FORM 10-Q

Securities and Exchange Commission
Washington, D. C.  20549

Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934

For Quarter Ended: June 30, 1999
Commission File Numbers:  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)

909 East Main Street
P.O. Box 1575
Richmond, Virginia
(Address of principal executive offices)

23218
(Zip Code)

(804) 775-7904
(Registrant's telephone number, including area code)


	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 shorter
period of time 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


	Indicate the number of shares outstanding of each of the issuer's
 classes of common stock, as of the latest practicable date.

			Class A Common Stock:		730 shares
			Class B Common Stock:		1,665 shares


Part I:	FINANCIAL INFORMATION

June 30, 1999
Item 1.	Financial Statements

		Attached as Appendix A.

Item 2.	Management's Discussion and Analysis of Financial Condition and
Results of
		Operations

		Attached as Appendix B.

Part II:	OTHER INFORMATION

Item 1.	Legal Proceedings - None

Item 2.	Changes in Securities - None

Item 3.	Defaults on Senior Securities - None

Item 4.	Submission of Matters to Vote of Security Holders - Information
regarding election of directors by the registrant's voting shareholders
 previously reported in registrant's report on Form 10-K for its year ending
 December 31, 1998, as filed March 30, 1999.

Item 5.	Other Information - None

Item 6.	Exhibits and Reports on Form 8-K - None

SIGNATURES

	Pursuant to the requirements of the Securities Exchange Act of 1934,
 the registrant has duly caused this report to be signed on its behalf by the
 undersigned, thereunto duly authorized.

		   NATIONAL MORTGAGE ACCEPTANCE CORPORATION
			(Registrant)



			By:  	______________________________________________
				Randall B. Saufley
				Secretary/Treasurer
				Principal financial officer and duly authorized officer

Date:		July 29,1999

 EXHIBIT INDEX

2.	Not Applicable.

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.	Not applicable.  Information in Appendix A.

15.	Not applicable.

18.	Not applicable.

19.	Not applicable.

20.	Not applicable.

23.	Not applicable.

24.	Not applicable.

25.	Not applicable.

28. Not applicable.

Statements of Financial Condition

NATIONAL MORTGAGE ACCEPTANCE CORPORATION



			 June 30, 1999		December 31, 1998

				(unaudited)
ASSETS
  Cash			         $	23,650	       $	11,289
  Trading securities, at fair value	224,638		    	240,885
  Restricted cash and investments -
    Series 1985-A working capital reserve,
at fair value				59,203 			59,046
  Loans receivable from affiliates	9,863,752		11,104,810
  Accrued interest receivable
    from affiliates			554,836			624,646
  Other assets				15,777			17,056

                     TOTAL ASSETS     $	10,741,856	       $12,057,732


LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
     Bonds payable	   	$	9,863,752	       $11,104,810
     Accrued interest payable		554,836			624,646
     Other liabilities, principally to affiliates
					84,714			89,822

                 TOTAL LIABILITIES	10,503,302		11,819,278


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 (non-voting)-- authorized
      7,500 shares, issued and outstanding
      1,665 shares				1,665		1,665
  Paid-in capital				182,565		182,565
  Retained earnings				53,594		53,494

                  SHAREHOLDERS' EQUITY		238,554		238,454

         TOTAL LIABILITIES AND
           SHAREHOLDERS' EQUITY	          $	10,741,856    $	12,057,732

The accompanying notes are an integral part of these financial statements.








Statements of Operations and Retained Earnings

NATIONAL MORTGAGE ACCEPTANCE CORPORATION





	Three Months Ended				Six Months Ended
		June 30,				June 30,
			1999		1998		1999		1998

		    (unaudited)				(unaudited)
REVENUES
  Interest
on loans		 $277,418 	$351,905	$554,836           $703,810
  Other interest 	    3,050	   5,550	   7,642	      8,565
  Management fees          11,947	  15,328	  30,691             31,572
  Net unrealized securities
 trading gains	 	    5,524         29,425           1,075	     31,853

				297,939		369,440		594,244		743,032

COSTS AND EXPENSES
  Interest on bonds		277,418		351,905		554,836		703,810
  Management fees		11,947		15,328		30,691		31,572
  Other				4,391		4,061		8,592		7,114

				293,756		371,294		594,119		742,496



NET INCOME/(LOSS)
  BEFORE INCOME TAXES		4,183		(1,854)		125		536

INCOME TAX EXPENSE/(BENEFIT)	840		32,393		25		105


NET INCOME (LOSS)		3343		-1479		100		431

RETAINED EARNINGS AT
  BEGINNING OF PERIOD		50251		51763		53494		49853


RETAINED EARNINGS AT
  END OF PERIOD		 $	53594	 $	50284		53594	 $	50284


EARNINGS (LOSS) PER SHARE $	1.4	 $	-0.62		0.04	 $	0.18


The accompanying notes are an integral part of these financial statements.



Statements of Cash Flows

NATIONAL MORTGAGE ACCEPTANCE CORPORATION



		   		Six Months Ended		   Six Months Ended
				       June 30, 1999		      June 30, 1998

		(unaudited)
Cash flows from operating activities:
  Net income (loss) 			$	100	$	431
  Adjustments to reconcile net
   income to net cash provided by (used for)
   operating activities:
    Trading securities				16,247		17,446
    Cash and related investments
     restricted - Series 1985-A
     Working capital reserve			32,611		31,442
    Accrued interest receivable
     from affiliates					69,810		77,739
     Decrease in accrued interest payable		(69,810)		(77,739)
    Other assets					1,279		1,674
    Other liabilities, principally
     to affiliates					27,660		27,079

           Total adjustments				12,261		12,105

   Net cash by
    operating activities				12,361		12,536

Cash flows from investing activities:
  Payments received on loans to
   affiliates					1241058		1382025


Cash flows from financing activities:
  Payments on bonds payable			-1241058		-1382025

Net increase (decrease) in cash			12361		12536

Cash at beginning of period			11289		1255

Cash at end of period			$	23650	$	13791

The accompanying notes are an integral part of these financial statements.



 APPENDIX A (4/4)

NOTES TO FINANCIAL STATEMENTS

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

June 30,  1999


NOTE A (Unaudited)


These financial statements should be read in conjunction with the financial
 statements and notes thereto in National Mortgage Acceptance Corporation's
("NMAC") Annual Report for the year ended December 31, 1998.  The financial
statements for the six months ended June 30, 1999, include all adjustments
(consisting only of normal recurring adjustments) necessary for a fair
 presentation
of the results of operations, financial position, and cash flows for the
 interim periods.
  These amounts are not necessarily indicative of results for a full year.

NOTE B (New Accounting Pronouncements)


FAS-130 (Reporting Comprehensive Income) is effective for fiscal years beginning
 after December 15, 1997.  Comprehensive income includes net income plus all
 other
 components of comprehensive income.  The term other comprehensive income
 denotes
revenues, expenses, gains, and losses that are included in comprehensive
 income but
not in net income in accordance with GAAP.  The Company has no components of
 comprehensive income other than net income.


FAS-133 (Accounting for Derivative Instruments and Hedging Activities) was
 issued
in June 1998 and is effective for fiscal periods beginning after January 1,
 2000.
  It establishes accounting and reporting standards for derivative instruments,
including derivative instruments that are embedded in other contracts, as well
as for hedging activities.  The Company is neither owner nor counterpart to any
 derivative instruments or hedging activities.


 APPENDIX   B
TO FORM 10-Q

Management's Discussion and Analysis of Financial Condition and Results of
 Operations

NATIONAL MORTGAGE ACCEPTANCE CORPORATION

June 30, 1999


During the quarter ended June 30, 1999, National Mortgage Acceptance Corporation
 ("NMAC") did not issue any new series of its TIMCO (Thrift Industry Mortgage
Collateralized Obligation) or Mortgage Collateralized Obligation Bonds.


During the six (6) month period ending, June 30, 1999, NMAC revenues were
 $594,244 which consisted primarily of i) interest on loans receivable under
 funding agreements between NMAC and the participating borrowers for NMAC's
 TIMCO Bonds, Series 1985-A (FHLMC Certificates) (the "Series 1985-A Bonds")
 and ii) Management Fees received for the on-going administration of two
 outstanding Bonds Series; Series 1985-A Bonds, (FHLMC Certificates),  and
 Series D Bonds (GNMA Certificates).  Future revenues are
 expected to be provided from interest payments on funding agreements for the
 Series A Bonds.


NMAC has caused an election to be made under the Internal Revenue Code of 1986,
 as amended (the "Code"), to have the Trust Estate for the Series D Bonds taxed
 as a separate real estate mortgage investment conduit (a "REMIC"), in which
 the Series D Bonds are "regular interests," as defined in the Code, with
 respect to the REMIC.  Other than its on-going fees for administration of the
 Series D Bond REMIC, NMAC has no future economic benefit in the segregated
 asset pool comprising of the Series D Bond REMIC.  The "residual interest" in
 the Series D Bond REMICs was sold by NMAC for cash in 1987.  Accordingly,
 neither the collateral for the Series D Bonds nor the
Series D 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 Series D Bond REMIC.
 Neither the interest income nor the related interest expense on REMIC will
 have an impact on NMAC's
 financial statements.


Interest on NMAC's outstanding Series 1985-A Bonds was the major source of costs
 and expenses for the period.  Cash flow from payments on the loans receivable
 securing the Series 1985-A Bonds are anticipated to provide cash sufficient to
make all required payments on the related 1985-A Bonds. Consequently, NMAC
 anticipates
 that it will have no additional cash requirements with respect to any of its
 outstanding Bonds.


NMAC believes sufficient liquidity and capital resources exist to pay all
 amounts due on the Series 1985-A Bonds and all other expenses of NMAC.
 Furthermore, because each Series of Bonds is secured by collateral paying
 interest at specified or determinable maximum rates and payments on each
 Series of Bonds are designed not to exceed payments received on the collateral
 for the related Series, inflationary pressures have not affected, and are not
 expected to affect, significantly the ability of NMAC to meet its obligations
 as they become due.

NMAC has no salaried employees and has entered into management and
 administrative
 service agreements with Scott & Stringfellow, Inc. (formally Craigie
 Incorporated ),
 an affiliate of NMAC and a wholly-owned subsidiary of BB&T Corporation,
 pursuant to
which Scott & Stringfellow, Inc. (S&S, Inc.) provides NMAC with administrative,
accounting and clerical services, office space and the use of the service mark
 "TIMCO"
for the registrant's Bonds.  Under these agreements, S&S, Inc. receives fees
 from NMAC
in connection with each funding agreement executed between NMAC and the
 participating
 borrowers and with respect to the residual interests with respect to the
 registrant's
Series D Bonds.  Fees paid to NMAC by participating borrowers with respect to
 its Series
A Bonds and the holders of the residual interest with respect to its Series D
 Bonds are
 expected by NMAC to be sufficient to provide for all on-going costs and
 expenses with
 respect to the outstanding Series of its Bonds.  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.  Payments under the management and
 administrative
 services agreements between NMAC and S&S, Inc. are not expected to exceed the
 amount
 received by NMAC as on-going fees paid to it by participating borrowers under
 their
funding agreements and/or holders of the residual interest with respect to the
 Series
D REMIC Bonds. Chase Bank of Texas, N.A., trustee for all outstanding Series of
 NMAC's
Bonds, also holds funds in expense reserve accounts established under the Series
Supplements for certain of NMAC's outstanding Bonds to provide for future
 expenses of
the Trustee with respect to the related Series Supplement if other funds are
 insufficient
 therefore.  Such amounts are held under the respective Series Supplements and
 are not
 recorded in the financial statements for NMAC.


The Series 1985-A Working Capital Reserve, established by NMAC with respect to
 its
 Series 1985-A Bonds, is funded by the Series 1985-A participating borrowers
 from their
funding agreements.  These amounts are available solely to pay any fees,
 charges, taxes,
 assessments, impositions or other expenses of NMAC, other than bond
 administration
expenses, in connection with the Series 1985-A Bonds.  The Series 1985-A
 Working Capital
 Reserve is not available to pay expenses or claims of NMAC other than with
 respect to the
 Series 1985-A Bonds, is not pledged to secure the Series 1985-A Bonds and is
 not pledged
to secure any other Series of NMAC's Bonds.


With respect to certain of its administration duties for the Series D REMIC,
 NMAC has
contracted with Asset Investors, Inc. (formerly Financial Asset Management
 Corporation
 and M.D.C. Consulting, Inc.).  Amounts due Asset Investors, Inc. for services
 rendered
 are paid from amounts received by NMAC for administrative services from
 holders of the
Series D REMIC residual interest and are less than the gross amount payable by
 such holders
to NMAC.


On November 12, 1996 Scott & Stringfellow, Inc. (Craigie Incorporated at time
 of purchase)
 purchased from the  Federal Deposit Insurance Corporation ("FDIC") the stock
 of three of
the affiliates who participated in the Series 1985-A Bonds.  The affiliates
 were Atlantic
 Financing Corporation, Security Federal Financing Corporation and Mountain
 Financial
 Corporation.  Effective June 30, 1998, Atlantic Financing and Security Federal
 were merged
into Mountain Financial Corporation. In addition, the parent company of S&S
 Inc., BB&T
Corporation, purchased Life Savings Bank on March 1, 1998 which owns a fourth
 affiliate
 of NMAC named Life Capital Corporation.  Life Capital was purchased by S&S,
 Inc. and
subsequently merged into Mountain Financial Corporation effective September 30,
 1998.

As of June 30, 1999, NMAC's assets were $10,741,856 including $248,288 in
 unrestricted
 cash and trading securities.  This cash and security 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.


During the second quarter of 1999,  NMAC's principal executive offices moved to
 its
new location at 909 East Main Street, Richmond, VA .