<ARTICLE>                     5
<MULTIPLIER>                  1,000
       
                           
<PERIOD-TYPE>                 3-mos
<FISCAL-YEAR-END>             Dec-31-1999
<PERIOD-START>                Jan-01-1999
<PERIOD-END>                  Mar-31-1999
<CASH>                        10
<SECURITIES>                  3,277,519
<RECEIVABLES>                 0
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              0 <F1>
<PP&E>                        0
<DEPRECIATION>                0
<TOTAL-ASSETS>                3,294,049
<CURRENT-LIABILITIES>         0 <F1> 
<BONDS>                       3,049,988
<PREFERRED-MANDATORY>         0
<PREFERRED>                   0
<COMMON>                      10
<OTHER-SE>                    244,051
<TOTAL-LIABILITY-AND-EQUITY>  3,294,049
<SALES>                       0
<TOTAL-REVENUES>              52,712
<CGS>                         0
<TOTAL-COSTS>                 0
<OTHER-EXPENSES>              674
<LOSS-PROVISION>              1,962
<INTEREST-EXPENSE>            47,034
<INCOME-PRETAX>               3,042
<INCOME-TAX>                  0
<INCOME-CONTINUING>           3,042
<DISCONTINUED>                0
<EXTRAORDINARY>               27,842
<CHANGES>                     0
<NET-INCOME>                  30,884
<EPS-PRIMARY>                 0.00
<EPS-DILUTED>                 0.00

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