AAMES FINANCIAL CORP/DE
EXHIBIT 10.33(J)
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<DESCRIPTION>EXHIBIT 10.33(J)
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<P ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Exhibit
10.33(j)</B></FONT></FONT> </P>



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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">AMENDMENT
NUMBER ONE to the<BR>  GUARANTY dated as of June 30, 2003, made by<BR>  AAMES FINANCIAL
CORPORATION in favor of<BR>  GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., <BR> as party to the
Loan and Security Agreement, dated as of May 29, 2003,<BR>  between AAMES CAPITAL CORPORATION
and LENDER</FONT></FONT> </P>


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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">This
AMENDMENT NUMBER ONE is made this 15th day of November, 2002, by AAMES FINANCIAL
CORPORATION, having an address at 350 South Grand Avenue, Los Angeles,
California 90071 (the &#147;<U>Guarantor</U>&#148;), to the GUARANTY, dated as
of June 30, 2003 (the &#147;<U>Guaranty</U>&#148;) in favor of GREENWICH CAPITAL
FINANCIAL PRODUCTS, INC., having an address at 600 Steamboat Road, Greenwich,
Connecticut 06830 (the &#147;<U>Lender</U>&#148;), as party to the LOAN AND
SECURITY AGREEMENT, dated as of May 29, 2003, between AAMES CAPITAL CORPORATION
(the &#147;Borrower&#148;) and LENDER.</FONT></FONT> </P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><U>RECITALS</U></FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">WHEREAS,
the  Guarantor  executed  and  delivered  the  Guaranty to the Lender  pursuant to the
Loan and  Security Agreement;</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">WHEREAS,
as the Borrower has partially repaid the loan under the Loan and Security
Agreement, and the Guarantor and the Lender have agreed to amend the Guaranty as
set forth herein;</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and for the mutual covenants herein contained,
the parties hereto hereby agree as follows:</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
1. Effective as of November 12, 2003, Section 3(d) of the Guaranty is hereby
amended to read in its entirety as follows:</FONT></FONT> </P>

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     <TD><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(d)
The Guarantor agrees that during the term of this Guaranty, the Guarantor shall
not make pay or otherwise distribute any dividends or other distributions of any
nature (cash, securities, assets or otherwise), or any payments, by virtue of
redemption or otherwise, on any class of equity securities (including, without
limitation, warrants, options or rights therefor), other than the 5.5%
Convertible Debentures due 2012 which may be called for a call amount not in
excess of $400,000, issued by the Guarantor whether such securities are now or
may hereafter be authorized or outstanding and any distribution in respect of
any of the foregoing, whether directly or indirectly; provided that, the
Guarantor may pay preferred dividends accumulated through and including December
31, 2003 (payable in one or more installments on or prior to December 31, 2003)
to holders of Aames Financial Corporation Series B Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock with the proceeds from the
Guarantor&#146;s exercise of the clean-up calls for the following
securitizations: Aames Mortgage Trust 1997-A, Aames Mortgage Trust 1997-B, Aames
Mortgage Trust 1997-C, Aames Mortgage Trust 1997-D, Aames Mortgage Trust 1998-A
and Aames Mortgage Trust 1998-B if, after giving effect to such dividend, the
Guarantor has cash and Cash Equivalents in an amount equal to not less than
$48,000,000.</FONT></FONT> </P></TD>
</TR>
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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
2. <U>Defined Terms</U>. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Guaranty.</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
3. <U>Limited Effect</U>. Except as amended hereby, the Guaranty shall continue
in full force and effect in accordance with its terms. Reference to this
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
issued or made pursuant to, or with respect to, the Guaranty, any reference in
any of such items to the Guaranty being sufficient to refer to the Guaranty as
amended hereby.</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
4. <U>Representations</U>. The Guarantor hereby represents to the Lender that as
of the date hereof, the Guarantor is in full compliance with all of the terms
and conditions of the Guaranty and no Default or Event of Default has occurred
and is continuing under the Guaranty.</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
5. <U>Governing Law</U>. This Amendment Number One shall be construed in
accordance with the laws of the State of New York and the obligations, rights,
and remedies of the parties hereunder shall be determined in accordance with
such laws without regard to conflict of laws doctrine applied in such state
(other than Section 5-1401 of the New York General Obligations Law).</FONT></FONT> </P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">SECTION
6. <U>Counterparts</U>. This Amendment Number One 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.</FONT></FONT> </P>


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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">IN
WITNESS WHEREOF, the Guarantor and the Lender have caused this Amendment Number
One to be executed and delivered by their duly authorized officers as of the day
and year first above written.</FONT></FONT> </P>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="30%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="20%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="50%"><font size="2" face="Times New Roman, Times, serif">AAMES
      FINANCIAL CORPORATION</font></td>
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  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">(Guarantor)</font></td>
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  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">By:________________________________________<br>
      Name:<br>
      Title:</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">GREENWICH CAPITAL
      FINANCIAL PRODUCTS, INC.</font></td>
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  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">(Lender)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">By:_________________________________________<br>
      Name:<br>
      Title:</font></td>
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  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
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    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
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    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
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