<TABLE> <S> <C>


<ARTICLE>                                         5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FINANCIAL STATEMENTS OF PIPER MORTGAGE ACCEPTANCE CORPORATION AS
OF AND FOR THE PERIODS ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                     <C>
<PERIOD-TYPE>                           6-MOS
<FISCAL-YEAR-END>                                   SEP-30-1997
<PERIOD-END>                                        MAR-31-1997
<CASH>                                                          10,000
<SECURITIES>                                                         0 <F1>
<RECEIVABLES>                                                        0 <F1>
<ALLOWANCES>                                                         0 <F1>
<INVENTORY>                                                          0 <F1>
<CURRENT-ASSETS>                                                     0 <F1>
<PP&E>                                                               0 <F1>
<DEPRECIATION>                                                       0 <F1>
<TOTAL-ASSETS>                                                  10,000
<CURRENT-LIABILITIES>                                                0
<BONDS>                                                              0
<PREFERRED-MANDATORY>                                                0
<PREFERRED>                                                          0
<COMMON>                                                         1,000
<OTHER-SE>                                                     (35,078)
<TOTAL-LIABILITY-AND-EQUITY>                                    10,000
<SALES>                                                              0
<TOTAL-REVENUES>                                                     0
<CGS>                                                                0 <F3>
<TOTAL-COSTS>                                                        0
<OTHER-EXPENSES>                                                73,140 <F2>
<LOSS-PROVISION>                                                     0
<INTEREST-EXPENSE>                                                   0
<INCOME-PRETAX>                                                (73,140) <F2>
<INCOME-TAX>                                                   (27,062)
<INCOME-CONTINUING>                                                  0
<DISCONTINUED>                                                       0 <F2>
<EXTRAORDINARY>                                                      0
<CHANGES>                                                            0
<NET-INCOME>                                                   (46,078)<F2>
<EPS-PRIMARY>                                                        0 <F4>
<EPS-DILUTED>                                                        0 <F4>
<FN>
<F1>  NOT APPLICABLE - COMPANY DOES NOT HAVE A CLASSIFIED BALANCE SHEET
<F2>  THE COMPANY HAS NOT COMMENCED OPERATIONS AND HAS RECENTLY ADOPTED A 
         PLAN OF DISSOLUTION
<F3>  NOT APPLICABLE - THE COMPANY HAS NO SALES, ONLY INTEREST INCOME AS REVENUE
<F4>  NOT APPLICABLE - THE COMPANY DOES NOT COMPUTE EARNINGS PER SHARE
</FN>
        

</TABLE>