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Fair Value of Financial Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Financial Assets:    
Agency MBS $ 7,225,460 $ 7,137,531
Securities obtained and pledged as collateral 408,833 306,401
Restricted cash 5,016 15,502
Linked Transactions 12,704 55,801
Derivative hedging instruments 203 26
Financial Liabilities:    
Repurchase agreements 8,752,472 7,813,159
Securitized debt 646,816 [1] 875,520 [1]
Obligation to return securities held as collateral 508,827 306,401
Senior Notes 100,000  
Derivative hedging instruments 63,034 114,220
Carrying value
   
Financial Assets:    
Agency MBS 7,225,460 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,382,165 3,775,446
Securities obtained and pledged as collateral 408,833 306,401
Cash and cash equivalents 401,293 394,022
Restricted cash 5,016 15,502
Linked Transactions 12,704 55,801
Derivative hedging instruments 203 26
Financial Liabilities:    
Repurchase agreements 8,752,472 7,813,159
Securitized debt 646,816 875,520
Obligation to return securities held as collateral 508,827 306,401
Senior Notes 100,000  
Derivative hedging instruments 63,034 114,220
Estimated fair value
   
Financial Assets:    
Agency MBS 7,225,460 7,137,531
Non-Agency MBS, including MBS transferred to consolidated VIEs 5,382,165 3,775,446
Securities obtained and pledged as collateral 408,833 306,401
Cash and cash equivalents 401,293 394,022
Restricted cash 5,016 15,502
Linked Transactions 12,704 55,801
Derivative hedging instruments 203 26
Financial Liabilities:    
Repurchase agreements 8,754,521 7,812,652
Securitized debt 647,070 859,506
Obligation to return securities held as collateral 508,827 306,401
Senior Notes 103,040  
Derivative hedging instruments $ 63,034 $ 114,220
[1] Securitized Debt represents third-party liabilities of consolidated VIEs and excludes liabilities of the VIEs acquired by the Company that eliminate on consolidation. The third-party beneficial interest holders in the VIEs have no recourse to the general credit of the Company. (See Notes 10 and 15 for further discussion.)