DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

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

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	4,909	$	5,000	$	6,898	$	7,000
Interest rate swap agreements		1,657		1,657		5,005		5,005
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		2,128,517		2,128,400		36,299		36,300
Unsecured borrowings		100,000		100,500		100,000		101,000
Interest rate swap agreements		27,034		27,034		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
December 31, 2014
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,559,231	$	243,351	$	2,218	$	10,800,364
Ginnie Mae		3,087,570		16,755		5,157		3,099,168
Residential mortgage securities classified as held-to-maturity		3,663		124		–		3,787
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

	December 31, 2014				December 31, 2013
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	706,839	$	5,320	$	39,030	$	380
Less than one year		1,095,724		2,055		2,857,724		17,012
	$	1,802,563	$	7,375	$	2,896,754	$	17,392