FORM 10-K
                                 
                Securities and Exchange Commission
                     Washington, D. C.  20549
                                 
              Annual Report Under Section 13 or 15(d)
              of the Securities Exchange Act of 1934
                                 
   For Year Ended                      Commission File Numbers:
 December 31, 1996                        2-97573; 33-12626;
                                             and 33-19023

             NATIONAL MORTGAGE ACCEPTANCE CORPORATION
      (Exact name of registrant as specified in its charter)
                                 
      Virginia                                54-1294217
(State or other Jurisdiction               (I.R.S. Employer
 of incorporation)                      Identification number)

                       823 East Main Street
                          P. O. Box 1854
                     Richmond, Virginia  23219
       (Address of principal executive offices)  (Zip Code)
                                 
        Registrant's telephone number, including area code:
                                 
                          (804) 775-7904
                                 
    Securities registered pursuant to Section 12(b) of the Act:
                                 
                               NONE

    Securities registered pursuant to Section 12(g) of the Act:
                                 
                               NONE
                                 
     Indicate by checkmark whether the registrant (1) has filed all
reports  required  to  be  filed by Section  13  or  15(d)  of  the
Securities Exchange Act of 1934 during the preceding 12 months  (or
for  such  period  that the registrant was required  to  file  such
reports), and (2) has been subject to such filing requirements  for
the past ninety (90) days.

     Yes      X                                   No

      Aggregate market value of voting stock held by non-affiliates
of the registrant as of March 1, 1997:
                               NONE
                                 
      Number  of shares of common stock outstanding as of March  1,
1997:

               Class A:            730 shares
               Class B:          1,665 shares
<PAGE>
                              PART I
                                 
Item 1.  Business

       National  Mortgage  Acceptance  Corporation  ("NMAC"),   was
incorporated  under  the laws of the Commonwealth  of  Virginia  on
October  19,  1984, as a limited purpose finance corporation  under
the  name "Thrift Financing Corporation".  NMAC adopted its present
name  in  1989.  NMAC maintains its principal executive offices  at
823  East Main Street, Richmond, Virginia  23219, and its telephone
number is (804) 775-7904.

      Under  its  Restated and Amended Articles  of  Incorporation,
NMAC's  business is limited to issuing bonds ("Bonds")  principally
secured  by, or with interests in, "Mortgage Collateral."  Mortgage
Collateral  may  include mortgage loans and  deed  of  trust  loans
secured  by  real estate and certificates evidencing  interests  in
pools   of  such  mortgage  and/or  deed  of  trust  loans,   which
certificates may be issued or guaranteed by the Government National
Mortgage  Association, the Federal Home Loan Mortgage  Corporation,
the  Federal National Mortgage Association, and/or private issuers.
NMAC  may  lend  the  proceeds  from  the  sale  of  its  Bonds  to
participating  borrowers  pursuant to loan  or  funding  agreements
through  which  NMAC will obtain pledges of Mortgage Collateral  to
secure  a  related series of Bonds.  NMAC also may use the proceeds
from  the sale of its Bonds to acquire Mortgage Collateral  pledged
to  secure  a series of its Bonds.  NMAC's activities in connection
with   such   transactions   may  include  holding,   transferring,
assigning,  pledging, financing, refinancing and otherwise  dealing
with  mortgage  loans and mortgage certificates and any  activities
incident  to or necessary or convenient to accomplish the foregoing
purposes.

       Each  series  of  NMAC's  Bonds  is  secured  by  collateral
consisting primarily of (1) Mortgage Collateral owned by  NMAC  and
pledged to secure that series of Bonds, (2) funding agreements with
participating  borrowers, which funding agreements are  secured  by
Mortgage  Collateral, (3) a combination of such Mortgage Collateral
and funding agreements, and/or (4) amounts deposited in the various
funds  and  accounts created for such series of  NMAC's  Bonds  and
investments  made with such funds.  Collateral for each  series  of
NMAC's bonds is pledged and assigned by NMAC to a trustee on behalf
of  the holders of the Bonds of such series and, except for certain
insurance  policies (or deposits partially or entirely in  lieu  of
such  insurance  policies), collateral for a particular  series  of
Bonds  will  not  be available for payment of Bonds  of  any  other
series or for payment of any other liabilities of NMAC.  Funds held
by  the trustee with respect to each series of Bonds are restricted
so  as to assure the payment of principal and interest on the Bonds
of such series to the extent of such funds.

      With respect to any one or more series of its Bonds, NMAC may
cause  an election to be filed under the Internal Revenue  Code  of
1986,  as  amended (the "Code"), to have the segregated asset  pool
comprising the trust estate for such series of Bonds treated  as  a
real estate mortgage investment conduit ("REMIC") as defined in the
Code (each such series, a "REMIC Series").  If a REMIC election  is
to  be made with respect to the trust estate for a series of NMAC's
Bonds,  the Bonds of such REMIC Series will be treated as  "regular
interests"  in a REMIC, as such term is defined in  the  Code.   In
connection with one or more REMIC Series, NMAC expects that it will
sell  all or substantially all of the "residual interest," as  such
term  is  defined  in  the Code, in such REMIC Series  to  entities
engaged,  directly  or  through  their  owners  or  affiliates,  in
mortgage funding, financing or origination activities.
<PAGE>
      Each  series  of  NMAC's Bonds is to be secured  by  separate
collateral that does not serve as security for any other series  of
NMAC's  Bonds.   The collateral pledged to the trustee  securing  a
series   of  NMAC's  Bonds  is  projected  to  produce  cash   flow
sufficient, together with reinvestment income thereon at an assumed
annual  rate  and  assuming  timely  payment  to  the  trustee   of
distributions on the Mortgage Collateral for such series,  to  make
principal  and  interest  payments  required  to  be  made  on  the
outstanding Bonds of that series.  With respect to any REMIC Series
of NMAC's Bonds, the sale by NMAC of the "residual interest" in the
trust  estate for such REMIC Series will constitute a sale by  NMAC
of  the  economic  benefit of the amounts remaining  in  the  trust
estate  for  such REMIC Series after payments of the Bonds  of  the
related  REMIC Series.  Such amounts will be paid to the purchasers
of  the  residual interest of such REMIC Series, and  will  not  be
available   to  creditors  of  NMAC  or  available  to  pay   other
liabilities or obligations of NMAC.

     NMAC has no salaried employees and has entered into management
and  administrative  services agreements with Craigie  Incorporated
("Craigie",  an  affiliated  company), pursuant  to  which  Craigie
provides   NMAC  with  administrative,  accounting   and   clerical
services,  office space and the use of the registered service  mark
"TIMCO"  for  NMAC's  Bonds.   NMAC  also  enters  into  management
agreements with non-affiliates with respect to certain services  to
be provided by NMAC with respect to REMIC Series of its Bonds.

      Information  as of December 31, 1996 with respect  to  NMAC's
outstanding bonds is included in Notes 5 and 6 of NMAC's  financial
statements included herein.

Item 2.  Properties

     NMAC has no material physical properties.

Item 3.  Legal Proceedings

     None.

Item 4.  Submission of Matters to a Vote of Security Holders

      On  January 17, 1997, in lieu of an annual meeting, a Consent
Agreement  was  used  as  a  proxy to  elect  to  NMAC's  Board  of
Directors,  Allen Mead Ferguson, John Thomas West,  IV,  George  B.
Pugh, Jr., John W. Wright and Merlin T. Grim.
<PAGE>
                              PART II
                                 
Item   5.   Market  for  Registrant's  Common  Equity  and  Related
Shareholder Matters

      There  is  no market for NMAC common stock.  All  outstanding
common  stock  of  NMAC  is owned by Craigie  and  by  the  service
corporation  subsidiaries of what were originally nine savings  and
loan associations and savings banks.  As of December 31, 1996, four
of  the  nine savings and loan associations and savings  banks  are
believed  to be under the management of Federal Banking Regulators.
There  has  been  no  transfer of common  stock  ownership  and  no
dividends  were paid with respect to NMAC common stock in  1996  or
1995.

Item 6.  Selected Financial Data

      The following data are for the years ended December 31, 1996,
1995, 1994, 1993, and 1992.

                              Year Ended December 31,
                      1996        1995        1994        1993        1992
Statement of                                                     
Operations Data
Revenues       $ 2,164,745  $3,339,636  $4,542,830  $6,853,559  $9,951,755

Net Income (Loss)  (3,210)      12,404    (11,568)       (426)     (1,841)
   
Earnings (Loss)     (1.34)        5.18      (4.83)       (.18)       (.77)
Per Share

Balance Sheet

Total Assets $18,617,696  $23,533,660  $40,102,184  $62,051,403  $91,795,124
               
Receivables   17,328,606   21,242,798   37,378,026   58,480,390   87,186,100
Pursuant to
Funding Agreements
                                             
Bonds Payable*  17,328,606   21,242,798   37,462,181   58,557,003   88,968,278
                       


*Does not include Series B and Series D Bonds which are REMIC
Series of NMACs Bonds.  As of December 31, 1996, the outstanding
Series D aggregated $40,964,679.   Series B was retired during
1996.  See part II, Item 7, of this Report on Form 10-K.

Item 7.  Management's Discussion and Analysis of Financial
Condition and Results of Operation

     NMAC  was  organized to facilitate the financing of  long-term
mortgage  loans  through  issuance of its  mortgage  collateralized
obligations.   Such financing is facilitated by NMAC entering  into
funding   agreements   secured   by   Mortgage   Collateral    with
participating   borrowers   and/or  by  NMAC   acquiring   Mortgage
Collateral   and  pledging  the  mortgage  collateralized   funding
agreements, directly owned Mortgage Collateral and/or a combination
thereof  to  secure  its Bonds.  NMAC does not  have,  and  is  not
expected to have, any significant assets other than assets  pledged
to  secure  a  specific series of its Bonds.  Furthermore,  to  the
extent NMAC sells the "residual interest"  in a REMIC Series of its
Bonds,  NMAC will have sold, and will have no further interest  in,
the  economic  benefit  of  the  difference  between  the  payments
received  on  the collateral (i.e., trust estate)  for  such  REMIC
Series  of its Bonds, including reinvestment earnings thereon,  and
the debt service on such REMIC Series of its Bonds.
<PAGE>
    Revenues for 1996, 1995, 1994, 1993, and 1992 consist primarily
of  (i)  interest  on  loans  receivable under  funding  agreements
between  NMAC  and  participating borrowers  for  the  registrant's
Series  1985-A  Bonds, and Series C Bonds, and (ii)  administrative
fees paid to NMAC with respect to its outstanding Series 1985-A, B,
and  D  Bonds.   The  Series B Bonds and the Series  C  Bonds  were
retired  in  1996  and  1995, respectively.   Future  revenues  are
expected   to  be  provided  from  interest  payments  on   funding
agreements  for the Series 1985-A and the 1985 Series D Bonds,  and
from administrative fees relating to REMIC Series of NMAC's Bonds.

     Costs  and expenses incurred by NMAC during each period result
primarily from interest payable on its Bonds, expenses with respect
to   developing  financing  programs,  and  expenses  incurred   in
connection  with  administering outstanding Series  of  its  Bonds.
Such costs and expenses incurred in any period, including those for
any future period, depend primarily upon the amount of NMAC's Bonds
issued and outstanding during any such period and the interest rate
payable  on  such  Bonds.   NMAC receives, from  the  participating
borrowers  in its Series A Bonds and the residual interest  holders
with  respect  to its Series D Bonds, administration  payments  and
fees  which have been equal to, less than or in excess of the costs
incurred by NMAC in administering such outstanding series of Bonds.
Such fees and payments received by NMAC are expected to continue to
adequately  provide for the costs incurred by NMAC in administering
such  Bonds  on a current basis, thereby not impacting upon  NMAC's
need for liquidity in the short or long term.

    With respect to NMAC's Series B and Series D Bonds, NMAC caused
an  election to be made under the Code to have the trust estate for
such Bonds taxed as a REMIC, in which the Series B Bonds and Series
D Bonds, as the case may be, are (or were in the case of the Series
B  Bonds) "regular interests", as defined in the Code.  Other  than
its  ongoing  fees for administration of the Series D Bond  REMICs,
NMAC  has no future economic benefit in the segregated asset  pools
comprising the Series D REMICs.  The "residual interest" in each of
these  series was sold by NMAC for cash.  Accordingly, neither  the
collateral  for  these  REMIC Series  nor  the  related  Bonds  are
recorded  as  assets or liabilities, respectively,  of  NMAC.   The
interest  income  on the collateral for, and the  related  interest
expense  on,  the Series D Bonds will be recorded only  within  the
related   REMIC  and  will  have  no  impact  on  NMAC's  financial
statements.   As previously notes, the Series B Bonds were  retired
in 1996.

    Interest on NMAC's outstanding Series 1985-A and Series C Bonds
was  the  major  source of cost and expenses for the  years  ending
December 31, 1996, 1995, 1994, and 1993. Cash flow from payments of
the   loans  receivable  securing  the  Series  1985-A   Bonds   is
anticipated  to  continue to provide cash sufficient  to  make  all
required payments on the Series 1985-A Bonds.  Similarly, cash flow
from  the  Mortgage  Collateral  for  NMAC's  Series  D  Bonds   is
anticipated to continue to provide cash sufficient to make required
payments thereon. Consequently, NMAC anticipates that it will  have
no  additional  cash  requirements  with  respect  to  any  of  its
outstanding Bonds.  Future net income of NMAC is expected  to  vary
in  direct  relation to the issuance of one or more series  of  its
Bonds in a given year.

     With  respect  to  future series of NMAC's  Bonds  secured  by
funding  agreements, the participating borrowers will be  obligated
to  pay  costs  of issuance with respect to the related  series  of
Bonds  and to pay ongoing Bond administration expenses with respect
to  the  related series of NMAC's Bonds, including ongoing fees  to
NMAC  for services rendered by NMAC in connection with the  related
series  of  Bonds.  With respect to future REMIC  Series  of  Bonds
issued by NMAC, purchasers of the "residual interest" in each  such
REMIC  Series  will  be  obligated to pay  administration  expenses
rendered  under  the  related residual  interest  agreements.   The
purchase  price  of  such  residual interests  is  expected  to  be
sufficient  to  pay  costs of issuance of such  REMIC  Series  with
respect  to outstanding and future series of NMAC's Bonds not  paid
from  Bond proceeds.  NMAC believes that payments on the collateral
securing each series of its Bonds, whether now outstanding or to be
issued  in  the  future, will be sufficient to  meet  all  required
payments  of principal and interest on each such series  of  Bonds.
Furthermore,  fees paid to NMAC by participating borrowers  and  by
purchasers of the
<PAGE>
"residual  interest" in a REMIC Series of NMAC's Bonds,  together
with  NMAC's interest in any Mortgage Collateral owned by it  and
pledged to secure a series of Bonds are expected to be sufficient
to  provide  for all ongoing costs and expenses.  NMAC  therefore
anticipates  that  it will have no additional cash  or  liquidity
requirements   with   respect  to  its  obligations   under   any
outstanding series of its Bonds in either the short or long term.
NMAC also anticipates that the debt service requirements for  any
additional  series  of  its  Bonds  will  be  satisfied  by   the
collateral securing such series of Bonds.

     To  provide for administration and other management support,
NMAC  has  entered  into  agreements  with  Craigie  and  others.
Payments  under these agreements are not expected to  exceed  the
amounts  received  by  NMAC  as  ongoing  fees  paid  to  it   by
participating  borrowers  under their funding  agreements  and/or
purchasers of the residual interest in any REMIC Series of NMAC's
Bonds.

    NMAC has established a Series 1985-A Working Capital Reserve,
which  reserve is funded by Series 1985-A participating borrowers
from  amounts otherwise distributable to them under the terms  of
their  funding  agreements.  The  Series 1985-A  Working  Capital
Reserve  is  available  solely to pay any fees,  charges,  taxes,
assessments,  impositions or other expenses of NMAC,  other  than
Bond  administration  expenses of NMAC, in  connection  with  the
Series  1985-A  Bonds  or related funding  agreements.   NMAC  is
empowered,  in its sole discretion, to expend amounts  on  behalf
of,  and  release  amounts  to, the Series  1985-A  participating
borrowers   from   this  working  capital  reserve.    In   1996,
$806,635.57  was  released to participating  borrowers  from  the
reserve.   The  Series  1985-A Working  Capital  Reserve  is  not
available  to  pay  expenses of NMAC or claims  other  than  with
respect to the Series 1985-A Bonds, is not pledged to secure  the
Series  1985-A Bonds and will not be pledged to secure any  other
series  of  NMAC's Bonds.  NMAC does not anticipate  establishing
working  capital reserves with respect to future  series  of  its
Bonds.

     As  of  December  31, 1996, NMAC's assets were  $18,617,696,
including   $239,940   in  unrestricted   cash   and   marketable
securities.   This  balance,  plus  interest  earnings  from  the
investment  thereof, is available to pay NMAC's annual  operating
expenses,  and,  if  and  to  the extent  necessary,  amounts  in
connection with the outstanding Bonds of NMAC.

Item 8.   Financial Statements and Supplementary Data

    The response to this item is submitted in Appendix A.

Item 9.  Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

    None.
<PAGE>
                            PART III
                                
                                
Item 10.  Directors and Executive Officers of the Registrant

     The  persons set forth below are the directors and executive
officers of NMAC as of December 31, 1996:
                     Current
     Name              Age              Title

Allen Mead Ferguson     59         President, Chairman of the
                                        Board and Director
John Thomas West, IV    50         Secretary, Treasurer and
                                        Director
George B. Pugh, Jr.     47         Director
John W. Wright          47         Director and Vice President
Merlin T. Grim          41         Director
Randall B. Saufley      35         Vice President

    Allen Mead Ferguson, 59, elected Chairman in 1997, a Director
since  1989, and was elected Chief Executive Officer  of  Craigie
Incorporated  in  1995, and was formerly Chief Operating  Officer
and President since 1989 and Executive Vice President since 1980.

     John  Thomas  West,  IV,  50, elected  President  and  Chief
Operating  Officer  in 1997, a Director since 1984,  was  elected
Executive  Vice  President in 1990, and was  formerly  Secretary,
Treasurer  and  Senior  Vice President  since  1984,  of  Craigie
Incorporated.

     George  B.  Pugh, Jr., 47, a Director since 1984,  has  been
Executive  Vice  President  and  Managing  Director  of   Craigie
Incorporated since 1980.

    John W. Wright, 47, elected Executive Vice President in 1997,
a  Director in 1989, was elected Senior Vice President of Craigie
Incorporated in 1992, and was formerly Vice President since 1984.
Mr.  Wright  formerly  served  as  Vice  President  of  Investors
Mortgage Insurance Company, Boston, Massachusetts.

     Merlin T. Grim, 41, elected Secretary in 1997, Director  and
Treasurer  in  1995  and  was elected Senior  Vice  President  of
Craigie Incorporated in 1993.

    Randall B. Saufley, 35, elected Vice President and Controller
in   1995,  was  elected  Assistant  Vice  President  of  Craigie
Incorporated in 1994.

    All of the foregoing directors of NMAC, were reelected at the
annual  meeting of the shareholders and officers at the Board  of
Directors  meeting, held as of January 17, 1997  to  serve  until
their successors are elected and shall qualify.

Item 11.  Executive Compensation

     NMAC  has no salaried employees and does not compensate  its
directors.
<PAGE>
Item 12.  Security Ownership of Certain Beneficial Owners and
Management

    NMAC has two Classes of its Common Stock.  NMAC's Class A and
Class B Common Stock are identical except that Class A Common
Stock is voting but not entitled to dividends and Class B Common
Stock is non-voting but has the right to receive dividends.

    The following table sets forth certain information regarding
the beneficial ownership of each class of NMAC's Common Stock by
each entity that owns 5% or more of such Common Stock:

                           Class of Stock,
                              Amount of                Name and Address
 Name and Address        Beneficial Ownership           of Affiliated
of Beneficial Owner    and Percent of Class(1)       Financial Institution(1)
                      Class A   %    Class B    %
Craigie Incorporated    370    50.5    333    20.0     --
Richmond, Virginia

Colonial Service Corp.   40     5.5    148     8.9   Atlantic Permanent
Norfolk, Virginia                                    Federal Savings Bank,
                                                     F.S.B., Norfolk, Virginia
                                                     (See Note (2))

Jefferson Funding        40     5.5    148     8.9     Jefferson Savings and
Corporation                                            Loan Association
Warrenton, Virginia                                    Warrenton, Virginia
                                                       (See Note (4))

Investors Service Corp.  40     5.5    148     8.9     Investors Savings Bank
Richmond, Virginia                                     Richmond, Virginia
                                                       (See Note (2))

Pioneer Financial        40     5.5    148     8.9     Pioneer Federal
Services, Inc.                                         Savings and Loan
Richmond, Virginia                                     Association
                                                       Hopewell, Virginia

Roanoke Valley Service   40     5.5    148     8.9     CorEast Federal
Corporation                                            Savings Bank, F.S.B.
Roanoke, Virginia                                      Roanoke, Virginia
                                                       (See Note (2))

Security Financial       40     5.5    148     8.9     Security Federal
Service Corporation                                    Savings and Loan
Richmond, Virginia                                     Association
                                                       Richmond,Virginia
                                                       (See Note (2))

Southern Service         40     5.5    148     8.9     Virginia Federal
Corporation                                            Savings and Loan
Richmond, Virginia                                     Association
                                                       Richmond, Virginia
                                                       (See Note (3))
<PAGE>

                           Class of Stock,
                              Amount of                Name and Address
 Name and Address        Beneficial Ownership           of Affiliated
of Beneficial Owner    and Percent of Class(1)       Financial Institution(1)
                      Class A   %    Class B    %

Southside Service Corp.  40     5.5    148     8.9     Virginia First
Petersburg, Virginia                                   Savings Bank, F.S.B.
                                                       Petersburg, Virginia

The First Colony Service 40     5.5    148     8.9     Life Federal Savings
Corporation                                            Bank, F.S.B.
Norfolk, Virginia                                      Norfolk, Virginia
_______________
NOTES:

(1) None of the financial institutions are affiliates of each
    other, and none insures or guarantees payment of principal
    or interest on NMAC's Bonds, any funding agreement or any
    Mortgage Collateral.

(2) The financial institutions are under the Management of the
    Federal Deposit Insurance Corporation (FDIC).

(3) In December, 1988 the Virginia Federal Savings and Loan
    Association was purchased by MNC Financial Corporation of
    Baltimore, Maryland, subsequently purchased by Crestar Bank,
    Richmond, Virginia.

(4) In January, 1995, Jefferson Savings & Loan Association was
    purchased by Crestar Bank, Richmond, Virginia.


Item 13.  Certain Relationships and Related Transactions

     During  the  year  ended December 31,  1996,  NMAC  incurred
general  and  administrative  expenses  in  connection  with  the
management   agreements  described  in  Item   1   with   Craigie
Incorporated amounting to approximately $28,000.  Directors Allen
Mead Ferguson, John Thomas West, IV, George B. Pugh, Jr., John W.
Wright,   and  Merlin  T. Grim of NMAC are all  shareholders  and
officers of Craigie Incorporated.
<PAGE>
                             PART IV
                                
Item 14.  Exhibits, Financial Statement Schedules and Reports on
Form 8-K

         (a)  (1)(2)The response to this portion of Item  14
              is submitted in Appendix A.

              (3)  See Exhibit Index immediately preceding Exhibits.

         (b)  No reports on Form 8-K were filed during the last
              quarter of the fiscal year ended December 31, 1996.

         (c)  See Exhibits and Exhibit Index.


    Supplemental information furnished with reports filed
pursuant to Section 15(d) of the Act by registrants which have
not registered securities pursuant to Section 12 of the Act.

    NMAC has not sent an annual report or proxy material to its
security holders and does not intend to distribute such
information.
<PAGE>
                           SIGNATURES
                                
    Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, NMAC has duly caused this report
to be signed on its behalf by the undersigned there and to duly
authorize.

                                   NATIONAL MORTGAGE ACCEPTANCE
                                        CORPORATION


                                   By:_____________________________
                                      Allen Mead Ferguson, Chairman of the
                                         Board of Directors

      Pursuant to the requirements of the Securities and Exchange
Act  of  1934,  this report is cosigned below  by  the  following
persons on behalf of NMAC and in the capacities and on the  dates
indicated.

Date:

March 20, 1997                     By:_____________________________
                                      Allen Mead Ferguson, President,
                                       Chairman of the Board, and Director
                                       (Chief Executive Officer)


March 20, 1997                     By:_____________________________
                                      John Thomas West, IV
                                       Secretary, Treasurer and Director
                                       (Principal Financial Officer &
                                           Principal Accounting Officer)


March 20, 1997                     By:_____________________________
                                      George B. Pugh, Jr., Director


March 20, 1997                     By:_____________________________
                                      John W. Wright
                                       Vice President and Director


March 20, 1997                     By:_____________________________
                                      Merlin T. Grim, Director
<PAGE>
                           APPENDIX A
                                
                                
Item 15(a) (1) and (2)

(a)  The following documents are filed as part of this report:

     (1)  Financial Statements:

          Report of KPMG Peat Marwick LLP, Independent Auditors

          Balance Sheets at December 31, 1996 and 1995

          Statements of Operations and Retained Earnings for
          the years ended December 31, 1996, 1995 and 1994

          Statements  of  Cash Flows for  the  years  ended
          December 31, 1996, 1995 and 1994.

          Notes to Financial Statements

     All schedules are omitted because they are not applicable or
the required information is shown in the financial statements  or
the notes thereto.


<PAGE>



Independent Auditors' Report



The Board of Directors and Shareholders
National Mortgage Acceptance Corporation:


We have audited the accompanying balance sheets of National
Mortgage Acceptance Corporation as of December 31, 1996 and 1995,
and the related statements of operations and retained earnings
and cash flows for each of the years in the three-year period
ended December 31, 1996.  These financial statements are the
responsibility of the Companys management.  Our responsibility
is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of National Mortgage Acceptance Corporation as of December 31,
1996 and 1995, and the results of its operations and its cash
flows for each of the years in the three-year period ended
December 31, 1996 in conformity with generally accepted
accounting principles.






Richmond, Virginia
March 21, 1997

<PAGE>

NATIONAL MORTGAGE ACCEPTANCE CORPORATION
Balance Sheets
December 31, 1996 and 1995
                                            
Assets                                          1996               1995
Cash                                   $       3,229              8,586
Trading Securities, at fair value            236,711            235,292
Restricted cash & investments -
  Series 1985-A working capital
  reserve, at fair value (note 4)             53,665            828,314
Loans receivable from affiliates,
  estimated fair value of
  $18,260,019 in 1996 and
  $22,948,000 in 1995 (note 3)            17,328,606         21,242,798
Accrued interest receivable from
  affiliates                                 974,734          1,194,907
Other assets                                  20,751             23,763
                                       _____________      _____________
                                       $  18,617,696         23,533,660
Liabilities and Shareholders' Equity
Liabilities:
  Bonds payable, estimated fair value
   of $18,260,019 in 1996 and
   $21,986,000 in 1995 (note 5)        $  17,328,606         21,242,798
  Accrued interest payable (note 5)          974,734          1,194,907
  Other liabilities, principally
   to affiliates (note 3)                     86,016            864,405
                                       _____________      _____________
Total liabilities                         18,389,356         23,302,110

Shareholders' Equity:
  Common stock; $1 par value:
   Class A (without right to dividend)
    authorized 7,500 shares, issued
    and outstanding 730 shares                   730                730
   Class B (nonvoting)-authorized
    7,500 shares, issued and outstanding
    1,665 shares                               1,665              1,665
  Paid in capital                            182,565            182,565
  Retained earnings                           43,380             46,590
                                       _____________      _____________
Total shareholders' equity                   228,340            231,550
                                       _____________      _____________
                                       $  18,617,696         23,533,660


*See accompanying notes to financial statements

<PAGE>

NATIONAL MORTGAGE ACCEPTANCE CORPORATION
Statements of Operations and Retained Earnings
Years Ended December 31, 1996, 1995, and 1994

                                                 Years Ended December 31,
                                              1996         1995         1994
Revenues:
  Interest income on loans to affiliates $ 2,071,214    3,217,819    4,419,373
  Other interest income                       14,686       12,618       14,332
  Management fees from affiliates(note 8)     84,910       98,680      119,663
  Net trading securities gains (losses)       (6,065)      10,519      (10,538)
                                        ______________________________________
Total revenues                             2,164,745    3,339,636    4,542,830

Expenses:
  Interest on bonds                        2,071,214    3,217,819    4,419,373
  Management fees (note 8)                    84,910       98,680      119,663
  Other                                       11,831       10,733       14,762
                                        ______________________________________
Total expenses                             2,167,955    3,327,232    4,553,798

Income (loss) before income taxes            (3,210)      12,404      (11,568)
Income tax expense (note 7)                       -            -            -
                                        ______________________________________
Net income (loss)                            (3,210)      12,404      (11,568)

Retained earnings at beginnig of year         46,590       34,186       45,754
Retained earnings at end of year         $    43,380       46,590       34,186
Income (loss) per share                  $     (1.34)        5.18        (4.83)

*See accompanying notes to financial statements
<PAGE>

NATIONAL MORTGAGE ACCEPTANCE CORPORATION
Statements of Cash Flows
Years ended December 31, 1996, 1995 and 1994

                                                  Years Ended December 31,
                                              1996          1995         1994
Cash flows from operating activities:
 Net income (loss)                       $    (3,210)      12,404      (11,568)
 Adjustments to reconcile net income
  (loss) to net cash provided by (used
  in) operating activities:
    Increase in trading securities            (1,419)     (12,801)     (57,150)
    (Increase) decrease in restricted
     cash and investments - working
     capital reserve                         774,649      (42,872)     (39,925)
    Decrease in accrued interest receiv-
     able from affiliates                    220,173      481,982      872,099
    (Increase) decrease in other assets        3,012        8,399          (46)
    Decrease in accrued interest payable    (220,173)    (397,827)    (879,641)
    Interest added to Class A-4 and C-5
     bonds payable                                -       445,692      405,751
    Increase (decrease) in other liabil-
     ities, principally to affiliates       (778,389)      36,282       36,812
                                                          
Net cash provided by (used in) operating      (5,357)     531,259      326,332
 activites

Cash flows provided by investing activities
 payments received on loans to affiliates  3,914,192   16,135,228   21,102,364

Cash flows used in financing activities -
 payments on bonds payable                (3,914,192) (16,665,075) (21,500,573)

Net increase (decrease) in cash               (5,357)       1,412      (71,877)

Cash at beginning of year                      8,586        7,174       79,051

Cash at end of year                      $     3,229        8,586        7,174

Supplemental disclosures of cash flow
 information:
  Cash paid during the year for interest $ 2,291,387    3,615,646    4,893,263
  Cash paid for income taxes                      -         1,718           -

*See accompanying notes to financial statements
<PAGE>
NATIONAL MORTGAGE ACCEPTANCE CORPORATION
Notes to Financial Statements

     (1)  Organization

     National  Mortgage  Acceptance Corporation  ("NMAC"  or  the
     "Company"),  formerly  Thrift Financing  Corporation,  is  a
     limited  purpose finance subsidiary of Craigie  Incorporated
     ("Craigie") which owns 51% of the Class A common  stock  and
     20%  of the Class B common stock.  The remaining Class A and
     Class   B   common   stock  is  owned  by  subsidiaries   of
     institutions  involved  in the thrift  industry.   NMAC  was
     organized  on October 19, 1984 for the purpose of  providing
     access  to  certain capital markets for qualified  financial
     institutions and their affiliates.  NMAC acts as  a  conduit
     for such institutions by the issuance of its Thrift Industry
     Mortgage Collateralized Obligation Bonds and other series of
     Bonds (Bonds).  The issues are structured so that collection
     of   principal  and  interest  from  loans  receivable  from
     affiliates,  including the effects of  prepayments  thereon,
     equal  the  amount  of  principal and interest  due  on  the
     related bonds.  NMAC generally obtains bond offering fees at
     the  bond issuance date and administrative fees, as defined,
     for   each  offering  over  the  period  the  Bonds   remain
     outstanding.
     
     Collateralized Mortgage Obligation (CMO) Issuances

     When issued as a CMO, each series of Bonds is secured by the
     mortgage  collateral  and  related  funding  agreements   or
     promissory  notes  entered into by the participating  thrift
     institutions or their finance subsidiaries.  Each series  of
     Bonds  is  specifically  collateralized  by  mortgage-backed
     securities.  Such collateral was initially pledged  to  NMAC
     which  in  turn  pledged the collateral  to  an  independent
     trustee.   As  principal and interest are  received  by  the
     trustee,  the bonds payable and the funding agreements/notes
     receivable are concurrently reduced, as defined within  each
     individual  series  supplement to  the  bond  indenture  and
     funding agreement, respectively. Principal and interest  are
     payable semiannually or quarterly.
     
     As  of December 31, 1996, NMAC had issued two collateralized
     mortgage  obligations (Series 1985-A and Series C),  lending
     the  proceeds therefrom to finance subsidiaries of  entities
     that  are  affiliated with certain shareholders of NMAC  and
     Craigie. Only Series 1985-A was outstanding at December  31,
     1996.
     
     Real Estate Mortgage Investment Conduit (REMIC) Issuance

     For  Bonds  issued after January 1, 1987 and  for  which  an
     election  was  made  for  real estate  mortgage  investment
     conduit status under the Internal Revenue Code of 1986,  as
     amended,  NMAC simultaneously issued a series of  its  Bonds
     and  purchased  mortgage  collateral.   The  collateral   is
     segregated  into an asset pool comprising the  trust  estate
     for  that  series  of Bonds.  The Bonds of such  series  are
     considered regular interests in such a REMIC.   The  trust
     assets  serve  as the sole collateral for the  repayment  of
     such  series  of  Bonds.   The REMIC  also  issues  residual
     interest  certificates, whereby the holders cash investment
     entitles  it  to  receive excess cash flow  from  the  trust
     estate  for such series of Bonds, defined as the  excess  of
     the payments of principal and interest on the collateral for
     that  series  of  Bonds, and reinvestment earnings  thereon,
     over bond principal and interest costs and related expenses.

 <PAGE>

     (1)Continued

     As of December 31, 1996, NMAC had issued two series of Bonds
     (Series B and Series D) under the REMIC structure.
     

     (2)  Summary of Significant Accounting Policies

     Investment Securities

     The Company adopted the provisions of Statement of Financial
     Accounting   Standards  No.  115,  Accounting  for   Certain
     Investments  in  Debt and Equity Securities  (Statement  No.
     115),  on  January 1, 1994.  Under Statement  No.  115,  the
     Company  classifies  all  of its investment  securities  and
     restricted cash and investments in the Series 1985-A working
     capital  reserve  (working capital  reserve  securities)  as
     trading.  Trading securities are bought and held principally
     for the purpose of selling them in the near term.
     
     Trading  securities  and working capital reserve  securities
     are  recorded  at fair value based on quoted market  prices.
     Gains  and  losses  on trading securities  are  included  in
     earnings.   Realized  and unrealized  gains  and  losses  on
     working  capital  reserve  securities  are  recorded  as  an
     adjustment to interest rebates payable (see notes 3 and 4).
     
     Realized  gains and losses are determined using the specific
     identification method.
     
     Loans Receivable and Bonds Payable

     The  issuance of Bonds is treated as a financing unless  the
     transaction  qualifies as a sale of assets  under  generally
     accepted  accounting principles.  To date, the Bonds  issued
     under   the  CMO  structure  have  been  accounted  for   as
     financings, while the Bonds issued as a REMIC structure have
     qualified for sale treatment.  No gain or loss, exclusive of
     bond  offering fees in excess of related expenses,  resulted
     from   the  sales.   Due  to  the  reduction  of  the  loans
     receivable  and bonds payable as a function of  payments  of
     the  underlying  collateral,  the  ultimate  timing  of  the
     maturities of the respective loans and bonds is not  readily
     determinable.  The estimated fair value of loans  receivable
     is   determined  based  on  quoted  market  prices  for  the
     underlying  collateral.  The estimated fair value  of  bonds
     payable is determined based on quoted market prices for  the
     bonds.
     
     Interest Income and Expense

     Interest  income, net of rebates (see note 3), and  interest
     expense are recorded as accrued.
 <PAGE>
     (2)  Continued
     
     Bond Issuance Costs

     Costs  related to the issuance of a specific series of Bonds
     are  charged to the entities  participating in the offering.
     Ongoing costs related to registration statements and related
     prospectus  material,  prepared in  anticipation  of  future
     offerings,  are  expensed as incurred.  No such  costs  were
     incurred from 1994 through 1996.
     
     Earnings Per Share

     Earnings  per share are computed by dividing net  income  or
     loss by the weighted average number of shares of Class A and
     Class  B  common  stock  (2,395 for  1996,  1995  and  1994)
     outstanding during the period.
   
     Income Taxes

     Effective January 1, 1993, the Company adopted Statement  of
     Financial  Accounting  Standards  No.  109,  Accounting  for
     Income  Taxes.   No  cumulative  effect  of  the  change  in
     accounting for income taxes was recorded because it was  not
     material  to the Companys financial statements.  Under  the
     asset  and  liability method of Statement No. 109,  deferred
     tax assets and liabilities are recognized for the future tax
     consequences   attributable  to  differences   between   the
     financial statement carrying amounts of existing assets  and
     liabilities  and  their respective tax bases  and  operating
     loss and tax credit carryforwards.
     
     
     (3)  Loans Receivable

     Loans receivable on the Series 1985-A Bonds are expected  to
     mature in varying amounts prior to the year 2016.  The  loan
     agreements, as amended, generally provide for interest to be
     paid  at  a  rate  equal to the lesser of the  highest  bond
     interest  rate or the weighted bond interest  rate  plus  20
     basis  points per annum.  The resulting effective  rates  of
     interest on the loans (equal to the lesser of 11.25% or  the
     weighted average rate on the debt plus 20 basis points) were
     11.25% in 1996, 1995 and 1994.  Interest rebates payable and
     accumulated  earnings from restricted cash  and  investments
     are   included   in   other   liabilities   and   aggregated
     approximately $53,665 and $828,000 as of December  31,  1996
     and  1995,  respectively.  The timing  of  payment  of  such
     rebates is at the discretion of the management of NMAC.
     
     The  funding  agreements  for the Series  1985-A  Bonds  are
     collateralized by mortgage-backed securities and by  certain
     debt  service  funds  owned by the  participating  financial
     institution  subsidiaries.  Those funds and the  collections
     on  the  mortgage-backed securities are  held  by  the  bond
     trustee  until the respective semiannual payment  dates,  at
     which  time  they are distributed as payments on the  Bonds.
     Excess  funds (rebates) on the Series 1985-A Bonds, if  any,
     are   available  for  return  to  the  participating  thrift
     institution subsidiaries.
 <PAGE>
     (3)  Continued

     Loans receivable of $9,686,237 at December 31, 1996 are from
     wholly-owned limited-purpose finance subsidiaries of Craigie
     (the  Finance Subsidiaries).  The Finance Subsidiaries  were
     formed by certain depository institutions to facilitate  the
     issuance of CMOs through the Company.  Since the issuance of
     the  CMOs,  these  depository institutions  fell  under  the
     receivership of the Resolution Trust Corporation (RTC).  The
     RTC  was  succeeded by the FDIC as receiver  on  January  1,
     1996.   All  of the Finance Subsidiaries outstanding  stock
     was acquired by Craigie on November 12, 1996 from the FDIC.
     

     (4)  Restricted Cash and Investments

     Restricted  cash and investments represent interest  rebates
     which   have   been  invested  in  U.S.  government   agency
     obligations,   mortgage   backed   obligations,    corporate
     obligations, cash and cash equivalents and are restricted to
     repaying the interest rebates payable and the income  earned
     on these funds.
     
     During  the  fourth  quarter  of  1996,  the  Company   sold
     restricted investments of $715,213.  The sales proceeds were
     used to pay interest rebates payable to affiliates.
     

     (5)  Bonds Payable

     Series 1985-A Bonds payable had aggregate effective rates of
     interest of approximately 11.25% during 1996, 1995 and 1994.
     The Series 1985-A Bonds are collateralized by the respective
     loans  receivable  (together with  collateral  thereon)  and
     consist of the following as of December 31, 1996 and 1995:

                                                         Principal balance
                    Interest         Stated                 December 31,
     Class            rate        maturity date          1996          1995
   
     Series 1985-A:
         A-4          11.25%      January 1, 2016    $17,328,606    21,242,798

   
     The  Series  1985-A  Bonds require the payment  of  interest
     semiannually.
     
     The   stated  principal  value  of  the  collateral   (FHLMC
     participation certificates) plus the cash and investments in
     the  various  debt  service  funds  for  the  Series  1985-A
     aggregate  approximately $21,051,000 and $26,113,000  as  of
     December 31, 1996 and 1995, respectively.  These assets  are
     held  by  the trustee and, although not assets of NMAC,  are
     pledged,   together   with  interest  income   thereon,   as
     collateral for the Bonds.
 <PAGE>
     (6)  REMIC Issuances

     NMAC  has  issued two REMIC series, aggregating $333,067,000
     (Series  B  Bonds)  and $300,500,000  (Series  D  Bonds)  at
     issuance.  Concurrent with the issuance of these bonds, NMAC
     sold   the   entire  residual  interest  in  the  respective
     segregated  asset  pool  comprising  the  trust  estate.   A
     portion  of the Series B residual interest was purchased  by
     affiliates of certain shareholders.  The Series B Bonds were
     retired during 1996.
     
     As of December 31, 1996 and 1995, the following Bonds, which
     are not recorded as liabilities of NMAC, were outstanding:
     
                                                         Principal balance
                    Interest         Stated                 December 31,
     Class            rate        maturity date          1996          1995
   
     Series B:
         B-3          8.55%      May 20, 2018       $         -     33,168,824
         B-4          9.10       May 20, 2018                 -      8,087,721
                                                    --------------------------
                                                    $         -     41,256,545
     


     The  offering consisted of Class B-2 Bonds (Standard Bonds),
     which were retired during 1994, Class B-3 Bonds (the Planned
     Amortization Class Bonds) and Class B-4 Bonds (the  Compound
     Interest Bonds).

                                                         Principal balance
                    Interest         Stated                 December 31,
     Class            rate        maturity date           1996          1995
   
     Series D:
       D-2          6.7125%     May 1, 2016       $         -         189,945
       D-4          7.125       May 1, 2016                 -         280,212
       D-5          6.9625      May 1, 2016                 -          85,065
       D-6          9.75        November 1, 2017    40,964,679     51,000,000
                                                   --------------------------
                                                  $ 40,964,679     51,555,222
     
     The  offering  consisted of Class D-4,  which  were  retired
     during  1996, and D-6 Bonds (Standard Bonds) and Class   D-2
     and  D-5  Bonds (the Floating Rate Bonds), which  were  also
     retired during 1996.  The floating interest rates were based
     on  the  London interbank offered quotations for three-month
     Eurodollar deposits.
     
     The  stated principal value of the collateral for Series  D,
     (GNMA certificates) aggregates approximately $43,715,000  as
     of  December  31,  1996.   Such  collateral,  together  with
     interest  income  thereon, is only available  to  repay  the
     specific bond series.
 <PAGE>
     (7)  Income Taxes

     The components of income tax expense for 1996, 1995 and 1994
     were as follows:
                                             December 31,
                                        1996        1995        1994
     Federal - current          $          -           -           -
     State - current                       -           -           -
     Federal - deferred                    -           -         420
     State - deferred                      -           -         180
                                    --------------------------------
     Income tax expense         $          -           -         600
     
     The  actual  income  tax expense for  1996,  1995  and  1994
     differs  from  the  "expected" income tax expense  (benefit)
     (computed  by applying the statutory U.S. federal  corporate
     income tax rate of 35% to income (loss) before income taxes)
     as follows:
                                              Years ended December 31,
                                             1996        1995        1994
     Income tax expense (benefit) at
       statutory rate                 $     (1,124)      4,340      (3,829)
     Effect of graduated income tax
       rates                                   642      (2,480)      2,194
     State tax expense (benefit), net
       of federal expense (benefit)           (163)        630        (563)
     Change in valuation allowance             645      (2,490)      2,820
     Other                                      -           -          (12)
                                          --------------------------------
     Actual income tax expense         $         -           -          600

  
     
     The net deferred tax asset at December 31, 1996 and 1995 was
     as follows:
                                                         December 31,
                                                     1996           1995        
     Deferred tax asset - net operating loss   
       carryforward                            $      975            330
     Less valuation allowance                        (975)          (330)
                                            --------------------------------
     Net deferred tax asset                    $        -           -         

     
     Management has determined that the ability of the Company to
     realize  any  deferred  tax assets  will  depend  on  future
     earnings.   Since  future  earnings  cannot  be  assured,  a
     valuation allowance has been established in 1996 and 1995.
 <PAGE>
     (8)  Related Party Transactions

     Under the terms of its management contract, Craigie provides
     office   space   and   equipment  and  certain   managerial,
     administrative,  financial  and  other  services  to   NMAC.
     Management  fees are charged to NMAC and ultimately  to  the
     borrowers as an ongoing cost determined at the date  of  the
     bond offering.  Management fees are computed as a percentage
     of  the  outstanding bonds.  Management fees paid to Craigie
     were approximately $28,000, $40,000 and $56,000 during 1996,
     1995 and 1994, respectively.
     
Craigie acts as co-managing underwriter for all of the Bond
offerings and is the counterparty to all securities transactions
entered into by the Company.
<PAGE>
                          EXHIBIT INDEX

3.1  Restated  Articles  of  Incorporation  of  Thrift  Financing
     Corporation  ("TFC") (since June 2, 1989  National  Mortgage
     Acceptance  Corporation  and  hereinafter  referred  to   as
     "NMAC"),   previously  filed  as  Exhibit  3.1  to   NMAC's,
     Registration  Statement  on  Form  S-11,  Registration   No.
     2-97573, and incorporated by reference.

3.2  Articles  of  Amendment  to  NMAC's  Restated  Articles   of
     Incorporation,  previously filed as Exhibit  3.2  to  NMAC's
     Registration  Statement  on  Form  S-11,  Registration   No.
     2-97573, and incorporated by reference.

3.3  Bylaws  of  NMAC, previously filed as Exhibit 3.4 to  NMAC's
     Registration  Statement on Form S-11,  Registration  No.  2-
     97573, and incorporated by reference.

3.4  Articles  of  Amendment  dated  June  1,  1989  to  Restated
     Articles of Incorporation previously filed as Exhibit 3.5 to
     NMAC's  Post-Effective Amendment No. 1 on Form S-3  to  S-11
     Registration No. 33-19023 and incorporated by reference.

4.1  Indenture dated as of May 1, 1985 ("Indenture") between NMAC
     and  Texas  Commerce  Bank National Association  as  trustee
     ("Trustee"),  previously filed as Exhibit 4.1  to  Amendment
     No.  1  to  NMAC's  Registration  Statement  on  Form  S-11,
     Registration No. 2-97573 and incorporated by reference.

4.2  General Supplement relating to Subsequent Series dated as of
     January 1, 1987, previously filed as Exhibit to NMAC's  Form
     8-K  filed  on  February  10,  1985,  and  incorporated   by
     reference.

4.3  Series  Supplement to the Indenture, dated  as  of  July  1,
     1985,  relating to Series 1985-A Bonds, previously filed  as
     Exhibit  4  to NMAC's Form 8-K filed on July 23,  1985,  and
     incorporated by reference.

4.4  Series Supplement to the Indenture, dated as of January  20,
     1987,  relating  to  Series  B Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's Form 8-K filed on February 10,  1987,
     and incorporated by reference.

4.5  Series  Supplement to the Indenture, dated as of  March  20,
     1987,  relating  to  Series  C Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's Form 8-K filed on April 8, 1987,  and
     incorporated by reference.

4.6  Series Supplement to the Indenture, dated as of October  30,
     1987,  relating  to  Series  D Bonds,  previously  filed  as
     Exhibit  4.3 to NMAC's form 8-K filed on November 12,  1987,
     and incorporated by reference.

4.7  Form  of Second General Supplement to Indenture relating  to
     Subsequent Series previously filed as Exhibit 4.4 to  NMAC's
     Post-Effective  Amendment  No.  1  on  Form  S-3   to   S-11
     Registration No. 33-19023 and incorporated by reference.

11.1 See Appendix A.

12.1 Statement re computation of ratios.

<PAGE>

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES


                 Year Ended December 31,                                     

                       1996        1995         1994         1993         1992

Earnings:
   Income (Loss) before
     income taxes  $ (3,210)     12,404      (10,968)     (1,026)      (2,301)
   Fixed charges  2,071,214   3,217,819    4,419,373   6,711,685    9,784,956

                 $2,068,004   3,230,223    4,408,405   6,710,659    9,782,655

Fixed charges:
Interest expense$ 2,071,214   3,217,819    4,419,373   6,711,685    9,784,956

Ratio of earnings to fixed
 charges              0.998       1.004        0.998       1.000        1.000