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Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2014
Offsetting of Financial Assets, Liabilities, and Collateral

The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at June 30, 2014 and December 31, 2013.

Offsetting of Financial Assets, Liabilities, and Collateral

 

    Gross
Amounts of
Recognized
Assets
  (Liabilities)  		     Gross
Amounts
Offset in
 Consolidated 
Balance
Sheet		       Net Amounts of  
Assets
(Liabilities)
Presented in
Consolidated
Balance Sheet		     Gross Amounts Not Offset
in Consolidated
Balance Sheet  (1)		        

June 30, 2014

(In Thousands)

         Financial
 Instruments 		     Cash
Collateral
  (Received)  
Pledged		      Net Amount   

Assets (2)

            

Interest rate agreements

    $ 1,925         $ -            $ 1,925         $ (572)        $ -             $ 1,353     

Credit default index swaps

     588          -             588          -              -              588     

TBAs

     3,294          -             3,294          (2,499)         -              795     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 5,807         $ -            $ 5,807         $ (3,071)        $ -             $ 2,736     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities (2)

            

Interest rate agreements

    $ (32,637)        $ -            $ (32,637)        $ 572         $ 32,065         $ -         

TBAs

     (5,540)         -             (5,540)         2,499          1,746          (1,295)    

Futures

     (494)         -             (494)         -              494          -         

Loan warehouse debt

     (864,680)         -             (864,680)         864,680          -              -         

Security repurchase agreements

     (853,750)         -             (853,750)         853,750          -              -         

Commercial borrowings

     (52,916)         -             (52,916)         52,916          -              -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

    $    (1,810,017)        $           -            $          (1,810,017)        $    1,774,417         $       34,305         $       (1,295)    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    Gross
Amounts of
Recognized
Assets
  (Liabilities)  		     Gross
Amounts
Offset in
 Consolidated 
Balance
Sheet		       Net Amounts of  
Assets
(Liabilities)
Presented in
Consolidated
Balance Sheet		       Gross Amounts Not Offset  
in Consolidated Balance
Sheet (1)		        

December 31, 2013

(In Thousands)

         Financial
 Instruments 		     Cash
Collateral
  (Received)  
Pledged		      Net Amount   

Assets (2)

            

Interest rate agreements

    $ 6,566         $ -            $ 6,566         $ (5,402)        $ -             $ 1,164     

TBAs

     1,138          -             1,138          (656)         (482)         -         

Futures

     -              -             -              -              -              -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 7,704         $ -            $ 7,704         $ (6,058)        $ (482)        $ 1,164     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities (2)

            

Interest rate agreements

    $ (16,599)        $ -            $ (16,599)        $ 5,402         $ 11,197         $ -         

TBAs

     (661)         -             (661)         656          5          -         

Futures

     (528)         -             (528)         -              528          -         

Loan warehouse debt

     (184,789)         -             (184,789)         184,789          -              -         

Security repurchase agreements

     (677,974)         -             (677,974)         677,974          -              -         

Commercial borrowings

     (49,467)         -             (49,467)         49,467          -              -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

    $       (930,018)        $           -            $ (930,018)        $      918,288         $       11,730         $ -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.

 

(2)

Interest rate agreements, TBAs, and futures are components of derivatives instruments on our consolidated balances sheets. Loan warehouse debt, which is secured by residential and commercial mortgage loans, and security repurchase agreements are components of short-term debt on our consolidated balance sheets. Commercial borrowings are a component of long-term debt on our consolidated balance sheets.