REPURCHASE AGREEMENTS

9 Months Ended

Sep. 30, 2012

REPURCHASE AGREEMENTS

6.             REPURCHASE AGREEMENTS

The Company had outstanding $101.0 billion and $84.1 billion of repurchase agreements with weighted average borrowing rates of 1.52% and 1.59%, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 213 days and 103 days as of September 30, 2012 and December 31, 2011, respectively.  Investment Securities and U.S. Treasury Securities pledged as collateral under these repurchase agreements and interest rate swaps had an estimated fair value and accrued interest of $108.9 billion and $358.0 million at September 30, 2012, respectively, and $91.3 billion and $337.0 million at December 31, 2011, respectively.

At September 30, 2012 and December 31, 2011, the repurchase agreements had the following remaining maturities and weighted average rates:

	September 30, 2012					December 31, 2011
	Repurchase Agreements		Weighted Average Rate			Repurchase Agreements		Weighted Average Rate
	(dollars in thousands)
1 day	$	3,585,234		0.28	%	$	508,647		0.50	%
2 to 29 days		27,234,957		0.45	%		33,780,070		0.37	%
30 to 59 days		18,726,669		0.43	%		28,346,380		0.37	%
60 to 89 days		4,795,439		0.41	%		3,699,425		0.93	%
90 to 119 days		11,309,846		0.49	%		6,781,137		0.37	%
Over 120 days		35,381,001		0.93	%		10,982,226		1.39	%
Total	$	101,033,146		0.61	%	$	84,097,885		0.53	%

The Company did not have an amount at risk greater than 10% of the equity of the Company with any counterparty as of September 30, 2012 or December 31, 2011.