Repurchase Agreements
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Dec. 31, 2011
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Disclosure Of Repurchase Agreements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements Resale Agreements Securities Borrowed And Securities Loaned Disclosure [Text Block] | NOTE 6. REPURCHASE AGREEMENTS
As of December 31, 2011, Bimini Capital had outstanding repurchase agreement obligations of approximately $69.5 million with a net weighted average borrowing rate of 0.43%. These agreements were collateralized by MBS with a fair value, including accrued interest, of approximately $73.3 million. As of December 31, 2010, Bimini Capital had outstanding repurchase agreement obligations of approximately $113.6 million with a net weighted average borrowing rate of 0.32%. These agreements were collateralized by MBS with a fair value of approximately $117.6 million.
As of December 31, 2011 and 2010, Bimini Capital's net repurchase agreements had remaining maturities as summarized below:
Summary information regarding the Company's amounts at risk with individual counterparties greater than 10% of the Company's equity at December 31, 2011 and 2010 is as follows:
On October 31, 2011, MF Global Holding Ltd. (“MF”) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. As of September 30, 2011, a subsidiary of MF, MF Global, Inc. was the Company's largest repurchase agreement funding provider and the Company had approximately $2.3 million at risk under such agreements. As of December 31, 2011, the Company had no outstanding funding arrangements in place with MF under repurchase agreements. All repurchase agreements in place at September 30, 2011, have been terminated and all pledged assets have been returned. As of March 9, 2012, one reverse-repurchase agreement with MF has yet to be fully unwound and the Company has not received funds which are owed by MF to the Company in the amount of approximately $343,000. At December 31, 2011, the Company has established a reserve of $300,000 against this balance. The Company believes it is entitled to these funds; however, given publicly-disclosed developments at MF and the fact that MF is in bankruptcy, it is not known if or when the funds will be received. |