<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                          13,676
<SECURITIES>                                   558,445
<RECEIVABLES>                                5,303,672
<ALLOWANCES>                                  (26,683)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               5,849,110
<CURRENT-LIABILITIES>                           37,518
<BONDS>                                      5,107,698
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           634
<OTHER-SE>                                     703,260
<TOTAL-LIABILITY-AND-EQUITY>                 5,849,110
<SALES>                                              0
<TOTAL-REVENUES>                               145,258<F1>
<CGS>                                                0
<TOTAL-COSTS>                                  102,341
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                18,622
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 24,295
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             24,295
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    24,295
<EPS-PRIMARY>                                     0.43
<EPS-DILUTED>                                     0.43
<FN>
<F1>INCLUDES 242,372 OF INTEREST EXPENSE RELATED TO MORTGAGE LOAN ACTIVITIES.
</FN>