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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2012
Schedule of Available-for-sale and Trading Securities [Line Items]  
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
As of September 30, 2012 and December 31, 2011, unrealized losses on available-for-sale investment securities were as follows:

 
September 30, 2012
 
Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
—

 
$
—

 
$
60,034

 
$
(14,066
)
Floating rate asset-backed securities
20,480

 
(34
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
22,715

 
(126
)
 
840

 
(4
)
Floating rate GSE subordinated debt
—

 
—

 
57,170

 
(12,830
)
Fixed rate U.S. Treasuries
101,118

 
(1
)
 
—

 
—

Total
$
144,313

 
$
(161
)
 
$
118,044

 
$
(26,900
)

 
December 31, 2011
 
Available-for-Sale Securities
 
Unrealized loss position for
less than 12 months
 
Unrealized loss position for
more than 12 months
 
Fair Value
 
Unrealized
Loss
 
Fair Value
 
Unrealized
Loss
 
(in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
—

 
$
—

 
$
60,213

 
$
(13,887
)
Floating rate asset-backed securities
63,496

 
(102
)
 
—

 
—

Floating rate corporate debt securities
41,061

 
(388
)
 
—

 
—

Fixed rate corporate debt securities
18,189

 
(6
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
235,454

 
(359
)
 
17,409

 
(22
)
Floating rate GSE subordinated debt
—

 
—

 
52,562

 
(17,438
)
Fixed rate senior agency debt
44,976

 
(21
)
 
—

 
—

Fixed rate U.S. Treasuries
50,160

 
(4
)
 
—

 
—

Total
$
453,336

 
$
(880
)
 
$
130,184

 
$
(31,347
)
Investment Securities
  
Schedule of Available-for-sale and Trading Securities [Line Items]  
Schedule of Available-for-sale Securities and Trading Securities Reconciliation
The following tables present the amortized cost and fair values of Farmer Mac's investment securities as of September 30, 2012 and December 31, 2011:
 
 
September 30, 2012
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
74,100

 
$
—

 
$
(14,066
)
 
$
60,034

Floating rate asset-backed securities
166,483

 
596

 
(34
)
 
167,045

Fixed rate asset-backed securities
9,735

 
—

 
—

 
9,735

Floating rate corporate debt securities
78,308

 
511

 
—

 
78,819

Fixed rate corporate debt securities
52,462

 
219

 
—

 
52,681

Floating rate Government/GSE guaranteed mortgage-backed securities
734,406

 
9,168

 
(130
)
 
743,444

Fixed rate GSE guaranteed mortgage-backed securities
2,331

 
206

 
—

 
2,537

Floating rate GSE subordinated debt
70,000

 
—

 
(12,830
)
 
57,170

Fixed rate commercial paper
19,995

 
2

 
—

 
19,997

Fixed rate GSE preferred stock
79,382

 
6,477

 
—

 
85,859

Floating rate senior agency debt
49,992

 
64

 
—

 
50,056

Fixed rate senior agency debt
127,572

 
143

 
—

 
127,715

Fixed rate U.S. Treasuries
1,179,754

 
139

 
(1
)
 
1,179,892

Total available-for-sale
2,644,520

 
17,525

 
(27,061
)
 
2,634,984

Trading:
 

 
 

 
 

 
 

Floating rate asset-backed securities
4,474

 
—

 
(3,130
)
 
1,344

Total investment securities
$
2,648,994

 
$
17,525

 
$
(30,191
)
 
$
2,636,328


 
December 31, 2011
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
74,100

 
$
—

 
$
(13,887
)
 
$
60,213

Floating rate asset-backed securities
178,443

 
219

 
(102
)
 
178,560

Floating rate corporate debt securities
74,152

 
69

 
(388
)
 
73,833

Fixed rate corporate debt securities
38,678

 
27

 
(6
)
 
38,699

Floating rate Government/GSE guaranteed mortgage-backed securities
759,567

 
4,852

 
(381
)
 
764,038

Fixed rate GSE guaranteed mortgage-backed securities
3,106

 
254

 
—

 
3,360

Floating rate GSE subordinated debt
70,000

 
—

 
(17,438
)
 
52,562

Fixed rate commercial paper
9,999

 
1

 
—

 
10,000

Fixed rate GSE preferred stock
79,662

 
5,216

 
—

 
84,878

Floating rate senior agency debt
38,000

 
32

 
—

 
38,032

Fixed rate senior agency debt
79,255

 
19

 
(21
)
 
79,253

Fixed rate U.S. Treasuries
798,966

 
304

 
(4
)
 
799,266

Total available-for-sale
2,203,928

 
10,993

 
(32,227
)
 
2,182,694

Trading:
 

 
 

 
 

 
 

Floating rate asset-backed securities
5,138

 
—

 
(3,342
)
 
1,796

Total investment securities
$
2,209,066

 
$
10,993

 
$
(35,569
)
 
$
2,184,490
Investments Classified by Contractual Maturity Date
 
Investment Securities Available-for-Sale as of
 
September 30, 2012
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
1,370,334

 
$
1,370,517

 
0.63%
Due after one year through five years
168,249

 
169,159

 
0.90%
Due after five years through ten years
435,609

 
425,640

 
1.13%
Due after ten years
670,328

 
669,668

 
2.54%
Total
$
2,644,520

 
$
2,634,984

 
1.21%