DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2017

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

	September 30, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,183	$	2,200	$	2,584	$	2,600
Lending counterparty investments		5,002		5,002		5,002		5,002
Secured borrowings-related interest rate swap agreements		2,022		2,022		24,709		24,709
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		33,073		33,100		139,101		139,100
Unsecured borrowings		98,166		71,600		98,090		68,800
Interest rate swap agreements:
Secured borrowings-related	–		–			222		222
Unsecured borrowings-related		24,759		24,759		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
September 30, 2017
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,681,367	$	102,336	$	12,561	$	10,771,142
Ginnie Mae		2,829,057		10,234		8,870		2,830,421
Residential mortgage securities classified as held-to-maturity		1,837		19	–			1,856

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

	September 30, 2017				December 31, 2016
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	1,220,505	$	9,584	$	1,050,221	$	8,418
Less than one year		3,544,982		11,847		4,418,674		30,885
	$	4,765,487	$	21,431	$	5,468,895	$	39,303