<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
DECEMBER 31, 1999 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>  1,000

                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               DEC-31-1999
<CASH>                                           8,550
<SECURITIES>                                 1,284,661
<RECEIVABLES>                                   24,845
<ALLOWANCES>                                     4,714
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,313,342
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,313,342
<CURRENT-LIABILITIES>                          123,230
<BONDS>                                      1,103,258
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            81
<OTHER-SE>                                      86,773
<TOTAL-LIABILITY-AND-EQUITY>                 1,313,342
<SALES>                                              0
<TOTAL-REVENUES>                                83,568
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                34,124
<LOSS-PROVISION>                                 3,650
<INTEREST-EXPENSE>                              49,644
<INCOME-PRETAX>                                 (3,850)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             (3,850)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    (3,850)
<EPS-BASIC>                                    (0.48)
<EPS-DILUTED>                                    (0.48)