<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEPTEMBER
30, 1997 QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                          57,696
<SECURITIES>                                 3,440,849
<RECEIVABLES>                                   23,859
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             3,525,252
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,525,252
<CURRENT-LIABILITIES>                        2,639,773
<BONDS>                                        497,367
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     26,733
<COMMON>                                       333,987
<OTHER-SE>                                     (4,386)
<TOTAL-LIABILITY-AND-EQUITY>                 3,525,252
<SALES>                                              0
<TOTAL-REVENUES>                                56,718
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 2,341
<LOSS-PROVISION>                                   943
<INTEREST-EXPENSE>                              45,888
<INCOME-PRETAX>                                  7,546
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     7,546
<EPS-PRIMARY>                                     0.47
<EPS-DILUTED>                                     0.47