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Financial Derivatives - Financial Derivatives (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements as of June 30, 2015 and December 31, 2014 and the effects of financial derivatives on the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014:

Table 4.1

  
As of June 30, 2015
  
 
 
Fair Value
 
Weighted-
Average
Pay Rate
 
Weighted-
Average Receive Rate
 
Weighted-
Average
Forward
Price
 
Weighted-
Average
Remaining
Life (in years)
  
Notional Amount
 
Asset
 
(Liability)
 
 
 
 
  
(dollars in thousands)
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
$
1,026,075

 
$
963

 
$
(24,366
)
 
2.46%
 
0.28%
 
 
 
3.65
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
92,000

 
866

 
(335
)
 
2.16%
 
0.48%
 
 
 
6.93
No hedge designation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
519,408

 
1,425

 
(43,645
)
 
4.06%
 
0.28%
 
 
 
8.80
Receive fixed non-callable
4,062,734

 
4,093

 
(313
)
 
0.16%
 
0.35%
 
 
 
0.58
Receive fixed callable
487,565

 
54

 
(437
)
 
0.13%
 
0.82%
 
 
 
2.51
Basis swaps
1,295,000

 
74

 
(258
)
 
0.12%
 
0.29%
 
 
 
2.68
Agency forwards
45,608

 
—

 
(208
)
 
 
 
 
 
99.05

 
 
Treasury futures
13,700

 
—

 
(58
)
 
 
 
 
 
125.75

 
 
Credit valuation adjustment
 
 
(20
)
 
247

 
 
 
 
 
 
 
 
Total financial derivatives
$
7,542,090

 
$
7,455

 
$
(69,373
)
 
  
 
  
 
 
 
  
Collateral pledged
 
 
—

 
35,335

 
 
 
 
 
 
 
 
Net amount
 
 
$
7,455

 
$
(34,038
)
 
 
 
 
 
 
 
 
  
As of December 31, 2014
  

 
Fair Value
 
Weighted-
Average
Pay Rate
 
Weighted-
Average Receive Rate
 
Weighted-
Average
Forward
Price
 
Weighted-
Average
Remaining
Life (in years)
  
Notional Amount
 
Asset
 
(Liability)
 
 
 
 
  
(dollars in thousands)
Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
$
1,000,000

 
$
—

 
$
(31,718
)
 
2.47%
 
0.23%
 
 
 
3.98
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
15,000

 
—

 
(289
)
 
2.43%
 
0.51%
 
 
 
6.23
No hedge designation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
490,183

 
537

 
(51,224
)
 
4.23%
 
0.23%
 
 
 
7.05
Receive fixed non-callable
3,829,355

 
3,414

 
(461
)
 
0.14%
 
0.27%
 
 
 
0.55
Receive fixed callable
383,565

 
1

 
(877
)
 
0.12%
 
1.34%
 
 
 
3.47
Basis swaps
1,105,000

 
247

 
(406
)
 
0.11%
 
0.31%
 
 
 
2.42
Agency forwards
12,768

 
—

 
(53
)
 
 
 
 
 
101.00

 
 
Treasury futures
1,700

 
—

 
(3
)
 
 
 
 
 
126.60

 
 
Credit valuation adjustment
 
 
(22
)
 
187

 
 
 
 
 
 
 
 
Total financial derivatives
$
6,837,571

 
$
4,177

 
$
(84,844
)
 
  
 
  
 
 
 
  
Collateral pledged
 
 
—

 
46,627

 
 
 
 
 
 
 
 
Net amount
 
 
$
4,177

 
$
(38,217
)
 
 
 
 
 
 
 
 
Derivative Instruments, Gain (Loss) [Table Text Block]
Table 4.2

 
Gains/(losses) on financial derivatives and hedging activities
  
For the Three Months Ended
 
For the Six Months Ended
  
June 30, 2015
 
June 30, 2014
 
June 30, 2015
 
June 30, 2014
 
(in thousands)
Fair value hedges:
 
 
 
 
 
 
 
Interest rate swaps(1)
$
14,075

 
$
(799
)
 
$
8,316

 
$
(599
)
Hedged items
(11,354
)
 
3,818

 
(2,478
)
 
6,568

Gains on hedging activities
2,721

 
3,019

 
5,838

 
5,969

No hedge designation:
 
 
 
 
 
 
 
Interest rate swaps
11,798

 
(8,126
)
 
5,841

 
(17,674
)
Agency forwards
(356
)
 
(235
)
 
(1,142
)
 
(1,087
)
Treasury futures
226

 
(356
)
 
(30
)
 
(484
)
Gains/(losses) on financial derivatives not designated in hedging relationships
11,668

 
(8,717
)
 
4,669

 
(19,245
)
Gains/(losses) on financial derivatives and hedging activities
$
14,389

 
$
(5,698
)
 
$
10,507

 
$
(13,276
)
(1)
Included in the assessment of hedge effectiveness as of June 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $5.8 million for the three and six months ended June 30, 2015, attributable to the fair value of the swaps at the inception of the hedging relationship. Accordingly, the amounts recognized as hedge ineffectiveness for the three and six months ended June 30, 2015 were losses of $0.2 million and gains of $0.1 million. The comparable amounts as of June 30, 2014 were losses of $2.9 million and $5.9 million for the three and six months ended June 30, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.1 million for the three and six months ended June 30, 2014, attributable to hedge ineffectiveness.