<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1999
<CASH>                                           7,270
<SECURITIES>                                   221,483
<RECEIVABLES>                                3,896,869
<ALLOWANCES>                                  (53,536)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               4,072,086
<CURRENT-LIABILITIES>                           33,039
<BONDS>                                      3,156,036
<PREFERRED-MANDATORY>                              803
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                     882,208
<TOTAL-LIABILITY-AND-EQUITY>                 4,072,086
<SALES>                                              0
<TOTAL-REVENUES>                                39,461<F1>
<CGS>                                                0
<TOTAL-COSTS>                                    9,171
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 6,681
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 23,609
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             23,609
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    23,609
<EPS-PRIMARY>                                     0.30
<EPS-DILUTED>                                     0.30
<FN>
<F1>INCLUDES 52,434 OF INTEREST EXPENSE RELATED TO MORTGAGE LOAN ACTIVITIES
</FN>