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Mortgage Backed Securities Mortgage backed securities (Tables)
 9 Months Ended
Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities [Table Text Block]
The following tables present the components and weighted average coupon ("WAC") for the portion of the Company’s MBS designated as AFS as of September 30, 2014 and December 31, 2013:
 
September 30, 2014
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC
Agency:
 
 
 
 
 
 
 
 
 
 
 
 
 
RMBS
$
2,200,149

 
$
120,667

 
$
2,320,816

 
$
7,593

 
$
(31,105
)
 
$
2,297,304

 
3.14
%
CMBS
305,566

 
19,186

 
$
324,752

 
13,803

 
(224
)
 
338,331

 
5.22
%
CMBS IO (1)
—

 
400,886

 
$
400,886

 
10,944

 
(113
)
 
411,717

 
0.83
%
Total Agency AFS:
$
2,505,715

 
$
540,739

 
$
3,046,454

 
$
32,340

 
$
(31,442
)
 
$
3,047,352

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Agency:
 
 
 
 
 
 
 
 
 
 
 
 
 
RMBS
$
9,522

 
$
(4
)
 
$
9,518

 
$
118

 
$
(81
)
 
$
9,555

 
4.20
%
CMBS
266,596

 
(12,374
)
 
254,222

 
16,397

 
(346
)
 
270,273

 
4.89
%
CMBS IO (1)
—

 
282,890

 
282,890

 
5,636

 
(313
)
 
288,213

 
0.69
%
Total non-Agency AFS:
$
276,118

 
$
270,512

 
$
546,630

 
$
22,151

 
$
(740
)
 
$
568,041

 


 
 
 
 
 
 
 
 
 
 
 
 
 


Total AFS securities
$
2,781,833

 
$
811,251

 
$
3,593,084

 
$
54,491

 
$
(32,182
)
 
$
3,615,393

 
 
(1)
The notional balance for Agency CMBS IO and non-Agency CMBS IO was $9,461,823 and $7,246,832, respectively, as of September 30, 2014.
 
December 31, 2013
 
Par
 
Net Premium (Discount)
 
Amortized Cost
 
Gross Unrealized Gain
 
Gross Unrealized Loss
 
Fair Value
 
WAC
Agency:
 
 
 
 
 
 
 
 
 
 
 
 
 
RMBS
$
2,591,568

 
$
154,220

 
$
2,745,788

 
$
6,104

 
$
(59,742
)
 
$
2,692,150

 
3.22
%
CMBS (1)
273,830

 
19,061

 
292,891

 
10,793

 
(900
)
 
302,784

 
5.07
%
CMBS IO (2)
—

 
453,766

 
453,766

 
9,895

 
(3,334
)
 
460,327

 
0.83
%
Total Agency AFS:
2,865,398

 
627,047

 
3,492,445

 
26,792

 
(63,976
)
 
3,455,261

 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-Agency:
 
 
 
 
 
 
 
 
 
 
 
 
 
RMBS
13,845

 
(338
)
 
13,507

 
338

 
(80
)
 
13,765

 
4.61
%
CMBS
375,703

 
(18,277
)
 
357,426

 
15,366

 
(3,511
)
 
369,281

 
5.10
%
CMBS IO (2)
—

 
150,518

 
150,518

 
2,618

 
(1,999
)
 
151,137

 
0.66
%
Total non-Agency AFS:
389,548

 
131,903

 
521,451

 
18,322

 
(5,590
)
 
534,183

 


 
 
 
 
 
 
 
 
 
 
 
 
 


Total AFS securities
$
3,254,946

 
$
758,950

 
$
4,013,896

 
$
45,114

 
$
(69,566
)
 
$
3,989,444

 
 

(1)
As of December 31, 2013, the Company had Agency CMBS with an amortized cost of $26,920 and fair value of $28,717 which were designated as trading securities and are not included in this table. The Company changed the designation of these Agency CMBS to AFS during the three months ended June 30, 2014. Changes in the fair value of these MBS while they were designated as trading were recognized in net income within "fair value adjustments, net". Changes in the fair value of these MBS, which are now designated as AFS, are recognized in "other comprehensive income". As of September 30, 2014, the Company does not have any MBS designated as trading.
(2)
The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $10,160,502 and $4,274,957, respectively, as of December 31, 2013.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]
The following table presents certain information for those Agency MBS in an unrealized loss position as of September 30, 2014 and December 31, 2013:
 
September 30, 2014
 
December 31, 2013
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
 
Fair Value
 
Gross Unrealized Losses
 
# of Securities
Continuous unrealized loss position for less than 12 months:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
155,501

 
$
(1,142
)
 
25
 
$
1,912,937

 
$
(43,543
)
 
150
Non-Agency MBS
74,239

 
(427
)
 
17
 
162,558

 
(5,435
)
 
39
 
 
 
 
 
 
 
 
 
 
 
 
Continuous unrealized loss position for 12 months or longer:
 
 
 
 
 
 
 
 
 
 
 
Agency MBS
$
1,701,638

 
$
(30,299
)
 
129
 
$
670,402

 
$
(20,433
)
 
67
Non-Agency MBS
31,348

 
(313
)
 
8
 
6,310

 
(155
)
 
6