8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934

June 25, 2002

Date of Report (Date of earliest event reported)

AAMES CAPITAL CORPORATION

(Exact name of Registrant as specified in its charter)

California	033-84816	95-4438859
(State or other jurisdiction of incorporation)	(Commission file numbers)	(I.R.S. employer identification no.)
350 South Grand Avenue Los Angeles, California		90071
(Address of principal executive offices)		(ZIP Code)
(213) 210-5000
(Registrant's telephone number, including area code)
NA
(Former name or former address, if changed since last report)

Item 5. Other Events.

Aames Capital Corporation, a wholly owned subsidiary of Aames Financial Corporation, is releasing a monthly statement regarding its
Series 2002-1 Mortgage Pass-Through Certificates. A copy of this information is attached to this Form 8-K as Exhibit 20.1.
Aames Capital is providing this information in response to inquiries it received from members of the financial community.

Item 7. Financial Statements; Pro Forma Financial Information and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Exhibits:

See Index to Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AAMES FINANCIAL CORPORATION

By: /s/ Patrick D. Grosso
Patrick D. Grosso
Assistant Secretary

Dated: July 11, 2002

Index to Exhibits

Index to Exhibits

20.1(a)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Contents)
20.1(b)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Certificate Payment Report)
20.1(c)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Collection Account Report)
20.1(d)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Credit Enhancement Report )
20.1(e)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Collateral Report)
20.1(f)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Delinquency Report)
20.1(g)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (REO Report)
20.1(h)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Prepayment Report)
20.1(i)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Prepayment Detail Report)
20.1(j)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Realized Loss Report)
20.1(k)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Realized Loss Detail Report)
20.1(l)	Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1 - Statement to Certificateholders (Triggers, Adj. Rate Cert. and Miscellaneous Report)
Note that an unofficial copy of the June 2002 Statement to Certificateholders for Aames Capital Corporation, Mortgage Pass-Through Certificates, Series 2002-1, which includes all reports filed as Exhibits 20.1(a)-(l), is included in this filing in one PDF format file.

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

June 25, 2002 Distribution

Contents

		TABLE OF CONTENTS
				Page
		1.	Contents	1
		2.	Certificate Payment Report	2
		3.	Collection Account Report	6
		4.	Credit Enhancement Report	9
		5.	Collateral Report	10
		6.	Delinquency Report	13
		7.	REO Report	14
		8.	Prepayment Report	15
		9.	Prepayment Detail Report	18
		10.	Realized Loss Report	19
		11.	Realized Loss Detail Report	22
		12.	Triggers, Adj. Rate Cert. and Miscellaneous Report	23
			Total Number of Pages	23
		CONTACTS
			Administrator: Barbara A Rowe
			Direct Phone Number: (714)247-6284
			Address: Deutsche Bank
			1761 E. St. Andrew Place, Santa Ana, CA 92705
			Web Site: http://www-apps.gis.deutsche-bank.com/invr
			Factor Information: (800) 735-7777
			Main Phone Number: (714) 247-6000
ISSUANCE INFORMATION
	Seller:	Aames Capital Corporation		Cut-Off Date: March 1, 2002
	Certificate Insurer(s):			Closing Date: March 28, 2002
				First Payment Date: April 25, 2002
	Servicer(s):	Ocwen Federal Master Servicer
				Distribution Date: June 25, 2002
	Underwriter(s):	Greenwich Capital Markets, Inc. Lead Underwriter		Record Date: May 31, 2002
		Lehman Brothers Securities Corporation Underwriter
		Morgan Stanley & Co. Inc Underwriter

Page 1 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

REMIC I Series 2002-1

Certificate Payment Report for June 25, 2002 Distribution

	Distribution in Dollars - Current Period
			Prior						Current
	Class	Original	Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value	Balance	Interest	Principal	Distribution	Losses	Interest	Balance
			(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
II-A-1		655,000.00	637,507.43	4,655.16	11,343.25	15,998.41	-	-	626,164.18
II-A-2		500,000.00	500,000.00	3,651.06	-	3,651.06	-	-	500,000.00
II-A-3		215,000.00	215,000.00	1,569.96	-	1,569.96	-	-	215,000.00
II-A-4		117,500.00	117,500.00	858.00	-	858.00	-	-	117,500.00
II-M-1		113,750.00	113,750.00	830.62	-	830.62	-	-	113,750.00
II-M-2		78,750.00	78,750.00	575.04	-	575.04	-	-	78,750.00
II-B		70,000.00	70,000.00	511.15	-	511.15	-	-	70,000.00
II-Q		173,250,000.00	172,374,196.75	1,258,697.53	629,981.33	1,888,678.86	-	4,979.80	171,749,195.22
R-II		-	-	-	-	-	-	-	-
Total		175,000,000.00	174,106,704.18	1,271,348.52	641,324.58	1,912,673.10	-	4,979.80	173,470,359.40

	Interest Accrual Detail			Current Period Factor Information per $1,000 of Original Face
					Orig. Principal	Prior				Current
	Period	Period			(with Notional)	Principal			Total	Principal
Class	Starting	Ending	Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
						(1)	(2)	(3)	(4)=(2)+(3)	(5)
II-A-1			A-30/360		655,000.00	973.293786	7.107115	17.317939	24.425053	955.975847
II-A-2			A-30/360		500,000.00	1,000.000000	7.302120	-	7.302120	1,000.000000
II-A-3			A-30/360		215,000.00	1,000.000000	7.302140	-	7.302140	1,000.000000
II-A-4			A-30/360		117,500.00	1,000.000000	7.302128	-	7.302128	1,000.000000
II-M-1			A-30/360		113,750.00	1,000.000000	7.302154	-	7.302154	1,000.000000
II-M-2			A-30/360		78,750.00	1,000.000000	7.302095	-	7.302095	1,000.000000
II-B			A-30/360		70,000.00	1,000.000000	7.302143	-	7.302143	1,000.000000
II-Q			A-30/360		173,250,000.00	994.944859	7.265209	3.636256	10.901465	991.337346
R-II			A-30/360		-	-	-	-	-	-

Page 2 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

REMIC I Series 2002-1

Certificate Payment Report for June 25, 2002 Distribution

	Distribution in Dollars - to Date
									Current
	Original		Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value	Interest	Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)	(2)	(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
II-A-1	655,000.00	13,642.87	13,539.41	15,296.41	28,835.82	42,478.69	-	-	626,164.18
II-A-2	500,000.00	10,547.96	-	-	-	10,547.96	-	-	500,000.00
II-A-3	215,000.00	4,535.63	-	-	-	4,535.63	-	-	215,000.00
II-A-4	117,500.00	2,478.77	-	-	-	2,478.77	-	-	117,500.00
II-M-1	113,750.00	2,399.66	-	-	-	2,399.66	-	-	113,750.00
II-M-2	78,750.00	1,661.30	-	-	-	1,661.30	-	-	78,750.00
II-B	70,000.00	1,476.72	-	-	-	1,476.72	-	-	70,000.00
II-Q	173,250,000.00	3,646,402.85	-	1,514,344.19	1,514,344.19	5,160,747.04	-	13,539.41	171,749,195.22
R-II	-	-	-	-	-	-	-	-	-
Total	175,000,000.00	3,683,145.76	13,539.41	1,529,640.60	1,543,180.01	5,226,325.77	-	13,539.41	173,470,359.4

	Interest Detail
	Pass-	Prior Principal		Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)	Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance	Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
			(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
II-A-1	8.76255%	637,507.43	4,655.16	-	-	-	4,655.16	4,655.16	-
II-A-2	8.76255%	500,000.00	3,651.06	-	-	-	3,651.06	3,651.06	-
II-A-3	8.76255%	215,000.00	1,569.96	-	-	-	1,569.96	1,569.96	-
II-A-4	8.76255%	117,500.00	858.00	-	-	-	858.00	858.00	-
II-M-1	8.76255%	113,750.00	830.62	-	-	-	830.62	830.62	-
II-M-2	8.76255%	78,750.00	575.04	-	-	-	575.04	575.04	-
II-B	8.76255%	70,000.00	511.15	-	-	-	511.15	511.15	-
II-Q	8.76255%	172,374,196.75	1,258,697.53	-	-	-	1,258,697.53	1,263,677.33	-
R-II		-	-	-	-	-	-	-	-
Total		174,106,704.18	1,271,348.52	-	-	-	1,271,348.52	1,276,328.32	-

Page 3 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

REMIC II Series 2002-1

Certificate Payment Report for June 25, 2002 Distribution

	Distribution in Dollars - Current Period
			Prior						Current
	Class	Original	Principal			Total	Realized	Deferred	Principal
Class	Type	Face Value	Balance	Interest	Principal	Distribution	Losses	Interest	Balance
			(1)	(2)	(3)	(4)=(2)+(3)	(5)	(6)	(7)=(1)-(3)-(5)+(6)
A-1		65,500,000.00	63,750,742.65	203,364.87	1,134,324.80	1,337,689.67	-	-	62,616,417.85
A-2		50,000,000.00	50,000,000.00	224,083.33	-	224,083.33	-	-	50,000,000.00
A-3		21,500,000.00	21,500,000.00	123,553.33	-	123,553.33	-	-	21,500,000.00
A-4		11,750,000.00	11,750,000.00	62,754.79	-	62,754.79	-	-	11,750,000.00
M-1		11,375,000.00	11,375,000.00	66,088.75	-	66,088.75	-	-	11,375,000.00
M-2		7,875,000.00	7,875,000.00	48,017.81	-	48,017.81	-	-	7,875,000.00
B-1		7,000,000.00	7,000,000.00	45,505.83	-	45,505.83	-	-	7,000,000.00
C-1		-	855,962.15	-	-	-	-	497,979.80	1,353,941.95
R-1		-	-	-	-	-	-	-	-
Total		175,000,000.00	174,106,704.80	773,368.71	1,134,324.80	1,907,693.51	-	497,979.80	173,470,359.80

	Interest Accrual Detail			Current Period Factor Information per $1,000 of Original Face
					Orig. Principal	Prior				Current
	Period	Period			(with Notional)	Principal			Total	Principal
Class	Starting	Ending	Method	Cusip	Balance	Balance	Interest	Principal	Distribution	Balance
						(1)	(2)	(3)	(4)=(2)+(3)	(5)
A-1			A-30/360	00253CHN0	65,500,000.00	973.293781	3.104807	17.317936	20.422743	955.975845
A-2			A-30/360	00253CHP5	50,000,000.00	1,000.000000	4.481667	-	4.481667	1,000.000000
A-3			A-30/360	00253CHQ3	21,500,000.00	1,000.000000	5.746667	-	5.746667	1,000.000000
A-4			A-30/360	00253CHR1	11,750,000.00	1,000.000000	5.340833	-	5.340833	1,000.000000
M-1			A-30/360	00253CHS9	11,375,000.00	1,000.000000	5.810000	-	5.810000	1,000.000000
M-2			A-30/360	00253CHT7	7,875,000.00	1,000.000000	6.097500	-	6.097500	1,000.000000
B-1			A-30/360	00253CHU4	7,000,000.00	1,000.000000	6.500833	-	6.500833	1,000.000000
C-1			A-30/360	AA020102C	-	-	-	-	-	-
R-1			A-30/360	AA020102R	-	-	-	-	-	-

Page 4 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

REMIC II Series 2002-1

Certificate Payment Report for June 25, 2002 Distribution

	Distribution in Dollars - to Date
									Current
	Original		Unscheduled	Scheduled	Total	Total	Realized	Deferred	Principal
Class	Face Value	Interest	Principal	Principal	Principal	Distribution	Losses	Interest	Balance
	(1)	(2)	(3)	(4)	(5)=(3)+(4)	(6)=(2)+(5)	(7)	(8)	(9)=(1)-(5)-(7)+(8)
A-1	65,500,000.00	619,192.24	1,353,941.55	1,529,640.60	2,883,582.15	3,502,774.39	-	-	62,616,417.85
A-2	50,000,000.00	672,249.99	-	-	-	672,249.99	-	-	50,000,000.00
A-3	21,500,000.00	370,659.99	-	-	-	370,659.99	-	-	21,500,000.00
A-4	11,750,000.00	188,264.37	-	-	-	188,264.37	-	-	11,750,000.00
M-1	11,375,000.00	198,266.25	-	-	-	198,266.25	-	-	11,375,000.00
M-2	7,875,000.00	144,053.43	-	-	-	144,053.43	-	-	7,875,000.00
B-1	7,000,000.00	136,517.49	-	-	-	136,517.49	-	-	7,000,000.00
C-1	-	-	-	-	-	-	-	1,353,941.95	1,353,941.95
R-1	-	-	-	-	-	-	-	-	-
Total	175,000,000.00	2,329,203.76	1,353,941.55	1,529,640.60	2,883,582.15	5,212,785.91	-	1,353,941.95	173,470,359.80

	Interest Detail
	Pass-	Prior Principal		Non-	Prior	Unscheduled		Paid or	Current
	Through	(with Notional)	Accrued	Supported	Unpaid	Interest	Optimal	Deferred	Unpaid
Class	Rate	Balance	Interest	Interest SF	Interest	Adjustments	Interest	Interest	Interest
			(1)	(2)	(3)	(4)	(5)=(1)-(2)+(3)+(4)	(6)	(7)=(5)-(6)
A-1	3.82800%	63,750,742.65	203,364.87	-	-	-	203,364.87	203,364.87	-
A-2	5.37800%	50,000,000.00	224,083.33	-	-	-	224,083.33	224,083.33	-
A-3	6.89600%	21,500,000.00	123,553.33	-	-	-	123,553.33	123,553.33	-
A-4	6.40900%	11,750,000.00	62,754.79	-	-	-	62,754.79	62,754.79	-
M-1	6.97200%	11,375,000.00	66,088.75	-	-	-	66,088.75	66,088.75	-
M-2	7.31700%	7,875,000.00	48,017.81	-	-	-	48,017.81	48,017.81	0.00
B-1	7.80100%	7,000,000.00	45,505.83	-	-	-	45,505.83	45,505.83	-
C-1		855,962.15	-	-	-	-	-	497,979.80	-
R-1		-	-	-	-	-	-	-	-
Total		174,106,704.80	773,368.71	-	-	-	773,368.71	1,271,348.51	0.00

Page 5 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collection Account Report for June 25, 2002 Distribution

Collection Account Report

SUMMARY		TOTAL
	Principal Collections	636,344.78
	Principal Withdrawals	0.00
	Principal Other Accounts	0.00
	TOTAL NET PRINCIPAL	636,344.78
	Interest Collections	1,346,069.53
	Interest Withdrawals	0.00
	Interest Fees	(74,720.80)
	Capitalized Interest Requirement	0.00
	TOTAL NET INTEREST	1,271,348.73
	TOTAL AVAILABLE FUNDS TO BONDHOLDERS	1,907,693.51
PRINCIPAL - COLLECTIONS		TOTAL
	Scheduled Principal	154,978.76
	Curtailments	54,518.89
	Prepayments in Full	426,847.13
	Repurchases/Substitutions Shortfalls	0.00
	Liquidations	0.00
	Insurance Principal	0.00
	Other Additional Principal	0.00
	Delinquent Principal	0.00
	Advanced Principal	0.00
	Realized Losses	0.00
	Mortgage Replacement Amount	0.00
	TOTAL PRINCIPAL COLLECTED	636,344.78

Page 6 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collection Account Report for June 25, 2002 Distribution

Collection Account Report

PRINCIPAL - WITHDRAWALS		TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS		TOTAL
	Prefunded Release Amount	0.00
	TOTAL OTHER ACCOUNTS PRINCIPAL	0.00
INTEREST - COLLECTIONS		TOTAL
	Scheduled Interest	1,346,069.53
	Repurchases/Substitutions	0.00
	Liquidations	0.00
	Month End Interest (PPIS)	(587.54)
	Delinquent Interest	0.00
	Realized Losses	0.00
	Compensating Month End Interest	587.54
	Other Interest Shortfall (Relief Act)	0.00
	Interest Advanced	0.00
	Prepayment Penalties	0.00
	Capitalized Interest Requirement	0.00
	TOTAL INTEREST COLLECTED	1,346,069.53

Page 7 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collection Account Report for June 25, 2002 Distribution

Collection Account Report

INTEREST - WITHDRAWALS		TOTAL
SPACE INTENTIONALLY LEFT BLANK
INTEREST - OTHER ACCOUNTS		TOTAL
	Capitialized Interest Requirement	0.00
	TOTAL OTHER ACCOUNT INTEREST	0.00
INTEREST - FEES		TOTAL
	Current Servicing Fees	72,544.47
	Trustee Fee	2,176.33
	TOTAL INTEREST OTHER FEES	74,720.80

Page 8 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Credit Enhancement Report for June 25, 2002 Distribution

Credit Enhancement Report

ACCOUNTS		TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE		TOTAL
SPACE INTENTIONALLY LEFT BLANK
STRUCTURAL FEATURES		TOTAL
	Overcollateralization Amount	2,209,932.26
	Overcollateralization Requirement	5,512,500.91
	Excess Interest	497,980.02

Page 9 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collateral Report for June 25, 2002 Distribution

Collateral Report

COLLATERAL		TOTAL
	Loan Count:
	Original	1493
	Prior	1,952
	Prefunding	-
	Scheduled Paid Offs	-
	Full Voluntary Prepayments	(4)
	Repurchases	-
	Liquidations	-
	Current	1,948
	Principal Balance:
	Original	132,835,928.78
	Prior	174,106,732.96
	Prefunding	-
	Scheduled Principal	(154,978.76)
	Partial and Full Voluntary Prepayments	(481,366.02)
	Repurchases	-
	Liquidations	-
	Current	173,470,388.18
PREFUNDING		TOTAL
	Initial Prefunding Account Balance	42,164,100.00
	Beginning Prefunding Account Balance	(0.00)
	Current Period Prefunded Amount	0.00
	Prefunding Account Release	0.00
	Ending Prefunding Account Balance	(0.00)

Current Prin Balance by Groups (im millions of dollars) Total Current Principal Balance (in millions of dollars)

 

Page 10 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collateral Report for June 25, 2002 Distribution

Collateral Report

CHARACTERISTICS		TOTAL
	Weighted Average Coupon Original	9.312857%
	Weighted Average Coupon Prior	9.280251%
	Weighted Average Coupon Current	9.277547%
	Weighted Average Months to Maturity Original	313
	Weighted Average Months to Maturity Prior	320
	Weighted Average Months to Maturity Current	316
	Weighted Avg Remaining Amortization Term Original	326
	Weighted Avg Remaining Amortization Term Prior	-
	Weighted Avg Remaining Amortization Term Current	325
	Weighted Average Seasoning Original	2.01
	Weighted Average Seasoning Prior	-
	Weighted Average Seasoning Current	3.34
Note: Original information refers to deal issue.

WAC by Groups Total WAC

 

WARAT by Groups Total WARAT

 

Page 11 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Collateral Report for June 25, 2002 Distribution

Collateral Report

ARM CHARACTERISTICS		TOTAL
	Weighted Average Margin Original	0.743%
	Weighted Average Margin Prior	0.000%
	Weighted Average Margin Current	0.648%
	Weighted Average Max Rate Original	1.647%
	Weighted Average Max Rate Prior	0.000%
	Weighted Average Max Rate Current	1.425%
	Weighted Average Min Rate Original	0.985%
	Weighted Average Min Rate Prior	0.000%
	Weighted Average Min Rate Current	0.857%
	Weighted Average Cap Up Original	0.331%
	Weighted Average Cap Up Prior	0.000%
	Weighted Average Cap Up Current	0.284%
	Weighted Average Cap Down Original	0.110%
	Weighted Average Cap Down Prior	0.000%
	Weighted Average Cap Down Current	0.095%
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES		TOTAL
	Current Servicing Fees	72,544.47
	Delinquent Servicing Fees	0.00
	Trustee Fees	2,176.33
	TOTAL SERVICING FEES	74,720.80
	Total Servicing Fees	74,720.80
	Compensating Month End Interest	587.54
	Delinquent Servicing Fees	0.00
	COLLECTED SERVICING FEES	75,308.34
	Prepayment Interest Shortfall	587.54
	Total Advanced Interest	0.00
ADDITIONAL COLLATERAL INFORMATION		TOTAL
SPACE INTENTIONALLY LEFT BLANK

Page 12 of 23 © COPYRIGHT 2002 Deutsche Bank

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Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Delinquency Report for Juen 25, 2002 Distribution

Delinquency Report - Report

		CURRENT	1 PAYMENT	2 PAYMTS	3+ PAYMTS	TOTAL
DELINQUENT	Balance		-	-	-	-
	% Balance		0.00%	0.00%	0.00%	0.00%
	# Loans		-	-	-	-
	% # Loans		0.00%	0.00%	0.00%	0.00%
FORECLOSURE	Balance	-	-	-	-	-
	% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
	# Loans	-	-	-	-	-
	% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
BANKRUPTCY	Balance	-	-	-	-	-
	% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
	# Loans	-	-	-	-	-
	% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
REO	Balance	-	-	-	-	-
	% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
	# Loans	-	-	-	-	-
	% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
TOTAL	Balance	-	-	-	-	-
	% Balance	0.00%	0.00%	0.00%	0.00%	0.00%
	# Loans	-	-	-	-	-
	% # Loans	0.00%	0.00%	0.00%	0.00%	0.00%
Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Payments = 90+

1 or 2 Payments Delinquent 3 or More Payments Delinquent

Total Foreclosure Total Bankruptcy and REO

 

Page 13 of 23 © COPYRIGHT 2002 Deutsche Bank

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Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

REO Report for June 25, 2002 Distribution

REO Report - Mortgage loans that Become REO During Current Distribution

SUMMARY			LOAN GROUP
Total Loan Count = 0			Loan Group 1 = Group 1 Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
Loan Number	Original	Stated		Current	State &
&	Principal	Principal	Paid to	Note	LTV at	Original	Origination
Loan Group	Balance	Balance	Date	Rate	Origination	Term	Date
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Page 14 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Prepayment Report for June 25, 2002 Distribution

Prepayment Report - Voluntary Prepayments

VOLUNTARY PREPAYMENTS		TOTAL
	Current
	Number of Paid in Full Loans	4
	Number of Repurchased Loans	-
	Total Number of Loans Prepaid in Full	4
	Paid in Full Balance	426,847.13
	Repurchased Loans Balance	-
	Curtailments Amount	54,518.89
	Total Prepayment Amount	481,366.02
	Cumulative
	Number of Paid in Full Loans	5
	Number of Repurchased Loans	1
	Total Number of Loans Prepaid in Full	6
	Paid in Full Balance	883,930.72
	Repurchased Loans Balance	205,733.66
	Curtailments Amount	54,518.89
	Total Prepayment Amount	1,144,183.27
SPACE INTENTIONALLY LEFT BLANK

Total Prepayments by Groups (in thousands of dollars) Total Prepayments (in thousands of dollars)

 

Page 15 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Prepayment Report for June 25, 2002 Distribution

Prepayment Report - Voluntary Prepayments

VOLUNTARY PREPAYMENT RATES		TOTAL
	SMM	0.28%
	3 Months Avg SMM	0.23%
	12 Months Avg SMM
	Avg SMM Since Cut-off	0.23%
	CPR	3.27%
	3 Months Avg CPR	2.71%
	12 Months Avg CPR
	Avg CPR Since Cut-off	2.71%
	PSA	488.98%
	3 Months Avg PSA Approximation	760.46%
	12 Months Avg PSA Approximation
	Avg PSA Since Cut-off Approximation	760.46%

CPR by Groups Total CPR

 

PSA by Groups Total PSA

 

Page 16 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Prepayment Report for June 25, 2002 Distribution

Prepayment Report - Voluntary Prepayments

 

CPR Avg since Cut-Off by Groups Total CPR Avg since Cut-Off

 

PSA Avg since Cut-Off by Groups Total PSA Avg since Cut-off

 

PREPAYMENT CALCULATION METHODOLOGY
	Single Monthly Mortality (SMM): (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)
	Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
	PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
	Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) * (1-SMMn+1) *. . . . .*(1-SMMm)]^(1/months in period n,m)
	Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m)^12)
	Average PSA Approximation over period between the nth month and mth month: AvgCPRn,m/(0.02*Avg WASn,m))
	Average WASn,m: (min(30,WASn)+min(30,WASn+1)+. . . . .+min(30,WASm)/(number of months in the period n,m)
	Weighted Average Seasoning (WAS)
	Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
	Dates correspond to distribution dates.

Page 17 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Prepayment Detail Report for June 25, 2002 Distribution

Prepayment Detail Report - - Loans Prepaid in Full During Current Distribution

SUMMARY					LOAN GROUP
Total Loan Count = 4					Loan Group 1 = Group 1 Group
Total Original Principal Balance = 427,500.00
Total Prepayment Amount = 426,847.13
Loan Number		Original			Current	State &	Type Prepayment
&	Loan	Principal	Prepayment	Prepayment	Note	LTV at	&	Origination
Loan Group	Status	Balance	Amount	Date	Rate	Origination	Original Term	Date
1105620 1		57,400.00	57,321.09	May-13-02	9.875%	OH - 70.00%	Paid Off - 360	Dec-31-01
1158074 1		42,000.00	41,493.51	May-24-02	9.500%	IA - 56.00%	Paid Off - 180	Jan-08-02
1197835 1		80,100.00	80,032.53	May-21-02	10.250%	FL - 87.07%	Paid Off - 360	Jan-31-02
1821687 1		248,000.00	248,000.00	May-30-02	10.200%	IL - 80.00%	Paid Off - 360	Mar-29-02

Page 18 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Realized Loss Report for June 25, 2002 Distribution

Realized Loss Report - Collateral

COLLATERAL REALIZED LOSSES		TOTAL
	Current
	Number of Loans Liquidated	-
	Collateral Realized Loss/(Gain) Amount	-
	Net Liquidation Proceeds	-
	Cumulative
	Number of Loans Liquidated	-
	Collateral Realized Loss/(Gain) Amount	-
	Net Liquidation Proceeds	-
	Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK

Collateral Loss Severity Approximation by Groups Collateral Loss Severity Approximation

 

Page 19 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Realized Loss Report for June 25, 2002 Distribution

Realized Loss Report - Collateral

DEFAULT SPEEDS		TOTAL
	MDR	0.00%
	3 Months Avg MDR	0.00%
	12 Months Avg MDR
	Avg MDR Since Cut-off	0.00%
	CDR	0.00%
	3 Months Avg CDR	0.00%
	12 Months Avg CDR
	Avg CDR Since Cut-off	0.00%
	SDA	0.00%
	3 Months Avg SDA Approximation	0.00%
	12 Months Avg SDA Approximation
	Avg SDA Since Cut-off Approximation	0.00%
	Loss Severity Approximation for Current Period
	3 Months Avg Loss Severity Approximation
	12 Months Avg Loss Severity Approximation
	Avg Loss Severity Approximation Since Cut-off

CDR by Groups Total CDR

 

SDA by Groups Total SDA

 

Page 20 of 23 © COPYRIGHT 2002 Deutsche Bank

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Realized Loss Report for June 25, 2002 Distribution

Realized Loss Report - Collateral

 

CDR Avg since Cut-Off by Groups Total CDR Avg since Cut-Off

 

SDA Avg since Cut-Off by Groups Total SDA Avg since Cut-Off

 

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
	Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)
	Conditional Default Rate (CDR): 1-((1-MDR)^12)
	SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
	Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) * (1-MDRn+1) *. . . . .*(1-MDRm)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
	Average WASn,m: (WASn + WASn+1 +. . . . .+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.

Page 21 of 23 © COPYRIGHT 2002 Deutsche Bank

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Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Realized Loss Detail Report for June 25, 2002 Distribution

Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY					LOAN GROUP
Total Loan Count = 0					Loan Group 1 = Group 1 Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Loan Number		Original	Prior		Current	State &
&	Loan	Principal	Principal	Realized	Note	LTV at	Original	Origination
Loan Group	Status	Balance	Balance	Loss/(Gain)	Rate	Origination	Term	Date
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Page 22 of 23 © COPYRIGHT 2002 Deutsche Bank

EX-20

Aames 2002-1

Mortgage Pass-Through Certificates

Series 2002-1

Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25, 2002 Distribution

Triggers, Adj. Rate Cert. and Miscellaneous Report

TRIGGER EVENTS		TOTAL
	Delinquency Event Occurring?	No
	Cummulative Loss Event Occurring?	No
ADJUSTABLE RATE CERTIFICATE INFORMATION		TOTAL
SPACE INTENTIONALLY LEFT BLANK
ADDITIONAL INFORMATION		TOTAL
SPACE INTENTIONALLY LEFT BLANK

Page 23 of 23 © COPYRIGHT 2002 Deutsche Bank