DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

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

	March 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,430	$	2,500	$	2,584	$	2,600
Lending counterparty investments		5,002		5,002		5,002		5,002
Portfolio-related interest rate swap agreements	–		–			24,709		24,709
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		36,074		36,000		139,101		139,101
Unsecured borrowings		98,115		71,800		98,090		68,800
Interest rate swap agreements:
Portfolio-related	–		–			222		222
Unsecured borrowings-related		22,909		22,909		24,195		24,195

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, 2017
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,614,696	$	125,085	$	14,483	$	10,725,298
Ginnie Mae		2,684,899		10,201		11,172		2,683,928
Residential mortgage securities classified as held-to-maturity		1,968		23	–			1,991
December 31, 2016
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		10,372,566		134,797		23,990		10,483,373
Ginnie Mae		2,833,460		10,141		15,313		2,828,288
Residential mortgage securities classified as held-to-maturity		2,037		24	–			2,061

	March 31, 2017				December 31, 2016
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	1,026,810	$	7,608	$	1,050,221	$	8,418
Less than one year		3,418,911		18,047		4,418,674		30,885
	$	4,445,721	$	25,655	$	5,468,895	$	39,303