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




                                           
<PERIOD-TYPE>                                 3-MOS
<FISCAL-YEAR-END>                             DEC-31-1999
<PERIOD-START>                                JUL-01-1999
<PERIOD-END>                                  SEP-30-1999
<CASH>                                        77
<SECURITIES>                                  1,401,770
<RECEIVABLES>                                 0
<ALLOWANCES>                                  0
<INVENTORY>                                   0
<CURRENT-ASSETS>                              1,408,804
<PP&E>                                        78
<DEPRECIATION>                                0
<TOTAL-ASSETS>                                1,408,886
<CURRENT-LIABILITIES>                         1,295,812
<BONDS>                                       0
<PREFERRED-MANDATORY>                         0
<PREFERRED>                                   0
<COMMON>                                      136,998
<OTHER-SE>                                    (23,924)
<TOTAL-LIABILITY-AND-EQUITY>                  113,074
<SALES>                                       0
<TOTAL-REVENUES>                              22,259
<CGS>                                         0
<TOTAL-COSTS>                                 0
<OTHER-EXPENSES>                              514
<LOSS-PROVISION>                              0
<INTEREST-EXPENSE>                            17,232
<INCOME-PRETAX>                               4,513
<INCOME-TAX>                                  0
<INCOME-CONTINUING>                           4,513
<DISCONTINUED>                                0
<EXTRAORDINARY>                               0
<CHANGES>                                     0
<NET-INCOME>                                  4,513
<EPS-BASIC>                                   0.35
<EPS-DILUTED>                                 0.35