<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                           5,082
<SECURITIES>                                         0
<RECEIVABLES>                                   88,984
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                           2,051
<DEPRECIATION>                                     442
<TOTAL-ASSETS>                               2,216,887
<CURRENT-LIABILITIES>                                0
<BONDS>                                        195,030
<COMMON>                                           404
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                     325,927
<TOTAL-LIABILITY-AND-EQUITY>                 2,216,887
<SALES>                                              0
<TOTAL-REVENUES>                                12,082<F1>
<CGS>                                                0
<TOTAL-COSTS>                                    1,853
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 10,229
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             10,229
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    10,229
<EPS-PRIMARY>                                     0.28
<EPS-DILUTED>                                     0.28
<FN>
<F1> Includes 28,987 of interest expense related to mortgage loan activities.
</FN>