Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity (Tables)

9 Months Ended

Sep. 30, 2011

Repurchase Arrangements And Similar Borrowings, Including Related Hedging Activity [Abstract]

Schedule Of Repurchase Arrangements And Similar Borrowings, Classified By Type Of Collateral And Remaining Maturities, And Related Weighted Average Interest Rates

	September 30, 2011					December 31, 2010
Collateral Type	Borrowings Outstanding		Average Rate			Borrowings Outstanding		Average Rate
Borrowings with maturities of 30 days or less:
Agency Securities	$	9,940,856		0.27	%	$	7,554,225		0.30	%
Borrowings with maturities greater than 30 days:
Agency Securities (31 to 90 days)		1,096,227		0.27			235,000		0.33
Agency Securities (91 to 365 days)		47,419		0.35			—		—
Similar borrowings:
Collateral for structured financings		3,361		8.04			3,518		7.97
	$	11,087,863		0.28		$	7,792,743		0.31
Quarter-end rates adjusted for effects of related derivatives held as cash flow hedges				0.54					0.63

Schedule Of Average Borrowings Outstanding

	Quarter Ended
	September 30, 2011					December 31, 2010
	Borrowings Outstanding		Average Rate			Borrowings Outstanding		Average Rate
Average borrowings and rates for the indicated quarters, adjusted for the effects of related derivatives held as cash flow hedges	$	10,809,629		0.57	%	$	7,468,614		0.62	%

Schedule Of Swap Agreements Expiration Period And Characteristics

Quarter of Contract Expiration	Notional Amount		Average Fixed Rate Payment Requirement
Currently-paying contracts:
Fourth quarter 2011	$	900,000		1.15	%
First quarter 2012		800,000		1.10
Third quarter 2012		200,000		0.83
First quarter 2013		1,100,000		0.81
Second quarter 2013		700,000		0.96
Third quarter 2013		300,000		0.87
		4,000,000		0.98
Forward-starting contracts:
Fourth quarter 2013		800,000		0.78
First quarter 2014		200,000		0.60
Second quarter 2014		300,000		0.50
	$	5,300,000

Impact Of Derivative Instruments On Statements Of Financial Performance And Financial Position

	Location in Balance Sheet			September 30, 2011			December 31, 2010
Balance sheet-related
Interest rate swap agreements in a gain position (an asset) related to:
Repurchase arrangements and similar borrowings		(a	)	$	338		$	734
Unsecured borrowings (see NOTE 7)		(a	)		—			8,863
					338			9,597
Interest rate swap agreements in a loss position (a liability) related to repurchase arrangements and similar borrowings		(a	)		(36,704	)		(16,337	)
Related net interest payable		(b	)		(9,575	)		(9,847	)
				$	(45,941	)	$	(16,587	)

(a) The fair value of derivatives with realized and unrealized gains are aggregated and recorded as an asset on the face of the balance sheet separately from the fair value of derivatives with realized and unrealized losses that are recorded as a liability. The amount of unrealized losses that will be recognized in the statement of income over the next twelve months in the form of fixed- and variable-rate swap payments in excess of current market rates totaled $15.4 million at September 30, 2011.

(b) Included in "Accounts payable and accrued expenses" on the face of the balance sheet.

	Location of Gain or (Loss) Recognized in Net Income			Quarter Ended September 30						Nine Months Ended September 30
				2011			2010			2011			2010
Income statement-related
Components of effect on interest expense:
Amount of loss reclassified from AOCI:
Effective portion of active positions				$	(8,060	)	$	(5,810	)	$	(21,639	)	$	(21,557	)
Effective portion of terminated positions (a)					—			—			—			(31	)
					(8,060	)		(5,810	)		(21,639	)		(21,588	)
Amount of gain (loss) recognized (ineffective portion)					(830	)		(213	)		(879	)		36
Increase in interest expense and decrease in Net income as a result of the use of derivatives		(b	)	$	(8,890	)	$	(6,023	)	$	(22,518	)	$	(21,552	)
Other comprehensive income-related
Amount of loss recognized in other comprehensive income (loss) (effective portion)				$	(33,129	)	$	(12,341	)	$	(50,690	)	$	(37,564	)

(a) In March 2008 a swap agreement with a $100 million notional amount was terminated for a realized loss of $2.3 million which was amortized to earnings over the original two-year term of the derivative (through January 2010).

(b) Included in "Interest expense: Repurchase arrangements and similar borrowings" on the face of the statement of income.