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DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Financial Instruments Other Than Debt Securities


	*September 30, 2012*				*December 31, 2011*
	Carrying Amount		*Fair* *Value*		Carrying Amount		*Fair* *Value*
Financial assets:
Residential mortgage loans	$	8,230	$	8,400	$	9,148	$	9,300
Interest rate swap agreements		24		24		617		617
Financial liabilities:
Repurchase arrangements with initial terms of greater than 120 days		—		—		47,419		47,400
Unsecured borrowings		103,095		104,900		103,095		104,200
Interest rate swap agreements		41,199		41,199		31,348		31,348

Fair Value And Related Disclosures For Debt Securities


	*Amortized* *Cost Basis*		*Gross Unrealized*				*Fair Value*
	*Amortized* *Cost Basis*		*Gains*		*Losses*		*Fair Value*
*As of September 30, 2012*
Agency Securities classified as available-for-sale	$	13,929,478	$	369,449	$	167	$	14,298,760
Residential mortgage securities classified as held-to-maturity		6,218		325		—		6,543

*As of December 31, 2011*
Agency Securities classified as available-for-sale		12,013,804		236,000		1,301		12,248,503
Residential mortgage securities classified as held-to-maturity		7,255		349		—		7,604

Securities In Unrealized Loss Position


	*September 30, 2012*				*December 31, 2011*
	*Fair* *Value*		*Unrealized* *Loss*		*Fair* *Value*		*Unrealized* *Loss*
Securities in an unrealized loss position:
One year or greater	$	30,966	$	74	$	4,933	$	26
Less than one year		199,206		93		369,226		1,275

	$	230,172	$	167	$	374,159	$	1,301

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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