<ARTICLE>                     5
<MULTIPLIER>                                   1,000
       
                                                   

<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-1998
<PERIOD-START>                                 Jan-01-1998
<PERIOD-END>                                   Mar-31-1998
<CASH>                                         10
<SECURITIES>                                   3,279,483
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0 <F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 3,279,827
<CURRENT-LIABILITIES>                          0 <F1>
<BONDS>                                        3,099,015
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       10
<OTHER-SE>                                     145,129
<TOTAL-LIABILITY-AND-EQUITY>                   3,279,827
<SALES>                                        0
<TOTAL-REVENUES>                               58,145
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               1,695
<LOSS-PROVISION>                               1,178
<INTEREST-EXPENSE>                             61,190
<INCOME-PRETAX>                                (5,918)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                           (5,918)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0  
<NET-INCOME>                                  (5,918)
<EPS-PRIMARY>                                  0
<EPS-DILUTED>                                  0 
<FN>

<F1> The Company's balance sheet is unclassified.
</FN>