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Fair Value of Financial Instruments (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Assets:    
Agency MBS $ 6,937,911,000 $ 7,225,460,000
Securities obtained and pledged as collateral 405,458,000 408,833,000
Linked Transactions 10,519,000 12,704,000
Derivative hedging instruments 7,140,000 203,000
Liabilities:    
Derivative hedging instruments 39,107,000 [1] 63,034,000 [1]
Obligation to return securities obtained as collateral 405,458,000 508,827,000
Level 2
   
Components of financial instruments carried at fair value    
Credit valuation adjustment to derivative liabilities 0  
Credit valuation adjustment to derivative assets 0  
Recurring basis
   
Assets:    
Agency MBS 6,937,911,000  
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,295,653,000  
Securities obtained and pledged as collateral 405,458,000  
Linked Transactions 10,519,000  
Derivative hedging instruments 7,140,000  
Total assets carried at fair value 12,656,681,000  
Liabilities:    
Derivative hedging instruments 39,107,000  
Obligation to return securities obtained as collateral 405,458,000  
Total liabilities carried at fair value 444,565,000  
Recurring basis | Level 1
   
Assets:    
Agency MBS 0  
Non-Agency MBS, including MBS transferred to consolidated VIEs 0  
Securities obtained and pledged as collateral 405,458,000  
Linked Transactions 0  
Derivative hedging instruments 0  
Total assets carried at fair value 405,458,000  
Liabilities:    
Derivative hedging instruments 0  
Obligation to return securities obtained as collateral 405,458,000  
Total liabilities carried at fair value 405,458,000  
Recurring basis | Level 2
   
Assets:    
Agency MBS 6,937,911,000  
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,295,653,000  
Securities obtained and pledged as collateral 0  
Linked Transactions 10,519,000  
Derivative hedging instruments 7,140,000  
Total assets carried at fair value 12,251,223,000  
Liabilities:    
Derivative hedging instruments 39,107,000  
Obligation to return securities obtained as collateral 0  
Total liabilities carried at fair value $ 39,107,000  
[1] The fair value of securities pledged against the Company’s Swaps was $41.3 million and $68.9 million at June 30, 2013 and December 31, 2012, respectively.