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Financial Derivatives - Financial Derivatives (Tables)
 9 Months Ended
Sep. 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 September 30, 2015 and December 31, 2014 and the effects of financial derivatives on the consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014:

Table 4.1

  
As of September 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
$
1,226,075

 
$
—

 
$
(36,048
)
 
2.24%
 
0.30%
 
 
 
3.31
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
102,000

 
—

 
(2,720
)
 
2.23%
 
0.50%
 
 
 
6.99
No hedge designation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed non-callable
514,969

 
16

 
(55,941
)
 
4.02%
 
0.30%
 
 
 
8.69
Receive fixed non-callable
5,081,396

 
6,652

 
(46
)
 
0.19%
 
0.40%
 
 
 
0.59
Receive fixed callable
287,565

 
108

 
(3
)
 
0.17%
 
0.88%
 
 
 
2.76
Basis swaps
800,000

 
252

 
(60
)
 
0.15%
 
0.28%
 
 
 
2.53
Agency forwards
28,528

 
—

 
(312
)
 
 
 
 
 
100.50

 
 
Treasury futures
11,600

 
—

 
(52
)
 
 
 
 
 
128.28

 
 
Credit valuation adjustment
 
 
(1
)
 
302

 
 
 
 
 
 
 
 
Total financial derivatives
$
8,052,133

 
$
7,027

 
$
(94,880
)
 
  
 
  
 
 
 
  
Collateral pledged
 
 
—

 
48,111

 
 
 
 
 
 
 
 
Net amount
 
 
$
7,027

 
$
(46,769
)
 
 
 
 
 
 
 
 
  
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

 
(Losses)/gains on financial derivatives and hedging activities
  
For the Three Months Ended
 
For the Nine Months Ended
  
September 30, 2015
 
September 30, 2014
 
September 30, 2015
 
September 30, 2014
 
(in thousands)
Fair value hedges:
 
 
 
 
 
 
 
Interest rate swaps(1)
$
(12,646
)
 
$
5,610

 
$
(4,330
)
 
$
5,010

Hedged items
15,834

 
(2,549
)
 
13,356

 
4,019

Gains on hedging activities
3,188

 
3,061

 
9,026

 
9,029

No hedge designation:
 
 
 
 
 
 
 
Interest rate swaps
(11,478
)
 
(2,074
)
 
(5,637
)
 
(19,748
)
Agency forwards
(966
)
 
(210
)
 
(2,108
)
 
(1,297
)
Treasury futures
(312
)
 
31

 
(342
)
 
(452
)
(Losses)/gains on financial derivatives not designated in hedging relationships
(12,756
)
 
(2,253
)
 
(8,087
)
 
(21,497
)
(Losses)/gains on financial derivatives and hedging activities
$
(9,568
)
 
$
808

 
$
939

 
$
(12,468
)
(1) 
Included in the assessment of hedge effectiveness as of September 30, 2015, but excluded from the amounts in the table, were losses of $2.9 million and $8.6 million, respectively, for the three and nine months ended September 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 nine months ended September 30, 2015 were gains of $0.3 million and gains of $0.4 million, respectively. The comparable amounts as of September 30, 2014 were losses of $2.9 million and $8.7 million, respectively, for the three and nine months ended September 30, 2014, attributable to the fair value of the swaps at the inception of the hedging relationship and, accordingly, gains of $0.2 million and $0.3 million, respectively, for the three and nine months ended September 30, 2014, attributable to hedge ineffectiveness.