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Mortgage Backed Securities Mortgage backed securities designated as AFS (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance $ 2,358,810   $ 2,358,810   $ 2,635,705
Available-for-sale MBS, Unamortized Premium (Discount) 797,300   797,300   870,102
Available-for-sale MBS, Amortized Cost 3,156,110   3,156,110   3,505,807
Available-for-sale MBS, Gross Unrealized Gain 64,291   64,291   29,927
Available-for-sale MBS, Gross Unrealized Loss (11,666)   (11,666)   (42,033)
Available-for-sale MBS, Fair Value 3,208,735   3,208,735   3,493,701
Available-for-sale MBS, Sale Proceeds 10,287 $ 226,884 87,818 $ 329,406  
Available-for-sale MBS, Gross Realized Gain (Loss) (297) (1,491) (4,238) (183)  
RMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance 1,384,762   1,384,762   1,602,736
Available-for-sale MBS, Unamortized Premium (Discount) 65,529   65,529   77,572
Available-for-sale MBS, Amortized Cost 1,450,291   1,450,291   1,680,308
Available-for-sale MBS, Gross Unrealized Gain 7,113   7,113   4,432
Available-for-sale MBS, Gross Unrealized Loss (8,963)   (8,963)   (21,008)
Available-for-sale MBS, Fair Value 1,448,441   1,448,441   1,663,732
CMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance 974,048   974,048   1,032,969
Available-for-sale MBS, Unamortized Premium (Discount) 3,042   3,042   5,119
Available-for-sale MBS, Amortized Cost 977,090   977,090   1,038,088
Available-for-sale MBS, Gross Unrealized Gain 45,840   45,840   17,581
Available-for-sale MBS, Gross Unrealized Loss (82)   (82)   (15,555)
Available-for-sale MBS, Fair Value 1,022,848   1,022,848   1,040,114
CMBS IO          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance 0   0   0
Available-for-sale MBS, Unamortized Premium (Discount) 728,729   728,729   787,411
Available-for-sale MBS, Amortized Cost 728,729   728,729   787,411
Available-for-sale MBS, Gross Unrealized Gain 11,338   11,338   7,914
Available-for-sale MBS, Gross Unrealized Loss (2,621)   (2,621)   (5,470)
Available-for-sale MBS, Fair Value 737,446   737,446   789,855
Agency MBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value 322,585   322,585   1,332,849
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (2,095)   $ (2,095)   $ (19,062)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 45   45   109
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 368,509   $ 368,509   $ 775,484
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (7,421)   $ (7,421)   $ (17,393)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 55   55   72
Agency MBS | RMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance $ 1,329,159   $ 1,329,159   $ 1,536,733
Available-for-sale MBS, Unamortized Premium (Discount) 65,558   65,558   77,617
Available-for-sale MBS, Amortized Cost 1,394,717   1,394,717   1,614,350
Available-for-sale MBS, Gross Unrealized Gain 7,031   7,031   4,362
Available-for-sale MBS, Gross Unrealized Loss (8,545)   (8,545)   (20,190)
Available-for-sale MBS, Fair Value $ 1,393,203   $ 1,393,203   $ 1,598,522
Available-for-sale MBS, Weighted Average Coupon [1] 3.03%   3.03%   3.03%
Available-for-sale MBS, Sale Proceeds $ 10,287 96,025 $ 54,178 156,370  
Available-for-sale MBS, Gross Realized Losses (297) (1,875) (3,010) (2,196)  
Agency MBS | CMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance 856,352   856,352   $ 876,751
Available-for-sale MBS, Unamortized Premium (Discount) 10,713   10,713   13,252
Available-for-sale MBS, Amortized Cost 867,065   867,065   890,003
Available-for-sale MBS, Gross Unrealized Gain 37,329   37,329   10,542
Available-for-sale MBS, Gross Unrealized Loss (82)   (82)   (14,614)
Available-for-sale MBS, Fair Value $ 904,312   $ 904,312   $ 885,931
Available-for-sale MBS, Weighted Average Coupon [1] 3.40%   3.40%   3.45%
Available-for-sale MBS, Sale Proceeds   98,887   98,887  
Available-for-sale MBS, Gross Realized Losses   (822)   (822)  
Agency MBS | CMBS IO          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance $ 0 [2]   $ 0 [2]   $ 0 [3]
Available-for-sale MBS, Unamortized Premium (Discount) 386,628   386,628   421,857
Available-for-sale MBS, Amortized Cost 386,628   386,628   421,857
Available-for-sale MBS, Gross Unrealized Gain 7,732   7,732   5,922
Available-for-sale MBS, Gross Unrealized Loss (889)   (889)   (1,651)
Available-for-sale MBS, Fair Value $ 393,471   $ 393,471   $ 426,128
Available-for-sale MBS, Weighted Average Coupon [1] 0.67%   0.67%   0.80%
Notional balance for interest only securities $ 12,078,342   $ 12,078,342   $ 12,180,291
Available-for-sale MBS, Sale Proceeds       29,385  
Available-for-sale Securities, Gross Realized Gains       1,474  
Non-Agency MBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Fair Value 89,794   89,794   351,650
Available-for-sale MBS, Continuous Unrealized Loss Position for less than 12 months, Accumulated Loss $ (807)   $ (807)   $ (5,347)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for less than 12 months 20   20   72
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Fair Value $ 92,521   $ 92,521   $ 8,306
Available-for-sale MBS, Continuous Unrealized Loss Position for 12 months or longer, Accumulated Loss $ (1,343)   $ (1,343)   $ (231)
Available-for-sale MBS, Number of Securities in Continuous Unrealized Loss Position for 12 months or longer 28   28   7
Non-Agency MBS | RMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance $ 55,603   $ 55,603   $ 66,003
Available-for-sale MBS, Unamortized Premium (Discount) (29)   (29)   (45)
Available-for-sale MBS, Amortized Cost 55,574   55,574   65,958
Available-for-sale MBS, Gross Unrealized Gain 82   82   70
Available-for-sale MBS, Gross Unrealized Loss (418)   (418)   (818)
Available-for-sale MBS, Fair Value $ 55,238   $ 55,238   $ 65,210
Available-for-sale MBS, Weighted Average Coupon [1] 3.56%   3.56%   3.25%
Non-Agency MBS | CMBS          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance $ 117,696   $ 117,696   $ 156,218
Available-for-sale MBS, Unamortized Premium (Discount) (7,671)   (7,671)   (8,133)
Available-for-sale MBS, Amortized Cost 110,025   110,025   148,085
Available-for-sale MBS, Gross Unrealized Gain 8,511   8,511   7,039
Available-for-sale MBS, Gross Unrealized Loss 0   0   (941)
Available-for-sale MBS, Fair Value $ 118,536   $ 118,536   $ 154,183
Available-for-sale MBS, Weighted Average Coupon [1] 5.00%   5.00%   4.29%
Available-for-sale MBS, Sale Proceeds     $ 33,640    
Available-for-sale MBS, Gross Realized Losses     (1,228)    
Non-Agency MBS | CMBS IO          
Schedule of Available-for-sale Securities [Line Items]          
Available-for-sale MBS, Par Balance [2] $ 0   0    
Available-for-sale MBS, Unamortized Premium (Discount) 342,101   342,101   $ 365,554
Available-for-sale MBS, Amortized Cost 342,101   342,101   365,554
Available-for-sale MBS, Gross Unrealized Gain 3,606   3,606   1,992
Available-for-sale MBS, Gross Unrealized Loss (1,732)   (1,732)   (3,819)
Available-for-sale MBS, Fair Value $ 343,975   $ 343,975   $ 363,727
Available-for-sale MBS, Weighted Average Coupon [1] 0.60%   0.60%   0.71%
Notional balance for interest only securities $ 10,597,035   $ 10,597,035   $ 10,328,628
Available-for-sale MBS, Sale Proceeds   31,972   44,764  
Available-for-sale Securities, Gross Realized Gains   $ 1,206   $ 1,361  
[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 $12,078,342 and $10,597,035, respectively, as of June 30, 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.