<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               SEP-30-1997
<CASH>                                          14,952
<SECURITIES>                                   455,387
<RECEIVABLES>                                4,384,609
<ALLOWANCES>                                  (24,248)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               4,830,700
<CURRENT-LIABILITIES>                           26,249
<BONDS>                                      4,175,485
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           599
<OTHER-SE>                                     628,367
<TOTAL-LIABILITY-AND-EQUITY>                 4,830,700
<SALES>                                              0
<TOTAL-REVENUES>                                39,193<F1>
<CGS>                                                0
<TOTAL-COSTS>                                   81,769
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 6,300
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (48,876)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (48,876)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (48,876)
<EPS-PRIMARY>                                   (0.83)
<EPS-DILUTED>                                   (0.83)
<FN>
<F1>
INCLUDES 64,287 OF INTEREST EXPENSE RELATED TO MORTGAGE LOAN ACTIVITIES.
</FN>