DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

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

	March 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	3,190	$	3,200	$	3,817	$	3,900
Lending counterparty investments		35,002		35,002		65,002		65,002
Portfolio-related interest rate swap agreements		802		802		7,720		7,720
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		2,243,179		2,243,800		3,246,177		3,245,000
Unsecured borrowings		98,014		73,100		97,986		77,200
Interest rate swap agreements:
Portfolio-related		11,296		11,296		1,051		1,051
Unsecured borrowings-related		35,013		35,013		25,010		25,010

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
March 31, 2016
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,126,512	$	161,157	$	2,487	$	10,285,182
Ginnie Mae		3,535,993		15,295		6,953		3,544,335
Residential mortgage securities classified as held-to-maturity		2,425		31		–		2,456
December 31, 2015
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		10,331,965		166,794		10,954		10,487,805
Ginnie Mae		3,661,766		11,705		13,016		3,660,455
Residential mortgage securities classified as held-to-maturity		2,660		44		–		2,704

	March 31, 2016				December 31, 2015
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	590,795	$	3,779	$	597,652	$	4,259
Less than one year		1,818,868		5,661		4,468,844		19,711
	$	2,409,663	$	9,440	$	5,066,496	$	23,970