Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity (Tables)

12 Months Ended

Dec. 31, 2011

Repurchase Arrangements And Similar Borrowings, Including Interest Rate Hedging Activity [Abstract]

Schedule Of Repurchase Arrangements And Similar Borrowings


	*December 31, 2011*					*December 31, 2010*
*Collateral Type*	*Borrowings* *Outstanding*		*Average* *Rate*			*Borrowings* *Outstanding*		Average Rate
Borrowings with maturities of 30 days or less:
Agency Securities	$	10,754,835		0.37	%	$	7,554,225		0.30	%
Borrowings with maturities greater than 30 days:
Agency Securities (31 to 90 days)		594,283		0.32			235,000		0.33
Similar borrowings:
Collateral for structured financings		3,326		8.04			3,518		7.97

	$	11,352,444		0.37		$	7,792,743		0.31

Year-end rates adjusted for effects of related derivatives held as cash flow hedges				0.58					0.63

Schedule Of Average Borrowings Outstanding


	*Year Ended*
	*December 31, 2011*					*December 31, 2010*
	*Borrowings* *Outstanding*		*Average* *Rate*			*Borrowings* *Outstanding*		Average Rate
Average borrowings and rates for the indicated year, adjusted for the effects of related derivatives held as cash flow hedges	$	10,059,807		0.56	%	$	7,050,395		0.66	%

Schedule Of Swap Agreements Expiration Period And Characteristics


*Quarter of* *Contract Expiration*	*Notional* *Amount*		*Average Fixed Rate* *Payment Requirement*
Currently-paying contracts:
First quarter 2012	$	800,000		1.10	%
Third quarter 2012		200,000		0.83
First quarter 2013		1,100,000		0.81
Second quarter 2013		700,000		0.96
Third quarter 2013		300,000		0.87
Fourth quarter 2013		800,000		0.78

		3,900,000		0.90
Forward-starting contracts:
First quarter 2014		200,000		0.60
Second quarter 2014		400,000		0.51


	$	4,500,000

Impact Of Derivative Instruments On Statements Of Financial Performance And Financial Position


	Location in Balance Sheet			December 31, 2011			December 31, 2010
*Balance sheet-related*
Interest rate swap agreements in a gain position (an asset) related to:
Repurchase arrangements and similar borrowings		^(a	⁾	$	617		$	734
Unsecured borrowings		^(a	⁾		–			8,863
					617			9,597
Interest rate swap agreements in a loss position (a liability) related to:
Repurchase arrangements and similar borrowings		^(a	⁾		(15,691	)		(16,337	)
Unsecured borrowings		^(a	⁾		(15,657	)		–
Related net interest payable		^(b	⁾		(10,023	)		(9,847	)

				$	(40,754	)	$	(16,587	)

(a)

The fair value of derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the balance sheet separately from the fair value of derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses that will be recognized in the statement of income over the next twelve months in the form of fixed- and variable-rate swap payments in excess of current market rates totaled $6.6 million at December 31, 2011.

(b)

Included in "Accounts payable and accrued expenses" on the face of the balance sheet.


	*Location of* Gain or (Loss) Recognized in *Net Income*
		*December 31*
		*2011*			*2010*			*2009*
*Income statement-related*
Components of effect on interest expense:
Amount of gain (loss) reclassified from AOCI:
Effective portion of active positions		$	(28,066	)	$	(27,554	)	$	(56,585	)
Effective portion of terminated positions			–			8			(1,242	)

			(28,066	)		(27,546	)		(57,827	)
Amount of gain (loss) recognized (ineffective portion)			(827	)		(140	)		(1,148	)

Increase in interest expense and decrease in Net income as a result of the use of derivatives	^(a)	$	(28,893	)	$	(27,686	)	$	(58,975	)

*Other comprehensive income-related*
Amount of loss recognized in other comprehensive income (loss) (effective portion)		$	(51,751	)	$	(27,587	)	$	(16,709	)

(a)

Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the statement of income.