<ARTICLE> 5
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               JUN-30-1997
<CASH>                                          20,797
<SECURITIES>                                   400,177
<RECEIVABLES>                                4,077,091
<ALLOWANCES>                                   (21,401)
<INVENTORY>                                          0   
<CURRENT-ASSETS>                                     0
<PP&E>                                               0  
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               4,476,664
<CURRENT-LIABILITIES>                           29,412
<BONDS>                                      3,874,076 
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0  
<COMMON>                                           541
<OTHER-SE>                                     572,635
<TOTAL-LIABILITY-AND-EQUITY>                 4,476,664
<SALES>                                              0  
<TOTAL-REVENUES>                                33,559 <F1>
<CGS>                                                0
<TOTAL-COSTS>                                    7,003
<OTHER-EXPENSES>                                     0  
<LOSS-PROVISION>                                 3,900
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 22,656
<INCOME-TAX>                                         0  
<INCOME-CONTINUING>                             22,656
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0  
<CHANGES>                                            0 
<NET-INCOME>                                    22,656
<EPS-PRIMARY>                                     0.43
<EPS-DILUTED>                                     0.43

<FN>
<F1>includes 55,931 of interest expense related to mortgage loan activities.
</FN>