<ARTICLE>                         5
<MULTIPLIER>                      1,000
                          
<PERIOD-TYPE>                     3-mos
<FISCAL-YEAR-END>                 Dec-31-1997              
<PERIOD-START>                    Apr-01-1997              
<PERIOD-END>                      Jun-30-1997
<CASH>                            10      
<SECURITIES>                      3,111,107      
<RECEIVABLES>                     0           
<ALLOWANCES>                      0         
<INVENTORY>                       0           
<CURRENT-ASSETS>                  0<F1>            
<PP&E>                            0 
<DEPRECIATION>                    0            
<TOTAL-ASSETS>                    3,111,720           
<CURRENT-LIABILITIES>             0<F1>
<BONDS>                           2,904,648    
<PREFERRED-MANDATORY>             0           
<PREFERRED>                       0      
<COMMON>                          10            
<OTHER-SE>                        148,547          
<TOTAL-LIABILITY-AND-EQUITY>      3,111,720            
<SALES>                           0             
<TOTAL-REVENUES>                  39,614        
<CGS>                             0       
<TOTAL-COSTS>                     0            
<OTHER-EXPENSES>                  1,450           
<LOSS-PROVISION>                  600       
<INTEREST-EXPENSE>                37,610        
<INCOME-PRETAX>                   (46)      
<INCOME-TAX>                      0          
<INCOME-CONTINUING>               (46)            
<DISCONTINUED>                    0          
<EXTRAORDINARY>                   0            
<CHANGES>                         0            
<NET-INCOME>                      (46)           
<EPS-PRIMARY>                     0            
<EPS-DILUTED>                     0           
<FN>                    
<F1>                    The Company's balance sheet is unclassified.
</FN>