DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

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

	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	1,864	$	1,900	$	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		33,073		33,100		139,101		139,100
Unsecured borrowings		98,191		74,100		98,090		68,800
Interest rate swap agreements:
Portfolio-related		–		–		222		222
Unsecured borrowings-related		23,772		23,772		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
December 31, 2017
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,529,646	$	85,740	$	37,022	$	10,578,364
Ginnie Mae		2,875,637		8,958		12,432		2,872,163
Residential mortgage securities classified as held-to-maturity		1,706		17		–		1,723
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

	December 31, 2017				December 31, 2016
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	2,552,668	$	26,701	$	1,050,221	$	8,418
Less than one year		4,665,883		22,752		4,418,674		30,885
	$	7,218,551	$	49,453	$	5,468,895	$	39,303