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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Repurchase agreements - short term
    
Liabilities:    
Outstanding Face Amount $ 246,713 $ 409,334
Repurchase agreements - short term | Discounted Cash Flow
    
Liabilities:    
Outstanding Face Amount 246,713 409,334
Amortized Cost Basis 246,713 409,334
Fair Value 246,713 409,334
Fair Value Assumptions:    
Weighted average yield % 1.24% 1.46%
Weighted Average Remaining Maturity/Duration 29 days 14 days
Repurchase agreements - long term
    
Liabilities:    
Outstanding Face Amount 124,257  
Repurchase agreements - long term | Discounted Cash Flow
    
Liabilities:    
Outstanding Face Amount 124,257 200,501
Amortized Cost Basis 124,257 200,501
Fair Value 124,257 200,501
Fair Value Assumptions:    
Weighted average yield % 1.98% 2.13%
Weighted Average Remaining Maturity/Duration 1 year 2 months 8 days 1 year 5 months 26 days
Long term financing
    
Liabilities:    
Outstanding Face Amount 324,689 287,246
Fair Value Assumptions:    
Impairment on security positions 0 0
Long term financing | Discounted Cash Flow
    
Liabilities:    
Outstanding Face Amount 324,689 287,246
Amortized Cost Basis 331,937 291,053
Fair Value 320,196 278,129
Fair Value Assumptions:    
Weighted average yield % 4.88% 4.84%
Weighted Average Remaining Maturity/Duration 8 years 7 months 2 days 8 years 8 months 12 days
Borrowings from the FHLB
    
Liabilities:    
Outstanding Face Amount 933,000 989,000
Fair Value Assumptions:    
Impairment on security positions 0 0
Borrowings from the FHLB | Discounted Cash Flow
    
Liabilities:    
Outstanding Face Amount 933,000 989,000
Amortized Cost Basis 933,000 989,000
Fair Value 907,286 987,896
Fair Value Assumptions:    
Weighted average yield % 0.61% 0.57%
Weighted Average Remaining Maturity/Duration 1 year 8 months 8 days 1 year 7 months 6 days
Senior unsecured notes
    
Liabilities:    
Outstanding Face Amount 325,000 325,000
Senior unsecured notes | Broker quotations, pricing services
    
Liabilities:    
Outstanding Face Amount 325,000 325,000
Amortized Cost Basis 325,000 325,000
Fair Value 340,844 341,250
Fair Value Assumptions:    
Weighted average yield % 7.38% 7.38%
Weighted Average Remaining Maturity/Duration 3 years 6 months 3 years 9 months
Repurchase agreement liabilities
    
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Impairment on security positions 0 0
Mortgage loan receivables held for investment, at amortized cost
    
Assets:    
Outstanding Face Amount 687,212 549,574
Mortgage loan receivables held for investment, at amortized cost | Discounted Cash Flow
    
Assets:    
Outstanding Face Amount 687,212 549,574
Amortized Cost Basis 674,980 539,078
Fair Value 677,630 541,578
Fair Value Assumptions:    
Weighted average yield % 9.51% 9.76%
Weighted Average Remaining Maturity/Duration 2 years 1 month 10 days 2 years 1 month 20 days
Mortgage loan receivables held for sale
    
Assets:    
Outstanding Face Amount 162,554 440,775
Mortgage loan receivables held for sale | Discounted Cash Flow
    
Assets:    
Outstanding Face Amount 162,554 440,775
Amortized Cost Basis 162,107 440,490
Fair Value 168,356 455,804
Fair Value Assumptions:    
Weighted average yield % 5.46% 5.47%
Weighted Average Remaining Maturity/Duration 7 years 5 months 5 days 9 years 7 months 13 days
FHLB stock
    
Assets:    
Outstanding Face Amount 50,400 49,450
FHLB stock | Put Value
    
Assets:    
Outstanding Face Amount 50,400 49,450
Amortized Cost Basis 50,400 49,450
Fair Value 50,400 49,450
Fair Value Assumptions:    
Weighted average yield % 3.50% 3.50%
Mortgage loan receivables
    
Fair Value Assumptions:    
Period of short interest rate reset risk 30 days 30 days
Recurring | Nonhedge derivatives
    
Liabilities:    
Derivative liability face amount 724,100 154,500
Recurring | Nonhedge derivatives | Counterparty quotations
    
Liabilities:    
Derivative liability face amount 724,100 154,500
Fair Value 10,412 7,031
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 3 years 2 months 1 day 4 years 6 months 18 days
Recurring | CMBS
    
Assets:    
Outstanding Face Amount 1,227,308 1,160,741
Recurring | CMBS | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 1,227,308 1,160,741
Amortized Cost Basis 1,225,746 1,156,230
Fair Value 1,247,477 1,164,936
Fair Value Assumptions:    
Weighted average yield % 3.68% 4.08%
Weighted Average Remaining Maturity/Duration 4 years 9 months 14 days 4 years 10 months 17 days
Recurring | CMBS interest-only
    
Assets:    
Outstanding Face Amount 6,075,913 5,702,862
Recurring | CMBS interest-only | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 6,075,913 5,702,862
Amortized Cost Basis 275,802 259,061
Fair Value 278,832 258,058
Fair Value Assumptions:    
Weighted average yield % 4.25% 4.19%
Weighted Average Remaining Maturity/Duration 3 years 4 months 6 days 3 years 4 months 17 days
Recurring | GNMA interest-only
    
Assets:    
Outstanding Face Amount 1,799,019 184,827
Recurring | GNMA interest-only | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 1,799,019 1,848,270
Amortized Cost Basis 98,682 103,136
Fair Value 94,614 99,877
Fair Value Assumptions:    
Weighted average yield % 5.03% 5.32%
Weighted Average Remaining Maturity/Duration 3 years 1 month 6 days 2 years 1 month 13 days
Recurring | FHLMC interest-only
    
Assets:    
Outstanding Face Amount 218,834 219,677
Recurring | FHLMC interest-only | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 218,834 219,677
Amortized Cost Basis 7,541 7,904
Fair Value 7,563 8,152
Fair Value Assumptions:    
Weighted average yield % 5.32% 5.21%
Weighted Average Remaining Maturity/Duration 2 years 11 days 3 years 14 days
Recurring | GN construction securities
    
Assets:    
Outstanding Face Amount 16,321 12,858
Recurring | GN construction securities | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 16,321 12,858
Amortized Cost Basis 16,808 13,261
Fair Value 16,305 13,007
Fair Value Assumptions:    
Weighted average yield % 3.46% 3.49%
Weighted Average Remaining Maturity/Duration 6 years 8 months 1 day 6 years 6 months 25 days
Recurring | GN permanent securities
    
Assets:    
Outstanding Face Amount 101,175 108,310
Recurring | GN permanent securities | Broker quotations, pricing services
    
Assets:    
Outstanding Face Amount 101,175 108,310
Amortized Cost Basis 103,244 110,724
Fair Value 105,249 113,216
Fair Value Assumptions:    
Weighted average yield % 4.40% 4.64%
Weighted Average Remaining Maturity/Duration 3 years 7 months 20 days 3 years 3 months 7 days
Recurring | Nonhedge derivatives
    
Assets:    
Derivative asset face amount 89,602 808,700
Recurring | Nonhedge derivatives | Counterparty quotations
    
Assets:    
Derivative asset face amount 89,602 808,700
Fair Value $ 839 $ 8,244
Fair Value Assumptions:    
Weighted Average Remaining Maturity/Duration 2 years 2 months 23 days 6 months