Investment Securities - (Tables) (Investment Securities [Member])

6 Months Ended

Jun. 30, 2014

Investment Securities [Member]

Schedule of Available-for-sale and Trading Securities [Line Items]

Schedule of Available-for-sale Securities and Trading Securities Reconciliation [Table Text Block]

The following tables present the amount outstanding, amortized cost, and fair values of Farmer Mac's investment securities as of June 30, 2014 and December 31, 2013:

Table 2.1

	As of June 30, 2014
	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	$	61,600	$	—		$	61,600	$	—	$	(6,624	)	$	54,976
Floating rate asset-backed securities	120,002		(138		)	119,864		384		(4		)	120,244
Floating rate corporate debt securities	26,530		—			26,530		158		—			26,688
Fixed rate corporate debt securities	55,000		15			55,015		155		—			55,170
Floating rate Government/GSE guaranteed mortgage-backed securities	617,783		3,819			621,602		5,204		(262		)	626,544
Fixed rate GSE guaranteed mortgage-backed securities (1)	1,015		3,755			4,770		3,690		—			8,460
Floating rate GSE subordinated debt	70,000		—			70,000		—		(6,615		)	63,385
Fixed rate GSE preferred stock	78,500		138			78,638		3,787		—			82,425
Fixed rate taxable municipal bonds	11,960		15			11,975		3		—			11,978
Fixed rate senior agency debt	200,000		76			200,076		24		—			200,100
Floating rate U.S. Treasuries	75,000		(14		)	74,986		12		—			74,998
Fixed rate U.S. Treasuries	990,000		985			990,985		88		(78		)	990,995
Total available-for-sale	2,307,390		8,651			2,316,041		13,505		(13,583		)	2,315,963
Trading:
Floating rate asset-backed securities	3,139		—			3,139		—		(2,259		)	880
Total investment securities	$	2,310,529	$	8,651		$	2,319,180	$	13,505	$	(15,842	)	$	2,316,843

(1) Fair value includes $7.4 million of an interest-only security with a notional amount of $152.4 million.

	As of December 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	$	—	$	(8,815	)	$	65,285
Floating rate asset-backed securities	166,185		(217		)	165,968		195		(59		)	166,104
Floating rate corporate debt securities	109,345		(3		)	109,342		445		(18		)	109,769
Fixed rate corporate debt securities	55,000		48			55,048		97		(4		)	55,141
Floating rate Government/GSE guaranteed mortgage-backed securities	612,413		4,336			616,749		4,955		(435		)	621,269
Fixed rate GSE guaranteed mortgage-backed securities (1)	1,173		3,966			5,139		3,518		—			8,657
Floating rate GSE subordinated debt	70,000		—			70,000		—		(6,615		)	63,385
Fixed rate GSE preferred stock	78,500		365			78,865		4,296		—			83,161
Fixed rate taxable municipal bonds	30,595		84			30,679		5		(3		)	30,681
Fixed rate senior agency debt	523,691		294			523,985		107		(30		)	524,062
Fixed rate U.S. Treasuries	754,405		1,141			755,546		95		(8		)	755,633
Total available-for-sale	2,475,407		10,014			2,485,421		13,713		(15,987		)	2,483,147
Trading:
Floating rate asset-backed securities	3,553		—			3,553		—		(2,625		)	928
Total investment securities	$	2,478,960	$	10,014		$	2,488,974	$	13,713	$	(18,612	)	$	2,484,075

(1) Fair value includes $7.4 million of an interest-only security with a notional amount of $152.4 million.

During the three months ended June 30, 2014, Farmer Mac received proceeds of $720.5 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million, compared to proceeds of $155.6 million for the same period in 2013, resulting in gross realized gains of $3.1 million. During the six months ended June 30, 2014, Farmer Mac received proceeds of $730.5 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.2 million, compared to proceeds of $170.6 million for the six months ended June 30, 2013, resulting in gross realized gains of $3.1 million.

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

As of June 30, 2014 and December 31, 2013, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

	As of June 30, 2014
	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	$	—	$	—		$	54,976	$	(6,624	)
Floating rate asset-backed securities	6,102		(4		)	2,676		(1		)
Floating rate Government/GSE guaranteed mortgage-backed securities	204,085		(252		)	6,860		(10		)
Floating rate GSE subordinated debt	—		—			63,385		(6,615		)
Fixed rate U.S. Treasuries	578,065		(77		)	—		—
Total	$	788,252	$	(333	)	$	127,897	$	(13,250	)

	As of December 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	$	—	$	—		$	65,285	$	(8,815	)
Floating rate asset-backed securities	50,129		(59		)	—		—
Floating rate corporate debt securities	19,982		(18		)	—		—
Fixed rate corporate debt securities	10,058		(4		)	—		—
Floating rate Government/GSE guaranteed mortgage-backed securities	161,960		(435		)	—		—
Floating rate GSE subordinated debt	—		—			63,385		(6,615		)
Fixed rate taxable municipal bonds	8,041		(3		)	—		—
Fixed rate senior agency debt	316,273		(30		)	—		—
Fixed rate U.S. Treasuries	118,056		(8		)	—		—
Total	$	684,499	$	(557	)	$	128,670	$	(15,430	)

The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to June 30, 2014 and December 31, 2013, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of June 30, 2014, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one, comprising the floating rate GSE subordinated debt category, that was rated "A-." As of December 31, 2013, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except two that were rated "A-" and one that was rated "BBB+." The unrealized losses were on 33 and 64 individual investment securities as of June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014, 10 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $13.3 million. As of December 31, 2013, 7 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $15.4 million.  Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2014 that is, on average, approximately 90.6 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of changes in credit spreads or maturity. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of June 30, 2014 and December 31, 2013. Farmer Mac does not intend to sell these securities and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2014 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3

	As of June 30, 2014
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,250,632	$	1,250,753	0.32%
Due after one year through five years	177,581		178,519		0.90%
Due after five years through ten years	303,144		301,413		0.79%
Due after ten years	584,684		585,278		2.35%
Total	$	2,316,041	$	2,315,963	0.94%