<ARTICLE>        5
<LEGEND>
                 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
                 EXTRACTED FROM THE JUNE 30, 1999 QUARTERLY REPORT ON
                 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
                 TO SUCH QUARTERLY REPORT ON FORM 10-Q.
</LEGEND>
<MULTIPLIER>     1,000

                                        
<PERIOD-TYPE>                              6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-1-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                     9,346
<SECURITIES>                               536,724
<RECEIVABLES>                              5,854
<ALLOWANCES>                               0
<INVENTORY>                                0
<CURRENT-ASSETS>                           0
<PP&E>                                     0
<DEPRECIATION>                             0
<TOTAL-ASSETS>                             551,924
<CURRENT-LIABILITIES>                      373,668
<BONDS>                                    0
<PREFERRED-MANDATORY>                      0
<PREFERRED>                                0
<COMMON>                                   303,584
<OTHER-SE>                                 (125,328)
<TOTAL-LIABILITY-AND-EQUITY>               551,924
<SALES>                                    0
<TOTAL-REVENUES>                           27,910
<CGS>                                      0
<TOTAL-COSTS>                              0
<OTHER-EXPENSES>                           3,157
<LOSS-PROVISION>                           0
<INTEREST-EXPENSE>                         13,134
<INCOME-PRETAX>                            13,931
<INCOME-TAX>                               0
<INCOME-CONTINUING>                        13,931
<DISCONTINUED>                             0
<EXTRAORDINARY>                            0
<CHANGES>                                  0
<NET-INCOME>                               13,931
<EPS-BASIC>                              0.67
<EPS-DILUTED>                              0.67