Aames Financial Corp., Los Angeles, has reported net income of $2.1 million for the quarter ended Dec. 31, compared with $1.5 million a year earlier.The company said it took a $31.9 million writedown to the carrying value of its residual interests as a result of changes in certain assumptions about credit losses and annual prepayment rates that are used in estimating the fair value of the residual interests. Aames reported record loan production of $1.3 billion for the quarter, up 56.6% from $834.6 million a year earlier. Aames can be found online at http://www.aames.net.
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