<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM DECEMBER 31,
1998 ANNUAL REPORT ON FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                          68,484
<SECURITIES>                                 1,315,888
<RECEIVABLES>                                   25,427
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             2,832,448
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,832,448
<CURRENT-LIABILITIES>                        1,272,098
<BONDS>                                      1,305,560
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     26,736
<COMMON>                                       279,314
<OTHER-SE>                                    (51,260)
<TOTAL-LIABILITY-AND-EQUITY>                 2,832,448
<SALES>                                              0
<TOTAL-REVENUES>                               222,804
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                13,927
<LOSS-PROVISION>                                 1,120
<INTEREST-EXPENSE>                             196,124
<INCOME-PRETAX>                               (27,310)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (27,310)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                     (10,061)
<NET-INCOME>                                  (37,371)
<EPS-PRIMARY>                                   (3.04)
<EPS-DILUTED>                                   (3.04)