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Agency MBS (Agency MBS [Member])
 12 Months Ended
Dec. 31, 2012
Agency MBS [Member]
  
Schedule of Available-for-sale Securities [Line Items]  
Agency MBS Disclosure [Text Block]
AGENCY MBS
 
The following table presents the components of the Company’s investment in Agency MBS as of December 31, 2012 and December 31, 2011:
 
December 31, 2012
 
RMBS
 
CMBS
 
CMBS IO (1)
 
Total
Principal/par value
$
2,425,826

 
$
306,527

 
$
—

 
$
2,732,353

Unamortized premium
137,181

 
23,517

 
550,171

 
710,869

Unamortized discount
(13
)
 
—

 
—

 
(13
)
Amortized cost
2,562,994

 
330,044

 
550,171

 
3,443,209

Available for sale (recognized in statement of comprehensive income):
 
 
 
 
 
 
 
Gross unrealized gains
19,477

 
21,570

 
18,218

 
59,265

Gross unrealized losses
(11,134
)
 
(6
)
 
(1,209
)
 
(12,349
)
Trading (recognized in income statement):
 
 
 
 
 
 


Gross unrealized gains
—

 
2,534

 
—

 
2,534

Total Agency MBS fair value:
$
2,571,337

 
$
354,142

 
$
567,180

 
$
3,492,659

Weighted average coupon
3.67
%
 
5.19
%
 
0.95
%
 
 
(1)
The combined notional balance for the Agency CMBS IO securities is $10,059,495 as of December 31, 2012.

 
December 31, 2011
 
RMBS
 
CMBS
 
CMBS IO (1)
 
Total
Principal/par value
$
1,488,397

 
$
266,952

 
$
—

 
$
1,755,349

Unamortized premium
85,488

 
21,627

 
86,358

 
193,473

Unamortized discount
(17
)
 
—

 
—

 
(17
)
Amortized cost
1,573,868

 
288,579

 
86,358

 
1,948,805

Available for sale (recognized in statement of comprehensive income):
 
 
 
 
 
 
 
Gross unrealized gains
10,787

 
11,746

 
350

 
22,883

Gross unrealized losses
(7,405
)
 
—

 
(1,043
)
 
(8,448
)
Trading (recognized in income statement):
 
 
 
 
 
 
 
Gross unrealized gains
—

 
1,919

 
—

 
1,919

Total Agency MBS fair value:
$
1,577,250

 
$
302,244

 
$
85,665

 
$
1,965,159

Weighted average coupon
4.54
%
 
5.20
%
 
0.96
%
 
 
(1)
The combined notional balance for the Agency CMBS IO securities is $1,813,096 as of December 31, 2011.

The Company purchased $1,721,284 of Agency RMBS and $582,280 of Agency CMBS, consisting principally of CMBS IOs, since December 31, 2012. Agency CMBS IOs are secured by excess interest payments on pools of multifamily housing mortgage loans. As these securities have no principal associated with them, the interest payments received are based on the unpaid principal balance (often referred to as the notional amount) of the underlying pool of mortgage loans. The IO securities generally have prepayment protection in the form of lock-outs and/or yield maintenance associated with the underlying loans.
    
A portion of the Agency CMBS included in the tables above are designated as trading securities by the Company, and changes in the fair value of those Agency CMBS are recognized each reporting period within "fair value adjustments, net" in the Company's consolidated statements of income. As of December 31, 2012 and December 31, 2011, the amortized cost of these Agency CMBS designated as trading securities was $27,535 and $28,119, respectively. The Company recognized a net unrealized gain for the year ended December 31, 2012 of $652 compared to $1,919 for the year ended December 31, 2011, respectively, related to changes in fair value. The Company also has derivatives designated as trading instruments, and the changes in their fair value are also included within "fair value adjustments, net". Please refer to Note 7 for additional information on these derivatives designated as trading instruments.

The following table presents certain information for those Agency MBS in an unrealized loss position as of December 31, 2012 and December 31, 2011:
 
December 31, 2012
 
December 31, 2011
 
Fair Value
 
Unrealized Loss
 
# of Securities
 
Fair Value
 
Unrealized Loss
 
# of Securities
Unrealized loss position for:
 
 
 
 
 
 
 
 
 
 
 
Less than one year
$
1,026,277

 
$
(6,552
)
 
83
 
$
680,101

 
$
(6,765
)
 
54
One year or more
271,719

 
(5,797
)
 
34
 
160,544

 
(1,684
)
 
27
 
$
1,297,996

 
$
(12,349
)
 
117
 
$
840,645

 
$
(8,449
)
 
81


Because the principal and interest related to Agency MBS are guaranteed by the government-sponsored entities Fannie Mae and Freddie Mac who have the implicit guarantee of the U.S. government, the Company does not consider any of the unrealized losses on its Agency MBS to be credit related. Although the unrealized losses are not credit related, the Company assesses its ability and intent to hold any Agency MBS with an unrealized loss until the recovery in its value. This assessment is based on the amount of the unrealized loss and significance of the related investment as well as the Company’s current leverage and anticipated liquidity.  Based on this analysis, the Company has determined that the unrealized losses on its Agency MBS as of December 31, 2012 and December 31, 2011 were temporary.