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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest income:    
Residential mortgage investments $ 58,645us-gaap_InterestIncomeSecuritiesMortgageBacked $ 59,445us-gaap_InterestIncomeSecuritiesMortgageBacked
Other 94us-gaap_InterestAndDividendIncomeSecuritiesOther 61us-gaap_InterestAndDividendIncomeSecuritiesOther
Interest income 58,739us-gaap_InterestAndDividendIncomeSecurities 59,506us-gaap_InterestAndDividendIncomeSecurities
Interest expense:    
Repurchase arrangements and similar borrowings (19,214)us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase (15,407)us-gaap_InterestExpenseSecuritiesSoldUnderAgreementsToRepurchase
Unsecured borrowings (2,123)us-gaap_InterestExpenseSubordinatedNotesAndDebentures (2,122)us-gaap_InterestExpenseSubordinatedNotesAndDebentures
Interest expense (21,337)us-gaap_InterestExpense (17,529)us-gaap_InterestExpense
Net interest income (expense) 37,402us-gaap_InterestIncomeExpenseNet 41,977us-gaap_InterestIncomeExpenseNet
Other revenue (expense):    
Salaries and benefits (1,049)us-gaap_LaborAndRelatedExpense (1,132)us-gaap_LaborAndRelatedExpense
Short-term incentive compensation (692)cmo_IncentiveCompensationExpenses (540)cmo_IncentiveCompensationExpenses
Long term incentive compensation (608)cmo_LongTermIncentiveCompensation (626)cmo_LongTermIncentiveCompensation
Other general and administrative expense (1,149)us-gaap_GeneralAndAdministrativeExpense (1,203)us-gaap_GeneralAndAdministrativeExpense
Miscellaneous other revenue (expense) 53us-gaap_OtherOperatingIncomeExpenseNet (85)us-gaap_OtherOperatingIncomeExpenseNet
Operating expenses (3,445)us-gaap_OperatingExpenses (3,586)us-gaap_OperatingExpenses
Net income 33,957us-gaap_NetIncomeLoss 38,391us-gaap_NetIncomeLoss
Net income available to common stockholders:    
Net income 33,957us-gaap_NetIncomeLoss 38,391us-gaap_NetIncomeLoss
Less preferred stock dividends (3,742)us-gaap_PreferredStockDividendsAndOtherAdjustments (3,238)us-gaap_PreferredStockDividendsAndOtherAdjustments
Net income (loss) available to common stockholders, basic, total $ 30,215us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 35,153us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Net income per common share:    
Basic and diluted (in dollars per share) $ 0.32us-gaap_EarningsPerShareBasicAndDiluted $ 0.37us-gaap_EarningsPerShareBasicAndDiluted
Weighted average common shares outstanding:    
Basic (in dollars per share) 95,469us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 95,349us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in dollars per share) 95,674us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 95,538us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Cash dividends declared per share:    
Common (in dollars per share) $ 0.31us-gaap_CommonStockDividendsPerShareDeclared $ 0.34us-gaap_CommonStockDividendsPerShareDeclared
Series E Preferred [Member]    
Cash dividends declared per share:    
Series E Preferred (in dollars per share) $ 0.47us-gaap_PreferredStockDividendsPerShareDeclared
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
$ 0.47us-gaap_PreferredStockDividendsPerShareDeclared
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember