5
                                
                                
                                

                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                                
                            FORM 10-Q
                                
   [ X ]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
               THE SECURITIES EXCHANGE ACT OF 1934
             For the period ended September 30, 1998
                                
                               OR
                                
       [   ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF
                THE SECURITIES EXCHANGE ACT OF 1934
         For the transition period from ________ to ________.
                                
                Commission File Number:  0-15764

      DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                                  TEMPO-LP, INC.
 (Exact name of registrant as specified in governing instrument)


                                    Dean  Witter/Coldwell  Banker
Tax
                                     Exempt Mortgage Fund, L.P.
              Delaware                              58-1710934
        (State    of   organization)              (IRS   Employer
Identification No.)


                                            TEMPO-LP, Inc.
                                               58-1710930
                                    (IRS  Employer Identification
No.)


     2 World Trade Center, New York, NY             10048
  (Address of principal executive offices)        (Zip Code)
                                
Registrant's telephone number, including area code: (212)
392-1054

Former  name, former address and former fiscal year,  if  changed
since last report:  not applicable

Indicate  by check mark 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 shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.  Yes     X     No

                                
<TABLE>
                 PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

   DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                                
                         BALANCE SHEETS
<CAPTION>
                                             September 30,
December 31,
                                                1998        1997
<S>                                                         <C>
<C>
                             ASSETS

Cash and cash equivalents                    $  740,997     $
4,231,538

Escrowed funds                                8,294,268
747,222

Accrued interest receivable and prepaid expenses            -
769,898

Investments in revenue bonds available for sale             -
120,317,750

Deferred bond selection fee, net                  -
835,058

Purchaser's deposit                               -
6,371,135

                                             $9,035,265
$133,272,601
                                
                                
                LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and other liabilities       $   87,319     $
1,070,312

Excess of equity in losses of property-owning investees
-    6,579,631
 over investments therein

Purchaser's deposit                               -
6,371,135

                                                 87,319
14,021,078

Partners' capital:
 General partner                               (781,483)
(664,908)
 Limited partner Assigned Benefit Certificates
  (7,454,110 ABCs outstanding)                9,729,429
96,720,770

 Net unrealized gain on revenue bonds available for sale
-   23,195,661

 Total Partners' capital                      8,947,946
119,251,523

                                             $9,035,265
$133,272,601
         See accompanying notes to financial statements.
</TABLE>
<TABLE>
   DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                                
                    STATEMENTS OF OPERATIONS
                                
     Three and nine months ended September 30, 1998 and 1997


<CAPTION>
                             Three months ended              Nine
months ended
                                September 30,        September
30,
                            1998       1997       1998      1997
<S>                                           <C>       <C> <C>
<C>
Revenues:
 Interest                 $ 165,433 $2,857,480          $
1,021,462                 $7,351,071
 Gain on sale of revenue bonds         -           -
23,615,266                      -
 Gain on sale of investments in
  Property-owning investees            -           -
10,867,938                      -
 Equity in losses of property-
  owning investees           -        (524,277)
(244,396)                   (636,587)

                           165,433   2,333,203
35,602,270                 6,714,484

General and administrative expenses   25,233     136,019
178,590                      350,683

Net income                $140,200  $2,197,184
$35,081,680               $6,363,801

Net income allocated to:
 Limited partners         $137,396  $2,153,240
$35,069,710               $6,236,525
 General partner             2,804      43,944
11,970                       127,276
                          $140,200  $2,197,184
$35,081,680               $6,363,801

Net income per Assigned Benefit
 Certificate              $    .01  $      .29          $
4.70 $      .84
















         See accompanying notes to financial statements.
</TABLE>
<TABLE>
   DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                                
                 STATEMENT OF PARTNERS' CAPITAL
                                
              Nine months ended September 30, 1998
<CAPTION>
                                                 Net
                                             Unrealized
                                               Gain on
                         Limited    General    Revenue
                         Partner    Partner     Bonds      Total
<S>                                          <C>       <C>  <C>
<C>
Partners' capital (deficit) at
 December 31, 1997     $  96,720,770         $(664,908)     $
23,195,661             $ 119,251,523

Net income                35,069,710            11,970        -
35,081,680

Cash distributions      (122,061,051)         (128,545)
-  (122,189,596)

Net change in fair value of
 revenue bonds available for
 sale                                     -       -
(23,195,661)             (23,195,661)

Partners' capital (deficit) at
 September 30, 1998    $   9,729,429         $(781,483)     $
- $   8,947,946



















                                
                                
                                
         See accompanying notes to financial statements.
</TABLE>
<TABLE>
   DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                                
                    STATEMENTS OF CASH FLOWS
                                
          Nine months ended September 30, 1998 and 1997
                                
<CAPTION>
                                                1998       1997
<S>                                                         <C>
<C>
Cash flows from operating activities:
 Net income                                $  35,081,680    $
6,363,801
 Adjustments to reconcile net income to net cash
  (used in) provided by operating activities:
  Equity in losses of property-owning investees
244,396                                        636,587
Amortization of deferred bond selection fee
835,058                                        159,731
  Gain on sale of revenue bonds              (23,615,266)
-
  Gain on sale of investments in property-owning investees
(10,867,938)                                       -
  Decrease in accrued interest receivable and
   prepaid expenses                              769,898
557,329
  Increase in escrowed funds                  (7,547,046)
(157,495)
  (Decrease) increase in accounts payable and other
   liabilities                                  (982,993)
219,283

   Net cash (used in) provided by operating activities
(6,082,211)                                  7,779,236

Cash flows provided by (used in) investing activities:
 Proceeds from sale of revenue bonds and investments
  in property-owning investees               124,781,266
-
 Other                                                         -
(78,980)

Cash flows used in financing activities:
 Cash distributions                         (122,189,596)
(7,419,064)

(Decrease) increase in cash and cash equivalents
(3,490,541)                                    281,192

Cash and cash equivalents at beginning of period
4,231,538                                    4,743,191

Cash and cash equivalents at end of period $     740,997    $
5,024,383










         See accompanying notes to financial statements.
     </TABLE>
 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                Notes to Financial Statements
                              
1.  The  Partnership, Basis of Presentation  and  Accounting
Policies

Dean  Witter/Coldwell Banker Tax Exempt Mortgage Fund,  L.P.
(the "Partnership") is a limited partnership organized under
the laws of the State of Delaware on August 20, 1986.

On February 26, 1998, the Partnership sold substantially all
of  its  non-cash  assets to an unaffiliated  party  for  an
aggregate sale price of $127,000,000.

Pursuant  to  the  sales  agreements,  the  Partnership  was
required to deposit into escrow $8,890,000, for a period  of
nine  months,  for  the purpose of satisfying  any  and  all
claims  for  indemnification against the  Partnership.   The
escrow  shall  be  released  to  the  Partnership  upon  the
expiration  of that time period, except for amounts  subject
to  claims made prior to expiration of such period.  Amounts
subject  to  claims  shall  be disbursed  from  such  escrow
account pursuant to the resolution of such claims by a court
of  competent  jurisdiction  or  by  agreement  between  the
Partnership and the purchaser.

At  closing,  the  Partnership received  approximately  $111
million  in  cash, representing the sales price net  of  the
Purchaser's  deposit, closing costs,  and  the  escrow  fund
described in the preceding paragraph.

At  closing, pursuant to the agreements, $750,000  was  paid
from  the  escrow  to  settle a claim  for  indemnification.
Accordingly,  the amount remaining in such  escrow  fund  at
September  30, 1998 was $8,294,268, which includes  interest
earned of $154,268.

Pursuant   to   the  Partnership's  Agreement   of   Limited
Partnership,  the  sale effectuated the dissolution  of  the
Partnership  and,  accordingly, the Partnership  is  in  the
process  of  winding  up  its  affairs.   After  the   final
distribution  of remaining net cash proceeds from  the  sale
and  any  other remaining cash from operations or  reserves,
the Partnership will terminate.

The  Partnership's  records are maintained  on  the  accrual
basis   of  accounting  for  financial  reporting  and   tax
purposes.
 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                Notes to Financial Statements
                              
Net  income  per  Assigned Benefit  Certificate  ("ABC")  is
calculated   by  dividing  net  income  allocated   to   the
Investors, in accordance with the Partnership Agreement,  by
the number of ABCs outstanding.
                              
In  the  opinion  of management, the accompanying  financial
statements,  which  have  not  been  audited,  include   all
adjustments necessary to present fairly the results for  the
interim  periods.  Except for the gain  on  sale  of  assets
described  above, such adjustments consist  only  of  normal
recurring accruals.

These  financial  statements should be read  in  conjunction
with  the  annual  financial statements  and  notes  thereto
included  in  the Partnership's annual report on  Form  10-K
filed  with the Securities and Exchange Commission  for  the
year ended December 31, 1997.

The Partnership adopted Financial Accounting Standards Board
Statement  No.  130,  "Reporting Comprehensive  Income"  and
Statement  No.  131,  "Disclosures  about  Segments  of   an
Enterprise and Related Information" during the first quarter
of  1998.  Adoption of these standards had no impact on  the
Partnership's computation or presentation of net income  per
Unit of Limited Partnership interest or other disclosures.

2. Investment in Revenue Bonds

The  Partnership  recognized  provisions  for  uncollectible
interest of $644,095 for the nine months ended September 30,
1997,  which represented accrued but unpaid interest on  the
Park  at  Landmark  revenue bond in 1997.  This  amount  was
recorded  as  a  reduction of interest income  from  revenue
bonds.

The   amortized  cost  basis  of  the  revenue   bonds   was
$97,122,089  at December 31, 1997.  Net unrealized  gain  on
revenue  bonds  consisted  of  gross  unrealized  gains   of
$23,195,661.

3. Related Party Transactions

An  affiliate of the General Partner performs administrative
functions, processes investor transactions and prepares  tax
information  for the Partnership and, prior to  their  sale,
was  the servicer of the revenue bonds.  For the nine months
ended  September 30, 1998 and 1997, the Partnership incurred
approximately    $134,000   and   $386,000,    respectively,

 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                Notes to Financial Statements
                              
for these services.  As of September 30, 1998, the affiliate
was owed approximately $5,000 for these services.

Another  affiliate  of the General Partner  earned  fees  of
$15,655  and  $52,175  for the management  of  the  Park  at
Landmark property during the nine months ended September 30,
1998 and 1997, respectively.

4. Litigation

Various  public partnerships sponsored by Realty  (including
the  Partnership  and  its Managing  General  Partner)  were
defendants in a class action lawsuit. On July 17, 1998,  the
Delaware  Chancery Court granted the defendants'  motion  to
dismiss the complaint in the lawsuit.  The Plaintiffs  filed
a notice of appeal from the Court's order.

In  May  1998,  the  Partnership  and  the  General  Partner
settled,  on  favorable  terms, the action  filed  by  David
Johnson, an ABC Holder, on or about August 27, 1996  in  the
Circuit  Court of Jackson County, Missouri at  Kansas  City.
The Partnership did not bear any portion of the settlement.
                              
5. Cash Distributions

On  February  11,  1998,  the Partnership  paid  the  fourth
quarter  cash  distribution of $2,422,585 to  the  Investors
($0.325 per ABC) and $49,441 to the General Partner.

On   February   27,   1998   the   Partnership   distributed
$111,811,650  ($15.00  per ABC) to the  Investors  from  the
proceeds from the sale of its non-cash assets.

On  May  11,  1998, the Partnership made a cash distribution
from reserves of $3,876,137 to the Investors ($0.52 per ABC)
and $79,105 to the General Partner.

On  June  9,  1998  the  Partnership distributed  $3,950,678
($0.53  per  ABC)  to  the  Investors  from  reserved  sales
proceeds.

The Partnership expects to distribute the remaining net cash
proceeds  of  the  sale and any other  remaining  cash  from
operations  or  reserves  upon winding  up  its  affairs  by
December 31, 1998.
<TABLE>
                        TEMPO-LP INC.
                              
                       Balance Sheets


<CAPTION>
                                    September 30,   December
31,
                                       1998          1997
<S>                                <C>            <C>
                        ASSETS

Cash                                 $  900        $  900

Investment in Partnership, at cost      100           100

                                     $1,000        $1,000


                 STOCKHOLDER'S EQUITY

Common stock, $1 par value, 1,000 shares
  authorized and outstanding         $1,000        $1,000

</TABLE>


















               See accompanying note.
                        TEMPO-LP INC.
                              
                   Note To Balance Sheets


1. Organization

TEMPO-LP, Inc. (the "Corporation"), was formed in April 1986
to be the limited partner of the Dean Witter/Coldwell Banker
Tax  Exempt  Mortgage  Fund, L.P. (the "Partnership").   The
Partnership  issued  limited partnership  interests  to  the
Corporation,   which   in   turn  assigned   those   limited
partnership  interests  to  investors.  Investors   received
assigned  benefit  certificates  to  represent  the  limited
partnership interests assigned to them.  The Corporation has
had  no activity since assignment of the limited partnership
interests in 1986.

The  Corporation's capital stock is owned by Morgan  Stanley
Dean Witter & Co.
 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                        TEMPO-LP INC.

Item  2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND
       RESULTS OF OPERATIONS

Liquidity and Capital Resources

The Partnership raised $149,082,200 in a public offering  of
7,454,110   ABCs  which  was  terminated   in   1987.    The
Registrants have no plans to raise additional capital.

The  Partnership purchased ten series of revenue bonds,  the
proceeds  of  which funded the development of  eight  multi-
family residential properties (the "Properties").

One  of  the  revenue bonds was sold in  October  1997.   On
February  26,  1998,  the  Partnership  sold  the  remaining
revenue  bonds and its ownership interests in the properties
collateralizing    certain   bonds.    Pursuant    to    the
Partnership's  Agreement of Limited  Partnership,  the  sale
effectuated   the   dissolution  of  the  Partnership   and,
accordingly,  after the final distribution of remaining  net
cash  proceeds  from the sale and any other  remaining  cash
from operations or reserves, the Partnership will terminate.
See Note 1 to the financial statements.

Operations

Fluctuations in the Partnership's operating results for  the
three-  and  nine-month  periods ended  September  30,  1998
compared  to  1997  were attributable to  the  sale  of  the
Partnership's  revenue  bonds and investments  in  property-
owning investees.
                              
Inflation

Inflation  has  been  consistently low  during  the  periods
presented in the financial statements and, as a result,  has
not  had  a  significant  effect on the  operations  of  the
Partnership or its properties.

 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                        TEMPO-LP INC.

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

             In  May  1998, the Partnership and the  General
       Partner  settled,  on  favorable  terms,  the  action
       filed  by  David Johnson, an ABC Holder, on or  about
       August  27,  1996  in the Circuit  Court  of  Jackson
       County, Missouri at Kansas City. The Partnership  did
       not bear any portion of the settlement.

       On   August   14,   1998,  the   plaintiff   in   the
       Consolidated  Action filed a notice  of  appeal  from
       the  order  of  the  Delaware  Chancery  Court  which
       granted   the  defendants'  motion  to  dismiss   the
       complaint.

Item 6.  Exhibits and Reports on Form 8-K

       (a)     Exhibits.
                An  exhibit index has been filed as part  of
this Report
               on Page E1.

 DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
                              
                        TEMPO-LP INC.

                      SIGNATURES

Pursuant to the requirements of the Securities Exchange  Act
of  1934, the Registrants have duly caused this report to be
signed  on  their behalf by the undersigned  thereunto  duly
authorized.

                              DEAN WITTER/COLDWELL BANKER
                              TAX EXEMPT MORTGAGE FUND, L.P.

                         By:       TEMPO-GP, INC.
                              Managing General Partner


Date:  November 16, 1998  By:       /s/E. Davisson  Hardman,
Jr.
                              E. Davisson Hardman, Jr.
                              President


Date:  November  16,  1998      By:          /s/Charles   M.
Charrow
                              Charles M. Charrow
                              Controller
                                (Principal   Financial   and
Accounting Officer)


                              TEMPO-LP, INC.

Date:  November 16, 1998     By:    /s/E. Davisson  Hardman,
Jr.                                                       E.
Davisson Hardman, Jr.
                              President


Date: November 16, 1998     By:    /s/Charles M. Charrow
                              Charles M. Charrow
                              Controller
                              (Principal Financial and
                               Accounting Officer)

                    Exhibit Index


           Quarter Ended September 30, 1998




Exhibit
  No.                       Description

  27                 Financial Data Schedule






























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