<ARTICLE>                                      5
<MULTIPLIER>                                   1,000
       

                                            
<PERIOD-TYPE>                                  3-mos
<FISCAL-YEAR-END>                              Dec-31-1998
<PERIOD-START>                                 Jul-01-1998
<PERIOD-END>                                   Sep-30-1998
<CASH>                                         10
<SECURITIES>                                   3,836,438
<RECEIVABLES>                                  0
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0<F1>
<PP&E>                                         0
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 3,836,854
<CURRENT-LIABILITIES>                          0<F1>
<BONDS>                                        3,634,691
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       10
<OTHER-SE>                                     193,159
<TOTAL-LIABILITY-AND-EQUITY>                   3,836,854
<SALES>                                        0
<TOTAL-REVENUES>                               191,187
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               4,719
<LOSS-PROVISION>                               4,550
<INTEREST-EXPENSE>                             191,051
<INCOME-PRETAX>                                (1,886)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (1,886)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (1,886)
<EPS-PRIMARY>                                  0
<EPS-DILUTED>                                  0

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