Exhibit 10.38

# AAMES
FINANCIAL CORPORATIONEXECUTIVE
SEVERANCE PLANAmended
and Restated as of September 18, 2003

Aames
Financial Corporation (the Company) has adopted the Aames
Financial Corporation Executive Severance Plan (the Plan)
which describes the severance compensation and benefits, if any, which the
Company will pay upon the termination of employment of certain
highly-compensated, key employees.

# I.
PURPOSE

1.1.
General Purpose. This Plan is intended to provide severance benefits to
certain highly compensated, key employees of the Company who are terminated by
the Company without Cause, or who resign voluntarily for Good Reason, as defined
herein. This Plan amends and supersedes all prior severance plans applicable to
Employees, as defined herein, including the Aames Financial Corporation
Executive Severance Plan adopted March 18, 1999.

1.2.
Coverage Under ERISA. This Plan is an employee welfare benefit  plan providing
severance benefits, as defined in the Employee Retirement  Income Security Act of 1974,
as amended (ERISA). Benefits  under the Plan are not vested and shall
not be due or payable unless the  employee meets all the requirements for eligibility set
forth in Article III.

# II.
DEFINITIONS

2.1.
Defined Terms. Whenever used in this Plan, unless the context clearly
indicates otherwise, the following words shall have the following meanings:

| | Administrator means
the Plan Administrator appointed by the Company pursuant to Section 5.1.
| | ----------------------------------------------------------------------------------------------

| | Board means
the Board of Directors of the Company or any administrative committee  appointed by the
Board.
| | ------------------------------------------------------------------------------------------------------------

| | Cause
exists when a Participant shall have (i) been determined by a court of law to
have committed any felony including, but not limited to, a felony involving
fraud, theft, misappropriation, dishonesty, embezzlement, or any other crime
involving moral turpitude, or if the Participant shall have been arrested or
indicted for violation of any criminal statute constituting a felony, provided
the Company reasonably determines that the continuation of the
Participants employment after such event would have an adverse impact on
the operation or reputation of the Company or its affiliates; (ii) committed one
or more acts of gross negligence or willful misconduct, either within or outside
the scope of his employment that, in the good faith opinion of the Board,
materially impair the goodwill or business of the Company or cause material
damage to its property, goodwill, or business, or would, if known, subject the
Company to public ridicule; (iii) refused or failed to a material degree to
perform his/her duties; (iv) violated any material written Company policy
provided to the Participant during or prior to the term of employment; or (v)
Participants failure to meet applicable minimum production goals, or
performance objectives or goals, if any.
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| | Change
in Control means the merger, acquisition, reorganization or other
business combination in which the Company shall not be the surviving entity, or
a dissolution or liquidation of the Company, or a sale of all or substantially
all of the Companys assets.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Company"
means Aames Financial Corporation., together with each of its wholly-owned subsidiaries
whose Boards of Directors have approved participation in this Plan.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Corporate
Management Committee means certain member of executive management of
the Company appointed by the Chief Executive Officer and approved by the Board.
A list of members of the Corporate Management Committee who are Participants
shall be identified on Appendix A.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Employee
means any employee who is a member of senior or executive management of the
Company other than the President and Chief Executive Officer.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | ERISA
means the Employee Retirement Income Security Act of 1974, as amended, and
regulations issued thereunder.
| | -----------------------------------------------------------------------------------------------------------------

| | Good
Reason means the occurrence, on or within one hundred eighty (180)
days after the date of a Change in Control, of: (i) a reduction by the Company
in the Participants annual base salary or any material adverse change in
the terms or conditions of Participants aggregate annual bonus and/or
quarterly bonus plan(s), if any, from that in effect immediately prior to the
Change in Control, if any, which change is not pursuant to a program applicable
to all comparably situated executives of the Company; or (ii) the relocation of
the Participants principal place of employment to a location outside of
Orange County or Los Angeles County, California (which location is more than
fifty (50) miles from the Participants principal residence).
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| | Participant
means any Employee who has been designated by the Board as being eligible for
benefits under this Plan and who has agreed in writing to be bound by the terms
and conditions of this Plan. A list of Participants shall be contained inAppendix A.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Plan
Year means the fiscal year of the Plan and is the twelve (12) month
period ending December 31, of each year.
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| | Salary
means a Participants regular annual base salary from the Employer as in
effect on his date of termination, exclusive of bonus and all other forms of
incentive or supplemental compensation.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# III.
PARTICIPATION

3.1.
Eligibility for Benefits. A Participant is eligible for benefits under
this Plan if the Company terminates his employment without Cause, or the
Participant terminates his employment voluntarily for Good Reason within sixty
(60) days after he knew or should have known of such Good Reason, and no
provision of Section 3.2 results in loss of eligibility.

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3.2
Loss of Eligibility. A Participant will not be eligible for benefits
under this Plan if:

| | (a)
he voluntarily resigns his employment, without Good Reason, except pursuant to
the terms of a Company-initiated layoff program which affirmatively solicits
such Participants resignation;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
he ceases to be an Employee as a result of disability, normal retirement or
death;
| | --------------------------------------------------------------------------------------

| | (c)
he ceases to be an Employee as a result of discharge for Cause;
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| | (d) upon
a Change in Control, he is offered and refuses comparable employment without
Good Reason;
| | --------------------------------------------------------------------------------------------------

| | (e) if
the Company acquires knowledge of facts after the date of termination of  Participants
employment which, if known prior to termination, would have  resulted in the discharge of
Participants employment for Cause. In such  case, Participant shall return upon
written demand all benefits received  pursuant to this Plan; or
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f)
Participant violates the material terms of any employment agreement between
Participant and Company, including, without limitation, the terms of any
provisions prohibiting the use, disclosure or other misappropriation of the
Companys confidential and/or trade secret information; or
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| | (g)
Participant violates the terms of the Release referred to in Section 4.2(d)
below.
| | --------------------------------------------------------------------------------------

# IV.
SEVERANCE BENEFITS

4.1.
Benefits. Theseverance benefit for Participants who are eligible  for
benefits under Section 3.1 and who have not lost eligibility under Section  3.2 as set
forth in either subsection (a) or (b) below:

| | (a)
Regular Severance: The regular severance benefit shall be equal to six (6)  months Salary,
or if a Participant hasbeen employed for less than  six (6) months, one (1) months Salary
for each month of service as a  full-time Employee; or,
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) Change
of Control Severance. If a Participant is a member of the Companys  Corporate
Management Committee at the time of a Change in Control and following  the Change in
Control, the Participants employment with the Company or a  successoris
terminated without Cause, or the Participant terminates his  employment for Good Reason
within sixty (60) days after he knowsor  should known of such Good Reason, the
severance benefit available shall be, in  lieu of the severance benefit described in
subsection (a) above, equal to (i)  twelve (12) months Salary or if a Participant
has been employed for less  than twelve (12) months, one (1) months Salary for each
month of service  as a full-time Employee, plus (ii) an annual bonus (the Pro-RatedBonus)
equal to the target annual bonus of the Participant for the  year in which employmentisterminated,
based upon the  Participants targeted bonus for that year, the Companys
achievement  against the Companys annual business plan through the quarter ending
on or  immediately prior the date employment terminates,the Participants
performance during the pro-ratedbonus period and other factors set forth  in the
Companys Executive Bonus Plan) multiplied by a fraction, the  numerator of which is
the number of days elapsed in the year in whichParticipants employment
terminates ofand the denominator of  which isthree hundred sixty-five
(365).
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(c)
No Additional Benefits. This Plan does not provide for the continuation of any
other Company benefits upon termination of employment. Accordingly,
unless the terms of the relevant benefit plans provide otherwise, on the date a
Participants employment terminates all benefits shall terminate, credited
service under any pension plan sponsored by the Company or any of its
subsidiaries or affiliates shall cease to accrue and all contributions to any
plan, including without limitation any 401(k) plan, shall cease.

4.2.
Payment of Benefits.

| | (a)
Subject to Section 3.2, Section 4.2(b) and Section 4.3, severance benefits under
Sections 4.1(a) and 4.1(b)(i) shall be paid to the Participant in equal  semi-monthly
installments in accordance with the Companys regularly  scheduled pay periods,
without interest, commencing with the date that would  have been the Participants
next regular pay date provided such date is at  least seven (7) days after Participants
execution and delivery of the  Release described in subsection (b) below, or if such pay
date falls within such  seven (7) day period, on the next scheduled pay date, and
severance benefits  under Section 4.1(b)(ii)shall be paid within thirty (30) days, but
not sooner  than seven (7) days, after Participants execution and delivery of the
Release required by subsection (b) below, without interest.
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| | (b) Severance
benefits shall be conditioned upon: (i) the Participants  remaining current on all
of such Participants debts to the Company,  including but not limited to amounts
owing on the Participants Company  charge account, if any; (ii) the Participants
execution and delivery to  the Administrator of a Severance and Release Agreement and the
expiration of the  seven (7) day right of revocation with respect to the thereto, in the
form  substantially similar to the form annexed hereto as Appendix B, which may be
amended by the Administrator from time to time); and (iii) no loss of benefit
eligibility pursuant to Section 3.2 .
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4.3.
Mitigation. The benefits provided under this Article IV are the maximum  benefits
that the Company will pay under the Plan as a result of termination of  employment. To
the extent that a federal, state or local law requires the  Company to make a payment to
a Participant because of failure to provide  sufficient notice of termination, the amount
of benefits due under this Plan  shall be reduced by the benefits required to be paid
under such law. Further,  the benefits payable under this Plan shall be the sole and
exclusive benefit  payable to a Participant upon termination of employment from the
Company. No  legal obligation is created by this Plan document to pay benefits greater
than  the benefitdetermined in accordance with the two preceding
sentences.

4.4.
Death of Participant. In the event a Participant dies after payments have
commenced but before completion of all payments under Section 4.1, the remaining
payments shall be paid to his estate within ninety (90) days following the
Administrators receipt of such documentation as it may require evidencing
the Participants death.

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4.5.
Documentation and Claim for Benefits. Normally, the Company shall inform
a Participant of his eligibility for benefits hereunder, which case Participant
will be presented with the Release referred to in Section 4.2(d) above. Any
other Participant who believes he is eligible for benefits may file a claim for
benefits by submitting to the Administrator a written request for benefits,
pursuant to Section 5.9, below.

# V.
ADMINISTRATION

5.1.
Administrator. As defined in Section 3(16)(A) of ERISA, the Administrator
of the Plan shall be the Compensation Committee of the Board, or such other
person as the Board may from time to time designate. The Administrator shall be
charged with the interpretation, administration and operation of the Plan.

5.2.
Delegation of Duties. The Administrator may delegate to any person or
persons, severally or jointly, the responsibility for the preparation and filing
of all disclosure material and reports which the Administrator is required to
file by law, and the responsibility for the day to day operation of the Plan.

5.3.
Rules and Regulations. The Administrator, subject to the provisions of
the Plan, may adopt such rules and regulations as he deems necessary to carry
out the provisions of the Plan.

5.4.
Notice to Employees. The Administrator shall cause to be furnished to
each Participant who so requests a copy of a summary of the Plan and any
amendments thereto. Such summary shall set forth the Participants rights
and duties with respect to the benefits available under the Plan. Any decisions
of the Administrator respecting an Employees right to become a Participant
or the right of a Participant to benefits under the Plan shall be furnished to
the Employee or Participant in writing.

5.5.
Administrative Discretion. The Administrator shall have discretion to
select Employees to become a Participant under the Plan (where upon such
Employees name shall be added to Appendix A), to remove Employees as
Participants under the Plan (where upon such Employees name shall be
removed from Appendix A) and to make all determinations with respect to anEmployees eligibility for benefits under this Plan. The Administrator
shall have full power to interpret the termsof the Plan,and any decision it makes with respect to eligibility or ineligibility, and
a Participants or his beneficiarys rights or benefits shall be final
and binding and shall be entitled to the maximum deference permitted by law. The
Administrator shall be responsible for the ongoing administration of Plan
benefits, including evaluation of the Participants continued entitlement
to benefits, processing claims and paying benefits.

5.6.
Government Reports. The Administrator shall cause to be submitted
annually to the Secretary of Labor and other required governmental agencies the
reports and statements, if any, required under ERISA.

5.7.
Compensation and Expenses of Administrator. The Administrator shall serve
without compensation for his services as such, but all expenses of the Plan and
the Administrator shall be paid by the Company.

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5.8.
Indemnification. The Company shall indemnify the Administrator and hold
him harmless from any and all claims, losses, damages, expenses (including
reasonable fees of counsel approved by the Company), and liability (including
any reasonable amounts paid in settlement with the Companys approval),
arising from any act or omission of such Administrator except when the same is
judicially determined to be due to the gross negligence or willful misconduct of
such Administrator.

5.9.
Benefit Claims Procedure. In accordance with Section 503 of ERISA and the
regulations of the Secretary of Labor prescribed thereunder:

| | (a)
All claims for benefits under this Plan shall be filed in writing with the
Administrator in accordance with this Section 5.9, or as otherwise provided in
written procedures which may be established by the Administrator.
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| | (b)
The Administrator shall, within a reasonable period of time not to exceed ninety
(90) days after receipt of a written claim for benefits, provide a written
benefit determination to the claimant along with any information required by law
or the procedures which may be established by the Administrator shall. If
special circumstances require an extension of time for processing the claim, the
Administrator shall furnish the claimant a written notice of such extension
prior to the expiration of the 90-day period. The extension notice shall
indicate the special circumstances requiring the extension and the date by which
the plan expects to render the benefit determination, which date shall not be
more than one hundred eighty (180) days after the Administrators receipt
of the claim for benefits.
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| | (c)
The claimant shall have a reasonable opportunity to appeal an adverse benefit
determination to the Administrator, under which there will be a full and fair
review of the claim and the adverse benefit determination. The claimant shall
have sixty (60) days after his receipt of the adverse benefit determination
within which to appeal the determination. The claimant may submit written
comments, documents, records, and other information relating to the claim for
benefits, and the Administrator shall take the same into account in conducting
its review without regard to whether such information was submitted or
considered in the initial benefit determination. The claimant shall be provided,
upon request and free of charge, reasonable access to, and copies of, all
documents, records, and other information relevant to the claimants claim
for benefits. The Administrator will notify the claimant of the Plans
benefit determination on review within a reasonable period of time, not to
exceed sixty (60) days after receipt of the claimants request for review.
If special circumstances require an extension of time for processing the claim,
the Administrator shall furnish the claimant with a written notice of such
extension prior to the expiration of the sixty (60)-day period. The extension
notice shall indicate the special circumstances requiring the extension and the
date by which the Plan expects to render the benefit determination, which date
shall not be more than one hundred twenty (120) days after the
Administrators receipt of the request for review.
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# VI.
MISCELLANEOUS

6.1.
Right to Amend or Terminate.

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| | (a)
The Company reserves the right to amend, modify or terminate the Plan, in whole
or in part, at any time for any reason; provided, however, that any such
amendment, modification or termination shall not detrimentally affect the right
of any Participant to claim benefits under the provisions of Article IV if the
Participants termination of employment occurred prior to the date of
adoption by the Company of such amendment, modification or termination. No
amendment or modification and no termination of the Plan shall be effective
unless and until the action to be taken is set forth in a written document,
which is ratified or approved by the Board. By adoption of the Plan, each
subsidiary has delegated to the Board its right to adopt any amendment,
modification or termination of the Plan, and to the Administrator the right to
decide all matters affecting its Employees (subject to the foregoing provisions
of this paragraph (a) limiting the Boards authority to amend, modify or
terminate the Plan . Each subsidiary adopting this Plan reserves the right to
withdraw from further participation in this Plan at any time by action of its
board of directors; provided, however, that any such withdrawal shall not
detrimentally affect the right of any Participant to claim benefits under the
provisions of Article IV if the Participants termination of employment
occurred prior to the date of adoption by the board of directors of the
subsidiary of such withdrawal.
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| | (b)
Notwithstanding the provisions of paragraph (a) above, no amendment,
modification or termination of the Plan that would detrimentally affect the
rights of any Participant under the Plan may be adopted, and no withdrawal from
the Plan by a subsidiary of the Company may be adopted, during a Potential
Change in Control Period. A Potential Change in Control Period shall
be any period in which the circumstances described in paragraph (i) or paragraph
(ii) below exist (provided, however, that a Potential Change in Control Period
shall cease to exist not later than the occurrence of a Change in Control):
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| | (i)
The Company enters into an agreement, the consummation of which would result in  the
occurrence of a Change in Control, provided that a Potential Change in Control  Period
described in this paragraph (i) shall cease to exist upon the expiration or  other
termination of all such agreements.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
Any person (including the Company) publicly announces an intention to take or  to
consider taking actions the consummation of which would constitute a Change in  Control;
provided that a Potential Change in Control Period described in this  paragraph (ii)
shall cease to exist upon the withdrawal of such intention, or upon a  reasonable
determination by the Board that there is no reasonable chance that such  actions would be
consummated.
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| | (c) Notwithstanding
the provisions of paragraph (a) above, no amendment,  modification or termination of the
Plan that would detrimentally affect the  rights of any Participant under the Plan may be
adopted, and no withdrawal from  the Plan by a subsidiary of the Company may be adopted,
during the one hundred  eighty (180) day period following a Change in Control.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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6.2.
Benefits Payable from General Assets. Benefits payable hereunder shall be
paid as needed solely from the general assets of the Company, to the extent
available, and no person entitled to payment hereunder shall have any claim,
right, security interest, or other interest in any fund, trust account,
insurance contracts or other asset of the Company which may be looked to for
such payment.

6.3.
No Contract for Continued Services. The Plan shall not be construed as
creating any contract for continued services between the Company and any
Employee or Participant, and nothing herein contained shall give any Employee or
Participant the right to be retained as an Employee of the Company or affect the
Companys right to terminate an Employee at any time for any reason.
Nothing herein shall be deemed to amend, modify or delete the Companys
policy of at-will employment.

6.4.
Governing Law. This Plan shall be construed, administered and enforced in
accordance with

ERISA.

6.5.
Definition of Words. Feminine pronouns shall be substituted for those of
the masculine form, the plural shall be substituted for the singular, and
vice-versa, in any place or places herein where the context may require such
substitution or substitutions.

IN
WITNESS WHEREOF the Company has caused this instrument to be executed this 18th
day of September 2003.

| |     | AAMES
      FINANCIAL CORPORATION                                                            
| | --- | ---------------------------------------------------------------------------------------------
| |     |                                                                                              
| |     |                                                                                              
| | By: | ___________________________
      A. Jay Meyerson
      President and Chief Executive Officer
| |     |                                                                                              















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# Appendix
A

# Participants
of theAAMES
FINANCIAL CORPORATIONEXECUTIVE
SEVERANCE PLANAmended
and Restated as of September 18, 2003As
of September 18, 2003

Jim Downing,
EVP Wholesale*  Jim Fullen, SVP Retail Credit Ops & NLC*  Patrick Gonyea, EVP, Human
Resources*  Joseph Grimes, SVP, Strategic Initiatives*  John Kim, SVP, Capital
Markets/Secondary Marketing*  Barry Levine, EVP & CIO*  John Madden, EVP & General
Counsel*  Michael Matthews, EVP, Retail*  Audry Patterson, EVP Administrative Services*
Dan Relf, EVP, Loan Servicing*  Geoffrey F. Sanders, EVP & CCO*  Jon D. Van Deuren,
SVP, Finance*

Mark Bragg,
SVP, Loss Mitigation  Timothy Garrett, SVP, Central Regional Mgr  Ronald E. Holman, SVP,
Default Management  Doug C. Johnson, SVP, Credit  Jennifer M. Lennon, SVP, Loan Servicing
Fred Mahintorabi, SVP & Director Financial Planning  Brian E. Reeder, SVP, Internal
Audit  Lawrence Siegel, Jr., SVP, Southeast Regional Mgr

*
Asterisk indicates member of the Corporate Management Committee

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Appendix
B

# Form
of Agreement and Release























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