Note 6 - Agency Securities, Available for Sale (Tables)

12 Months Ended

Dec. 31, 2013

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities

As of December 31, 2012, we had the following securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2012 are also presented below.

December 31, 2012	Fannie Mae			Freddie Mac			Ginnie Mae			Total Agency Securities
	(in thousands)
Principal Amount	$	12,328,493		$	5,305,071		$	292,434		$	17,925,998
Net unamortized premium	641,833			284,739			13,428			940,000
Amortized cost	$	12,970,326		$	5,589,810		$	305,862		$	18,865,998
Unrealized gains	169,227			66,904			6,466			242,597
Unrealized losses	(9,815		)	(2,170		)	(48		)	(12,033		)
Fair value	$	13,129,738		$	5,654,544		$	312,280		$	19,096,562

December 31, 2012	Adjustable and Hybrid Adjustable Rate			Fixed  Rate			Total Agency Securities
	(in thousands)
Principal Amount	$	2,037,778		$	15,888,220		$	17,925,998
Net unamortized premium	84,255			855,745			940,000
Amortized cost	$	2,122,033		$	16,743,965		$	18,865,998
Unrealized gains	36,758			205,839			242,597
Unrealized losses	(222		)	(11,811		)	(12,033		)
Fair value	$	2,158,569		$	16,937,993		$	19,096,562

As of December 31, 2013, we had the following Agency Securities in an unrealized gain or loss position as presented below. The components of the carrying value of our Agency Securities as of December 31, 2013 are also presented below.

December 31, 2013	Fannie Mae			Freddie Mac			Ginnie Mae			Total Agency Securities
	(in thousands)
Principal Amount	$	10,700,322		$	3,627,871		$	139,027		$	14,467,220
Net unamortized premium	227,771			136,714			6,953			371,438
Amortized cost	$	10,928,093		$	3,764,585		$	145,980		$	14,838,658
Unrealized gains	3,512			2,684			1,152			7,348
Unrealized losses	(124,825		)	(72,939		)	(64		)	(197,828		)
Fair value	$	10,806,780		$	3,694,330		$	147,068		$	14,648,178

December 31, 2013	Adjustable and Hybrid Adjustable Rate			Fixed  Rate			Total Agency Securities
	(in thousands)
Principal Amount	$	208,216		$	14,259,004		$	14,467,220
Net unamortized premium	9,888			361,550			371,438
Amortized cost	$	218,104		$	14,620,554		$	14,838,658
Unrealized gains	2,731			4,617			7,348
Unrealized losses	(141		)	(197,687		)	(197,828		)
Fair value	$	220,694		$	14,427,484		$	14,648,178

Investments Classified by Contractual Maturity Date

The following table summarizes the weighted average lives of our Agency Securities as of December 31, 2013 and December 31, 2012. 

	December 31, 2013				December 31, 2012
	(in thousands)
Weighted Average Life of all Agency Securities	Fair Value		Amortized Cost		Fair Value		Amortized Cost
Less than one year	$	2	$	2	$	2,647	$	2,593
Greater than or equal to one year and less than three years	20,289		20,127		8,618,862		8,476,157
Greater than or equal to three years and less than five years	3,809,418		3,837,530		9,681,538		9,592,001
Greater than or equal to five years	10,818,469		10,980,999		793,515		795,247
Total Agency Securities	$	14,648,178	$	14,838,658	$	19,096,562	$	18,865,998

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

The following table presents the unrealized losses and estimated fair value of our Agency Securities by length of time that such securities have been in a continuous unrealized loss position as of December 31, 2013 and December 31, 2012.

	Unrealized Loss Position For: (in thousands)
	Less than 12 months					12 Months or More					Total
As of	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
December 31, 2013	$	7,175,317	$	(197,536	)	$	17,737	$	(292	)	$	7,193,054	$	(197,828	)
December 31, 2012	$	1,521,052	$	(12,030	)	$	836	$	(3	)	$	1,521,888	$	(12,033	)