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Investment Securities
 9 Months Ended
Sep. 30, 2015
Investment Securities [Member]  
Schedule of Available-for-sale and Trading Securities [Line Items]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
INVESTMENT SECURITIES

The following tables set forth information about Farmer Mac's investment securities as of September 30, 2015 and December 31, 2014:
 
Table 2.1

 
As of September 30, 2015
 
Amount Outstanding
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
46,500

 
$
—

 
$
46,500

 
$
—

 
$
(1,576
)
 
$
44,924

Floating rate asset-backed securities
81,868

 
(286
)
 
81,582

 
44

 
(508
)
 
81,118

Floating rate corporate debt securities
10,000

 
—

 
10,000

 
—

 
(9
)
 
9,991

Fixed rate corporate debt securities
10,000

 
(2
)
 
9,998

 
7

 
—

 
10,005

Floating rate Government/GSE guaranteed mortgage-backed securities
856,089

 
3,717

 
859,806

 
3,588

 
(1,170
)
 
862,224

Fixed rate GSE guaranteed mortgage-backed securities(1)
728

 
3,223

 
3,951

 
4,022

 
—

 
7,973

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(3,888
)
 
66,112

Fixed rate senior agency debt
380,806

 
(103
)
 
380,703

 
83

 
—

 
380,786

Fixed rate U.S. Treasuries
568,194

 
130

 
568,324

 
172

 
—

 
568,496

Total available-for-sale
2,024,185

 
6,679

 
2,030,864

 
7,916

 
(7,151
)
 
2,031,629

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
2,325

 
—

 
2,325

 
—

 
(1,775
)
 
550

Total investment securities
$
2,026,510

 
$
6,679

 
$
2,033,189

 
$
7,916

 
$
(8,926
)
 
$
2,032,179

(1)
Fair value includes $7.2 million of an interest-only security with a notional amount of $152.4 million.






 
As of December 31, 2014
 
Amount Outstanding
 
Unamortized Premium/(Discount)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
 
(in thousands)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
Floating rate auction-rate certificates backed by Government guaranteed student loans
$
46,600

 
$
—

 
$
46,600

 
$
—

 
$
(6,024
)
 
$
40,576

Floating rate asset-backed securities
100,730

 
(74
)
 
100,656

 
283

 
(37
)
 
100,902

Floating rate corporate debt securities
10,000

 
—

 
10,000

 
91

 
—

 
10,091

Fixed rate corporate debt securities
30,000

 
(10
)
 
29,990

 
35

 
—

 
30,025

Floating rate Government/GSE guaranteed mortgage-backed securities
605,053

 
3,431

 
608,484

 
4,712

 
(443
)
 
612,753

Fixed rate GSE guaranteed mortgage-backed securities(1)
853

 
3,542

 
4,395

 
3,807

 
—

 
8,202

Floating rate GSE subordinated debt
70,000

 
—

 
70,000

 
—

 
(3,680
)
 
66,320

Fixed rate senior agency debt
18,806

 
130

 
18,936

 
3

 
—

 
18,939

Floating rate U.S. Treasuries
75,000

 
(10
)
 
74,990

 
—

 
(11
)
 
74,979

Fixed rate U.S. Treasuries
975,194

 
462

 
975,656

 
72

 
(16
)
 
975,712

Total available-for-sale
1,932,236

 
7,471

 
1,939,707

 
9,003

 
(10,211
)
 
1,938,499

Trading:
 
 
 
 
 

 
 

 
 

 
 

Floating rate asset-backed securities
2,868

 
—

 
2,868

 
—

 
(2,179
)
 
689

Total investment securities
$
1,935,104

 
$
7,471

 
$
1,942,575

 
$
9,003

 
$
(12,390
)
 
$
1,939,188

(1)
Fair value includes $7.3 million of an interest-only security with a notional amount of $152.4 million.

During the three months ended September 30, 2015, Farmer Mac received proceeds of $8.7 million from the sale of securities from its available-for-sale investment portfolio, resulting in realized gains of $0.1 million, compared to proceeds of $39.7 million for the same period in 2014, resulting in gross realized losses of $0.5 million and gross realized gains of $0.1 million. During the nine months ended September 30, 2015, Farmer Mac received proceeds of $83.7 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized gains of $0.1 million, compared to proceeds of $770.1 million for the the nine months ended September 30, 2014, resulting in gross realized losses of $0.8 million and gross realized gains of $0.6 million. Farmer Mac also recognized $0.1 million in losses during the three and nine months ended September 30, 2015 related to other-than-temporary impairment on two auction-rate certificate securities. As of September 30, 2015, Farmer Mac intends to sell these auction-rate certificate securities in fourth quarter 2015 at a price of 99.63 percent of par pursuant to a forward sales agreement.

As of September 30, 2015 and December 31, 2014, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2

 
As of September 30, 2015
 
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
$
—

 
$
—

 
$
18,124

 
$
(1,576
)
Floating rate asset-backed securities
25,391

 
(297
)
 
7,105

 
(211
)
Floating rate corporate debt securities
4,991

 
(9
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
283,418

 
(679
)
 
93,530

 
(491
)
Floating rate GSE subordinated debt
—

 
—

 
66,112

 
(3,888
)
Total
$
313,800

 
$
(985
)
 
$
184,871

 
$
(6,166
)

 
As of December 31, 2014
 
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
$
—

 
$
—

 
$
40,576

 
$
(6,024
)
Floating rate asset-backed securities
19,388

 
(37
)
 
—

 
—

Floating rate Government/GSE guaranteed mortgage-backed securities
76,100

 
(164
)
 
76,867

 
(279
)
Floating rate GSE subordinated debt
—

 
—

 
66,320

 
(3,680
)
Floating rate U.S. Treasuries
74,980

 
(11
)
 
—

 
—

Fixed rate U.S. Treasuries
325,033

 
(16
)
 
—

 
—

Total
$
495,501

 
$
(228
)
 
$
183,763

 
$
(9,983
)

The unrealized losses presented above are principally due to a general widening of credit spreads from the dates of acquisition to September 30, 2015 and December 31, 2014, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of September 30, 2015, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except two that were rated "A-." As of December 31, 2014 , all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+," except one that was rated "A-." The unrealized losses were on 44 and 35 individual investment securities as of September 30, 2015 and December 31, 2014, respectively.

As of September 30, 2015, 14 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $6.2 million. As of December 31, 2014, 15 of the securities in loss positions had been in loss positions for more than 12 months and had a total unrealized loss of $10.0 million.  Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2015 that is, on average, approximately 97 percent of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities represents other-than-temporary impairment as of September 30, 2015 and December 31, 2014.

Farmer Mac did not own any held-to-maturity investment securities as of September 30, 2015 and December 31, 2014. As of September 30, 2015, Farmer Mac owned trading investment securities with an amortized cost of $2.3 million, a fair value of $0.6 million, and a weighted average yield of 4.29 percent. As of December 31, 2014, Farmer Mac owned trading investment securities with an amortized cost of $2.9 million, a fair value of $0.7 million, and a weighted average yield of 4.24 percent.

The amortized cost, fair value, and weighted average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2015 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3

 
As of September 30, 2015
 
Available-for-Sale Securities
 
Amortized
Cost
 
Fair Value
 
Weighted-
Average
Yield
 
(dollars in thousands)
Due within one year
$
959,025

 
$
959,287

 
0.27%
Due after one year through five years
94,816

 
95,302

 
1.17%
Due after five years through ten years
229,839

 
230,299

 
0.90%
Due after ten years
747,184

 
746,741

 
0.86%
Total
$
2,030,864

 
$
2,031,629

 
0.60%