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Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Assets:    
Agency MBS $ 7,137,531 $ 5,980,623
Securities held and pledged as collateral 306,401  
Linked Transactions 55,801 179,915
Derivative hedging instruments (Swaps and Swaptions) 26  
Liabilities:    
Derivative hedging instruments (Swaps) 114,220 139,142
Obligation to return securities obtained as collateral 306,401  
Recurring basis | Level 1
   
Assets:    
Securities held and pledged as collateral 306,401  
Total assets carried at fair value 306,401  
Liabilities:    
Obligation to return securities obtained as collateral 306,401  
Total liabilities carried at fair value 306,401  
Recurring basis | Level 2
   
Assets:    
Agency MBS 7,137,531  
Non-Agency MBS, including MBS transferred to consolidated VIEs 3,775,446  
Linked Transactions 55,801  
Derivative hedging instruments (Swaps and Swaptions) 26  
Total assets carried at fair value 10,968,804  
Liabilities:    
Derivative hedging instruments (Swaps) 114,220  
Total liabilities carried at fair value 114,220  
Recurring basis | Estimated fair value
   
Assets:    
Agency MBS 7,137,531  
Non-Agency MBS, including MBS transferred to consolidated VIEs 3,775,446  
Securities held and pledged as collateral 306,401  
Linked Transactions 55,801  
Derivative hedging instruments (Swaps and Swaptions) 26  
Total assets carried at fair value 11,275,205  
Liabilities:    
Derivative hedging instruments (Swaps) 114,220  
Obligation to return securities obtained as collateral 306,401  
Total liabilities carried at fair value $ 420,621