<TABLE> <S> <C>

<PAGE>




<ARTICLE> 9
<LEGEND>  
This schedule contains summary financial information extracted from the Balance
Sheet and Statement of Income included in the Company's Form 10-K for the period
ended December 31, 1998.
</LEGEND>
<CIK>                         0001027283
<NAME>                        CALIFORNIA FEDERAL PREFERRED CAPITAL CORPORATION
<MULTIPLIER>                  1,000
<CURRENCY>                    US$
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<EXCHANGE-RATE>                                      1
<CASH>                                               0
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                      2,505
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        954,383
<ALLOWANCE>                                      8,413
<TOTAL-ASSETS>                                 995,746
<DEPOSITS>                                           0
<SHORT-TERM>                                         0
<LIABILITIES-OTHER>                                836
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    500,000
<COMMON>                                             0
<OTHER-SE>                                     494,910
<TOTAL-LIABILITIES-AND-EQUITY>                 995,746
<INTEREST-LOAN>                                 71,305
<INTEREST-INVEST>                                  963
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                                72,268
<INTEREST-DEPOSIT>                                   0
<INTEREST-EXPENSE>                                  89
<INTEREST-INCOME-NET>                           72,179
<LOAN-LOSSES>                                    2,310
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                   (36)
<INCOME-PRETAX>                                 69,905
<INCOME-PRE-EXTRAORDINARY>                      69,840
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    69,840<F1>
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    7.14
<LOANS-NON>                                      1,563
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 7,310
<CHARGE-OFFS>                                    1,207
<RECOVERIES>                                         0
<ALLOWANCE-CLOSE>                                8,413
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                          8,413
        

<FN>
<F1> Net income available to common stockholers: $24,215
</FN>



</TABLE>