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<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> Dec-31-2000
<PERIOD-START> Apr-01-2000
<PERIOD-END> Jun-30-2000
<CASH> 8,923
<SECURITIES> 3,587,179
<RECEIVABLES> 1,239
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0 <F1>
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 3,616,681
<CURRENT-LIABILITIES> 0 <F1>
<BONDS> 3,171,819
0
127,407
<COMMON> 114
<OTHER-SE> 49,676
<TOTAL-LIABILITY-AND-EQUITY> 3,616,681
<SALES> 0
<TOTAL-REVENUES> 78,609
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 78,746
<LOSS-PROVISION> 5,510
<INTEREST-EXPENSE> 66,276
<INCOME-PRETAX> (71,923)
<INCOME-TAX> 0
<INCOME-CONTINUING> (71,923)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (71,923)
<EPS-BASIC> (6.28)
<EPS-DILUTED> (6.28)
<FN>
<F1> The Company's balance sheet is unclassified.
</FN>
</TABLE>
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