SECURED BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure Of Repurchase Agreements [Abstract]

Schedule of Secured Borrowings

Secured borrowings (and related pledged collateral, including accrued interest receivable), classified by collateral type and remaining maturities, and related weighted average borrowing rates as of the indicated dates were as follows (dollars in thousands): 

Collateral Type	Collateral Carrying Amount		Accrued Interest Receivable		Borrowings Outstanding		Average Borrowing Rates
December 31, 2016
Borrowings under repurchase arrangements with    maturities of 30 days or less:
Agency Securities	$	12,643,359	$	27,889	$	11,991,532		0.96	%
Borrowings under repurchase arrangements with    maturities greater than 30 days:
Agency Securities (31 to 90 days)		162,551		351		152,157		0.93
Similar borrowings:
Collateral for structured financings		1,657	–			1,657		7.98
	$	12,807,567	$	28,240	$	12,145,346		0.96
Year-end borrowing rates adjusted for effects of    related Derivatives held as cash flow hedges								1.04
December 31, 2015
Borrowings under repurchase arrangements with    maturities of 30 days or less:
Agency Securities	$	9,080,363	$	18,504	$	8,585,336		0.67	%
Borrowings under repurchase arrangements with    maturities greater than 30 days:
Agency Securities (31 to 90 days)		423,710		861		346,177		0.63
Agency Securities (greater than 90 days)		1,073,254		2,519		1,150,000		0.75
Similar borrowings:
Collateral for structured financings		1,881	–			1,881		8.12
		10,579,208		21,884		10,083,394
FHLB advances		2,956,908		11,422		2,875,000		0.43
	$	13,536,116	$	33,306	$	12,958,394		0.62
Year-end borrowing rates adjusted for effects of    related Derivatives held as cash flow hedges								0.85

Schedule of Average Borrowings Outstanding

Average secured borrowings outstanding differed from respective year-end balances during the indicated periods primarily due to changes in portfolio levels and differences in the timing of portfolio acquisitions relative to portfolio runoff as illustrated below (dollars in thousands):

	Year ended December 31
	2016					2015
	Average Borrowings		Average Rate			Average Borrowings		Average Rate
Average borrowings and rates adjusted for the    cash flow effects of related Derivatives held    as cash flow hedges for the indicated years	$	12,754,022		0.84	%	$	13,047,509		0.66	%