DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Fair value disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	6,470	$	6,600	$	6,898	$	7,000
Interest rate swap agreements		1,207		1,207		5,005		5,005
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		557,320		557,500		36,299		36,300
Unsecured borrowings		100,000		100,800		100,000		101,000
Interest rate swap agreements		15,439		15,439		11,304		11,304

Fair value and related disclosures for debt securities were as follows as of the indicated dates (in thousands):

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
March 31, 2014
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	11,073,810	$	234,823	$	7,730	$	11,300,903
Ginnie Mae		2,202,515		19,486		4,438		2,217,563
Residential mortgage securities classified as held-to-maturity		4,275		203		–		4,478
December 31, 2013
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		11,019,116		224,456		12,468		11,231,104
Ginnie Mae		2,220,035		18,384		4,924		2,233,495
Residential mortgage securities classified as held-to-maturity		4,376		211		–		4,587

	March 31, 2014				December 31, 2013
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	40,113	$	404	$	39,030	$	380
Less than one year		2,085,181		11,764		2,857,724		17,012
	$	2,125,294	$	12,168	$	2,896,754	$	17,392