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Fair Value of Financial Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
Sep. 30, 2012
Dec. 31, 2011
Financial Assets:    
Agency MBS $ 7,476,848 $ 7,137,531
Securities obtained and pledged as collateral 509,704 306,401
Restricted cash 7,013 15,502
Linked Transactions 12,767 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 8,832,326 7,813,159
Securitized debt 749,471 [1] 875,520 [1]
Obligation to return securities held as collateral 509,704 306,401
Senior Notes 100,000  
Derivative hedging instruments 78,169 114,220
Carrying value
   
Financial Assets:    
Agency MBS 7,476,848 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,196,975 3,775,446
Securities obtained and pledged as collateral 509,704 306,401
Cash and cash equivalents 450,442 394,022
Restricted cash 7,013 15,502
Linked Transactions 12,767 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 8,832,326 7,813,159
Securitized debt 749,471 875,520
Obligation to return securities held as collateral 509,704 306,401
Senior Notes 100,000  
Derivative hedging instruments 78,169 114,220
Estimated fair value
   
Financial Assets:    
Agency MBS 7,476,848 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,196,975 3,775,446
Securities obtained and pledged as collateral 509,704 306,401
Cash and cash equivalents 450,442 394,022
Restricted cash 7,013 15,502
Linked Transactions 12,767 55,801
Derivative hedging instruments   26
Financial Liabilities:    
Repurchase agreements 8,832,751 7,812,652
Securitized debt 749,022 859,506
Obligation to return securities held as collateral 509,704 306,401
Senior Notes 103,920  
Derivative hedging instruments $ 78,169 $ 114,220
[1] Securitized Debt 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 10 and 15 for further discussion.)