<ARTICLE>                     5   
<MULTIPLIER>                  1,000                 
<PERIOD-TYPE>                 Year
<FISCAL-YEAR-END>             Dec-31-1996    
<PERIOD-END>                  Dec-31-1996                                      
<CASH>                        10                   
<SECURITIES>                  2,463,842                   
<RECEIVABLES>                 0                   
<ALLOWANCES>                  0                   
<INVENTORY>                   0                   
<CURRENT-ASSETS>              0<F1>                  
<PP&E>                        0                  
<DEPRECIATION>                0                  
<TOTAL-ASSETS>                2,464,701                   
<CURRENT-LIABILITIES>         0<F1>                   
<BONDS>                       2,301,598                   
<PREFERRED-MANDATORY>         0                  
<PREFERRED>                   0                   
<COMMON>                      10                   
<OTHER-SE>                    121,120                  
<TOTAL-LIABILITY-AND-EQUITY>  2,464,701                   
<SALES>                       0                
<TOTAL-REVENUES>              123,089                 
<CGS>                         0                 
<TOTAL-COSTS>                 0                 
<OTHER-EXPENSES>              4,493                 
<LOSS-PROVISION>              31,734                 
<INTEREST-EXPENSE>            110,401                 
<INCOME-PRETAX>              (23,539)                 
<INCOME-TAX>                  0                
<INCOME-CONTINUING>          (23,539)                
<DISCONTINUED>                0                
<EXTRAORDINARY>               0                 
<CHANGES>                     0                 
<NET-INCOME>                 (23,539)                 
<EPS-PRIMARY>                 0                  
<EPS-DILUTED>                 0                 

<FN>
<F1> The Company's balance sheet is unclassified.
</FN>