[LETTERHEAD OF DECHERT PRICE & RHOADS]

July 26, 2000


Pilgrim GNMA Income Fund, Inc.
40 North Central Avenue, Suite 1200
Phoenix, Arizona  85004-4424

Re:  Pilgrim GNMA Income Fund, Inc.
     (File Nos. 2-48906 and 811-2401)


Dear Sirs:

We hereby consent to the incorporation by reference to our opinion as an exhibit
to Post-Effective Amendment No. 36 to the Registration Statement of Pilgrim GNMA
Income Fund,  Inc.,  and to all  references to our firm therein.  In giving such
consent,  however,  we do not admit that we are within the  category  of persons
whose  consent  is  required  by  Section 7 of the  Securities  Act of 1933,  as
amended, and the rules and regulations thereunder.


Very truly yours,