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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 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 September 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)		        

September 30, 2014

(In Thousands)

         Financial
  Instruments  		     Cash
Collateral
(Received)
     Pledged     		       Net Amount    

Assets (2)

            

Interest rate agreements

    $ 2,892        $ -             $ 2,892        $ (1,033)       $ (1,150)        $ 709    

Credit default index swaps

     2,372         -              2,372         -              (375)         1,997    

TBAs

     1,496         -              1,496         (1,484)        -              12    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 6,760        $ -             $ 6,760        $ (2,517)       $ (1,525)        $ 2,718    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities (2)

            

Interest rate agreements

    $ (34,449)       $ -             $ (34,449)       $ 1,033        $ 33,416         $ -         

TBAs

     (3,298)        -              (3,298)        1,484         1,267          (547)   

Futures

     (411)        -              (411)        -              411          -         

Loan warehouse debt

     (1,241,074)        -              (1,241,074)        1,241,074         -              -         

Security repurchase agreements

     (646,614)        -              (646,614)        646,614         -              -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

    $ (1,925,846)       $ -             $ (1,925,846)       $ 1,890,205        $ 35,094         $ (547)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

    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)         -         
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.