<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 September 30, 1998.
</LEGEND>
<CIK>        0001027283
<NAME>       CALIFORNIA FEDERAL PREFERRED CAPITAL CORPORATION
<MULTIPLIER> 1
<CURRENCY>   USD
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               SEP-30-1998
<EXCHANGE-RATE>                                      1
<CASH>                                               0
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                      7,135
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        963,828
<ALLOWANCE>                                      7,876
<TOTAL-ASSETS>                               1,001,365
<DEPOSITS>                                           0
<SHORT-TERM>                                    11,406
<LIABILITIES-OTHER>                                317
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    500,000
<COMMON>                                             0
<OTHER-SE>                                     489,642
<TOTAL-LIABILITIES-AND-EQUITY>               1,001,365
<INTEREST-LOAN>                                 54,106
<INTEREST-INVEST>                                  827
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                                54,933
<INTEREST-DEPOSIT>                                   0
<INTEREST-EXPENSE>                                   0
<INTEREST-INCOME-NET>                           54,933
<LOAN-LOSSES>                                    1,680
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                     44
<INCOME-PRETAX>                                 53,209
<INCOME-PRE-EXTRAORDINARY>                      53,165
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    53,165<F1>
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    7.22
<LOANS-NON>                                      1,654
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                 7,310
<CHARGE-OFFS>                                    1,114
<RECOVERIES>                                         0
<ALLOWANCE-CLOSE>                                7,876
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                          7,876
<FN>
<F1> Tag 43-Net income available to common stockholders: $18,946
</FN>
        


</TABLE>