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Non-Agency MBS (Notes) (Mortgage-backed Securities, Issued by Private Enterprises [Member]) | 12 Months Ended
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Dec. 31, 2012
Mortgage-backed Securities, Issued by Private Enterprises [Member] |
Schedule of Available-for-sale Securities [Line Items] |
Non-Agency MBS Disclosure [Text Block] | NOTE 4 – NON-AGENCY MBS The following table presents the components of the Company’s non-Agency MBS as of December 31, 2012 and December 31, 2011:
| December 31, 2012
| RMBS |  | CMBS |  | CMBS IO (1) |  | Total
Principal/par value | $ | 11,411 |  |  | $ | 463,747 |  |  | $ | — |  |  | $ | 475,158 |
Unamortized premium | — |  |  | 2,520 |  |  | 108,928 |  |  | 111,448 |
Unamortized discount | (781 | ) |  | (19,833 | ) |  | — |  |  | (20,614 | )
Amortized cost | 10,630 |  |  | 446,434 |  |  | 108,928 |  |  | 565,992 |
Available for sale (recognized in statement of comprehensive income): |  |  |  |  |  |  |
Gross unrealized gains | 606 |  |  | 39,944 |  |  | 5,054 |  |  | 45,604 |
Gross unrealized losses | (198 | ) |  | (36 | ) |  | (40 | ) |  | (274 | )
Fair value | $ | 11,038 |  |  | $ | 486,342 |  |  | $ | 113,942 |  |  | $ | 611,322 |
Weighted average coupon | 4.28 | % |  | 5.31 | % |  | 0.86 | % |  |
(1) | The notional balance for the non-Agency CMBS IO securities is $2,393,614 as of December 31, 2012.
| December 31, 2011
| RMBS |  | CMBS |  | CMBS IO (1) |  | Total
Principal/par value | $ | 17,119 |  |  | $ | 359,853 |  |  | $ | — |  |  | $ | 376,972 |
Unamortized premium | — |  |  | 3,646 |  |  | 51,239 |  |  | 54,885 |
Unamortized discount | (1,003 | ) |  | (17,511 | ) |  | — |  |  | (18,514 | )
Amortized cost | 16,116 |  |  | 345,988 |  |  | 51,239 |  |  | 413,343 |
Available for sale (recognized in statement of comprehensive income): |  |  |  |  |  |  |
Gross unrealized gains | 507 |  |  | 11,806 |  |  | 893 |  |  | 13,206 |
Gross unrealized losses | (1,353 | ) |  | (3,724 | ) |  | (376 | ) |  | (5,453 | )
Fair value | $ | 15,270 |  |  | $ | 354,070 |  |  | $ | 51,756 |  |  | $ | 421,096 |
Weighted average coupon | 4.41 | % |  | 5.91 | % |  | 1.24 | % |  |
(1) | The notional balance for the non-Agency CMBS IO securities is $906,202 as of December 31, 2011.
The Company has purchased $7,500 of non-Agency RMBS, $165,466 of non-Agency CMBS, and $68,315 of non-Agency CMBS IO securities during the year ended December 31, 2011. The following table presents certain information for those non-Agency MBS that were in an unrealized loss position as of December 31, 2012 and December 31, 2011:
| December 31, 2012 |  | December 31, 2011
| Fair Value |  | Unrealized Loss |  | # of Securities |  | Fair Value |  | Unrealized Loss |  | # of Securities
Unrealized loss position for: |  |  |  |  |  |  |  |  |  |  |
Less than one year: | $ | 13,877 |  |  | $ | (76 | ) |  | 3 |  | $ | 153,974 |  |  | $ | (5,075 | ) |  | 6
One year or more: | 2,701 |  |  | (198 | ) |  | 8 |  | 2,993 |  |  | (379 | ) |  | 7
| $ | 16,578 |  |  | $ | (274 | ) |  | 11 |  | $ | 156,967 |  |  | $ | (5,454 | ) |  | 13
The Company reviews any non-Agency MBS in an unrealized loss position to evaluate whether any decline in fair value represents an other-than-temporary impairment. The evaluation includes a review of the credit ratings of these non-Agency MBS and the seasoning of the mortgage loans collateralizing these securities as well as the estimated future cash flows which include projected losses. The Company performed this evaluation for the non-Agency MBS in an unrealized loss position as of December 31, 2012 and has determined that there have not been any adverse changes in the timing or amount of estimated future cash flows that necessitate a recognition of other-than-temporary impairment amounts as of December 31, 2012.

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