<ARTICLE>                     5
<MULTIPLIER>                  1,000



                           

<PERIOD-TYPE>                 3-mos
<FISCAL-YEAR-END>             Dec-31-1999
<PERIOD-START>                Jul-01-1999
<PERIOD-END>                  Sep-30-1999
<CASH>                        10
<SECURITIES>                  29,807,802
<RECEIVABLES>                 0
<ALLOWANCES>                  0
<INVENTORY>                   0
<CURRENT-ASSETS>              0 <F1>
<PP&E>                        0
<DEPRECIATION>                0
<TOTAL-ASSETS>                0
<CURRENT-LIABILITIES>         0 <F1>
<BONDS>                       2,781,735
<PREFERRED-MANDATORY>         0
<PREFERRED>                   0
<COMMON>                      10
<OTHER-SE>                    164,603
<TOTAL-LIABILITY-AND-EQUITY>  0
<SALES>                       0
<TOTAL-REVENUES>              103,540
<CGS>                         0
<TOTAL-COSTS>                 0
<OTHER-EXPENSES>              297
<LOSS-PROVISION>              5,100
<INTEREST-EXPENSE>            89,266
<INCOME-PRETAX>               8,877
<INCOME-TAX>                  0
<INCOME-CONTINUING>           8,877
<DISCONTINUED>                0
<EXTRAORDINARY>               0
<CHANGES>                     0
<NET-INCOME>                  8,877
<EPS-BASIC>                 0.00
<EPS-DILUTED>                 0.00
<FN>
 F1  The Company's balance sheet is unclassified.
</FN>