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Fair Value of Financial Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2012
Dec. 31, 2011
Financial Assets:    
Agency MBS $ 7,059,629 $ 7,137,531
Securities held and pledged as collateral 503,740 306,401
Restricted cash 13,005 15,502
Linked Transactions 20,124 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 7,908,932 7,813,159
Securitized debt 967,422 [1] 875,520 [1]
Obligation to return securities held as collateral 503,740 306,401
Derivative hedging instruments 102,103 114,220
Carrying value
   
Financial Assets:    
Agency MBS 7,059,629 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 4,415,277 3,775,446
Securities held and pledged as collateral 503,740 306,401
Cash and cash equivalents 374,621 394,022
Restricted cash 13,005 15,502
Linked Transactions 20,124 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 7,908,932 7,813,159
Securitized debt 967,422 875,520
Obligation to return securities held as collateral 503,740 306,401
Derivative hedging instruments 102,103 114,220
Estimated fair value
   
Financial Assets:    
Agency MBS 7,059,629 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 4,415,277 3,775,446
Securities held and pledged as collateral 503,740 306,401
Cash and cash equivalents 374,621 394,022
Restricted cash 13,005 15,502
Linked Transactions 20,124 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 7,908,450 7,812,652
Securitized debt 958,923 859,506
Obligation to return securities held as collateral 503,740 306,401
Derivative hedging instruments $ 102,103 $ 114,220
[1] Securitized Debt included in the consolidated balance sheet at March 31, 2012 and December 31, 2011, represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate in 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.)