<ARTICLE>                     5
<LEGEND>
     (Replace this text with the legend)
</LEGEND>
<CIK>                         0000929426
<NAME>                        Merit Securities Corporation
<MULTIPLIER>                                   1,000
       
                             
<PERIOD-TYPE>                   12-mos
<FISCAL-YEAR-END>                              Dec-31-1997
<PERIOD-START>                                 Jan-01-1997
<PERIOD-END>                                   Dec-31-1997
<CASH>                                         10
<SECURITIES>                                   3,835,289
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0 <F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 3,835,633
<CURRENT-LIABILITIES>                          0 <F1>
<BONDS>                                        3,622,877
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       10
<OTHER-SE>                                     168,957
<TOTAL-LIABILITY-AND-EQUITY>                   3,835,633
<SALES>                                        0
<TOTAL-REVENUES>                               181,690
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               6,176
<LOSS-PROVISION>                               2,800
<INTEREST-EXPENSE>                             173,096
<INCOME-PRETAX>                                (382)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (382)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (382)
<EPS-PRIMARY>                                  0.00
<EPS-DILUTED>                                  0.00
<FN>
<F1> the Company's balance sheet is unclassified
</FN>