DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

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

	June 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	4,053	$	4,100	$	4,909	$	5,000
Interest rate swap agreements		318		318		1,657		1,657
Financial liabilities:
Repurchase arrangements with initial terms of greater than 90 days		2,575,000		2,576,100		2,128,517		2,128,400
Unsecured borrowings		100,000		100,300		100,000		100,500
Interest rate swap agreements		27,401		27,401		27,034		27,034

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

	Amortized Cost Basis		Gross Unrealized
	Amortized Cost Basis		Gains		Losses		Fair Value
June 30, 2015
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,761,923	$	226,933	$	2,148	$	10,986,708
Ginnie Mae		3,146,711		18,716		3,410		3,162,017
Residential mortgage securities classified as held-to-maturity		3,084		73		–		3,157
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

	June 30, 2015				December 31, 2014
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	518,021	$	2,964	$	706,839	$	5,320
Less than one year		1,259,485		2,594		1,095,724		2,055
	$	1,777,506	$	5,558	$	1,802,563	$	7,375