DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

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

	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	3,817	$	3,900	$	4,909	$	5,000
Lending counterparty investments		65,002		65,002		5,000		5,000
Portfolio-related interest rate swap agreements		7,720		7,720		1,657		1,657
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		3,246,177		3,245,000		2,128,517		2,128,400
Unsecured borrowings		97,986		77,200		97,882		100,500
Interest rate swap agreements:
Portfolio-related		1,051		1,051		6,332		6,332
Unsecured borrowings-related		25,010		25,010		20,702		20,702

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

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
December 31, 2015
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,331,965	$	166,794	$	10,954	$	10,487,805
Ginnie Mae		3,661,766		11,705		13,016		3,660,455
Residential mortgage securities classified as held-to-maturity		2,660		44		–		2,704
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

	December 31, 2015				December 31, 2014
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	597,652	$	4,259	$	706,839	$	5,320
Less than one year		4,468,844		19,711		1,095,724		2,055
	$	5,066,496	$	23,970	$	1,802,563	$	7,375