Mortgage Backed Securities

12 Months Ended

Dec. 31, 2015

Mortgage Backed Securities [Abstract]

Mortgage-Backed Securities

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of December 31, 2015 and 2014:

(in thousands)
		December 31, 2015		December 31, 2014
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	52,238	$	70,400
	Adjustable-rate Mortgages		2,976		3,794
	Fixed-rate Mortgages		2,000,623		1,412,593
	Total Pass-Through Certificates		2,055,837		1,486,787
Structured RMBS Certificates:
	Interest-Only Securities		61,574		46,611
	Inverse Interest-Only Securities		40,599		15,773
	Total Structured RMBS Certificates		102,173		62,384
Total		$	2,158,010	$	1,549,171

The following table summarizes the Company’s RMBS portfolio as of December 31, 2015 and 2014, 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)
	December 31, 2015		December 31, 2014
Greater than five years and less than ten years	$	835	$	967
Greater than or equal to ten years		2,157,175		1,548,204
Total	$	2,158,010	$	1,549,171