DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair value disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):

	December 31, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	6,898	$	7,000	$	8,063	$	8,200
Interest rate swap agreements		5,005		5,005		169		169
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		36,299		36,300		41,520		41,500
Unsecured borrowings		100,000		101,000		103,095		104,600
Interest rate swap agreements		11,304		11,304		32,868		32,868

Fair value and related disclosures for debt securities were as follows as of the indicated dates (in thousands):

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
As of December 31, 2013
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	11,019,116	$	224,456	$	12,468	$	11,231,104
Ginnie Mae		2,220,035		18,384		4,924		2,233,495
Residential mortgage securities classified as held-to-maturity		4,376		211		–		4,587
As of December 31, 2012
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		11,904,660		296,114		1,787		12,198,987
Ginnie Mae		1,614,997		32,298		176		1,647,119
Residential mortgage securities classified as held-to-maturity		5,989		309		–		6,298

	December 31, 2013				December 31, 2012
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	39,030	$	380	$	29,760	$	120
Less than one year		2,857,724		17,012		751,645		1,843
	$	2,896,754	$	17,392	$	781,405	$	1,963