Mortgage Backed Securities

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015:

(in thousands)
		December 31, 2016		December 31, 2015
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	45,459	$	52,238
	Adjustable-rate Mortgages		2,062		2,976
	Fixed-rate Mortgages		2,826,694		2,000,623
	Total Pass-Through Certificates		2,874,215		2,055,837
Structured RMBS Certificates:
	Interest-Only Securities		69,726		61,574
	Inverse Interest-Only Securities		78,233		40,599
	Total Structured RMBS Certificates		147,959		102,173
Total		$	3,022,174	$	2,158,010

The following table summarizes the Company’s RMBS portfolio as of December 31, 2016 and 2015, 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, 2016		December 31, 2015
Greater than one year and less than five years	$	157	$	-
Greater than five years and less than ten years		277		835
Greater than or equal to ten years		3,021,740		2,157,175
Total	$	3,022,174	$	2,158,010