DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2017

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

	June 30, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,347	$	2,400	$	2,584	$	2,600
Lending counterparty investments		5,002		5,002		5,002		5,002
Portfolio-related interest rate swap agreements		2,470		2,470		24,709		24,709
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		36,074		36,100		139,101		139,100
Unsecured borrowings		98,140		72,800		98,090		68,800
Interest rate swap agreements:
Portfolio-related	–		–			222		222
Unsecured borrowings-related		24,787		24,787		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
June 30, 2017
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,797,071	$	112,481	$	14,256	$	10,895,296
Ginnie Mae		2,699,363		9,981		9,995		2,699,349
Residential mortgage securities classified as held-to-maturity		1,899		21	–			1,920

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

	June 30, 2017				December 31, 2016
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	946,708	$	7,289	$	1,050,221	$	8,418
Less than one year		3,931,502		16,962		4,418,674		30,885
	$	4,878,210	$	24,251	$	5,468,895	$	39,303