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FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Repurchase agreements - short-term
    
Liabilities:    
Outstanding Face Amount $ 246,713 $ 409,334
Repurchase agreements - long-term
    
Liabilities:    
Outstanding Face Amount 124,257  
Long-term financing
    
Liabilities:    
Outstanding Face Amount 324,689 287,246
Borrowings from the FHLB
    
Liabilities:    
Outstanding Face Amount 933,000 989,000
Senior unsecured notes
    
Liabilities:    
Outstanding Face Amount 325,000 325,000
Mortgage loan receivables held for investment
    
Assets:    
Outstanding Face Amount 687,212 549,574
Mortgage loan receivables held for sale
    
Assets:    
Outstanding Face Amount 162,554 440,775
FHLB stock
    
Assets:    
Outstanding Face Amount 50,400 49,450
Level 2 | Repurchase agreements - short-term
    
Liabilities:    
Fair Value 246,713 409,334
Level 2 | Repurchase agreements - long-term
    
Liabilities:    
Fair Value 124,257  
Level 2 | Senior unsecured notes
    
Liabilities:    
Fair Value 340,844 341,250
Level 3 | Long-term financing
    
Liabilities:    
Fair Value 320,196 278,129
Level 3 | Borrowings from the FHLB
    
Liabilities:    
Fair Value 907,286 987,896
Level 3 | Mortgage loan receivables held for investment
    
Assets:    
Fair Value 677,630 541,578
Level 3 | Mortgage loan receivables held for sale
    
Assets:    
Fair Value 168,356 455,804
Level 3 | FHLB stock
    
Assets:    
Fair Value 50,400 49,450
Total | Repurchase agreements - short-term
    
Liabilities:    
Fair Value 246,713 409,334
Total | Repurchase agreements - long-term
    
Liabilities:    
Fair Value 124,257  
Total | Long-term financing
    
Liabilities:    
Fair Value 320,196 278,129
Total | Borrowings from the FHLB
    
Liabilities:    
Fair Value 907,286 987,896
Total | Senior unsecured notes
    
Liabilities:    
Fair Value 340,844 341,250
Total | Mortgage loan receivables held for investment
    
Assets:    
Fair Value 677,630 541,578
Total | Mortgage loan receivables held for sale
    
Assets:    
Fair Value 168,356 455,804
Total | FHLB stock
    
Assets:    
Fair Value 50,400 49,450
Recurring | Nonhedge derivatives
    
Liabilities:    
Derivative liability face amount 724,100 154,500
Recurring | CMBS
    
Assets:    
Outstanding Face Amount 1,227,308 1,160,741
Recurring | CMBS interest-only
    
Assets:    
Outstanding Face Amount 6,075,913 5,702,862
Recurring | GNMA interest-only
    
Assets:    
Outstanding Face Amount 1,799,019 184,827
Recurring | FHLMC interest-only
    
Assets:    
Outstanding Face Amount 218,834 219,677
Recurring | GN construction securities
    
Assets:    
Outstanding Face Amount 16,321 12,858
Recurring | GN permanent securities
    
Assets:    
Outstanding Face Amount 101,175 108,310
Recurring | Nonhedge derivatives
    
Assets:    
Derivative asset face amount 89,602 808,700
Recurring | Level 2 | Nonhedge derivatives
    
Liabilities:    
Fair Value 10,412 7,031
Recurring | Level 2 | CMBS
    
Assets:    
Fair Value 1,247,477 1,164,936
Recurring | Level 2 | CMBS interest-only
    
Assets:    
Fair Value 278,832 258,058
Recurring | Level 2 | GNMA interest-only
    
Assets:    
Fair Value 94,614 99,877
Recurring | Level 2 | FHLMC interest-only
    
Assets:    
Fair Value 7,563 8,152
Recurring | Level 2 | GN construction securities
    
Assets:    
Fair Value 16,305 13,007
Recurring | Level 2 | GN permanent securities
    
Assets:    
Fair Value 105,249 113,216
Recurring | Level 2 | Nonhedge derivatives
    
Assets:    
Fair Value 839 8,244
Recurring | Total | Nonhedge derivatives
    
Liabilities:    
Fair Value 10,412 7,031
Recurring | Total | CMBS
    
Assets:    
Fair Value 1,247,477 1,164,936
Recurring | Total | CMBS interest-only
    
Assets:    
Fair Value 278,832 258,058
Recurring | Total | GNMA interest-only
    
Assets:    
Fair Value 94,614 99,877
Recurring | Total | FHLMC interest-only
    
Assets:    
Fair Value 7,563 8,152
Recurring | Total | GN construction securities
    
Assets:    
Fair Value 16,305 13,007
Recurring | Total | GN permanent securities
    
Assets:    
Fair Value 105,249 113,216
Recurring | Total | Nonhedge derivatives
    
Assets:    
Fair Value $ 839 $ 8,244