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                                                                      EXHIBIT 23


                          CONSENT OF ERNST & YOUNG LLP
                              INDEPENDENT AUDITORS


We consent to the incorporation by reference in this Annual Report on Form 10-K
of Capstead Mortgage Corporation of our report dated January 27, 2000, included
in the 1999 Annual Report to Stockholders of Capstead Mortgage Corporation. We
also consent to the incorporation by reference in the following registration
statements and the related prospectuses, of our report dated January 27, 2000
with respect to the consolidated financial statements incorporated herein by
reference in the Annual Report on Form 10-K of Capstead Mortgage Corporation:



         o        Form S-8 (No. 33-40116);

         o        Form S-8 (No. 33-40117);

         o        Form S-3 (No. 33-62212);

         o        Form S-3 (No. 33-52415);

         o        Form S-8 (No. 33-53555);

         o        Form S-3 (No. 33-57164);

         o        Form S-3 (No. 333-03187);

         o        Form S-8 (No. 333-12719);

         o        Form S-3 (No. 333-26419);

         o        Form S-3 (No. 333-26865);

         o        A pre-effective amendment to Form S-3 (No. 333-26419);

         o        Form S-8 (No. 333-27215);

         o        A post-effective amendment to Form S-3 (No. 333-26865); and

         o        Form S-3 (No. 333-43169).


                                                               ERNST & YOUNG LLP


Dallas, Texas
March 13, 2000