<ARTICLE>                                       5
<MULTIPLIER>                                    1000
       

                                             
<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-1997
<PERIOD-START>                                 Jul-01-1997
<PERIOD-END>                                   Sep-30-1997
<CASH>                                         10
<SECURITIES>                                   2,849,080
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0<F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 2,849,626
<CURRENT-LIABILITIES>                          0<F1>
<BONDS>                                        2,669,580
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       10
<OTHER-SE>                                     137,095
<TOTAL-LIABILITY-AND-EQUITY>                   2,849,626
<SALES>                                        0
<TOTAL-REVENUES>                               51,097
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               1,557
<LOSS-PROVISION>                               600
<INTEREST-EXPENSE>                             49,577
<INCOME-PRETAX>                                (637)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (637)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (637)
<EPS-PRIMARY>                                  0
<EPS-DILUTED>                                  0
<FN>
<F1>                           The Company's balance sheet is unclassified.
</FN>