<ARTICLE>                         5
<MULTIPLIER>                      1,000
                          
<PERIOD-TYPE>                     3-mos
<FISCAL-YEAR-END>                 Dec-31-1997              
<PERIOD-START>                    Jan-01-1997              
<PERIOD-END>                      Mar-31-1997
<CASH>                            8,415       
<SECURITIES>                      3,917,642         
<RECEIVABLES>                     8,643           
<ALLOWANCES>                      0         
<INVENTORY>                       0           
<CURRENT-ASSETS>                  0<F1>            
<PP&E>                            0 
<DEPRECIATION>                    0            
<TOTAL-ASSETS>                    3,949,866          
<CURRENT-LIABILITIES>             0<F1>
<BONDS>                           2,325,372    
<PREFERRED-MANDATORY>             0           
<PREFERRED>                       136,301         
<COMMON>                          421             
<OTHER-SE>                        368,227           
<TOTAL-LIABILITY-AND-EQUITY>      3,949,866            
<SALES>                           0             
<TOTAL-REVENUES>                  79,960          
<CGS>                             0       
<TOTAL-COSTS>                     0            
<OTHER-EXPENSES>                  9,462           
<LOSS-PROVISION>                  54,880       
<INTEREST-EXPENSE>                14,623         
<INCOME-PRETAX>                   0      
<INCOME-TAX>                      0          
<INCOME-CONTINUING>               0            
<DISCONTINUED>                    14,623           
<EXTRAORDINARY>                   0            
<CHANGES>                         0            
<NET-INCOME>                      14,623          
<EPS-PRIMARY>                     0.35            
<EPS-DILUTED>                     0.35            
<FN>                    
<F1>                    The Company's balance sheet is unclassified
</FN>