DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

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

	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,948	$	3,000	$	3,817	$	3,900
Lending counterparty investments		35,002		35,002		65,002		65,002
Portfolio-related interest rate swap agreements		24		24		7,720		7,720
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		2,143,179		2,143,800		3,246,177		3,245,000
Unsecured borrowings		98,040		69,800		97,986		77,200
Interest rate swap agreements:
Portfolio-related		20,963		20,963		1,051		1,051
Unsecured borrowings-related		41,040		41,040		25,010		25,010

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

	Amortized Cost Basis		Gross Unrealized				Fair Value
	Amortized Cost Basis		Gains		Losses		Fair Value
June 30, 2016
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,387,983	$	169,161	$	1,602	$	10,555,542
Ginnie Mae		3,324,482		20,586		4,216		3,340,852
Residential mortgage securities classified as held-to-maturity		2,201		27		–		2,228
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

	June 30, 2016				December 31, 2015
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	632,671	$	3,129	$	597,652	$	4,259
Less than one year		922,011		2,689		4,468,844		19,711
	$	1,554,682	$	5,818	$	5,066,496	$	23,970