<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MARCH 31,
1999 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-31-1999
<PERIOD-START>                               JAN-01-1999
<PERIOD-END>                                 MAR-31-1999
<CASH>                                               329
<SECURITIES>                                   1,547,618
<RECEIVABLES>                                          0
<ALLOWANCES>                                           0
<INVENTORY>                                            0
<CURRENT-ASSETS>                               1,555,523
<PP&E>                                                75
<DEPRECIATION>                                         0
<TOTAL-ASSETS>                                 1,555,598
<CURRENT-LIABILITIES>                          1,428,981
<BONDS>                                                0
<PREFERRED-MANDATORY>                                  0
<PREFERRED>                                            0
<COMMON>                                         132,599
<OTHER-SE>                                        (5,983)
<TOTAL-LIABILITY-AND-EQUITY>                   1,555,598
<SALES>                                                0
<TOTAL-REVENUES>                                  22,080
<CGS>                                                  0
<TOTAL-COSTS>                                          0
<OTHER-EXPENSES>                                     610
<LOSS-PROVISION>                                       0
<INTEREST-EXPENSE>                                17,151
<INCOME-PRETAX>                                    4,318
<INCOME-TAX>                                           0
<INCOME-CONTINUING>                                4,318
<DISCONTINUED>                                         0
<EXTRAORDINARY>                                        0
<CHANGES>                                              0
<NET-INCOME>                                       4,318
<EPS-PRIMARY>                                        .34
<EPS-DILUTED>                                        .33