<ARTICLE>                     5
<MULTIPLIER>                  1,000

                             
<PERIOD-TYPE>                 3-mos
<FISCAL-YEAR-END>             Dec-31-1999
<PERIOD-START>                Apr-01-1999
<PERIOD-END>                  Jun-30-1999
<CASH>                        34,908
<SECURITIES>                  4,063,697
<RECEIVABLES>                 2,835
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              0 <F1>
<PP&E>                        0
<DEPRECIATION>                0
<TOTAL-ASSETS>                4,709,463
<CURRENT-LIABILITIES>         0 <F1>
<BONDS>                       3,373,186
<PREFERRED-MANDATORY>         0
<PREFERRED>                   127,407
<COMMON>                      115
<OTHER-SE>                    310,399
<TOTAL-LIABILITY-AND-EQUITY>  4,709,463
<SALES>                       0
<TOTAL-REVENUES>              84,925
<CGS>                         0
<TOTAL-COSTS>                 0
<OTHER-EXPENSES>              16,595
<LOSS-PROVISION>              3,773
<INTEREST-EXPENSE>            64,806
<INCOME-PRETAX>               (249)
<INCOME-TAX>                  0
<INCOME-CONTINUING>           (249)
<DISCONTINUED>                0
<EXTRAORDINARY>               597
<CHANGES>                     0
<NET-INCOME>                  348
<EPS-BASIC>                 .03
<EPS-DILUTED>                 .03

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