<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               SEP-30-1998
<CASH>                                           4,349
<SECURITIES>                                   860,977
<RECEIVABLES>                                5,781,754
<ALLOWANCES>                                  (40,390)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               6,606,690
<CURRENT-LIABILITIES>                           38,777
<BONDS>                                      5,641,969
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           746
<OTHER-SE>                                     925,198
<TOTAL-LIABILITY-AND-EQUITY>                 6,606,690
<SALES>                                              0
<TOTAL-REVENUES>                                53,425<F1>
<CGS>                                                0
<TOTAL-COSTS>                                    7,117
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 7,285
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 39,023
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             39,023
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    39,023
<EPS-PRIMARY>                                     0.54
<EPS-DILUTED>                                     0.54
<FN>
<F1>INCLUDES 102,981 OF INTEREST EXPENSE RELATED TO MORTGAGE LOAN ACTIVITIES.
</FN>