<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM JUNE 30,
1998 QUARTERLY REPORT ON FORM 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                  1,000
<CASH>                                          32,914
<SECURITIES>                                 3,796,608
<RECEIVABLES>                                   21,554
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             3,866,927
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               3,866,927
<CURRENT-LIABILITIES>                        1,952,712
<BONDS>                                      1,593,344
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     26,736
<COMMON>                                       320,828
<OTHER-SE>                                    (26,693)
<TOTAL-LIABILITY-AND-EQUITY>                 3,866,927
<SALES>                                              0
<TOTAL-REVENUES>                                53,783
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 2,655
<LOSS-PROVISION>                                   763
<INTEREST-EXPENSE>                              50,169
<INCOME-PRETAX>                                    196
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       196
<EPS-PRIMARY>                                   (0.03)
<EPS-DILUTED>                                   (0.03)