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Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Assets:    
Agency MBS $ 7,476,848 $ 7,137,531
Securities obtained and pledged as collateral 509,704 306,401
Linked Transactions 12,767 55,801
Liabilities:    
Derivative hedging instruments (Swaps) 78,169 114,220
Obligation to return securities obtained as collateral 509,704 306,401
Recurring basis | Level 1
   
Assets:    
Securities obtained and pledged as collateral 509,704  
Total assets carried at fair value 509,704  
Liabilities:    
Obligation to return securities obtained as collateral 509,704  
Total liabilities carried at fair value 509,704  
Recurring basis | Level 2
   
Assets:    
Agency MBS 7,476,848  
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,196,975  
Linked Transactions 12,767  
Total assets carried at fair value 12,686,590  
Liabilities:    
Derivative hedging instruments (Swaps) 78,169  
Total liabilities carried at fair value 78,169  
Recurring basis | Estimated fair value
   
Assets:    
Agency MBS 7,476,848  
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,196,975  
Securities obtained and pledged as collateral 509,704  
Linked Transactions 12,767  
Total assets carried at fair value 13,196,294  
Liabilities:    
Derivative hedging instruments (Swaps) 78,169  
Obligation to return securities obtained as collateral 509,704  
Total liabilities carried at fair value $ 587,873