<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 2000 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.

<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-END>                               SEP-30-2000
<CASH>                                          15,445
<SECURITIES>                                   918,574
<RECEIVABLES>                                   20,660
<ALLOWANCES>                                     3,530
<INVENTORY>                                          0
<CURRENT-ASSETS>                               951,149
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 951,149
<CURRENT-LIABILITIES>                            6,983
<BONDS>                                        863,666
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            81
<OTHER-SE>                                      80,419
<TOTAL-LIABILITY-AND-EQUITY>                   951,149
<SALES>                                              0
<TOTAL-REVENUES>                                71,130
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                20,812
<LOSS-PROVISION>                                 2,246
<INTEREST-EXPENSE>                              53,704
<INCOME-PRETAX>                                (6,632)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (5,632)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (5,632)
<EPS-BASIC>                                     (0.70)
<EPS-DILUTED>                                   (0.70)