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Mortgage Backed Securities Mortgage backed securities designated as AFS (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 2,465,083   $ 2,635,705
Available-for-sale MBS, Unamortized Premium (Discount) 834,073   870,102
Available-for-sale MBS, Amortized Cost 3,299,156   3,505,807
Available-for-sale MBS, Gross Unrealized Gain 46,684   29,927
Available-for-sale MBS, Gross Unrealized Loss (17,088)   (42,033)
Available-for-sale MBS, Fair Value 3,328,752   3,493,701
Available-for-sale MBS, Sale Proceeds 77,530 $ 102,923  
Available-for-sale MBS, Gross Realized Gains 0 1,773  
Available-for-sale MBS, Gross Realized Losses (3,941) (465)  
Available-for-sale MBS, Gross Realized Gain (Loss) (3,941) $ 1,308  
RMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 1,484,614   1,602,736
Available-for-sale MBS, Unamortized Premium (Discount) 70,219   77,572
Available-for-sale MBS, Amortized Cost 1,554,833   1,680,308
Available-for-sale MBS, Gross Unrealized Gain 5,551   4,432
Available-for-sale MBS, Gross Unrealized Loss (10,793)   (21,008)
Available-for-sale MBS, Fair Value 1,549,591   1,663,732
CMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 980,469   1,032,969
Available-for-sale MBS, Unamortized Premium (Discount) 3,809   5,119
Available-for-sale MBS, Amortized Cost 984,278   1,038,088
Available-for-sale MBS, Gross Unrealized Gain 32,269   17,581
Available-for-sale MBS, Gross Unrealized Loss (71)   (15,555)
Available-for-sale MBS, Fair Value 1,016,476   1,040,114
CMBS IO [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 0   0
Available-for-sale MBS, Unamortized Premium (Discount) 760,045   787,411
Available-for-sale MBS, Amortized Cost 760,045   787,411
Available-for-sale MBS, Gross Unrealized Gain 8,864   7,914
Available-for-sale MBS, Gross Unrealized Loss (6,224)   (5,470)
Available-for-sale MBS, Fair Value 762,685   789,855
Agency MBS [Member] | RMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 1,423,270   1,536,733
Available-for-sale MBS, Unamortized Premium (Discount) 70,256   77,617
Available-for-sale MBS, Amortized Cost 1,493,526   1,614,350
Available-for-sale MBS, Gross Unrealized Gain 5,464   4,362
Available-for-sale MBS, Gross Unrealized Loss (10,156)   (20,190)
Available-for-sale MBS, Fair Value $ 1,488,834   $ 1,598,522
Available-for-sale MBS, Weighted Average Coupon [1] 3.01%   3.03%
Agency MBS [Member] | CMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 861,905   $ 876,751
Available-for-sale MBS, Unamortized Premium (Discount) 11,709   13,252
Available-for-sale MBS, Amortized Cost 873,614   890,003
Available-for-sale MBS, Gross Unrealized Gain 24,577   10,542
Available-for-sale MBS, Gross Unrealized Loss (68)   (14,614)
Available-for-sale MBS, Fair Value $ 898,123   $ 885,931
Available-for-sale MBS, Weighted Average Coupon [1] 3.41%   3.45%
Agency MBS [Member] | CMBS IO [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 0 [2]   $ 0 [3]
Available-for-sale MBS, Unamortized Premium (Discount) 404,380   421,857
Available-for-sale MBS, Amortized Cost 404,380   421,857
Available-for-sale MBS, Gross Unrealized Gain 6,809   5,922
Available-for-sale MBS, Gross Unrealized Loss (1,541)   (1,651)
Available-for-sale MBS, Fair Value $ 409,648   $ 426,128
Available-for-sale MBS, Weighted Average Coupon [1] 0.80%   0.80%
Notional balance for interest only securities $ 12,125,860   $ 12,180,291
Non-Agency MBS [Member] | RMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance 61,344   66,003
Available-for-sale MBS, Unamortized Premium (Discount) (37)   (45)
Available-for-sale MBS, Amortized Cost 61,307   65,958
Available-for-sale MBS, Gross Unrealized Gain 87   70
Available-for-sale MBS, Gross Unrealized Loss (637)   (818)
Available-for-sale MBS, Fair Value $ 60,757   $ 65,210
Available-for-sale MBS, Weighted Average Coupon [1] 3.56%   3.25%
Non-Agency MBS [Member] | CMBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance $ 118,564   $ 156,218
Available-for-sale MBS, Unamortized Premium (Discount) (7,900)   (8,133)
Available-for-sale MBS, Amortized Cost 110,664   148,085
Available-for-sale MBS, Gross Unrealized Gain 7,692   7,039
Available-for-sale MBS, Gross Unrealized Loss (3)   (941)
Available-for-sale MBS, Fair Value $ 118,353   $ 154,183
Available-for-sale MBS, Weighted Average Coupon [1] 4.98%   4.29%
Non-Agency MBS [Member] | CMBS IO [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Par Balance [2] $ 0    
Available-for-sale MBS, Unamortized Premium (Discount) 355,665   $ 365,554
Available-for-sale MBS, Amortized Cost 355,665   365,554
Available-for-sale MBS, Gross Unrealized Gain 2,055   1,992
Available-for-sale MBS, Gross Unrealized Loss (4,683)   (3,819)
Available-for-sale MBS, Fair Value $ 353,037   $ 363,727
Available-for-sale MBS, Weighted Average Coupon [1] 0.68%   0.71%
Notional balance for interest only securities $ 10,668,570   $ 10,328,628
Agency MBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value 369,222   1,332,849
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (2,543)   $ (19,062)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 48   109
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 736,971   $ 775,484
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (9,222)   $ (17,393)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 64   72
Non-Agency MBS [Member]      
Schedule of Available-for-sale Securities [Line Items]      
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value $ 313,467   $ 351,650
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (5,007)   $ (5,347)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 70   72
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 6,808   $ 8,306
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (316)   $ (231)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 7   7
[1] The current weighted average coupon ("WAC") is the gross interest rate of the pool of mortgages underlying the security weighted by the outstanding principal balance (or by notional balance in the case of an IO security).
[2] The notional balance for Agency CMBS IO and non-Agency CMBS IO was $12,125,860 and $10,668,570, respectively, as of March 31, 2016.
[3] The notional balance for the Agency CMBS IO and non-Agency CMBS IO was $12,180,291 and $10,328,628, respectively, as of December 31, 2015.