DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2014

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

	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	5,285	$	5,400	$	6,898	$	7,000
Interest rate swap agreements		2,397		2,397		5,005		5,005
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		1,778,517		1,778,700		36,299		36,300
Unsecured borrowings		100,000		100,400		100,000		101,000
Interest rate swap agreements		18,276		18,276		11,304		11,304

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

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
September 30, 2014
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,711,999	$	242,301	$	5,517	$	10,948,783
Ginnie Mae		2,753,329		16,838		5,709		2,764,458
Residential mortgage securities classified as held-to-maturity		3,754		128		–		3,882
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

	September 30, 2014				December 31, 2013
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	689,189	$	6,491	$	39,030	$	380
Less than one year		1,680,345		4,735		2,857,724		17,012
	$	2,369,534	$	11,226	$	2,896,754	$	17,392