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REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS (Tables)
3 Months Ended
Mar. 31, 2014
REPURCHASE ARRANGEMENTS AND SIMILAR BORROWINGS [Abstract]  
Schedule of Repurchase Arrangements and Similar Borrowings
Repurchase arrangements and similar borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands):
 
Collateral Type
 
Collateral
Carrying
Amount
  
Accrued
Interest
Receivable
  
Borrowings
Outstanding
  
Average
Borrowing
Rates
 
March 31, 2014
 
  
  
  
 
Borrowings with maturities of 30 days or less:
 
  
  
  
 
Agency Securities
 
$
12,082,363
  
$
26,211
  
$
11,506,451
   
0.31
%
Borrowings with maturities greater than 30 days:
                
Agency Securities (31 to 90 days)
  
550,569
   
1,400
   
524,261
   
0.33
 
Agency Securities (greater than 90 days)
  
585,291
   
1,303
   
557,320
   
0.46
 
Similar borrowings:
                
Collateral for structured financings*
  
2,223
   
   
2,223
   
8.09
 
 
 
$
13,220,446
  
$
28,914
  
$
12,590,255
   
0.32
 
Quarter-end borrowing rates adjusted for effects of related derivative financial instruments (“Derivatives”) held as cash flow hedges (see NOTE 7)
              
0.48
 
December 31, 2013
                
Borrowings with maturities of 30 days or less:
                
Agency Securities
 
$
12,169,534
  
$
28,195
  
$
11,578,211
   
0.38
%
Borrowings with maturities greater than 30 days:
                
Agency Securities (31 to 90 days)
  
951,966
   
2,068
   
902,432
   
0.38
 
Similar borrowings:
                
Collateral for structured financings*
  
2,257
   
   
2,257
   
8.09
 
 
 
$
13,123,757
  
$
30,263
  
$
12,482,900
   
0.38
 
Quarter-end borrowing rates adjusted for effects of related Derivatives held as cash flow hedges
              
0.49
 

*
The maturity of structured financings is directly affected by prepayments on the related mortgage pass-through securities pledged as collateral and these financings are subject to redemption by the residual bondholders.
 
Schedule of Average Borrowings Outstanding
Average borrowings outstanding differed from respective quarter-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):

 
 
Quarter Ended
 
 
 
March 31, 2014
  December 31, 2013 
 
 
Average
Borrowings
  
Average
Rate
  
Average
Borrowings
  
Average
Rate
 
Average borrowings and rates adjusted for the effects of related Derivatives held as cash flow hedges for the indicated quarters
 
$
12,465,629
   
0.49
%
 
$
12,510,701
   
0.49
%