<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MARCH 31,
1999 QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENT.
</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>                                          52,129
<SECURITIES>                                 2,359,993
<RECEIVABLES>                                   15,412
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             2,456,974
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,456,974
<CURRENT-LIABILITIES>                        1,039,337
<BONDS>                                      1,171,141
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     26,736
<COMMON>                                       263,280
<OTHER-SE>                                    (45,818)
<TOTAL-LIABILITY-AND-EQUITY>                 2,456,974
<SALES>                                              0
<TOTAL-REVENUES>                                41,731
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 3,523
<LOSS-PROVISION>                                   345
<INTEREST-EXPENSE>                              33,491
<INCOME-PRETAX>                                  5,854
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     5,854
<EPS-PRIMARY>                                     0.54
<EPS-DILUTED>                                     0.54