DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2015

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]

Financial Instruments Other than Debt Securities

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

	September 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	3,934	$	4,000	$	4,909	$	5,000
Lending counterparty investments		51,002		51,002		5,000		5,000
Interest rate swap agreements		–		–		1,657		1,657
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		3,246,177		3,248,588		2,128,517		2,128,400
Unsecured borrowings		100,000		100,300		100,000		100,500
Interest rate swap agreements		41,240		41,240		27,034		27,034

Fair Value and Related Disclosures for Debt Securities

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

	Amortized Cost Basis		Gross Unrealized				Fair Value
			Gains		Losses
September 30, 2015
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,345,542	$	218,095	$	601	$	10,563,036
Ginnie Mae		3,377,433		16,278		4,811		3,388,900
Residential mortgage securities classified as held-to-maturity		2,837		53		–		2,890
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

Securities in Unrealized Loss Position

	September 30, 2015				December 31, 2014
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	572,216	$	3,054	$	706,839	$	5,320
Less than one year		933,211		2,358		1,095,724		2,055
	$	1,505,427	$	5,412	$	1,802,563	$	7,375