RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 3) - USD ($)	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2016		Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 1,850,690		$ (1,698,722)	$ (22,896,725)		$ (3,028,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	203,580		350,924	370,798		4,652,147
Amortization/accretion of available-for-sale securities premiums and discounts, net	(1,722,819)		(3,227,130)	(5,257,442)		(11,111,926)
Realized (gain) loss on sale of investments, net				3,361,609		(1,834,151)
Realized (gain) loss on derivative contracts				3,167,877		12,310,301
Realized (gain) loss on mortgage loans held-for-sale	(60,427)		13,666	(129,175)		(1,017,625)
Unrealized (gain) loss on fair value option securities	958,995		393,685	7,293,268		625,958
Unrealized (gain) loss on derivative contracts	(3,340,600)		(1,631,907)	7,172,338		(782,901)
Unrealized (gain) loss on mortgage loans held-for-sale	138,785		(539,456)	2,885		(496,297)
Unrealized gain (loss) on mortgage service rights				1,243,240		756,558
Unrealized (gain) loss on multi-family loans held in securitization trusts				5,604,839		(5,644,774)
Unrealized (gain) loss on residential loans held in securitization trusts	764,599		1,323,697	(80,511)		7,655,902
Restricted stock compensation expense	3,459			29,014		50,535
Net change in:
Accrued interest receivable				(672,852)		1,438,767
Dividends receivable				25,899		(26,022)
Other assets				(424,039)		(290,062)
Accrued interest payable				(43,909)		(608,536)
Deferred income				6,905		0
Fees and expenses payable to Manager				(151,716)		(142,000)
Other accounts payable and accrued expenses				1,795,403		333,445
Net cash provided by operating activities				417,706		2,841,319
Cash flows from investing activities:
Purchase of available-for-sale securities				(454,443,440)		(109,386,478)
Purchase of mortgage loans held-for-sale				(14,772,535)		(297,706,381)
Proceeds from sales of available-for-sale securities				230,557,084		245,214,358
Proceeds from mortgage loans held-for-sale				16,289,603		291,898,820
Proceeds from FHLBI stock				2,391,700		0
Net proceeds from (payments for) derivative contracts				(3,167,877)		(12,299,683)
Principal payments from available-for-sale securities				66,007,840		53,998,105
Principal payments from mortgage loans held-for-sale				235,622		0
Investment related receivable				(2,539,730)		71,006,526
Restricted cash				(5,908,603)		(144,112)
Net cash used in investing activities				(165,350,336)		237,317,035
Cash flows from financing activities:
Net proceeds from issuance of common stock				0		(344,889)
Dividends paid on common stock				(7,885,803)		(15,457,238)
Dividends paid on preferred stock				(2,641,527)		(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities				5,603,428,000		4,432,684,999
Proceeds from repurchase agreements - mortgage loans held-for-sale				16,405,081		57,432,865
Payments for FHLBI advances				(49,697,000)		(53,400,000)
Principal repayments of repurchase agreements - available-for-sale securities				(5,373,159,000)		(4,713,249,999)
Principal repayments of repurchase agreements - mortgage loans held-for-sale				(18,783,717)		(54,697,754)
Net cash provided by financing activities				167,382,469		(244,950,309)
Net increase (decrease) in cash and cash equivalents				2,449,839		(4,791,955)
Cash and cash equivalents, beginning of period				26,140,718	[1]	32,274,285	$ 32,274,285
Cash and cash equivalents, end of period	28,590,557	[1]	27,482,330	28,590,557	[1]	27,482,330	26,140,718	[1]
Supplemental disclosure of cash flow information
Cash paid for interest				4,671,932		6,730,818
Non-cash investing and financing activities information
Restricted stock compensation expense				29,014		50,585
Dividends declared but not paid at end of period	29,349	[1]	$ 29,349	29,349	[1]	29,349	39,132	[1]
Net change in unrealized gain (loss) on available-for-sale securities				5,783,321		3,638,597
Consolidation of multi-family loans held in securitization trusts				1,271,754,540		1,563,385,916
Consolidation of residential loans held in securitization trusts				153,858,101		445,230,977
Consolidation of multi-family securitized debt obligations				1,253,797,808		1,477,807,591
Consolidation of residential securitized debt obligations				147,807,489		$ 393,218,978
Previously Reported [Member]
Cash flows from operating activities:
Net income (loss)	1,496,356			(19,527,535)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	557,914			725,132
Amortization/accretion of available-for-sale securities premiums and discounts, net				(5,257,442)
Realized (gain) loss on sale of investments, net				3,361,609
Realized (gain) loss on derivative contracts				3,167,877
Realized (gain) loss on mortgage loans held-for-sale	(60,427)			(129,175)
Unrealized (gain) loss on fair value option securities	958,995			3,569,744
Unrealized (gain) loss on derivative contracts	(3,340,600)			7,172,338
Unrealized (gain) loss on mortgage loans held-for-sale	138,785			2,885
Unrealized gain (loss) on mortgage service rights				1,243,240
Unrealized (gain) loss on multi-family loans held in securitization trusts				5,604,839
Unrealized (gain) loss on residential loans held in securitization trusts	764,599			(80,511)
Restricted stock compensation expense				29,014
Net change in:
Accrued interest receivable				(672,852)
Dividends receivable				25,899
Other assets				(424,039)
Accrued interest payable				(43,909)
Deferred income				6,905
Fees and expenses payable to Manager				(151,716)
Other accounts payable and accrued expenses				1,795,403
Net cash provided by operating activities				417,706
Cash flows from investing activities:
Purchase of available-for-sale securities				(454,443,440)
Purchase of mortgage loans held-for-sale				(14,772,535)
Proceeds from sales of available-for-sale securities				230,557,084
Proceeds from mortgage loans held-for-sale				16,289,603
Proceeds from FHLBI stock				2,391,700
Net proceeds from (payments for) derivative contracts				(3,167,877)
Principal payments from available-for-sale securities				66,007,840
Principal payments from mortgage loans held-for-sale				235,622
Investment related receivable				(2,539,730)
Restricted cash				(5,908,603)
Net cash used in investing activities				(165,350,336)
Cash flows from financing activities:
Net proceeds from issuance of common stock				(283,565)
Dividends paid on common stock				(7,885,803)
Dividends paid on preferred stock				(2,641,527)
Proceeds from repurchase agreements - available-for-sale securities				5,603,428,000
Proceeds from repurchase agreements - mortgage loans held-for-sale				16,405,081
Payments for FHLBI advances				(49,697,000)
Principal repayments of repurchase agreements - available-for-sale securities				(5,373,159,000)
Principal repayments of repurchase agreements - mortgage loans held-for-sale				(18,783,717)
Net cash provided by financing activities				167,382,469
Net increase (decrease) in cash and cash equivalents				2,449,839
Cash and cash equivalents, beginning of period				26,140,718
Cash and cash equivalents, end of period	28,590,557			28,590,557			26,140,718
Supplemental disclosure of cash flow information
Cash paid for interest				4,671,932
Non-cash investing and financing activities information
Restricted stock compensation expense				29,014
Dividends declared but not paid at end of period	29,349			29,349
Net change in unrealized gain (loss) on available-for-sale securities				2,414,131
Consolidation of multi-family loans held in securitization trusts				1,271,754,540
Consolidation of residential loans held in securitization trusts				153,858,101
Consolidation of multi-family securitized debt obligations				1,253,797,808
Consolidation of residential securitized debt obligations				147,807,489
Restatement Adjustment [Member]
Cash flows from operating activities:
Net income (loss)	354,334			(3,369,190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other-than-temporary impairment charges	(354,334)			(354,334)
Amortization/accretion of available-for-sale securities premiums and discounts, net				0
Realized (gain) loss on sale of investments, net				0
Realized (gain) loss on derivative contracts				0
Realized (gain) loss on mortgage loans held-for-sale	0			0
Unrealized (gain) loss on fair value option securities	0			3,723,524
Unrealized (gain) loss on derivative contracts	0			0
Unrealized (gain) loss on mortgage loans held-for-sale	0			0
Unrealized gain (loss) on mortgage service rights				0
Unrealized (gain) loss on multi-family loans held in securitization trusts				0
Unrealized (gain) loss on residential loans held in securitization trusts	0			0
Restricted stock compensation expense				0
Net change in:
Accrued interest receivable				0
Dividends receivable				0
Other assets				0
Accrued interest payable				0
Deferred income				0
Fees and expenses payable to Manager				0
Other accounts payable and accrued expenses				0
Net cash provided by operating activities				0
Cash flows from investing activities:
Purchase of available-for-sale securities				0
Purchase of mortgage loans held-for-sale				0
Proceeds from sales of available-for-sale securities				0
Proceeds from mortgage loans held-for-sale				0
Proceeds from FHLBI stock				0
Net proceeds from (payments for) derivative contracts				0
Principal payments from available-for-sale securities				0
Principal payments from mortgage loans held-for-sale				0
Investment related receivable				0
Restricted cash				0
Net cash used in investing activities				0
Cash flows from financing activities:
Net proceeds from issuance of common stock				0
Dividends paid on common stock				0
Dividends paid on preferred stock				0
Proceeds from repurchase agreements - available-for-sale securities				0
Proceeds from repurchase agreements - mortgage loans held-for-sale				0
Payments for FHLBI advances				0
Principal repayments of repurchase agreements - available-for-sale securities				0
Principal repayments of repurchase agreements - mortgage loans held-for-sale				0
Net cash provided by financing activities				0
Net increase (decrease) in cash and cash equivalents				0
Cash and cash equivalents, beginning of period				0
Cash and cash equivalents, end of period	0			0			$ 0
Supplemental disclosure of cash flow information
Cash paid for interest				0
Non-cash investing and financing activities information
Restricted stock compensation expense				0
Dividends declared but not paid at end of period	$ 0			0
Net change in unrealized gain (loss) on available-for-sale securities				3,369,190
Consolidation of multi-family loans held in securitization trusts				0
Consolidation of residential loans held in securitization trusts				0
Consolidation of multi-family securitized debt obligations				0
Consolidation of residential securitized debt obligations				$ 0

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs. As of September 30, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,425,612,641 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,401,605,297 and $1,750,916,265, respectively