<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEPTEMBER
30, 1998 QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JUL-01-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                             137
<SECURITIES>                                 1,483,195
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,597,737
<PP&E>                                              82
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,597,819
<CURRENT-LIABILITIES>                        1,467,477
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       131,993
<OTHER-SE>                                     (1,652)
<TOTAL-LIABILITY-AND-EQUITY>                 1,597,819
<SALES>                                              0
<TOTAL-REVENUES>                                24,009
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                   528
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              20,765
<INCOME-PRETAX>                                  3,709
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                              3,709
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,709
<EPS-PRIMARY>                                     0.29
<EPS-DILUTED>                                     0.29