XML 113 R7.htm IDEA: XBRL DOCUMENT

Mortgage Backed Securities

6 Months Ended

Jun. 30, 2013

Mortgage Backed Securities [Abstract]

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company's MBS portfolio as of June 30, 2013 and December 31, 2012:

(in thousands)
		June 30, 2013		December 31, 2012
Pass-Through MBS:
	Hybrid Adjustable-rate Mortgages	$	116,618	$	87,693
	Adjustable-rate Mortgages		6,210		20,857
	Fixed-rate Mortgages		233,243		49,846
	Total Pass-Through MBS		356,071		158,396
Structured MBS:
	Interest-Only Securities		21,907		5,244
	Inverse Interest-Only Securities		2,582		4,515
	Total Structured MBS		24,489		9,759
Total		$	380,560	$	168,155

Included in the table above at June 30, 2013 are $339.1 million of MBS assets that may only be used to settle liabilities of the consolidated VIE.

The following table summarizes the Company's MBS portfolio as of June 30, 2013 and December 31, 2012, according to their contractual maturities. Actual maturities of MBS investments are generally shorter than stated contractual maturities and are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

(in thousands)
	June 30, 2013		December 31, 2012
Greater than one year and less than five years	$	89	$	163
Greater than five years and less than ten years		11,819		12,980
Greater than or equal to ten years		368,652		155,012
Total	$	380,560	$	168,155