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Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Assets:    
Agency MBS $ 7,059,629 $ 7,137,531
Securities held and pledged as collateral 503,740 306,401
Linked Transactions 20,124 55,801
Liabilities:    
Derivative hedging instruments (Swaps) 102,103 114,220
Obligation to return securities obtained as collateral 503,740 306,401
Recurring basis | Level 1
   
Assets:    
Securities held and pledged as collateral 503,740  
Total assets carried at fair value 503,740  
Liabilities:    
Obligation to return securities obtained as collateral 503,740  
Total liabilities carried at fair value 503,740  
Recurring basis | Level 2
   
Assets:    
Agency MBS 7,059,629  
Non-Agency MBS, including MBS transferred to consolidated VIEs 4,415,277  
Linked Transactions 20,124  
Total assets carried at fair value 11,495,030  
Liabilities:    
Derivative hedging instruments (Swaps) 102,103  
Total liabilities carried at fair value 102,103  
Recurring basis | Estimated fair value
   
Assets:    
Agency MBS 7,059,629  
Non-Agency MBS, including MBS transferred to consolidated VIEs 4,415,277  
Securities held and pledged as collateral 503,740  
Linked Transactions 20,124  
Total assets carried at fair value 11,998,770  
Liabilities:    
Derivative hedging instruments (Swaps) 102,103  
Obligation to return securities obtained as collateral 503,740  
Total liabilities carried at fair value $ 605,843