Mortgage-Backed Securities

12 Months Ended

Dec. 31, 2013

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Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of December 31, 2013 and 2012:

(in thousands)
	2013		2012
Pass-Through RMBS Certificates:
Hybrid Adjustable-rate Mortgages	$	76,118	$	59,485
Adjustable-rate Mortgages		5,334		6,531
Fixed-rate Mortgages		245,523		43,589
Total Pass-Through Certificates		326,975		109,605
Structured RMBS Certificates:
Interest-Only Securities		19,206		2,884
Inverse Interest-Only Securities		5,042		2,891
Total Structured RMBS Certificates		24,248		5,775
Total	$	351,223	$	115,380

The following table summarizes the Company’s RMBS portfolio as of December 31, 2013 and 2012, according to the contractual maturities of the securities in the portfolio. Actual maturities of RMBS 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)
	2013		2012
Greater than five years and less than ten years	$	1,521	$	12,980
Greater than or equal to ten years		349,702		102,400
Total	$	351,223	$	115,380