Exhibit 10.35(e)

# AMENDMENT
NO. 1 TO

# CORPORATE 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.
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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:
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| |  | 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 LENDINGas
      Lender |  | Aames
      Financial Corporation
      as Guarantor
|-------------------------------------------------- |  | ----------------------------------------------------
|                                                   |  |                                                     
|By:                                                |  | By:                                                 
|                                                   |  |                                                     
|Name:____________________________                  |  | Name:______________________                         
|Title:_____________________________                |  |