DISCLOSURES REGARDING FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

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

	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Residential mortgage loans	$	2,584	$	2,600	$	3,817	$	3,900
Lending counterparty investments		5,002		5,002		65,002		65,002
Portfolio-related interest rate swap agreements		24,709		24,709		7,720		7,720
Financial liabilities:
Secured borrowings with initial terms of greater than 120 days		139,101		139,100		3,246,177		3,245,000
Unsecured borrowings		98,090		68,800		97,986		77,200
Interest rate swap agreements:
Portfolio-related		222		222		1,051		1,051
Unsecured borrowings-related		24,195		24,195		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
December 31, 2016
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	10,372,566	$	134,797	$	23,990	$	10,483,373
Ginnie Mae		2,833,460		10,141		15,313		2,828,288
Residential mortgage securities classified as held-to-maturity		2,037		24		–		2,061
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

	December 31, 2016				December 31, 2015
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position:
One year or greater	$	1,050,221	$	8,418	$	597,652	$	4,259
Less than one year		4,418,674		30,885		4,468,844		19,711
	$	5,468,895	$	39,303	$	5,066,496	$	23,970