DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Fair value disclosures for financial instruments other than debt securities were as follows (in thousands):


	*June 30, 2013*				*December 31, 2012*
	*Carrying*		*Fair*		*Carrying*		*Fair*
	*Amount*		*Value*		*Amount*		*Value*
Financial assets:
Residential mortgage loans	$	7,411	$	7,500	$	8,063	$	8,200
Interest rate swap agreements		8,396		8,396		169		169
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		—		—		41,520		41,500
Unsecured borrowings		103,095		104,100		103,095		104,600
Interest rate swap agreements		11,097		11,097		32,868		32,868

Fair value and related disclosures for debt securities were as follows (in thousands):


	*Amortized*		*Gross Unrealized*
	*Cost Basis*		*Gains*		*Losses*		*Fair Value*
*As of June 30, 2013*
Agency Securities classified as available-for-sale	$	13,549,226	$	269,266	$	19,315	$	13,799,177
Residential mortgage securities classified as held-to-maturity		4,909		242		—		5,151
*As of December 31, 2012*
Agency Securities classified as available-for-sale	$	13,519,657	$	328,412	$	1,963	$	13,846,106
Residential mortgage securities classified as held-to-maturity		5,989		309		—		6,298

	*June 30, 2013*				*December 31, 2012*
	*Fair* *Value*		*Unrealized* *Loss*		*Fair* *Value*		*Unrealized* *Loss*
Securities in an unrealized loss position:
One year or greater	$	24,761	$	157	$	29,760	$	120
Less than one year		3,310,351		19,158		751,645		1,843

	$	3,335,112	$	19,315	$	781,405	$	1,963