XML 62 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Real Estate Securities (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract] |
Schedule of Real Estate Securities | The following tables present details of the Company's real estate securities portfolio at September 30, 2013 and December 31, 2012, respectively. The Company's Agency RMBS include mortgage pass-through certificates and CMOs representing interests in or obligations backed by pools of residential mortgage loans issued or guaranteed by government-sponsored enterprises ("GSEs"), Fannie Mae or Freddie Mac. The non-Agency RMBS portfolio is not issued or guaranteed by Fannie Mae, Freddie Mac or any agency of the U.S. Government and is therefore subject to greater credit risk. By RMBS Type - September 30, 2013:
($ in thousands) |  |  |  |  |  |  | Gross Unrealized |  |  |  | Weighted Average
| Current Principal |  | Unamortized Premium (Discount) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value |  | Coupon |  | Yield |  | Weighted Average Life(Years)(1)
Agency RMBS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
15-year fixed rate mortgages | $ | 192,906 |  |  | $ | 7,325 |  |  | $ | 200,231 |  |  | $ | 794 |  |  | $ | (1,575 | ) |  | $ | 199,450 |  |  | 3.05% |  | 2.25% |  | 5.86
30-year fixed rate mortgages | 1,165,255 |  |  | 45,873 |  |  | 1,211,128 |  |  | 7,443 |  |  | (24,126 | ) |  | 1,194,445 |  |  | 3.66% |  | 3.09% |  | 9.99
Adjustable rate mortgages | 29,840 |  |  | 1,698 |  |  | 31,538 |  |  | 169 |  |  | — |  |  | 31,707 |  |  | 4.47% |  | 2.38% |  | 3.98
Interest only securities | 108,374 |  |  | (97,019 | ) |  | 11,355 |  |  | 1,490 |  |  | (123 | ) |  | 12,722 |  |  | 4.00% |  | 11.95% |  | 4.68
Total Agency RMBS | 1,496,375 |  |  | (42,123 | ) |  | 1,454,252 |  |  | 9,896 |  |  | (25,824 | ) |  | 1,438,324 |  |  | 3.62% |  | 3.03% |  | 8.95
Non-Agency RMBS | 55,798 |  |  | (21,975 | ) |  | 33,823 |  |  | 1,305 |  |  | (661 | ) |  | 34,467 |  |  | 2.88% |  | 7.85% |  | 5.44
Total Real Estate Securities | $ | 1,552,173 |  |  | $ | (64,098 | ) |  | $ | 1,488,075 |  |  | $ | 11,201 |  |  | $ | (26,485 | ) |  | $ | 1,472,791 |  |  | 3.60% |  | 3.14% |  | 8.82
For the three month period ended September 30, 2013, the weighted average holdings of RMBS investments based on amortized cost was $1.453 billion. December 31, 2012:
($ in thousands) |  |  |  |  |  |  | Gross Unrealized |  |  |  | Weighted Average
| Current Principal |  | Unamortized Premium (Discount) |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value |  | Coupon |  | Yield |  | Weighted Average Life(Years)(1)
Non-Agency RMBS | $ | 26,890 |  |  | $ | (13,400 | ) |  | $ | 13,490 |  |  | $ | 117 |  |  | $ | (11 | ) |  | $ | 13,596 |  |  | 2.20% |  | 8.50% |  | 7.80
(1) | Average lives of RMBS are generally shorter than stated contractual maturities. Average lives are affected by the contractual maturities of the underlying mortgages, scheduled periodic payments of principal, and unscheduled prepayments of principal.
Weighted Average Life Classifications [Table Text Block] | As of September 30, 2013:
($ in thousands) |  | Agency RMBS |  | Agency Interest Only Securities |  | Non-Agency RMBS
Estimated Weighted Average Life |  | Fair Value |  | Amortized Cost |  | Weighted Average Coupon |  | Fair Value |  | Amortized Cost |  | Weighted Average Coupon |  | Fair Value |  | Amortized Cost |  | Weighted Average Coupon
Less than three years |  | $ | 3,859 |  |  | $ | 3,859 |  |  | 6.01 | % |  | $ | 2,169 |  |  | $ | 1,601 |  |  | 5.12 | % |  | $ | 4,616 |  |  | $ | 4,291 |  |  | 1.97 | %
Greater than three years and less than seven years |  | 243,429 |  |  | 244,043 |  |  | 3.32 | % |  | 8,209 |  |  | 7,759 |  |  | 3.77 | % |  | 18,188 |  |  | 18,244 |  |  | 3.41 | %
Greater than seven years and less than eleven years |  | 1,160,705 |  |  | 1,177,237 |  |  | 3.64 | % |  | 2,344 |  |  | 1,995 |  |  | 3.50 | % |  | 10,963 |  |  | 10,477 |  |  | 1.88 | %
Greater than eleven years |  | 17,609 |  |  | 17,758 |  |  | 3.89 | % |  | — |  |  | — |  |  | 0.00 | % |  | 700 |  |  | 811 |  |  | 7.69 | %
Total |  | $ | 1,425,602 |  |  | $ | 1,442,897 |  |  | 3.59 | % |  | $ | 12,722 |  |  | $ | 11,355 |  |  | 4.00 | % |  | $ | 34,467 |  |  | $ | 33,823 |  |  | 2.88 | %
As of December 31, 2012:
($ in thousands) |  |  | Non-Agency RMBS
Estimated Weighted Average Life |  |  | Fair Value |  | Amortized Cost |  | Weighted Average Coupon
Less than three years |  |  | $ | 3,036 |  |  | $ | 3,001 |  |  | 5.57 | %
Greater than three years and less than seven years |  |  | 3,994 |  |  | 3,978 |  |  | 0.61 | %
Greater than seven years and less than eleven years |  |  | 3,601 |  |  | 3,608 |  |  | 1.10 | %
Greater than eleven years |  |  | 2,965 |  |  | 2,903 |  |  | 2.49 | %
Total |  |  | $ | 13,596 |  |  | $ | 13,490 |  |  | 2.20 | %
Interest Income Components - Investments [Table Text Block] | The following table illustrates components of interest income on the Company's RMBS for the three and nine months ended September 30, 2013:
|  | Three Month Period Ended September 30, 2013 |  | Nine Month Period Ended September 30, 2013
($ in thousands) |  | Coupon Interest |  | Net Amortization |  | Interest Income |  | Coupon Interest |  | Net Amortization |  | Interest Income
Agency RMBS |  | $ | 12,570 |  |  | $ | (2,089 | ) |  | $ | 10,481 |  |  | $ | 17,484 |  |  | $ | (3,129 | ) |  | $ | 14,355 |
Non-Agency RMBS |  | 428 |  |  | 307 |  |  | 735 |  |  | 824 |  |  | 631 |  |  | 1,455 |
Total |  | $ | 12,998 |  |  | $ | (1,782 | ) |  | $ | 11,216 |  |  | $ | 18,308 |  |  | $ | (2,498 | ) |  | $ | 15,810 |

X
- Definition Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized. [Table Text Block] + References No definition available. + Details
Name: | earn_InterestIncomeComponentsInvestmentsTableTextBlock
Namespace Prefix: | earn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate-related securities which could include, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, debt maturities, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, or other disclosures related to real estate-related securities. + References No definition available. + Details
Name: | earn_RealEstateSecuritiesTableTextBlock
Namespace Prefix: | earn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value, amortized cost, and weighted average coupon for MBS by range of weighted average life. + References No definition available. + Details
Name: | earn_WeightedAverageLifeClassificationsTableTextBlock
Namespace Prefix: | earn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration