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Fair Value of Financial Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Financial Assets:    
Agency MBS $ 7,137,531 $ 5,980,623
Securities held and pledged as collateral 306,401  
Restricted cash 15,502 41,927
Linked Transactions 55,801 179,915
Derivative hedging instruments 26  
Financial Liabilities:    
Repurchase agreements 7,813,159 5,992,269
Securitized debt 875,520 [1] 220,933 [1]
Obligations to return securities held as collateral 306,401  
Derivative hedging instruments 114,220 139,142
Carrying value
   
Financial Assets:    
Agency MBS 7,137,531 5,980,623
Non-Agency MBS, including MBS transferred to consolidated VIEs 3,775,446 2,078,087
Securities held and pledged as collateral 306,401  
Cash and cash equivalents 394,022 345,243
Restricted cash 15,502 41,927
Linked Transactions 55,801 179,915
Derivative hedging instruments 26  
Financial Liabilities:    
Repurchase agreements 7,813,159 5,992,269
Securitized debt 875,520 220,933
Obligations to return securities held as collateral 306,401  
Derivative hedging instruments 114,220 139,142
Estimated fair value
   
Financial Assets:    
Agency MBS 7,137,531 5,980,623
Non-Agency MBS, including MBS transferred to consolidated VIEs 3,775,446 2,078,087
Securities held and pledged as collateral 306,401  
Cash and cash equivalents 394,022 345,243
Restricted cash 15,502 41,927
Linked Transactions 55,801 179,915
Derivative hedging instruments 26  
Financial Liabilities:    
Repurchase agreements 7,812,652 5,993,769
Securitized debt 859,506 221,209
Obligations to return securities held as collateral 306,401  
Derivative hedging instruments $ 114,220 $ 139,142
[1] Securitized Debt included in the consolidated balance sheet at December 31, 2011 and December 31, 2010, represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 9 and 14 for further discussion.)