DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract] |
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| Financial Instruments Other than Debt Securities |
Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):
| | September 30, 2016 | | | December 31, 2015 | | | | Carrying Amount | | | Fair Value | | | Carrying Amount | | | Fair Value | | Financial assets: | | | | | | | | | | | | | Residential mortgage loans | | $ | 2,674 | | | $ | 2,700 | | | $ | 3,817 | | | $ | 3,900 | | Lending counterparty investments | | | 15,002 | | | | 15,002 | | | | 65,002 | | | | 65,002 | | Portfolio-related interest rate swap agreements | | | 2,501 | | | | 2,501 | | | | 7,720 | | | | 7,720 | | Financial liabilities: | | | | | | | | | | | | | | | | | Secured borrowings with initial terms of greater than 120 days | | | 839,101 | | | | 839,300 | | | | 3,246,177 | | | | 3,245,000 | | Unsecured borrowings | | | 98,065 | | | | 59,100 | | | | 97,986 | | | | 77,200 | | Interest rate swap agreements: | | | | | | | | | | | | | | | | | Portfolio-related | | | 5,981 | | | | 5,981 | | | | 1,051 | | | | 1,051 | | Unsecured borrowings-related | | | 40,973 | | | | 40,973 | | | | 25,010 | | | | 25,010 | |
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| Fair Value and Related Disclosures for Debt Securities |
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, 2016 | | | | | | | | | | | | | Agency Securities classified as available-for-sale: | | | | | | | | | | | | | Fannie Mae/Freddie Mac | | $ | 10,350,186 | | | $ | 157,460 | | | $ | 1,267 | | | $ | 10,506,379 | | Ginnie Mae | | | 3,062,593 | | | | 14,795 | | | | 6,214 | | | | 3,071,174 | | Residential mortgage securities classified as held-to-maturity | | | 2,096 | | | | 25 | | | | – | | | | 2,121 | | December 31, 2015 | | | | | | | | | | | | | | | | | Agency Securities classified as available-for-sale: | | | | | | | | | | | | | | | | | Fannie Mae/Freddie Mac | | | 10,331,965 | | | | 166,794 | | | | 10,954 | | | | 10,487,805 | | Ginnie Mae | | | 3,661,766 | | | | 11,705 | | | | 13,016 | | | | 3,660,455 | | Residential mortgage securities classified as held-to-maturity | | | 2,660 | | | | 44 | | | | – | | | | 2,704 | |
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| Securities in Unrealized Loss Position |
| | September 30, 2016 | | | December 31, 2015 | | | | | Fair Value | | | Unrealized Loss | | | Fair Value | | | Unrealized Loss | | Securities in an unrealized loss position: | | | | | | | | | | | | | One year or greater | | $ | 813,179 | | | $ | 4,923 | | | $ | 597,652 | | | $ | 4,259 | | Less than one year | | | 1,114,807 | | | | 2,558 | | | | 4,468,844 | | | | 19,711 | | | | | $ | 1,927,986 | | | $ | 7,481 | | | $ | 5,066,496 | | | $ | 23,970 | |
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