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MORTGAGE-BACKED SECURITIES
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of December 31, 2018 and December 31, 2017:

(in thousands)
December 31, 2018December 31, 2017
Pass-Through RMBS Certificates:
Hybrid Adjustable-rate Mortgages $-$27,398
Adjustable-rate Mortgages 1,4371,754
Fixed-rate Mortgages 2,130,9743,594,533
Fixed-rate CMOs741,926-
Total Pass-Through Certificates2,874,3373,623,685
Structured RMBS Certificates:
Interest-Only Securities116,41586,918
Inverse Interest-Only Securities23,75134,208
Total Structured RMBS Certificates140,166121,126
Total$3,014,503$3,744,811

The following table summarizes the Company’s RMBS portfolio as of December 31, 2018 and 2017, according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
December 31, 2018December 31, 2017
Greater than one year and less than five years $-$29
Greater than five years and less than ten years 5,6963,281
Greater than or equal to ten years3,008,8073,741,501
Total$3,014,503$3,744,811