Held-to-Maturity Securities (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Held-to-maturity Securities [Line Items]

Held-to-maturity Securities [Table Text Block]

Held-to-maturity securities as of September 30, 2013 were as follows (in thousands):

	Amortized Cost		OTTI Recorded in Accumulated Other Comprehensive Income (Loss)		Carrying Value		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Debentures
U.S. government-guaranteed obligations	$	33,373	$	—	$	33,373	$	126	$	161	$	33,338
Mortgage-backed securities
U.S. government-guaranteed obligations	10,746		—		10,746		50		—		10,796
Government-sponsored enterprises	4,936,998		—		4,936,998		48,991		7,831		4,978,158
Non-agency residential mortgage-backed securities	208,001		35,293		172,708		14,238		—		186,946
	5,155,745		35,293		5,120,452		63,279		7,831		5,175,900
Total	$	5,189,118	$	35,293	$	5,153,825	$	63,405	$	7,992	$	5,209,238

Held-to-maturity securities as of December 31, 2012 were as follows (in thousands):

	Amortized Cost		OTTI Recorded in Accumulated Other Comprehensive Income (Loss)		Carrying Value		Gross Unrecognized Holding Gains		Gross Unrecognized Holding Losses		Estimated Fair Value
Debentures
U.S. government-guaranteed obligations	$	38,759	$	—	$	38,759	$	176	$	175	$	38,760
Mortgage-backed securities
U.S. government-guaranteed obligations	12,973		—		12,973		60		—		13,033
Government-sponsored enterprises	4,947,206		—		4,947,206		78,023		271		5,024,958
Non-agency residential mortgage-backed securities	242,374		41,437		200,937		6,277		—		207,214
	5,202,553		41,437		5,161,116		84,360		271		5,245,205
Total	$	5,241,312	$	41,437	$	5,199,875	$	84,536	$	446	$	5,283,965

Schedule of Projected Annualized Home Price Recovery Rates [Table Text Block]

Under those recovery paths, home prices were projected to increase as set forth in the table below.

Months	Range of Annualized Rates
1 - 6	0.0	%	-	3.0%
7 - 12	1.0	%	-	4.0%
13 - 18	2.0	%	-	4.0%
19 - 30	2.0	%	-	5.0%
31 - 54	2.0	%	-	6.0%
Thereafter	2.3	%	-	5.6%

Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]

The following table presents a rollforward for the three and nine months ended September 30, 2013 and 2012 of the amount related to credit losses on the Bank’s non-agency RMBS holdings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) (in thousands).

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2013			2012		2013			2012
Balance of credit losses, beginning of period	$	13,039		$	13,039	$	13,039		$	12,679
Credit losses on securities for which an other-than-temporary impairment was previously recognized	—			—		—			360
Principal shortfalls during the period	(614		)	—		(614		)	—
Increases in cash flows expected to be collected (accreted as interest income over the remaining lives of the applicable securities)	(70		)	—		(70		)	—
Balance of credit losses, end of period	$	12,355		$	13,039	$	12,355		$	13,039

Categories of Investments, Marketable Securities, Held-to-maturity Securities [Member]

Schedule of Held-to-maturity Securities [Line Items]

Schedule of Unrealized Loss on Investments [Table Text Block]

The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of September 30, 2013. The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position.

	Less than 12 Months					12 Months or More					Total
	Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses
Debentures
U.S. government-guaranteed obligations	—	$	—	$	—	2	$	16,524	$	161	2	$	16,524	$	161
Mortgage-backed securities
Government-sponsored enterprises	54	1,703,842		7,372		12	93,651		459		66	1,797,493		7,831
Non-agency residential mortgage-backed securities	—	—		—		29	170,099		21,367		29	170,099		21,367
	54	1,703,842		7,372		41	263,750		21,826		95	1,967,592		29,198
Total	54	$	1,703,842	$	7,372	43	$	280,274	$	21,987	97	$	1,984,116	$	29,359

The following table summarizes (in thousands, except number of positions) the held-to-maturity securities with unrealized losses as of December 31, 2012. The unrealized losses include other-than-temporary impairments recorded in accumulated other comprehensive income (loss) and gross unrecognized holding losses (or, in the case of the Bank's holdings of non-agency residential mortgage-backed securities, gross unrecognized holding gains) and are aggregated by major security type and length of time that individual securities have been in a continuous loss position.

	Less than 12 Months					12 Months or More					Total
	Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses		Number of Positions	Estimated Fair Value		Gross Unrealized Losses
Debentures
U.S. government-guaranteed obligations	—	$	—	$	—	2	$	17,874	$	175	2	$	17,874	$	175
Mortgage-backed securities
Government-sponsored enterprises	5	27,577		9		13	125,534		262		18	153,111		271
Non-agency residential mortgage-backed securities	—	—		—		30	207,214		35,160		30	207,214		35,160
	5	27,577		9		43	332,748		35,422		48	360,325		35,431
Total	5	$	27,577	$	9	45	$	350,622	$	35,597	50	$	378,199	$	35,606

Schedule of Other Than Temporarily Impaired Charges Incurred During Life of the Securities [Table Text Block]

The following table sets forth additional information for each of the securities that was deemed to be other-than-temporarily impaired in a prior period (in thousands). All of the Bank’s non-agency RMBS are rated by Moody’s, S&P and/or Fitch. The credit ratings presented in the table represent the lowest rating assigned to the security by any of these NRSROs as of September 30, 2013.

		September 30, 2013					Cumulative from Period of Initial Impairment Through September 30, 2013				September 30, 2013
	Period of Initial Impairment	Credit Rating	Unpaid Principal Balance		Amortized Cost		Non-Credit Component of OTTI		Accretion of Non-Credit Component		Carrying Value		Estimated Fair Value
Security #1	Q1 2009	Triple-C	$	13,288	$	10,438	$	10,271	$	7,405	$	7,572	$	9,622
Security #2	Q1 2009	Triple-C	13,174		12,479		12,389		7,975		8,065		10,833
Security #3	Q2 2009	Single-D	20,824		16,535		15,283		10,921		12,173		16,847
Security #4	Q2 2009	Triple-C	9,341		8,627		7,890		5,288		6,025		7,910
Security #5	Q3 2009	Triple-C	16,289		14,569		10,047		6,800		11,322		13,201
Security #6	Q3 2009	Triple-C	14,271		12,870		10,567		6,567		8,870		11,257
Security #7	Q3 2009	Single-B	5,093		5,015		3,575		2,130		3,570		4,546
Security #8	Q1 2010	Triple-C	7,641		7,619		4,968		2,840		5,491		6,645
Security #9	Q1 2010	Triple-C	3,182		3,145		2,208		1,257		2,194		2,672
Security #10	Q4 2010	Triple-C	6,309		5,884		3,331		1,479		4,032		5,110
Security #11	Q4 2010	Triple-C	7,745		7,740		4,096		1,870		5,514		6,435
Security #12	Q4 2010	Triple-C	4,145		4,061		1,820		815		3,056		3,466
Security #13	Q4 2010	Triple-C	4,938		4,923		2,418		1,216		3,721		4,224
Security #14	Q2 2011	Triple-C	12,226		11,995		5,942		2,949		9,002		10,181
Totals			$	138,466	$	125,900	$	94,805	$	59,512	$	90,607	$	112,949

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost, carrying value and estimated fair value of held-to-maturity securities by contractual maturity at September 30, 2013 and December 31, 2012 are presented below (in thousands). The expected maturities of some debentures could differ from the contractual maturities presented because issuers may have the right to call such debentures prior to their final stated maturities.

	September 30, 2013						December 31, 2012
Maturity	Amortized Cost		Carrying Value		Estimated Fair Value		Amortized Cost		Carrying Value		Estimated Fair Value
Debentures
Due in one year or less	$	—	$	—	$	—	$	503	$	503	$	505
Due after one year through five years	16,688		16,688		16,814		10,331		10,331		10,423
Due after five years through ten years	8,483		8,483		8,410		19,355		19,355		19,364
Due after ten years	8,202		8,202		8,114		8,570		8,570		8,468
	33,373		33,373		33,338		38,759		38,759		38,760
Mortgage-backed securities	5,155,745		5,120,452		5,175,900		5,202,553		5,161,116		5,245,205
Total	$	5,189,118	$	5,153,825	$	5,209,238	$	5,241,312	$	5,199,875	$	5,283,965

Schedule of Interest Rate Payment Terms For Investments [Table Text Block]

The following table provides interest rate payment terms for investment securities classified as held-to-maturity at September 30, 2013 and December 31, 2012 (in thousands):

	September 30, 2013		December 31, 2012
Amortized cost of variable-rate held-to-maturity securities other than mortgage-backed securities	$	33,373	$	38,759
Amortized cost of held-to-maturity mortgage-backed securities
Fixed-rate pass-through securities	380		454
Collateralized mortgage obligations
Fixed-rate	883		1,050
Variable-rate	5,154,482		5,201,049
	5,155,745		5,202,553
Total	$	5,189,118	$	5,241,312