<ARTICLE>                     5
<MULTIPLIER>                  1,000
       
                             
<PERIOD-TYPE>                 3-mos
<FISCAL-YEAR-END>             Dec-31-1999
<PERIOD-START>                Jan-01-1999
<PERIOD-END>                  Mar-31-1999
<CASH>                        28,716
<SECURITIES>                  4,434,506
<RECEIVABLES>                 3,293
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              0 <F1>
<PP&E>                        0
<DEPRECIATION>                0
<TOTAL-ASSETS>                4,905,995
<CURRENT-LIABILITIES>         0 <F1>
<BONDS>                       3,653,751
<PREFERRED-MANDATORY>         0
<PREFERRED>                   127,407
<COMMON>                      460
<OTHER-SE>                    323,061
<TOTAL-LIABILITY-AND-EQUITY>  4,905,995
<SALES>                       0
<TOTAL-REVENUES>              88,477
<CGS>                         0
<TOTAL-COSTS>                 0
<OTHER-EXPENSES>              13,185
<LOSS-PROVISION>              3,793
<INTEREST-EXPENSE>            71,382
<INCOME-PRETAX>               117
<INCOME-TAX>                  0
<INCOME-CONTINUING>           117
<DISCONTINUED>                0
<EXTRAORDINARY>               (1,086)
<CHANGES>                     0
<NET-INCOME>                  (969)
<EPS-PRIMARY>                 (0.02)
<EPS-DILUTED>                 (0.02)
<FN>
<F1>  The Company's balance sheet is unclassified.
</FN>