MORTGAGE-BACKED SECURITIES

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

NOTE 2. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s RMBS portfolio as of September 30, 2018 and December 31, 2017:

(in thousands)
		September 30, 2018		December 31, 2017
Pass-Through RMBS Certificates:
	Hybrid Adjustable-rate Mortgages	$	-	$	27,398
	Adjustable-rate Mortgages		1,437		1,754
	Fixed-rate Mortgages		2,616,916		3,594,533
	Fixed-rate CMOs		760,587		-
	Total Pass-Through Certificates		3,378,940		3,623,685
Structured RMBS Certificates:
	Interest-Only Securities		111,929		86,918
	Inverse Interest-Only Securities		23,087		34,208
	Total Structured RMBS Certificates		135,016		121,126
Total		$	3,513,956	$	3,744,811

The following table summarizes the Company’s RMBS portfolio as of September 30, 2018 and December 31, 2017, 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)
	September 30, 2018		December 31, 2017
Greater than one year and less than five years	$	-	$	29
Greater than five years and less than ten years		6,219		3,281
Greater than or equal to ten years		3,507,737		3,741,501
Total	$	3,513,956	$	3,744,811