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                                                                EXHIBIT 10.27(c)

                                 AMENDMENT NO. 1
                                       TO
                                    GUARANTY

This Amendment No. 1 (this "Amendment") dated April 28, 2000 amends the Guaranty
dated as of February 10, 2000 (the "Guaranty"), made by Aames Financial
Corporation (the "Guarantor") in favor of Greenwich Capital Financial Products,
Inc. (the "Lender"). Capitalized terms used herein and not otherwise defined
herein shall have the meanings set forth in the Guaranty or, if not so defined
therein, the Loan Agreement (as defined in the Guaranty). The Guarantor and the
Lender, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, enter into this Agreement and agree as follows:

AMENDMENT

Effective as of January 31, 2000 Section 3(b)(iii) of the Guaranty is hereby
amended and restated in its entirety as follows:

              LIQUIDITY. The aggregate amount of the Guarantor's cash, Cash
         Equivalents and available borrowing capacity on unencumbered assets
         that could be drawn against (taking into account required haircuts)
         under committed warehouse or working capital facilities, on a
         consolidated basis and on any given day, shall be (a) prior to and on
         May 31, 2000, $5,000,000; and (b) on and after June 1, 2000,
         $15,000,000.

REPRESENTATIONS

In order to induce the Lender to execute and deliver this Amendment, the
Guarantor hereby represents to the Lender that as of the date hereof, after
giving effect to this Amendment, (a) the representations and warranties set
forth in Section 3 of the Guaranty are and shall be and remain true and correct
and (b) the Guarantor is in full compliance with all of the terms and conditions
of the Guaranty.

MISCELLANEOUS

Except as specifically amended herein, the Guaranty shall continue in full force
and effect in accordance with its original terms. Reference to this specific
Amendment need not be made in the Guaranty or any other instrument or document
executed in connection therewith, or in any certificate, letter or communication
on issued

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or made pursuant to or with respect to the Guaranty, any reference in any of
such terms to the Guaranty being sufficient to refer to the Guaranty as amended
hereby.

IN WITNESS WHEREOF, the Guarantor and the Lender have caused this Amendment No.
1 to be duly executed and delivered as of the date first above written.

                                            AAMES FINANCIAL CORPORATION

                                            By:          /s/ Jon D. Van Deuren
                                                 -------------------------------
                                            Name:   Jon D. Van Deuren
                                            Title:  Senior Vice President

                                            GREENWICH CAPITAL FINANCIAL
                                            PRODUCTS, INC.

                                            By:         /s/ John C. Anderson
                                                 -------------------------------
                                            Name:   John C. Anderson
                                            Title:  Senior Vice President<PAGE>

                                  AMENDMENT NO. 1

                          TO LIMITED PARTNERSHIP AGREEMENT

                     OF STEAMBOAT FINANCIAL PARTNERSHIP I, L.P.

          This Amendment No. 1 To Limited Partnership Agreement of Steamboat
Financial Partnership I, L.P. dated as of February 24, 2000 (this "AMENDMENT"),
between and among RANDOM PROPERTIES ACQUISITION CORP. IV, as general partner
("RPAC"), GREENWICH CAPITAL DERIVATIVES, INC., as special limited partner
("GCD") and AAMES CAPITAL CORPORATION, as limited partner ("ACC").

                                      RECITALS

          RPAC, GCD and ACC are parties to that certain Limited Partnership
Agreement dated as of June 10, 1999 (the "EXISTING AGREEMENT" and, as amended
by this Amendment, the "AGREEMENT").  Capitalized Terms used but not
otherwise defined herein shall have the meanings given to them in the
Existing Agreement.

          RPAC, GCD and ACC have agreed, subject to the terms and conditions
of this Amendment, that the Existing Agreement be amended to reflect certain
agreed-upon revisions to the terms of the Existing Agreement as set forth
herein.

          Accordingly, RPAC, GCD and ACC hereby agree, in consideration of
the mutual premises and mutual obligations set forth herein, that the
Existing Agreement is hereby amended as follows:

          Section 1.  DEFINITIONS.  Section 1.01 of the Existing Agreement is
hereby amended by:

          (a)  deleting the definition of "CUT-OFF DATE" in its entirety and
replacing it with the following:

          ""CUT-OFF DATE" means each date, prior to the date an Historical
     Advance is acquired by the Partnership, as of which the unreimbursed
     balance of the Historical Advances acquired by the Partnership is
     calculated, as set forth in Schedule C hereto, as supplemented from time
     to time."

          (b)  deleting the definition of "PURCHASE AGREEMENT" in its
entirety and replacing it with the following:

          ""PURCHASE AGREEMENT" means the Historical Advance Purchase
     Agreement between Aames, as Seller, and the Partnership, as Buyer, dated
     as of the date hereof, and any other purchase agreement listed on
     SCHEDULE D hereto, as supplemented from time to time, under which the
     Partnership purchases Historical Advances (as defined in such purchase
     agreement)."

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          (c)  deleting the definition of "REPURCHASE" in its entirety and
replacing it with the following:

         "" REPURCHASE" means a repurchase of Historical Advances by Aames or
     any other seller of Historical Advance to the Partnership, pursuant to
     the terms of the relevant Purchase Agreement."

          (d)  deleting the definition of "SLP PREFERRED RETURN" in its
entirety and replacing it with the following language:

         ""SLP PREFERRED RETURN" means, with respect to any Collection
     Period, an amount equal to 0.667% of Undistributed Capital Contributions
     of the Special Limited Partner on the last day of such Collection
     Period."

          (e)  modifying the definition of "SLP REDETERMINED PERCENTAGE" by
deleting the balance of the definition after the words "reasonable efforts"
in the next to last line of said definition and substituting therefor:

          ", (ii) any amounts paid to the Partnership as a Repurchase, and
     (iii) any amounts paid to the Partnership by the Scheduled Trustees on
     account of the Historical Advances."

          Section 2.  Effective as of the date of this Amendment, Section
2.05 PURPOSES OF PARTNERSHIP of the Existing Agreement shall be amended by
deleting the words "an interest in" in the second line of said Section.

          Section 3.  Effective as of the date of this Amendment, all
references to "Partners" currently contained in Section 3.05 ACTIVITIES OF
THE GENERAL PARTNER of the Existing Agreement shall be deleted and the word
"partners" shall be substituted therefor.

          Section 4.  Effective as of the date of this Amendment, Subsection
3.07 (a) INDEMNIFICATION of the Existing Agreement shall be deleted in its
entirety and the following substituted therefor:

          "(a)  The Partnership, out of its own assets and not out of the
assets of any Partner (except as provided in SECTION 3.07(b) below), shall
indemnify and hold harmless the General Partner and the Manager and any
partner, manager, officer, employee or agent of the General Partner, the
Manager and/or the legal representatives or controlling persons of any of
them and any employee or agent of the Partnership or the Manager (herein
collectively called the "INDEMNIFIED PERSONS"), from and against any loss,
expense, judgment, settlement cost, fee and related expenses (including
attorneys' fees and expenses), costs or damages suffered or sustained by
reason of being or having been the General Partner, the Manager, a partner,
manager, officer,

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employee or agent (or a legal representative or controlling person of any of
them) or any employee or agent of the Partnership, or arising out of or in
connection with the business of the Partnership or the performance by the
Indemnified Person of any of the responsibilities of the General Partner or
the Manager hereunder, provided that an Indemnified Person shall be entitled
to indemnification hereunder only if the Indemnified Person's conduct did not
constitute willful misconduct, gross negligence or criminal wrongdoing.  The
Partnership shall, in the sole discretion of the General Partner upon advice
of counsel that such Indemnified Person is likely to be entitled to such
indemnification, advance to any Indemnified Person reasonable attorneys' fees
and other costs and expenses incurred in connection with the defense of any
action or proceeding which arises out of conduct which is the subject of the
indemnification provided hereunder. The General Partner hereby agrees and
each other Indemnified Person shall agree, that in the event such Indemnified
Person receives any such advance, such Indemnified Person shall reimburse the
Partnership for such advance to the extent that it shall be finally
judicially determined that such Indemnified Person was not entitled to
indemnification under this SECTION 3.07.  Except as provided in SECTION 2.04,
the satisfaction of any indemnification and any saving harmless pursuant to
this SECTION 3.07(a) shall be from and limited to Partnership assets, and no
Partner shall have any personal liability on account thereof."

          Section 5.  SCHEDULES. Schedules A, B, C and D to the Existing
Agreement are hereby replaced in their entirety by Schedules A, B, C and D to
this Amendment.

          Section 6.  LIMITED EFFECT.

          (a)  Except as expressly amended and modified by this Amendment,
the Existing Agreement shall continue to be, and shall remain, in full force
and effect in accordance with its terms.  Each reference to the Agreement in
any document shall be deemed to be a reference to the Agreement as amended
hereby.

          (b)  This Amendment shall not be deemed effective unless and until
a fully executed Amendment is delivered to RPAC, GCD and ACC.

          Section 7.  COUNTERPARTS.  This Amendment may be executed by each
of the parties hereto on any number of separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and
the same instrument.

          SECTION 8.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE WITHOUT
REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

                    [Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the
date first set forth above.

                              GENERAL PARTNER:

                              RANDOM PROPERTIES ACQUISITION CORP. IV

                              By: ___________________________________
                              Name:  James Esposito
                              Title: Senior Vice President

                              SPECIAL LIMITED PARTNER:

                              GREENWICH CAPITAL DERIVATIVES, INC.

                              By: ___________________________________
                              Name:  Scott E. Gimpel
                              Title: Vice President

                              LIMITED PARTNER:

                              AAMES CAPITAL CORPORATION

                              By: ___________________________________
                              Name:
                              Title:

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                                     SCHEDULE A

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                                     SCHEDULE B

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                                     SCHEDULE C

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                                     SCHEDULE D

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