DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

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

	September 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,674	$	2,700	$	3,817	$	3,900
Lending counterparty investments		15,002		15,002		65,002		65,002
Portfolio-related interest rate swap agreements		2,501		2,501		7,720		7,720
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		839,101		839,300		3,246,177		3,245,000
Unsecured borrowings		98,065		59,100		97,986		77,200
Interest rate swap agreements:
Portfolio-related		5,981		5,981		1,051		1,051
Unsecured borrowings-related		40,973		40,973		25,010		25,010

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
September 30, 2016
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,350,186	$	157,460	$	1,267	$	10,506,379
Ginnie Mae		3,062,593		14,795		6,214		3,071,174
Residential mortgage securities classified as held-to-maturity		2,096		25		–		2,121
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

	September 30, 2016				December 31, 2015
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	813,179	$	4,923	$	597,652	$	4,259
Less than one year		1,114,807		2,558		4,468,844		19,711
	$	1,927,986	$	7,481	$	5,066,496	$	23,970