CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Cash flows from operating activities
Net income	$ 15,173	$ 26,586	$ 105,086
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Investment loss (gain), net	19,166	(3,328)	(13,651)
Net (discount)/premium (accretion)/amortization on mortgage-backed securities	(10,867)	(12,250)	(2,422)
Gain on extinguishment of long-term debt	0	0	(160,435)
Depreciation and amortization	48	42	4,718
Other	636	3,155	26,031
Changes in operating assets
Interest receivable	(1,254)	(463)	(1,018)
Other	211	(645)	(858)
Due from clearing broker	0	0	(7,132)
Trading securities	0	0	(26,517)
Prepaid expenses and other assets	1,490	(1,806)	7,899
Changes in operating liabilities
Accounts payable and accrued expenses	1,091	688	(5,047)
Accrued compensation and benefits	1,568	1,280	(16,604)
Trading account securities sold but not yet purchased	0	0	12,339
Net cash provided by (used in) operating activities	27,262	13,259	(77,611)
Cash flows from investing activities
Purchases of available-for-sale mortgage-backed securities	(17,190)	(159,413)	(763,459)
Purchases of trading mortgage-backed securities	(711,306)	(304,494)	0
Proceeds from sales of available-for-sale mortgage-backed securities	79,212	253,133	1,050,721
Proceeds from sales of trading mortgage-backed securities	242,673	118,126	0
Receipt of principal payments on available-for-sale mortgage-backed securities	14,388	26,969	25,394
Receipt of principal payments on trading mortgage-backed securities	37,688	12,346	0
Payments and deposits on derivatives, net	(72,390)	(4,676)	0
Changes in purchased securities payable	13,265	2,555	0
Changes in sold securities receivable	(41,321)	0	0
Proceeds from U.S. Treasury bond maturities	0	0	550,000
Deconsolidation of FBR Capital Markets cash balance	0	0	(122,752)
Other	2,797	(4,188)	13,427
Net cash (used in) provided by investing activities	(452,184)	(59,642)	753,331
Cash flows from financing activities
Proceeds from (repayments of) repurchase agreements, net	457,756	63,390	(936,210)
Dividends paid	(24,029)	(10,254)	0
Repurchase of common stock and subsidiary stock	(229)	(4,464)	(73,319)
Repayments of short-term debt	(970)	0	0
Repayments of long-term debt	0	0	(75,769)
Proceeds from subsidiary stock transactions	0	0	165,048
Net cash provided by (used in) financing activities	432,528	48,672	(920,250)
Net increase (decrease) in cash and cash equivalents	7,606	2,289	(244,530)
Cash and cash equivalents, beginning of year	12,412	10,123	254,653
Less: Cash and cash equivalents held by discontinued operations, beginning of year	0	0	207,802
Cash and cash equivalents held by continuing operations, beginning of year	12,412	10,123	46,851
Cash and cash equivalents held, end of year	20,018	12,412	10,123
Less: Cash and cash equivalents held by discontinued operations, end of year	0	0	0
Cash and cash equivalents, held by continuing operations, end of year	20,018	12,412	10,123
Supplemental Cash Flow Information
Cash payments for interest	2,190	1,001	3,666
Cash payments for taxes	$ 708	$ 700	$ 2,623