Note 7 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Quoted Prices in Active Markets for Identical Assets  (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at March 31, 2013
	(in thousands)
Assets at Fair Value:
Agency Securities, available for sale	$	-	$	1,078,281	$	-	$	1,078,281
Non-Agency Securities, trading		-		-		136,752		136,752
Derivatives		-		7,666		-		7,666
Liabilities at Fair Value:
Derivatives	$	-	$	597	$	-	$	597

	Quoted Prices in Active Markets for Identical Assets  (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2012
	(in thousands)
Assets at Fair Value:
Agency Securities, available for sale	$	-	$	1,112,358	$	-	$	1,112,358
Non-Agency Securities, trading		-		-		129,946		129,946
Derivatives		-		4,940		-		4,940
Liabilities at Fair Value:
Derivatives	$	-	$	365	$	-	$	365

Carrying Values and Fair Values of Financial Assets and Liabilities [Table Text Block]

	At March 31, 2013				Fair Value Measurements using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Financial Assets:
Cash	$	28,060	$	28,060	$	28,060	$	-	$	-
Cash collateral posted		547		547				547
Accrued interest receivable		2,713		2,713		-		2,713		-
Financial Liabilities:
Repurchase agreements	$	1,108,942	$	1,108,942	$	-	$	1,108,942	$	-
Cash collateral held		5,782		5,782		-		5,782		-
Accrued interest payable		736		736		-		736		-

	At December 31, 2012				Fair Value Measurements using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Financial Assets:
Cash	$	36,316	$	36,316	$	36,316	$	-	$	-
Cash collateral posted		273		273				273
Accrued interest receivable		2,759		2,759		-		2,759		-
Financial Liabilities:
Repurchase agreements	$	1,135,830	$	1,135,830	$	-	$	1,135,830	$	-
Cash collateral held		1,426		1,426		-		1,426		-
Accrued interest payable		844		844		-		844		-

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	March 31, 2013
	(in thousands)
Balance, beginning of period	$	129,946
Purchase of securities, at cost		9,757
Principal repayments		(4,875	)
Net gain		2,210
Discount accretion		(286	)
Balance, end of period	$	136,752
Net gains for outstanding Level 3 Assets	$	2,210

Range of Estimates of Cumulative Default and Loss Severities and Discount Rates [Table Text Block]

Unobservable Level 3 Input	Minimum			Weighted Average			Maximum
Cumulative default		6.04	%		17.24	%		24.67	%
Loss Severity (Life)		35.50			47.92			60.20
Discount rate		4.25			4.51			4.76

Unobservable Level 3 Input	Minimum			Weighted Average			Maximum
Cumulative default		6.28	%		17.65	%		26.26	%
Loss Severity (Life)		36.70			48.52			56.00
Discount rate		4.50			5.17			5.54