that the
Corporate Guaranty shall be  amended as provided herein.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
consideration of the mutual promises contained herein, and for other good and  valuable
consideration, the receipt and sufficiency of which are hereby  acknowledged, Lender and
Borrower hereby agree as follows:
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.      Section
10  (d) Representations and Warranties of Guarantor. Guarantor and Lender agree to
amend  Section 10(d) of the Corporate Guaranty as follows:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Guarantor
shall not permit its consolidated net worth determined in accordance with GAAP
to be less than $34,000,000 through December 31, 2003 and $60,000,000
thereafter.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.      No
Other  Amendments. Other than as expressly modified and amended herein, the Guaranty
shall  remain in full force and effect and nothing herein shall affect the rights and
remedies of Lender as provided under the Guaranty.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.     Capitalized Terms. Any capitalized term used herein and not otherwise defined
herein shall have the meaning ascribed to such term in the Guaranty.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | IN
WITNESS WHEREOF, Guarantor, Lender and Countrywide have caused their names to be  signed
hereto by their respective officers thereunto duly authorized as of the  date first
written above.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|COUNTRYWIDE
      WAREHOUSE LENDING
      as Lender                                           |  | AAMES
      FINANCIAL CORPORATION
      as Guarantor                               
|--------------------------------------------------------------------------------------------- |  | -----------------------------------------------------------------------------------
|                                                                                              |  |                                                                                    
|                                                                                              |  |                                                                                    
|By:
      Name:________________________________
      Title:_________________________________ |  | By:
      Name:___________________________
      Title:____________________________
|                                                                                              |  |