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Reverse Repurchase Agreements
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Reverse Repurchase Agreements
Reverse Repurchase Agreements

The following table details the remaining contractual maturities of our reverse repurchase agreements at June 30, 2016.
Year
 
Amount
 
 
 
(In Thousands)
 
2018
 
$
200,000

 
(1
)
2019
 
600,000

 
(1
)
2020
 
300,000

 
(2
)
Total
 
$
1,100,000

 
 

(1)
Callable in 2016.
(2)
Includes $200.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

The outstanding reverse repurchase agreements at June 30, 2016 were fixed rate and collateralized by GSE securities, of which 85% were residential mortgage-backed securities and 15% were obligations of GSEs. Securities collateralizing these agreements are classified as encumbered securities in the consolidated statements of financial condition. The amount of excess collateral required is governed by each individual contract. The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure.