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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2013
Schedule of Available-for-sale and Trading Securities [Line Items]  
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
As of March 31, 2013 and December 31, 2012, unrealized losses on available-for-sale investment securities were as follows:
 
March 31, 2013
 
Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
—

 
$
—

 
$
65,213

 
$
(8,887
)
Floating rate asset-backed securities
—

 
—

 
10,337

 
(11
)
Fixed rate asset-backed securities
2,981

 
(3
)
 
—

 
—

Fixed rate corporate debt securities
25,099

 
(18
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
8,185

 
(2
)
 
816

 
(2
)
Floating rate GSE subordinated debt
—

 
—

 
63,151

 
(6,849
)
Total
$
36,265

 
$
(23
)
 
$
139,517

 
$
(15,749
)

 
December 31, 2012
 
Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
—

 
$
—

 
$
63,159

 
$
(10,941
)
Floating rate asset-backed securities
21,648

 
(27
)
 
3,619

 
(9
)
Floating rate Government/GSE guaranteed mortgage-backed securities
174,352

 
(209
)
 
829

 
(2
)
Floating rate GSE subordinated debt
—

 
—

 
57,431

 
(12,569
)
Fixed rate senior agency debt
50,088

 
(1
)
 
—

 
—

Fixed rate U.S. Treasuries
136,194

 
(9
)
 
—

 
—

Total
$
382,282

 
$
(246
)
 
$
125,038

 
$
(23,521
)
Investment Securities [Member]
  
Schedule of Available-for-sale and Trading Securities [Line Items]  
Schedule of Available-for-sale Securities and Trading Securities Reconciliation
The following tables present the amount outstanding, amortized cost, and fair values of Farmer Mac's investment securities as of March 31, 2013 and December 31, 2012:
 
 
March 31, 2013
 
Amount Outstanding
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
74,100

 
$
—

 
$
74,100

 
$
—

 
$
(8,887
)
 
$
65,213

Floating rate asset-backed securities
146,110

 
(326
)
 
145,784

 
905

 
(11
)
 
146,678

Fixed rate asset-backed securities
2,983

 
—

 
2,983

 
—

 
(3
)
 
2,980

Floating rate corporate debt securities
91,345

 
(16
)
 
91,329

 
475

 
—

 
91,804

Fixed rate corporate debt securities
62,000

 
258

 
62,258

 
117

 
(18
)
 
62,357

Floating rate Government/GSE guaranteed mortgage-backed securities
673,283

 
5,603

 
678,886

 
9,096

 
(4
)
 
687,978

Fixed rate GSE guaranteed mortgage-backed securities
1,580

 
1

 
1,581

 
123

 
—

 
1,704

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(6,849
)
 
63,151

Fixed rate GSE preferred stock
78,500

 
683

 
79,183

 
7,609

 
—

 
86,792

Fixed rate taxable municipal bonds
8,542

 
50

 
8,592

 
5

 
—

 
8,597

Floating rate senior agency debt
50,000

 
(3
)
 
49,997

 
51

 
—

 
50,048

Fixed rate senior agency debt
119,000

 
474

 
119,474

 
147

 
—

 
119,621

Fixed rate U.S. Treasuries
907,000

 
1,996

 
908,996

 
268

 
—

 
909,264

Total available-for-sale
2,284,443

 
8,720

 
2,293,163

 
18,796

 
(15,772
)
 
2,296,187

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
4,013

 
—

 
4,013

 
—

 
(2,884
)
 
1,129

Total investment securities
$
2,288,456

 
$
8,720

 
$
2,297,176

 
$
18,796

 
$
(18,656
)
 
$
2,297,316






 
December 31, 2012
 
Amount Outstanding
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
74,100

 
$
—

 
$
74,100

 
$
—

 
$
(10,941
)
 
$
63,159

Floating rate asset-backed securities
150,519

 
(372
)
 
150,147

 
933

 
(36
)
 
151,044

Fixed rate asset-backed securities
6,501

 
—

 
6,501

 
—

 
—

 
6,501

Floating rate corporate debt securities
76,345

 
(32
)
 
76,313

 
450

 
—

 
76,763

Fixed rate corporate debt securities
51,969

 
243

 
52,212

 
204

 
—

 
52,416

Floating rate Government/GSE guaranteed mortgage-backed securities
699,062

 
5,973

 
705,035

 
8,035

 
(211
)
 
712,859

Fixed rate GSE guaranteed mortgage-backed securities
1,910

 
1

 
1,911

 
154

 
—

 
2,065

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(12,569
)
 
57,431

Fixed rate GSE preferred stock
78,500

 
784

 
79,284

 
7,802

 
—

 
87,086

Floating rate senior agency debt
50,000

 
(6
)
 
49,994

 
61

 
—

 
50,055

Fixed rate senior agency debt
72,700

 
287

 
72,987

 
128

 
(1
)
 
73,114

Fixed rate U.S. Treasuries
1,163,400

 
2,240

 
1,165,640

 
258

 
(9
)
 
1,165,889

Total available-for-sale
2,495,006

 
9,118

 
2,504,124

 
18,025

 
(23,767
)
 
2,498,382

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
4,327

 
—

 
4,327

 
—

 
(3,080
)
 
1,247

Total investment securities
$
2,499,333

 
$
9,118

 
$
2,508,451

 
$
18,025

 
$
(26,847
)
 
$
2,499,629



During the three months ended March 31, 2013, Farmer Mac re
Investments Classified by Contractual Maturity Date
 
Investment Securities Available-for-Sale as of
 
March 31, 2013
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
1,102,158

 
$
1,102,548

 
0.59%
Due after one year through five years
178,721

 
179,528

 
1.02%
Due after five years through ten years
399,858

 
396,373

 
1.07%
Due after ten years
612,426

 
617,738

 
2.61%
Total
$
2,293,163

 
$
2,296,187

 
1.25%