<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-Q for the
period ended June 30, 1998.
</LEGEND>

<CIK>           0001027283
<NAME>          CALIFORNIA FEDERAL PREFERRED CAPITAL CORPORATION
<MULTIPLIER>    1,000
<CURRENCY>      US

       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE> 1 
<CASH>                                               0
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                     21,379
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        961,659
<ALLOWANCE>                                      7,434
<TOTAL-ASSETS>                               1,014,874
<DEPOSITS>                                           0
<SHORT-TERM>                                         0
<LIABILITIES-OTHER>                                813
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    500,000
<COMMON>                                             0
<OTHER-SE>                                     514,061
<TOTAL-LIABILITIES-AND-EQUITY>               1,014,874
<INTEREST-LOAN>                                 36,360
<INTEREST-INVEST>                                  527
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                                36,887
<INTEREST-DEPOSIT>                                   0
<INTEREST-EXPENSE>                                   0
<INTEREST-INCOME-NET>                           36,887
<LOAN-LOSSES>                                    1,050
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                    109
<INCOME-PRETAX>                                 35,728
<INCOME-PRE-EXTRAORDINARY>                      35,728
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    37,528<F1>
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    7.27
<LOANS-NON>                                      2,363
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 7,310
<CHARGE-OFFS>                                      926
<RECOVERIES>                                         0
<ALLOWANCE-CLOSE>                                7,434
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                          7,434
<FN>
<F1>
Net income available to common stockholders: $12,915
</FN>
        



</TABLE>