<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DECEMBER 31,
1998 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                              69
<SECURITIES>                                 1,520,289
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,527,214
<PP&E>                                              75
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,527,352
<CURRENT-LIABILITIES>                        1,401,481
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       131,995
<OTHER-SE>                                     (6,124)
<TOTAL-LIABILITY-AND-EQUITY>                 1,527,352
<SALES>                                              0
<TOTAL-REVENUES>                                93,330
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 2,106
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              75,735
<INCOME-PRETAX>                                 15,489
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             15,489
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    15,489
<EPS-PRIMARY>                                     1.22
<EPS-DILUTED>                                     1.19