<ARTICLE> 5
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                           4,827
<SECURITIES>                                   275,688
<RECEIVABLES>                                3,531,660
<ALLOWANCES>                                  (52,245)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,759,930
<CURRENT-LIABILITIES>                           33,712
<BONDS>                                      2,833,657
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           805
<OTHER-SE>                                     891,756
<TOTAL-LIABILITY-AND-EQUITY>                 3,759,930
<SALES>                                              0
<TOTAL-REVENUES>                                77,380<F1>
<CGS>                                                0
<TOTAL-COSTS>                                   16,768
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                 7,898
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                 52,714
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             52,714
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    52,714
<EPS-BASIC>                                     0.66
<EPS-DILUTED>                                     0.65
<FN>
<F1>INCLUDES 98,184 OF INTEREST EXPENSE RELATED TO MORTGAGE LOAN ACTIVITIES
</FN>