DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS [Abstract]

Financial Instruments Other than Debt Securities

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

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	4,605	$	4,700	$	4,909	$	5,000
Interest rate swap agreements		285		285		1,657		1,657
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		2,375,000		2,376,100		2,128,517		2,128,400
Unsecured borrowings		100,000		100,300		100,000		100,500
Interest rate swap agreements		37,791		37,791		27,034		27,034

Fair Value and Related Disclosures for Debt Securities

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
March 31, 2015
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,715,709	$	243,152	$	559	$	10,958,302
Ginnie Mae		3,167,628		20,148		3,903		3,183,873
Residential mortgage securities classified as held-to-maturity		3,304		98		–		3,402
December 31, 2014
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,559,231	$	243,351	$	2,218	$	10,800,364
Ginnie Mae		3,087,570		16,755		5,157		3,099,168
Residential mortgage securities classified as held-to-maturity		3,663		124		–		3,787

Securities in Unrealized Loss Position

	March 31, 2015				December 31, 2014
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	530,711	$	3,405	$	706,839	$	5,320
Less than one year		407,266		1,057		1,095,724		2,055
	$	937,977	$	4,462	$	1,802,563	$	7,375