Note 8 - Repurchase Agreements

3 Months Ended

Mar. 31, 2013

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

Note 8 – Repurchase Agreements

As of March 31, 2013 we had master repurchase agreements with 27 counterparties and had $1.1 billion in outstanding borrowings with 18 of those counterparties. As of December 31, 2012 we had master repurchase agreements with 26 counterparties and had $1.1 billion in outstanding borrowings with 18 of those counterparties.

The following tables represent the contractual repricing and other information regarding our repurchase agreements.

March 31, 2013

	Repurchase Agreements (in thousands)		Weighted Average Contractual Rate			Weighted Average Maturity in days		Haircut for Repurchase Agreements (1)
Agency Securities	$	1,006,136		0.43	%		29		4.74	%
Non-Agency Securities		102,806		2.03	%		32		24.78	%
Total	$	1,108,942		0.58	%		29		7.0	%

(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

December 31, 2012

	Repurchase Agreements (in thousands)		Weighted Average Contractual Rate			Weighted Average Maturity in days		Haircut for Repurchase Agreements (1)
Agency Securities	$	1,033,496		0.48	%		43		4.83	%
Non-Agency Securities		102,334		2.07	%		25		22.35	%
Total	$	1,135,830		0.62	%		41		6.4	%

(1) The Haircut represents the weighted average margin requirement, or the percentage amount by which the collateral value must exceed the loan amount.

	March 31, 2013		December 31, 2012
	(in thousands)
Within 30 days	$	536,075	$	280,435
31 days to 60 days		552,091		629,311
61 days to 90 days		20,776		226,084
Greater than 90 days		-		-
Total	$	1,108,942	$	1,135,830