AAMES FINANCIAL CORP/DE
EXHIBIT 10.33(B)
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<TYPE>EX-10.33(B)
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<DESCRIPTION>EXHIBIT 10.33(B)
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<BR></FONT><FONT SIZE=2><B>EXHIBIT 10.33(b)    <BR>  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>AMENDMENT NUMBER ONE<BR>  to the<BR>  Warehouse Loan and Security Agreement<BR>  dated as of February&nbsp;10, 2000,<BR>  as Amended and Restated to and including March&nbsp;21, 2002<BR>  by and among<BR>  GREENWICH CAPITAL
FINANCIAL PRODUCTS,&nbsp;INC.<BR>  and<BR>  AAMES CAPITAL CORPORATION<BR>  and<BR>  AAMES FUNDING CORPORATION    <BR>  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This AMENDMENT NUMBER ONE is made this 15<SUP>th</SUP> day of May, 2002, by and among GREENWICH CAPITAL FINANCIAL PRODUCTS,&nbsp;INC., having an address at
600 Steamboat Road, Greenwich, Connecticut 06830 (the "</FONT><FONT SIZE=2><I>Lender</I></FONT><FONT SIZE=2>"), AAMES CAPITAL CORPORATION, having an address at 350 South Grand Avenue, Los Angeles,
California 90071 ("</FONT><FONT SIZE=2><I>Aames Capital</I></FONT><FONT SIZE=2>") and AAMES FUNDING CORPORATION, having an address at 350 South Grand Avenue, Los Angeles, California 90071
("</FONT><FONT SIZE=2><I>Aames Funding</I></FONT><FONT SIZE=2>", and together with Aames Capital, the "</FONT><FONT SIZE=2><I>Borrowers</I></FONT><FONT SIZE=2>"), to the Warehouse Loan and Security
Agreement (the "</FONT><FONT SIZE=2><I>Warehouse Agreement</I></FONT><FONT SIZE=2>"), dated as of February&nbsp;10, 2000, as amended and restated to and including March&nbsp;21, 2002 by and among
the Lender, Aames Capital and Aames Funding. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Warehouse Agreement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>RECITALS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrowers and the Lender have agreed to amend the sublimits applicable to Second Lien Mortgage Loans which are subject to Advances under the
Warehouse Agreement, as set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby
agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1. Effective as of May&nbsp;15, 2002, subclauses (15), (16)&nbsp;and (17)&nbsp;of the definition of Collateral Value in Section&nbsp;1 of the Warehouse Agreement are
hereby deleted and replaced with the following: </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;if
such Mortgage Loan is a Second Lien Mortgage Loan which has been subject to the terms of this Warehouse Agreement for more than 120&nbsp;days; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;if
such Mortgage Loan is a Second Lien Mortgage Loan and the Collateral Value of such Second Lien Mortgage Loan when added to the aggregate Collateral Value of all
other Second Lien Mortgage Loans exceeds, at any time, $15,000,000; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;if
such Mortgage Loan is a Second Lien Mortgage Loan (other than a Concurrent Second Lien Mortgage Loan) and the Collateral Value of such Second Lien Mortgage Loan when
added to the aggregate Collateral Value of all other Second Lien Mortgage Loans which are not Concurrent Second Lien Mortgage Loans exceeds, at any time, $7,500,000; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;if
such Mortgage Loan is a Second Lien Mortgage Loan that has been subject to the terms of this Warehouse Agreement for 90 or more days and the Collateral Value of such
Second Lien Mortgage Loan when added to the aggregate Collateral Value of all other Second Lien Mortgage Loans that have been subject to the terms of this Warehouse Agreement for 90 or more days
exceeds, at any time, $7,500,000. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2. </FONT><FONT SIZE=2><B>In order to induce the Lender to execute and deliver this Amendment, the Borrowers hereby represent to the Lender that as of the date hereof, after
giving effect to this Amendment, the Borrowers are in full compliance with all of the terms and conditions of the Warehouse Agreement and no Default or Event of Default has occurred and is continuing
under the Warehouse Agreement.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3. This Amendment Number One shall be construed in accordance with the laws of the State of New York (including Section&nbsp;5-1401 of the New York General
Obligations Law) 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&nbsp;5-1401 of the New York General Obligations Law). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4. 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></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5. Except as expressly amended and modified by this Amendment Number One, the Agreement shall continue to be, and shall remain, in full force and effect in accordance with its
terms. </FONT><FONT SIZE=2><B>Reference to this Amendment need not be made in the Warehouse Agreement 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 Warehouse Agreement, any reference in any of such items to the Warehouse Agreement being sufficient to refer to the
Warehouse Agreement as amended hereby.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Lender and the Borrowers 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></P>

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<TD WIDTH="52%"><FONT SIZE=2>GREENWICH CAPITAL FINANCIAL PRODUCTS,&nbsp;INC.<BR>
(Lender)</FONT></TD>
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<TD WIDTH="52%"><FONT SIZE=2>AAMES CAPITAL CORPORATION<BR>
(Borrower)</FONT></TD>
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<TD WIDTH="52%"><FONT SIZE=2>AAMES FUNDING CORPORATION<BR>
(Borrower)</FONT></TD>
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<TD WIDTH="47%" VALIGN="TOP"><FONT SIZE=2>AAMES FINANCIAL CORPORATION.<BR>
as "Guarantor" under that certain Guaranty dated<BR>
as of March&nbsp;21, 2002 in favor of Lender.</FONT></TD>
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Name:<BR>
Title:</FONT></TD>
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<FONT SIZE=2><A HREF="#toc_oc2103_1">EXHIBIT 10.33(b)</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_oc2103_2">AMENDMENT NUMBER ONE to the Warehouse Loan and Security Agreement dated as of February 10, 2000, as Amended and Restated to and including March 21, 2002 by and among GREENWICH CAPITAL FINANCIAL PRODUCTS, INC. and
AAMES CAPITAL CORPORATION and AAMES FUNDING CORPORATION</A></FONT><BR>

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