Chimera Investment (CIM) 10-K 4 Jun 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	30-May-14	Jun. 30, 2013
Document Information [Line Items]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'CIM	'	'
Entity Registrant Name	'CHIMERA INVESTMENT CORP	'	'
Entity Central Index Key	'0001409493	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Current Reporting Status	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	1,027,509,949	'
Entity Public Float	'	'	$2,941,478,436

Consolidated_Statements_of_Fin

Consolidated Statements of Financial Condition (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Cash and cash equivalents	$77,629	$621,153
Agency RMBS, at fair value	1,997,578	1,806,697
Receivable for investments sold	253,541	'
Accrued interest receivable	15,821	15,248
Other assets	8,297	13,970
Derivatives, at fair value, net	8,095	'
Subtotal	3,153,853	3,144,072
Total assets	6,936,081	7,742,489
Liabilities:	'	'
Repurchase agreements, Agency RMBS ($1.7 billion and $1.6 billion pledged as collateral, respectively)	1,658,561	1,528,025
Accrued interest payable	1,397	2,441
Dividends payable	297,904	92,431
Accounts payable and other liabilities	1,861	1,170
Investment management fees and expenses payable to affiliate	5,658	7,675
Derivatives, at fair value	30,199	53,939
Subtotal	1,995,580	1,685,681
Total liabilities	3,604,571	4,200,010
Commitments and Contingencies (See Note 16)	'	'
Stockholders' Equity:	'	'
Preferred Stock: par value $0.01 per share; 100,000,000 shares authorized, 0 shares issued and outstanding, respectively	'	'
Common stock: par value $0.01 per share; 1,500,000,000 shares authorized, 1,027,626,237 and 1,027,597,458 shares issued and outstanding, respectively	10,272	10,268
Additional paid-in-capital	3,605,241	3,604,554
Accumulated other comprehensive income (loss)	990,803	989,936
Retained earnings (accumulated deficit)	-1,274,806	-1,062,279
Total stockholders' equity	3,331,510	3,542,479
Total liabilities and stockholders' equity	6,936,081	7,742,489
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]	'	'
Assets:	'	'
Non-Agency RMBS transferred to consolidated variable interest entities ("VIEs"), at fair value	2,981,571	3,274,204
Securitized loans held for investment, net of allowance for loan losses of $9.1 million and $11.6 million, respectively	783,484	1,300,131
Accrued interest receivable	17,173	24,082
Subtotal	3,782,228	4,598,417
Liabilities:	'	'
Securitized debt, collateralized by Non-Agency RMBS ($3.0 billion and $3.3 billion pledged as collateral, respectively)	933,732	1,336,261
Securitized debt, collateralized by loans held for investment ($762.6 million and $1.3 billion pledged as collateral, respectively)	669,981	1,169,710
Accrued interest payable	5,278	8,358
Subtotal	1,608,991	2,514,329
Non-Agency RMBS [Member]	'	'
Assets:	'	'
Senior	89,687	88
Senior interest-only	229,065	122,869
Subordinated	457,569	547,794
Subordinated interest-only	$16,571	$16,253

Consolidated_Statements_of_Fin1

Consolidated Statements of Financial Condition (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Preferred Stock, par value	$0.01	$0.01
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	1,027,626,237	1,027,597,458
Common stock, shares outstanding	1,027,626,237	1,027,597,458
Agency RMBS [Member] | Repurchase Agreements [Member]	'	'
Securities pledged as collateral	$1,700,000,000	$1,600,000,000
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Non-Agency RMBS [Member] | Securitized Loans [Member]	'	'
Securities pledged as collateral	3,000,000,000	3,300,000,000
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Securitized Loans Held for Investment [Member]	'	'
Allowance for loan losses	9,063,000	11,624,000
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Securitized Loans Held for Investment [Member] | Securitized Loans [Member]	'	'
Securities pledged as collateral	$762,600,000	$1,300,000,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Interest Income:	'	'	'
Interest income	$140,224	$172,089	$254,028
Interest expense	-6,770	-10,678	-11,941
Net interest income (expense)	409,784	462,882	570,166
Other-than-temporary impairments:	'	'	'
Total other-than-temporary impairment losses	-4,356	-47,632	-241,962
Portion of loss recognized in other comprehensive income (loss)	-40,811	-84,618	-115,143
Net other-than-temporary credit impairment losses	-45,167	-132,250	-357,105
Other gains (losses):	'	'	'
Net unrealized gains (losses) on derivatives	34,369	-9,473	-34,478
Net realized gains (losses) on derivatives	-7,713	-20,223	-15,929
Net gains (losses) on derivatives	26,656	-29,696	-50,407
Net unrealized gains (losses) on interest-only RMBS	-44,277	833	-14,545
Net realized gains (losses) on sales of investments	68,107	85,166	54,353
Realized losses on principal write-downs of Non-Agency RMBS	-18,316	'	'
Total other gains (losses)	32,170	56,303	-10,599
Net investment income (loss)	396,787	386,935	202,462
Other expenses:	'	'	'
Management fees	25,952	49,525	51,969
Expense recoveries from Manager	-6,788	-4,712	'
Net management fees	19,164	44,813	51,969
Provision for loan losses, net	-1,799	368	5,291
General and administrative expenses	16,734	13,986	7,267
Total other expenses	34,099	59,167	64,527
Income (loss) before income taxes	362,688	327,768	137,935
Income taxes	2	1	606
Net income (loss)	362,686	327,767	137,329
Net income (loss) per share available to common shareholders:	'	'	'
Basic	$0.35	$0.32	$0.13
Diluted	$0.35	$0.32	$0.13
Weighted average number of common shares outstanding:	'	'	'
Basic	1,027,094,379	1,026,831,033	1,026,365,197
Diluted	1,027,570,343	1,027,499,255	1,027,171,387
Dividends declared per share of common stock	$0.56	$0.38	$0.51
Comprehensive income (loss):	'	'	'
Net income (loss)	362,686	327,767	137,329
Other comprehensive income (loss):	'	'	'
Unrealized gains (losses) on available-for-sale securities, net	23,807	509,399	-549,422
Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses	45,167	132,250	357,105
Reclassification adjustment for net realized losses (gains) included in net income (loss)	-68,107	-85,166	-54,353
Other comprehensive income (loss)	867	556,483	-246,670
Comprehensive income (loss)	363,553	884,250	-109,341
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Non-Agency Residential Mortgage-Backed Securities and Securitized Loans [Member]	'	'	'
Net Interest Income:	'	'	'
Interest income, Assets of consolidated VIEs	371,559	417,351	450,996
Interest expense, Non-recourse liabilities of consolidated VIEs	($95,229)	($115,880)	($122,917)

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $)	Total	Common Stock Par Value	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
In Thousands
Beginning Balance at Dec. 31, 2010	$3,678,586	$10,261	$3,601,890	$680,123	($613,688)
Net income (loss)	137,329	'	'	'	137,329
Unrealized gains (losses) on available-for-sale securities, net	-549,422	'	'	-549,422	'
Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses	357,105	'	'	357,105	'
Reclassification adjustment for net realized losses (gains) included in net income (loss)	-54,353	'	'	-54,353	'
Proceeds from direct purchase and dividend reinvestment	1,120	4	1,116	'	'
Proceeds from common stock offerings	22	'	22	'	'
Proceeds from restricted stock grants	713	2	711	'	'
Common dividends declared	-523,481	'	'	'	-523,481
Ending Balance at Dec. 31, 2011	3,047,619	10,267	3,603,739	433,453	-999,840
Net income (loss)	327,767	'	'	'	327,767
Unrealized gains (losses) on available-for-sale securities, net	509,399	'	'	509,399	'
Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses	132,250	'	'	132,250	'
Reclassification adjustment for net realized losses (gains) included in net income (loss)	-85,166	'	'	-85,166	'
Proceeds from direct purchase and dividend reinvestment	117	1	116	'	'
Proceeds from restricted stock grants	699	'	699	'	'
Common dividends declared	-390,206	'	'	'	-390,206
Ending Balance at Dec. 31, 2012	3,542,479	10,268	3,604,554	989,936	-1,062,279
Net income (loss)	362,686	'	'	'	362,686
Unrealized gains (losses) on available-for-sale securities, net	23,807	'	'	23,807	'
Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses	45,167	'	'	45,167	'
Reclassification adjustment for net realized losses (gains) included in net income (loss)	-68,107	'	'	-68,107	'
Proceeds from restricted stock grants	691	4	687	'	'
Common dividends declared	-575,213	'	'	'	-575,213
Ending Balance at Dec. 31, 2013	$3,331,510	$10,272	$3,605,241	$990,803	($1,274,806)

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Common dividends declared, per share	$0.56	$0.38	$0.51

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flows From Operating Activities:	'	'	'
Net income (loss)	$362,686	$327,767	$137,329
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'	'
(Accretion) amortization of investment discounts/premiums, net	-80,586	-67,262	-60,705
Amortization of deferred financing costs	5,690	8,546	'
Accretion (amortization) of securitized debt discounts/premiums, net	11,981	6,985	12,551
Net unrealized losses (gains) on derivatives	-34,369	9,473	34,478
Net unrealized losses (gains) on interest-only RMBS	44,277	-833	14,545
Net realized losses (gains) on sales of investments	-68,107	-85,166	-54,353
Realized losses on principal write-downs of Non-Agency RMBS	18,316	'	'
Net other-than-temporary credit impairment losses	45,167	132,250	357,105
Provision for loan losses, net	-1,799	368	5,291
Equity-based compensation expense	691	449	713
Changes in operating assets:	'	'	'
Decrease (increase) in accrued interest receivable, net	6,336	9,111	-672
Decrease (increase) in other assets	-13	-348	-190
Changes in operating liabilities:	'	'	'
Increase (decrease) in accounts payable and other liabilities	691	-517	1,294
Increase (decrease) in investment management fees and expenses payable to affiliate	-2,017	-5,283	536
Increase (decrease) in accrued interest payable, net	-4,124	-625	-217
Net cash provided by (used in) operating activities	304,820	334,915	447,705
Cash Flows From Investing Activities:	'	'	'
Net cash provided by (used in) investing activities	305,099	988,806	-114,112
Cash Flows From Financing Activities:	'	'	'
Proceeds from repurchase agreements	7,879,361	6,826,546	15,247,543
Payments on repurchase agreements	-7,748,825	-7,971,512	-14,383,351
Net proceeds from common stock offerings	'	'	22
Payment of deferred financing costs	'	-9,488	'
Proceeds from securitized debt borrowings, collateralized by loans held for investment	'	1,426,983	'
Payments on securitized debt borrowings, collateralized by loans held for investment	-499,549	-470,788	-80,181
Proceeds from securitized debt borrowings, collateralized by Non-Agency RMBS	'	181,201	310,972
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS	-414,690	-481,464	-645,603
Net proceeds from direct purchase and dividend reinvestment	'	367	1,120
Common dividends paid	-369,740	-410,712	-584,989
Net cash provided by (used in) financing activities	-1,153,443	-908,867	-134,467
Net increase (decrease) in cash and cash equivalents	-543,524	414,854	199,126
Cash and cash equivalents at beginning of period	621,153	206,299	7,173
Cash and cash equivalents at end of period	77,629	621,153	206,299
Supplemental disclosure of cash flow information:	'	'	'
Interest received	437,533	530,578	640,199
Interest paid	88,455	120,734	120,688
Management fees and expenses paid to affiliate	27,969	54,808	51,383
Non-cash investing activities:	'	'	'
Receivable for investments sold	253,541	'	'
Net change in unrealized gain (loss) on available-for sale securities	867	556,483	-246,670
Non-cash financing activities:	'	'	'
Common dividends declared, not yet paid	297,904	92,431	112,937
Residential Mortgage-Backed Securities [Member]	'	'	'
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'	'
Net realized losses (gains) on sales of investments	-68,107	-85,166	-54,353
Cash Flows From Investing Activities:	'	'	'
Purchases	-2,386,169	-124,216	-4,174,746
Sales	1,228,808	943,350	2,628,994
Principal payments	488,255	717,352	677,190
Residential Mortgage-Backed Securities transferred to consolidated VIEs [Member]	'	'	'
Cash Flows From Investing Activities:	'	'	'
Principal payments	466,522	505,779	668,924
Securitized Loans [Member]	'	'	'
Cash Flows From Investing Activities:	'	'	'
Purchases	'	-1,531,014	'
Principal payments	$507,683	$477,555	$85,526

Organization

Organization	12 Months Ended
	Dec. 31, 2013
Organization	'
	1.  Organization
	Chimera Investment Corporation (the “Company”) was organized in Maryland on June 1, 2007.  The Company commenced operations on November 21, 2007 when it completed its initial public offering.  The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder (the “Code”).  The Company formed the following wholly-owned qualified REIT subsidiaries:  Chimera Securities Holdings, LLC in July 2008; Chimera Asset Holding LLC and Chimera Holding LLC in June 2009; and Chimera Special Holding LLC in January 2010 which is a wholly-owned subsidiary of Chimera Asset Holding LLC.  In July 2010, the Company formed CIM Trading Company LLC, a wholly-owned taxable REIT subsidiary (“TRS”). In October 2013, the Company formed Chimera Funding TRS LLC, which is a wholly-owned TRS.
	Annaly Capital Management, Inc. (“Annaly”) owns approximately 4.38% of the Company’s common shares.  The Company is managed by Fixed Income Discount Advisory Company (“FIDAC”), an investment advisor registered with the Securities and Exchange Commission (“SEC”).  FIDAC is a wholly-owned subsidiary of Annaly.

Summary_of_the_Significant_Acc

Summary of the Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary of the Significant Accounting Policies	'
	2.  Summary of the Significant Accounting Policies
	(a) Basis of Presentation and Consolidation
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.
	The consolidated financial statements include, on a consolidated basis, the Company’s accounts, the accounts of its wholly-owned subsidiaries, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company uses securitization trusts considered to be VIEs in its securitization and re-securitization transactions.  VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary, and is generally the entity with (i) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.  For VIEs that do not have substantial on going activities, the power to direct the activities that most significantly impact the VIEs’ economic performance may be determined by an entity’s involvement with the design and structure of the VIE.
	The trusts are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders.  The assets held by the securitization entities are restricted in that they can only be used to fulfill the obligations of the securitization entity.  The Company’s risks associated with its involvement with these VIEs are limited to its risks and rights as a certificate holder of the bonds it has retained.  There have been no recent changes to the nature of risks associated with the Company’s involvement with VIEs.
	Determining the primary beneficiary of a VIE requires significant judgment.  The Company determined that for the securitizations it consolidates, its ownership of substantially all subordinate interests provided the Company with the obligation to absorb losses and/or the right to receive benefits from the VIE that could be significant to the VIE.  In addition, the Company is considered to have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance (“power”) or the Company was determined to have power in connection with its involvement with the purpose and design of the VIE.
	The Company’s interest in the assets held by these securitization vehicles, which are consolidated on the Company’s Statements of Financial Condition, is restricted by the structural provisions of these entities, and a recovery of the Company’s investment in the vehicles will be limited by each entity’s distribution provisions. The liabilities of the securitization vehicles, which are also consolidated on the Company’s Statements of Financial Condition, are non-recourse to the Company, and can generally only be satisfied from each securitization vehicle’s respective asset pool.
	The securitization entities are comprised of senior classes of residential mortgage backed securities (“RMBS”) and jumbo, prime, residential mortgage loans.  See Notes 3, 4 and 8 for further discussion of the characteristics of the securities and loans in the Company’s portfolio.
	(b) Statements of Financial Condition Presentation
	The Company’s Consolidated Statements of Financial Condition separately present: (i) the Company’s direct assets and liabilities, and (ii) the assets and liabilities of consolidated securitization vehicles. Assets of each consolidated VIE can only be used to satisfy the obligations of that VIE, and the liabilities of consolidated VIEs are non-recourse to the Company.  The Company is not obligated to provide, nor has it provided, any financial support to these consolidated securitization vehicles.
	The Company has aggregated all the assets and liabilities of the consolidated securitization vehicles due to the determination that these entities are substantively similar and therefore a further disaggregated presentation would not be more meaningful. The notes to the consolidated financial statements describe the Company’s direct assets and liabilities and the assets and liabilities of consolidated securitization vehicles.  See Note 8 for additional information related to the Company’s investments in consolidated securitization vehicles.
	(c) Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and cash deposited overnight in money market funds, which are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation. There were no restrictions on cash and cash equivalents at December 31, 2013 and 2012.
	(d) Agency and Non-Agency Residential Mortgage-Backed Securities
	The Company invests in RMBS representing interests in obligations backed by pools of mortgage loans.  The Company delineates between Agency RMBS and Non-Agency RMBS as follows: Agency RMBS are mortgage pass-through certificates, collateralized mortgage obligations (“CMOs”), and other RMBS representing interests in or obligations backed by pools of mortgage loans issued or guaranteed by agencies of the U.S. Government, such as Ginnie Mae, or federally chartered corporations such as Freddie Mac or Fannie Mae where principal and interest repayments are guaranteed by the respective agency of the U.S. Government or federally chartered corporation. Non-Agency RMBS are not issued or guaranteed by a U.S. Government Agency or other institution and are subject to credit risk.  Repayment of principal and interest on Non-Agency RMBS is subject to the performance of the mortgage loans or RMBS collateralizing the obligation.
	The Company classifies its RMBS as available-for-sale, records investments at estimated fair value as described in Note 5 of these consolidated financial statements, and includes unrealized gains and losses considered to be temporary on all RMBS, excluding interest-only (“IO”) strips, in Other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss).  IO strips are recorded at estimated fair value and all unrealized gains and losses are included in earnings in the Consolidated Statements of Operations and Comprehensive Income (Loss).  From time to time, as part of the overall management of its portfolio, the Company may sell any of its RMBS investments and recognize a realized gain or loss as a component of earnings in the Consolidated Statements of Operations and Comprehensive Income (Loss) utilizing the average cost method.
	The Company’s accounting policy for interest income and impairment related to its RMBS is as follows:
	Interest Income Recognition
	The recognition of interest income on RMBS securities varies depending on the characteristics of the security as follows:
	Agency RMBS and Non-Agency RMBS of High Credit Quality
	The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-20, Nonrefundable Fees and Other Costs (“ASC 310-20”) is applied to the recognition of interest income for the following securities:
	●	Agency RMBS
	●	Non-Agency RMBS that meet all of the following conditions at the acquisition date (referred to hereafter as “Non-Agency RMBS of High Credit Quality”):
	1.	Rated AA or higher by a nationally recognized credit rating agency.  The Company uses the lowest rating available.
	2.	The Company expects to collect all of the security’s contractual cash flows.
	3.	The security cannot be contractually prepaid such that the Company would not recover substantially all of its recorded investment.
	Under ASC 310-20, interest income, including premiums and discounts associated with the acquisition of these securities, is recognized over the life of such securities using the interest method based on the contractual cash flows of the security.   In applying the interest method, the Company considers estimates of future principal prepayments in the calculation of the constant effective yield. Differences that arise between previously anticipated prepayments and actual prepayments received, as well as changes in future prepayment assumptions, result in a recalculation of the effective yield on the security on a quarterly basis. This recalculation results in the recognition of an adjustment to the carrying amount of the security based on the revised prepayment assumptions and a corresponding increase or decrease in reported interest income.
	Non-Agency RMBS Not of High Credit Quality
	Non-Agency RMBS that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) or ASC 325-40, Beneficial Interests in Securitized Financial Assets (“ASC 325-40”) (referred to hereafter as “Non-Agency RMBS Not of High Credit Quality”).
	Non-Agency RMBS are accounted for under ASC 310-30 if the following conditions are met as of the acquisition date:
	1.	There is evidence of deterioration in credit quality of the security from its inception.
	2.	It is probable that the Company will be unable to collect all contractual cash flows of the security.
	Non-Agency RMBS that are not within the scope of ASC 310-30 are accounted for under ASC 325-40 if at the acquisition date:
	1.	The security is not of high credit quality (defined as rated below AA or is unrated), or
	2.	The security can contractually be prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.
	Interest income on Non-Agency RMBS Not of High Credit Quality is recognized using the interest method based on management’s estimates of cash flows expected to be collected. The effective interest rate on these securities is based on management’s estimate for each security of the projected cash flows, which are estimated based on observation of current market information and include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses. Quarterly, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on inputs and analyses received from external sources, internal models, and the Company’s judgments about prepayment rates, the timing and amount of credit losses, and other factors. Changes in the amount and/or timing of cash flows from those originally projected, or from those estimated at the last evaluation date, are considered to be either positive changes or adverse changes. For securities accounted for under ASC 325-40, any positive or adverse change in cash flows that does not result in the recognition of an other-than-temporary impairment (“OTTI”) results in a prospective increase or decrease in the effective interest rate used to recognize interest income. For securities accounted for under ASC 310-30, only significant positive changes are reflected prospectively in the effective interest rate used to recognize interest income.  Adverse changes in cash flows expected to be collected are generally treated consistently for RMBS accounted for under ASC 325-40 and ASC 310-30, and generally result in recognition of an OTTI with no change in the effective interest rate used to recognize interest income.
	Impairment
	Considerations Applicable to all RMBS
	When the fair value of an available-for-sale RMBS is less than its amortized cost the security is considered impaired.  On at least a quarterly basis the Company evaluates its securities for OTTI.  If the Company intends to sell an impaired security, or it is more-likely-than-not that the Company will be required to sell an impaired security before its anticipated recovery, then the Company must recognize an OTTI through a charge to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the measurement date.  If the Company does not intend to sell an impaired security and it is not more-likely-than-not that it would be required to sell an impaired security before recovery, the Company must further evaluate the security for impairment due to credit losses. The credit component of OTTI is recognized in earnings and the remaining or non-credit component is recorded as a component of Other comprehensive income (loss) (“OCI”). Following the recognition of an OTTI through earnings, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings.
	When evaluating whether the Company intends to sell an impaired security or will more-likely-than-not be required to sell an impaired security before recovery, the Company makes judgments that consider among other things, its liquidity, leverage, contractual obligations, and targeted investment strategy to determine its intent and ability to hold the investments that are deemed impaired.  The determination as to whether an OTTI exists is subjective as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of future conditions.  As a result, the determination of OTTI and its timing and amount is based on estimates that may change materially over time.
	The Company’s estimate of the amount and timing of cash flows for its RMBS is based on its review of the underlying securities or mortgage loans securing the RMBS.  The Company considers historical information available and expected future performance of the underlying securities or mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, extent of credit support available, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as reports by credit rating agencies, such as Moody’s Investors Service, Inc., Standard & Poor’s Rating Services or Fitch Ratings, Inc., general market assessments and dialogue with market participants.  As a result, substantial judgment is used in the Company’s analysis to determine the expected cash flows for its RMBS.
	Considerations Applicable to Non-Agency RMBS of High Credit Quality
	The impairment assessment for Non-Agency RMBS of High Credit Quality involves comparing the present value of the remaining cash flows expected to be collected to the amortized cost of the security at the assessment date.  The discount rate used to calculate the present value of the expected future cash flows is based on the security’s effective interest rate as calculated under ASC 310-20 (i.e., the  discount rate implicit in the security as of the last measurement date).   If the present value of the remaining cash flows expected to be collected is less than the amortized cost basis, an OTTI is recognized in earnings for the difference. This amount is considered to be the credit loss component; the remaining difference between amortized cost and the fair value of the security is considered to be the portion of loss recognized in other comprehensive income (loss).
	Following the recognition of an OTTI through earnings for the credit loss component, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings.
	Considerations Applicable to Non-Agency RMBS Not of High Credit Quality
	Non-Agency RMBS within the scope of ASC 325-40 or ASC 310-30 are considered other-than-temporarily impaired when the following two conditions exist: (1) the fair value is less than the amortized cost basis, and (2) there has been an adverse change in cash flows expected to be collected from the last measurement date (i.e., adverse changes in either the amount or timing of cash flows from those previously expected).
	The OTTI is separated into a credit loss component that is recognized in earnings and the portion of loss recognized in other comprehensive income (loss). The credit component is comprised of the impact of the fair value decline due to changes in assumptions related to default (collection) risk and prepayments. The portion of loss recognized in other comprehensive income (loss) comprises the change in fair value of the security due to all other factors, including changes in benchmark interest rates and market liquidity.  In determining the OTTI related to credit losses for securities, the Company compares the present value of the remaining cash flows adjusted for prepayments expected to be collected at the current financial reporting date to the present value of the remaining cash flows expected to be collected at the original purchase date (or the last date those estimates were revised for accounting purposes).  The discount rate used to calculate the present value of expected future cash flows is the effective interest rate used for income recognition purposes as determined under ASC 325-40 or ASC 310-30.
	Following the recognition of an OTTI through earnings for the credit component, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings. However, to the extent that there are subsequent increases in cash flows expected to be collected, the OTTI previously recorded through earnings may be accreted into interest income following the guidance in ASC 325-40 or ASC 310-30.
	The determination of whether an OTTI exists and, if so, the extent of the credit component is subject to significant judgment and management’s estimates of both historical information available at the time of assessment, the current market environment, as well as the Company’s estimates of the future performance and projected amount and timing of cash flows expected to be collected on the security. As a result, the timing and amount of OTTI constitutes an accounting estimate that may change materially over time.
	(e) Interest-Only RMBS
	The Company invests in IO Agency and Non-Agency RMBS strips.  IO RMBS strips represent the Company’s right to receive a specified proportion of the contractual interest flows of the collateral. The Company has accounted for IO RMBS strips at fair value with changes in fair value recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).  The Company has elected the fair value option to account for IO RMBS strips to simplify the reporting of changes in fair value.  The IO RMBS strips are included in RMBS, at fair value, on the accompanying Consolidated Statements of Financial Condition.  Interest income on IO RMBS strips is accrued based on the outstanding notional balance and the security’s contractual terms, and amortization of any premium or discount is calculated in accordance with ASC 325-40. Changes in fair value are presented in Net unrealized gains (losses) on interest-only RMBS on the Consolidated Statement of Operations and Comprehensive Income (Loss).  Included in Agency RMBS, at fair value on the Consolidated Statements of Financial condition are IO RMBS strips carried at fair value with changes in fair value reflected in earnings of $42.8 million and $5.1 million as of December 31, 2013 and 2012.  Included in Non-Agency RMBS transferred to VIEs, at fair value on the Consolidated Statements of Financial condition are IO RMBS strips carried at fair value with changes in fair value reflected in earnings of $11.7 million and $17.0 million as of December 31, 2013 and 2012.  Total Interest income reported on IO securities was $29.9 million, $23.1 million and $32.5 million for the years ended December 31, 2013, 2012 and 2011, respectively.
	(f) Securitized Loans Held for Investment and Related Allowance for Loan Losses
	The Company’s securitized residential mortgage loans are comprised of fixed-rate and variable-rate loans.  Mortgage loans are designated as held for investment, and are carried at their principal balance outstanding, plus any premiums, less discounts and allowances for loan losses.  Interest income on loans held for investment is recognized over the expected life of the loans using the interest method.  Nonrefundable fees and costs related to acquiring the Company’s securitized residential mortgage loans are recognized as expenses over the life of the associated debt using the interest method of amortization.  Income recognition is suspended for loans when, based on information from the servicer, a full recovery of interest or principal becomes doubtful.  The Company estimates the fair value of securitized loans for disclosure purposes only as described in Note 5 of these consolidated financial statements.
	(g) Allowance for Loan Losses – Securitized Loans Held for Investment
	The securitized loan portfolio is comprised primarily of non-conforming, single family, owner occupied, jumbo, prime loans that are not guaranteed as to repayment of principal or interest.  Securitized loans are serviced and modified by a third-party servicer.  The Company generally has the ability to approve certain loan modifications and determine the course of action to be taken as it relates to certain loans in technical default, including whether or not to proceed with foreclosure.
	The Company’s general reserve is based on historical loss rates for pools of loans with similar credit characteristics, adjusted for current trends and market conditions, including current trends in delinquencies and severities.
	The Company has established a specific reserve that reflects consideration of loans more than 60 days delinquent, loans in foreclosure and borrowers that have declared bankruptcy.  The loan loss provision related to these loans is measured as the difference between the unpaid principal balance and the estimated fair value of the property securing the mortgage, less estimated costs to sell.  The specific reserve also reflects consideration of concessions granted to borrowers by the servicer in the form of modifications (i.e., reductions).  Loan loss provisions related to these modifications are based on the contractual principal and interest payments, post-modification, discounted at the loan’s original effective interest rate.  Loans with specific reserves are individually evaluated for impairment.  Loan modifications made by the servicer are evaluated to determine if they constitute troubled debt restructurings (“TDRs”).  A restructuring of a loan constitutes a TDR if the servicer, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. Impairment of modified loans considered to be TDRs is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate at inception. If the present value of expected cash flows is less than the recorded investment in the loan, an allowance for loan losses is recognized with a corresponding charge to the provision for loan losses. Impairment of all other loans individually evaluated is measured as the difference between the unpaid principal balance and the estimated fair value of the collateral, less estimated costs to sell.  The Company charges off the corresponding loan allowance and related principal balance when the servicer reports a realized loss. A complete discussion of securitized loans held for investment is included in Note 4 to these consolidated financial statements.
	(h) Repurchase Agreements
	The Company finances the acquisition of a significant portion of its Agency mortgage-backed securities with repurchase agreements. The Company has evaluated each agreement and determined that each of the repurchase agreements be accounted for as secured borrowings. None of the Company’s repurchase agreements are accounted for as components of linked transactions. As a result, the Company separately accounts for the financial assets posted as collateral and related repurchase agreements in the accompanying consolidated financial statements.
	(i) Securitized Debt, Non-Agency RMBS Transferred to Consolidated VIEs, and Securitized Debt, Loans Held for Investment
	The Company has issued securitized debt to finance a portion of its residential mortgage loan and RMBS portfolios.  Certain transactions involving residential mortgage loans are accounted for as secured borrowings, and are recorded as Securitized loans held for investment and the corresponding debt as Securitized debt, collateralized by loans held for investment in the Consolidated Statements of Financial Condition.  These securitizations are collateralized by residential adjustable or fixed rate mortgage loans that have been placed in a trust and pay interest and principal to the debt holders of that securitization.  Re-securitization transactions classified as Securitized debt, collateralized by Non-Agency RMBS reflect the transfer to a trust of fixed or adjustable rate RMBS which are classified as Non-Agency RMBS transferred to consolidated VIEs that pay interest and principal to the debt holders of that re-securitization.  Re-securitization transactions completed by the Company that did not qualify as sales are accounted for as secured borrowings.  The associated securitized debt is carried at amortized cost. The Company estimates the fair value of its securitized debt for disclosure purposes as described in Note 5 to these consolidated financial statements.
	(j) Fair Value Disclosure
A complete discussion of the methodology utilized by the Company to estimate the fair value of its financial instruments is included in Note 5 to these consolidated financial statements.
(k) Derivative Financial Instruments
The Company’s investment policies permit it to enter into derivative contracts, including interest rate swaps, interest rate caps, options, and futures as a means of managing its interest rate risk as well as to enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the Consolidated Statements of Financial Condition and measured at fair value.  These derivative financial instrument contracts are not designated as hedges for GAAP; therefore, all changes in fair value are recognized in earnings.  The Company estimates the fair value of its derivative instruments as described in Note 5 of these consolidated financial statements.  Net payments on derivative instruments are included in the Consolidated Statements of Cash Flows as a component of net income (loss).  Unrealized gains (losses) on derivatives are removed from net income (loss) to arrive at cash flows from operating activities.
The Company elects to net by counterparty the fair value of its derivative contracts when appropriate.  These contracts contain legally enforceable provisions that allow for netting or setting off of all individual swaps receivable and payable with each counterparty and, therefore, the fair value of those swap contracts are reported net by counterparty.  The credit support annex provisions of the Company’s interest rate swap contracts allow the parties to mitigate their credit risk by requiring the party which is in a net payable position to post collateral. As the Company elects to net by counterparty the fair value of interest rate swap contracts, it also nets by counterparty any cash collateral exchanged as part of the interest rate swap contracts.
(l) Sales, Securitizations, and Re-Securitizations
The Company periodically enters into transactions in which it sells financial assets, such as RMBS, and mortgage loans.  Gains and losses on sales of assets are calculated using the average cost method whereby the Company records a gain or loss on the difference between the average amortized cost of the asset and the proceeds from the sale.  In addition, the Company from time to time securitizes or re-securitizes assets and sells tranches in the newly securitized assets.  These transactions may be recorded as either sales and the assets contributed to the securitization are removed from the Consolidated Statements of Financial Condition and a gain or loss is recognized, or as secured borrowings whereby the assets contributed to the securitization are not derecognized but rather the debt issued by the securitization entity are recorded to reflect the term financing of the assets.  In these securitizations and re-securitizations, the Company may retain senior or subordinated interests in the securitized and/or re-securitized assets.
(m) Income Taxes
The Company has elected to be taxed as a REIT and intends to comply with the provision of the Code, with respect thereto.  Accordingly, the Company will not be subject to federal, state or local income tax to the extent that qualifying distributions are made to stockholders and as long as certain asset, income, distribution and stock ownership tests are met. If the Company failed to qualify as a REIT and did not qualify for certain statutory relief provisions, the Company would be subject to federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which the REIT qualification was lost. The Company and CIM Trading made a joint election to treat CIM Trading as a TRS. As such, CIM Trading is taxable as a domestic C corporation and subject to federal, state, and local income taxes based upon its taxable income.
A tax position is recognized only when, based on management’s judgment regarding the application of income tax laws, it is more likely than not that the tax position will be sustained upon examination.  The Company does not have any unrecognized tax benefits that would affect its financial position or require disclosure.  No accruals for penalties and interest were necessary as of December 31, 2013 or 2012.
(n) Net Income per Share
The Company calculates basic net income per share by dividing net income for the period by the basic weighted-average shares of its common stock outstanding for that period.  Diluted net income per share takes into account the effect of dilutive instruments such as unvested restricted stock.
(o) Stock-Based Compensation
The Company accounts for stock-based compensation awards granted to the employees of FIDAC and FIDAC’s affiliates at the fair value of the stock-based compensation provided.  The Company measures the fair value of the equity instrument using the stock prices and other measurement assumptions as of the earlier of either the date at which a performance commitment by the recipient is reached or the date at which the recipient’s performance is complete. Stock compensation expense related to the grants of stock is recognized over the vesting period of such grants based on the fair value of the stock on each quarterly vesting date, at which the recipient’s performance is complete.
Compensation expense for equity based awards granted to the Company’s independent directors is recognized pro-rata over the vesting period of such awards, based upon the fair value of such awards at the grant date.
(p) Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be materially different than anticipated in those estimates, which could have a material adverse impact on the Company’s results of operations and its financial condition. Management has made significant estimates in accounting for income recognition and OTTI on Agency and Non-Agency RMBS and IO RMBS (Note 3), valuation of Agency and Non-Agency RMBS (Notes 3 and 5), and derivative instruments (Notes 5 and 9).  Actual results could differ materially from those estimates.
(q) Recent Accounting Pronouncements
Presentation
Balance Sheet (Topic 210)
On December 23, 2011, the FASB released Accounting Standards Update (“ASU”) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  Under this update, the Company is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and transactions subject to an agreement similar to a master netting arrangement.  The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and securities lending arrangements.   This disclosure is intended to enable financial statement users to understand the effect of such arrangements on the Company’s financial position.   The Company adopted this guidance in the first quarter of 2013. As this standard only requires additional disclosure, the adoption of ASU 2011-11 did not have any effect on the consolidated financial statements.  The additional disclosures related to the Company’s repurchase agreements and derivatives are presented in Note 14.
Comprehensive Income (Topic 220)
In February 2013, the FASB issued ASU 2013-02 Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.  This update requires the disclosure of information about the amounts reclassified out of accumulated OCI by component. In addition, it requires presentation, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference must be provided to other disclosures required under GAAP that provide additional detail about those amounts. The Company adopted this guidance in the first quarter of 2013. As this standard only requires additional disclosure, the adoption of ASU 2013-02 did not have any effect on the consolidated financial statements.  The additional disclosures related to accumulated OCI are presented in Note 11.
Broad Transactions
Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.  This update clarifies when the Company is considered to have obtained physical possession, from an in-substance possession or foreclosure, of a residential real estate property collateralizing a mortgage loan.  Current guidance indicates that the Company should reclassify a collateralized mortgage loan such that the loan should be derecognized and the collateral asset recognized when it determines that there has been an in-substance repossession or foreclosure by the Company.  This update defines the term in substance repossession or foreclosure to reduce diversity in interpretation of when such an event occurs.  The guidance in this update is effective for the Company beginning January 1, 2015.  The Company is evaluating the impact of this update.

Residential_MortgageBacked_Sec

Residential Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2013
Residential Mortgage-Backed Securities	'
	3.  Residential Mortgage-Backed Securities
	The Company classifies its Non-Agency RMBS as senior, senior IO, subordinated, subordinated IO, and Non-Agency RMBS transferred to consolidated VIEs.  The Company also invests in Agency RMBS.  Senior interests in Non-Agency RMBS are considered to be entitled to the first principal repayments in their pro-rata ownership interests at the reporting date.  The total fair value of the Non-Agency RMBS that are held by consolidated re-securitization trusts was $3.0 billion and $3.3 billion at December 31, 2013 and 2012, respectively.  See Note 8 of these consolidated financial statements for further discussion of consolidated VIEs.
	The following tables present the principal or notional value, total premium, total discount, amortized cost, fair value, gross unrealized gains, gross unrealized losses, and net unrealized gain (loss) related to the Company’s available-for-sale RMBS portfolio as of December 31, 2013 and 2012, by asset class.
	31-Dec-13
	(dollars in thousands)
				Principal or				Total				Total				Amortized				Fair Value			Gross			Gross			Net
				Notional				Premium				Discount				Cost							Unrealized			Unrealized			Unrealized
				Value																			Gains			Losses			Gain/(Loss)
	Non-Agency RMBS
		Senior		$	128,217			$	-			$	(39,395	)		$	88,822			$	89,687		$	974		$	(109	)	$	865
		Senior interest-only			5,742,781				283,271				-				283,271				229,065			11,802			(66,008	)		(54,206	)
		Subordinated			830,632				-				(490,400	)			340,232				457,569			119,233			(1,896	)		117,337
		Subordinated interest-only			274,462				14,666				-				14,666				16,571			2,483			(578	)		1,905
		RMBS transferred to consolidated variable interest			3,912,376				7,490				(1,763,401	)			2,075,628				2,981,571			905,943			-			905,943
		entities ("VIEs")
	Agency RMBS				2,145,475				134,609				(5,004	)			2,027,736				1,997,578			22,652			(52,810	)		(30,158	)
	Total			$	13,033,943			$	440,036			$	(2,298,200	)		$	4,830,355			$	5,772,041		$	1,063,087		$	(121,401	)	$	941,686
	31-Dec-12
	(dollars in thousands)
				Principal or				Total				Total				Amortized				Fair Value			Gross			Gross			Net
				Notional				Premium				Discount				Cost							Unrealized			Unrealized			Unrealized
				Value																			Gains			Losses			Gain/(Loss)
	Non-Agency RMBS
		Senior		$	126			$	-			$	(54	)		$	72			$	88		$	16		$	-		$	16
		Senior interest-only			3,012,868				135,868				-				135,868				122,869			7,976			(20,975	)		(12,999	)
		Subordinated			1,057,821				-				(584,772	)			473,049				547,794			81,492			(6,747	)		74,745
		Subordinated interest-only			256,072				16,180				-				16,180				16,253			1,466			(1,393	)		73
		RMBS transferred to consolidated variable interest			4,610,109				8,955				(2,088,125	)			2,437,048				3,274,204			837,353			(197	)		837,156
		entities ("VIEs")
	Agency RMBS				1,756,580				51,502				-				1,720,595				1,806,697			86,419			(317	)		86,102
	Total			$	10,693,576			$	212,505			$	(2,672,951	)		$	4,782,812			$	5,767,905		$	1,014,722		$	(29,629	)	$	985,093
	The table below presents changes in Accretable Yield, or the excess of the security’s cash flows expected to be collected over the Company’s investment, solely as it pertains to the Company’s Non-Agency RMBS portfolio accounted for according to the provisions of ASC 310-30.
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Balance at beginning of period		$	2,107,387			$	2,342,462
	Purchases			29,064				86,847
	Accretion			(328,491	)			(364,282	)
	Reclassification (to) from non-accretable difference			15,957				64,017
	Sales			(29,340	)			(21,657	)
	Balance at end of period		$	1,794,577			$	2,107,387
	The table below presents the outstanding principal balance and related amortized cost at December 31, 2013 and 2012 as it pertains to the Company’s Non-Agency RMBS portfolio accounted for according to the provisions of ASC 310-30.
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Outstanding principal balance:
	Beginning of period		$	4,508,475			$	5,245,184
	End of period		$	3,949,664			$	4,508,475
	Amortized cost:
	Beginning of period		$	2,268,751			$	2,649,303
	End of period		$	2,027,738			$	2,268,751
	The following tables present the gross unrealized losses and estimated fair value of the Company’s RMBS by length of time that such securities have been in a continuous unrealized loss position at December 31, 2013 and 2012.  All securities in an unrealized loss position have been evaluated by the Company for OTTI as discussed in Note 2(d).
	31-Dec-13
	(dollars in thousands)
				Unrealized Loss Position for Less than 12 Months												Unrealized Loss Position for 12 Months or More										Total
				Estimated				Unrealized				Number of				Estimated				Unrealized			Number of			Estimated			Unrealized			Number of
				Fair Value				Losses				Securities				Fair Value				Losses			Securities			Fair Value			Losses			Securities
	Non-Agency RMBS
		Senior		$	28,163			$	(109	)			3			$	-			$	-			-		$	28,163		$	(109	)		3
		Senior interest-only			119,913				(35,252	)			54				45,167				(30,756	)		28			165,080			(66,008	)		82
		Subordinated			-				-				4				17,661				(1,896	)		2			17,661			(1,896	)		6
		Subordinated interest-only			1,062				(578	)			2				-				-			-			1,062			(578	)		2
		RMBS transferred to consolidated VIEs			-				-				-				-				-			-			-			-			-
Agency RMBS				1,149,126				(52,512	)			34				491				(298	)		3			1,149,617			(52,810	)		37
Total			$	1,298,264			$	(88,451	)			97			$	63,319			$	(32,950	)		33		$	1,361,583		$	(121,401	)		130
31-Dec-12
(dollars in thousands)
			Unrealized Loss Position for Less than 12 Months												Unrealized Loss Position for 12 Months or More										Total
			Estimated				Unrealized				Number of				Estimated				Unrealized			Number of			Estimated			Unrealized			Number of Securities
			Fair Value				Losses				Securities				Fair Value				Losses			Securities			Fair Value			Losses
Non-Agency RMBS
	Senior		$	-			$	-				-			$	-			$	-			-		$	-		$	-			-
	Senior interest-only			17,764				(2,828	)			12				52,920				(18,147	)		26			70,684			(20,975	)		38
	Subordinated			-				-				-				54,774				(6,747	)		5			54,774			(6,747	)		5
	Subordinated interest-only			-				-				-				9,659				(1,393	)		1			9,659			(1,393	)		1
	RMBS transferred to consolidated VIEs			-				-				-				22,490				(197	)		1			22,490			(197	)		1
Agency RMBS				234				(76	)			2				993				(241	)		2			1,227			(317	)		4
Total			$	17,998			$	(2,904	)			14			$	140,836			$	(26,725	)		35		$	158,834		$	(29,629	)		49
At December 31, 2013, the Company did not intend to sell any of its RMBS that were in an unrealized loss position, and it was not more likely than not that the Company would be required to sell these RMBS before recovery of their amortized cost basis, which may be at their maturity. With respect to RMBS held by consolidated VIEs, the ability of any entity to cause the sale by the VIE prior to the maturity of these RMBS is either expressly prohibited, not probable, or is limited to specified events of default, none of which have occurred as of December 31, 2013.
Gross unrealized losses on the Company’s Agency RMBS were $52.8 million and $317 thousand at December 31, 2013 and 2012, respectively. Given the credit quality inherent in Agency RMBS, the Company does not consider any of the current impairments on its Agency RMBS to be credit related.  In evaluating whether it is more likely than not that it will be required to sell any impaired security before its anticipated recovery, which may be at their maturity, the Company considers the significance of each investment, the amount of impairment, the projected future performance of such impaired securities, as well as the Company’s current and anticipated leverage capacity and liquidity position. Based on these analyses, the Company determined that at December 31, 2013 and 2012 unrealized losses on its Agency RMBS were temporary.
Gross unrealized losses on the Company’s Non-Agency RMBS (excluding IO Agency and Non-Agency RMBS strips which are accounted for under the fair value option with changes in fair value recorded in earnings) were $2.0 million and $6.9 million at December 31, 2013 and 2012, respectively. Based upon the most recent evaluation, the Company does not consider these unrealized losses to be indicative of OTTI and does not believe that these unrealized losses are credit related, but rather are due to other factors. The Company has reviewed its Non-Agency RMBS that are in an unrealized loss position to identify those securities with losses that are other-than-temporary based on an assessment of changes in cash flows expected to be collected for such RMBS, which considers recent bond performance and expected future performance of the underlying collateral.
A summary of the OTTI included in earnings for the years ended December 31, 2013, 2012 and 2011 is presented below.
		For the Year Ended
		31-Dec-13				31-Dec-12				31-Dec-11
		(dollars in thousands)
Total other-than-temporary impairment losses		$	(4,356	)		$	(47,632	)		$	(241,962	)
Portion of loss recognized in other comprehensive income (loss)			(40,811	)			(84,618	)			(115,143	)
Net other-than-temporary credit impairment losses		$	(45,167	)		$	(132,250	)		$	(357,105	)
The following table presents a roll forward of the credit loss component of OTTI on the Company’s Non-Agency RMBS for which a portion of loss was previously recognized in OCI.  The table delineates between those securities that are recognizing OTTI for the first time as opposed to those that have previously recognized OTTI.
		For the Year Ended
		31-Dec-13				31-Dec-12				31-Dec-11
		(dollars in thousands)
Cumulative credit loss beginning balance		$	510,089			$	452,060			$	237,746
Additions:
Other-than-temporary impairments not previously recognized			39,098				98,324				268,795
Reductions for securities sold during the period			(14,038	)			(34,577	)			(1,300	)
Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments			6,069				33,926				88,310
Reductions for increases in cash flows expected to be collected over the remaining life of the securities			(16,786	)			(39,644	)			(141,491	)
Cumulative credit impairment loss ending balance		$	524,432			$	510,089			$	452,060
Cash flows generated to determine net other-than-temporary credit impairment losses recognized in earnings are estimated using significant unobservable inputs.  The significant inputs used to measure the component of OTTI recognized in earnings for the Company’s Non-Agency RMBS are summarized as follows:
			For the Year Ended
			31-Dec-13	31-Dec-12
Loss Severity
	Weighted Average		56%	57%
	Range		34% - 75%	33% - 86%
60+ days delinquent
	Weighted Average		26%	26%
	Range		0% - 43%	0% - 53%
Credit Enhancement (1)
	Weighted Average		4%	13%
	Range		0% - 48%	0% - 75%
3 Month CPR
	Weighted Average		15%	15%
	Range		0% - 42%	0% - 30%
12 Month CPR
	Weighted Average		17%	16%
	Range		9% - 35%	8% - 42%
(1) Calculated as the combined credit enhancement to the Re-REMIC and underlying from each of their respective capital structures.
The following tables present a summary of unrealized gains and losses at December 31, 2013 and 2012.  IO RMBS included in the tables below represent the right to receive a specified proportion of the contractual interest cash flows of the underlying principal balance of specific securities.  At December 31, 2013, IO RMBS had a net unrealized loss of $49.1 million and had an amortized cost of $349.2 million. At December 31, 2012, IO RMBS had a net unrealized loss of $4.8 million and had an amortized cost of $166.0 million.  The fair value of IOs at December 31, 2013 and 2012 was $300.1 million, and $161.2 million, respectively. All changes in fair value of IOs are reflected in Net income (loss).
31-Dec-13
(dollars in thousands)
			Gross Unrealized Gain				Gross Unrealized Gain				Total Gross				Gross Unrealized Loss				Gross Unrealized Loss			Total Gross
			Included in Accumulated				Included in Accumulated				Unrealized Gain				Included in Accumulated				Included in Accumulated			Unrealized Loss
			Other Comprehensive				Deficit								Other Comprehensive Income				Deficit
			Income
Non-Agency RMBS
	Senior		$	974			$	-			$	974			$	(109	)		$	-		$	(109	)
	Senior interest-only			-				11,802				11,802				-				(66,008	)		(66,008	)
	Subordinated			119,233				-				119,233				(1,896	)			-			(1,896	)
	Subordinated interest-only			-				2,483				2,483				-				(578	)		(578	)
	RMBS transferred to consolidated VIEs			901,773				4,170				905,943				-				-			-
Agency RMBS				22,322				330				22,652				(51,494	)			(1,316	)		(52,810	)
Total			$	1,044,302			$	18,785			$	1,063,087			$	(53,499	)		$	(67,902	)	$	(121,401	)
31-Dec-12
(dollars in thousands)
			Gross Unrealized Gain Included in Accumulated Other Comprehensive Income				Gross Unrealized Gain Included in Accumulated Deficit				Total Gross				Gross Unrealized Loss				Gross Unrealized Loss			Total Gross
											Unrealized Gain				Included in Accumulated				Included in Accumulated			Unrealized Loss
															Other Comprehensive				Deficit
															Income
Non-Agency RMBS
	Senior		$	16			$	-			$	16			$	-			$	-		$	-
	Senior interest-only			-				7,976				7,976				-				(20,975	)		(20,975	)
	Subordinated			81,492				-				81,492				(6,747	)			-			(6,747	)
	Subordinated interest-only			-				1,466				1,466				-				(1,393	)		(1,393	)
	RMBS transferred to consolidated VIEs			829,308				8,045				837,353				(197	)			-			(197	)
Agency RMBS				86,062				357				86,419				-				(317	)		(317	)
Total			$	996,878			$	17,844			$	1,014,722			$	(6,944	)		$	(22,685	)	$	(29,629	)
Changes in prepayments, actual cash flows, and cash flows expected to be collected, among other items, are affected by the collateral characteristics of each asset class.  The portfolio is most heavily weighted to contain Non-Agency RMBS with credit risk.  The Company chooses assets for the portfolio after carefully evaluating each investment’s risk profile.
The following tables provide a summary of the Company’s RMBS portfolio at December 31, 2013 and 2012.
		31-Dec-13
		Principal or				Weighted				Weighted				Weighted				Weighted
		Notional Value				Average				Average Fair				Average				Average Yield
		at Period-End				Amortized Cost				Value				Coupon				at Period-End
		(dollars in				Basis												-1
		thousands)
Non-Agency Mortgage-Backed Securities
Senior		$	128,217			$	69.27			$	69.95				1.42	%			5.87	%
Senior, interest only		$	5,742,781			$	4.93			$	3.99				1.44	%			17.17	%
Subordinated		$	830,632			$	40.96			$	55.09				2.94	%			13.49	%
Subordinated, interest only		$	274,462			$	5.34			$	6.04				1.73	%			8.97	%
RMBS transferred to consolidated variable		$	3,912,376			$	54.17			$	77.82				4.66	%			15.84	%
interest entities
Agency Mortgage-Backed Securities		$	2,145,475			$	106.83			$	105.24				3.99	%			3.43	%
(1) Bond Equivalent Yield at period end.
		31-Dec-12
		Principal or				Weighted				Weighted				Weighted				Weighted
		Notional Value				Average				Average Fair				Average				Average Yield
		at Period-End				Amortized Cost				Value				Coupon				at Period-End
		(dollars in				Basis												-1
		thousands)
Non-Agency Mortgage-Backed Securities
Senior		$	126			$	57.02			$	67				0	%			11.9	%
Senior, interest only		$	3,012,868			$	4.51			$	4.08				1.76	%			10.36	%
Subordinated		$	1,057,821			$	44.72			$	51.79				3.18	%			11.07	%
Subordinated, interest only		$	256,072			$	6.32			$	6.35				2.25	%			8.9	%
RMBS transferred to consolidated variable		$	4,610,109			$	53.96			$	72.5				4.88	%			15.44	%
interest entities
Agency Mortgage-Backed Securities		$	1,756,580			$	103.09			$	108.24				4.65	%			3.59	%
(1) Bond Equivalent Yield at period end.
The following table presents the weighted average credit rating, based on the lowest rating available, of the Company’s Non-Agency RMBS portfolio at December 31, 2013 and 2012.
	31-Dec-13	31-Dec-12
AAA	0.00%	0.01%
AA	0.71%	0.46%
A	0.01%	0.00%
BB	1.38%	1.41%
B	4.26%	1.19%
Below B or not rated	93.64%	96.93%
Total	100.00%	100.00%
Actual maturities of RMBS are generally shorter than the stated contractual maturities.  Actual maturities of the Company’s RMBS are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.  The following tables provide a summary of the fair value and amortized cost of the Company’s RMBS at December 31, 2013 and 2012 according to their estimated weighted-average life classifications.  The weighted-average lives of the RMBS in the tables below are based on lifetime expected prepayment rates using an industry prepayment model for the Agency RMBS portfolio and the Company’s prepayment assumptions for the Non-Agency RMBS.  The prepayment model considers current yield, forward yield, steepness of the interest rate curve, current mortgage rates, mortgage rates of the outstanding loan, loan age, margin, and volatility.
31-Dec-13
(dollars in thousands)
		Weighted Average Life
		Less than one				Greater than one				Greater than five				Greater than ten				Total
		year				year and less than				years and less				years
						five years				than ten years
Fair value
Non-Agency RMBS
Senior		$	-			$	29,283			$	60,404			$	-			$	89,687
Senior interest-only			376				103,688				96,968				28,033				229,065
Subordinated			3,359				63,177				321,333				69,700				457,569
Subordinated interest-only			-				-				14,862				1,709				16,571
RMBS transferred to consolidated VIEs			5,724				276,752				1,986,879				712,216				2,981,571
Agency RMBS			54				21,011				1,850,438				126,075				1,997,578
Total fair value		$	9,513			$	493,911			$	4,330,884			$	937,733			$	5,772,041
Amortized cost
Non-Agency RMBS
Senior		$	-			$	28,900			$	59,922			$	-			$	88,822
Senior interest-only			1,017				131,159				117,008				34,087				283,271
Subordinated			2,877				50,483				243,350				43,522				340,232
Subordinated interest-only			-				-				13,344				1,322				14,666
RMBS transferred to consolidated VIEs			4,744				211,925				1,356,981				501,978				2,075,628
Agency RMBS			122				19,433				1,880,430				127,751				2,027,736
Total amortized cost		$	8,760			$	441,900			$	3,671,035			$	708,660			$	4,830,355
31-Dec-12
(dollars in thousands)
		Weighted Average Life
		Less than one				Greater than one				Greater than five				Greater than ten				Total
		year				year and less than				years and less				years
						five years				than ten years
Fair value
Non-Agency RMBS
Senior		$	-			$	-			$	88			$	-			$	88
Senior interest-only			358				47,205				66,927				8,379				122,869
Subordinated			4,092				23,948				359,310				160,444				547,794
Subordinated interest-only			-				-				9,658				6,595				16,253
RMBS transferred to consolidated VIEs			12,118				312,690				2,055,568				893,828				3,274,204
Agency RMBS			146				1,802,720				3,831				-				1,806,697
Total fair value		$	16,714			$	2,186,563			$	2,495,382			$	1,069,246			$	5,767,905
Amortized cost
Non-Agency RMBS
Senior		$	-			$	-			$	72			$	-			$	72
Senior interest-only			657				58,037				70,044				7,130				135,868
Subordinated			2,649				20,593				318,422				131,385				473,049
Subordinated interest-only			-				-				11,051				5,129				16,180
RMBS transferred to consolidated VIEs			11,184				248,699				1,493,647				683,518				2,437,048
Agency RMBS			157				1,716,964				3,474				-				1,720,595
Total amortized cost		$	14,647			$	2,044,293			$	1,896,710			$	827,162			$	4,782,812
The Non-Agency RMBS portfolio is subject to credit risk.  The Company seeks to mitigate credit risk through its asset selection process.  The Non-Agency RMBS portfolio is primarily collateralized by what the Company classifies as Alt-A first lien mortgages.  The Company categorizes collateral as Alt-A regardless of whether the loans were originally described as “prime” if the behavior of the collateral when the Company purchased the security more typically resembles Alt-A.  The Company defines Alt-A collateral characteristics to be evidenced by the 60+ day delinquency bucket of the pool being greater than 5% and the weighted average FICO scores at the time of origination as greater than 650.  At December 31, 2013, 97.1% of the Non-Agency RMBS collateral was Alt-A.  At December 31, 2012, 99.5% of the Non-Agency RMBS collateral was Alt-A.
The Non-Agency RMBS in the Portfolio have the following collateral characteristics at December 31, 2013 and 2012.
	31-Dec-13						31-Dec-12
Weighted average maturity (years)				24.1						24.8
Weighted average amortized loan to value (1)				69.4	%					71.6	%
Weighted average FICO (2)				710						717
Weighted average loan balance (in thousands)			$	385					$	453.1
Weighted average percentage owner occupied				84	%					85.1	%
Weighted average percentage single family residence				65.4	%					65.5	%
Weighted average current credit enhancement				1.6	%					3.1	%
Weighted average geographic concentration of top five states	CA			33.4	%		CA			36.7	%
	FL			9.1	%		FL			8.7	%
	NY			7.1	%		NY			6.4	%
	NJ			3	%		VA			2.4	%
	MD			2.7	%		NJ			2.8	%
(1) Value represents appraised value of the collateral at the time of loan origination.
(2) FICO as determined at the time of loan origination.
The table below presents the origination year of the underlying loans related to the Company’s portfolio of Non-Agency RMBS at December 31, 2013 and 2012.
Origination Year		31-Dec-13				31-Dec-12
2000			0.6	%			0.2	%
2001			1.2	%			0.2	%
2002			1	%			0	%
2003			1.4	%			0.4	%
2004			3.6	%			0.6	%
2005			17.8	%			14.3	%
2006			32.2	%			34.6	%
2007			40.1	%			46.7	%
2008			2.1	%			3	%
Total			100	%			100	%
Gross realized gains and losses are recorded in “Net realized gains (losses) on sales of investments” on the Company’s Consolidated Statements of Operations and Comprehensive Income.  The proceeds and gross realized gains and gross realized losses from sales of investments for the years ended December 31, 2013, 2012 and 2011 are as follows:
		For the Year Ended
		31-Dec-13				31-Dec-12				31-Dec-11
		(dollars in thousands)
Proceeds from sales		$	1,079,649			$	943,350			$	2,628,994
Gross realized gains			72,946				85,166				54,353
Gross realized losses			(4,839	)			-				-
Net realized gain		$	68,107			$	85,166			$	54,353
During the year ended December 31, 2013, we realized a loss due to a full principal paydown of a Non-Agency RMBS for which we owned the IO strip. This resulted in a realized loss of $18.3 million and is reflected as a realized loss in a separate line item in the statement of operations and comprehensive income.

Securitized_Loans_Held_for_Inv

Securitized Loans Held for Investment	12 Months Ended
	Dec. 31, 2013
Securitized Loans Held for Investment	'
	4.  Securitized Loans Held for Investment
	The Company is considered to be the primary beneficiary of VIEs formed for the purpose of securitizing whole mortgage loans.  Refer to Note 8 for additional details regarding the Company’s involvement with VIEs.
	The securitized loans held for investment are carried at their principal balance outstanding, plus unamortized premiums, less unaccreted discounts and an allowance for loan losses. There were no new securitizations during the year ended December 31, 2013.  During the year ended December 31, 2012, the Company consolidated the CSMC 2012-CIM1, CSMC 2012-CIM2, and CSMC 2012-CIM3 Trusts (the “CSMC Trusts”).  The CSMC Trusts are securitizations collateralized by high quality, jumbo, prime, residential mortgage loans. The Company transferred $1.5 billion in principal value to the CSMC Trusts that was recorded as a secured borrowing pursuant to ASC 860. In these transactions, the Company financed $1.4 Billion of AAA-rated, AA-rated, and A-rated fixed rate bonds by selling the bonds to third party investors for net proceeds of $1.4 billion.
	The following table provides a summary of the changes in the carrying value of securitized loans held for investment at December 31, 2013 and 2012:
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Balance, beginning of period		$	1,300,131			$	256,632
	Purchases			-				1,531,014
	Principal paydowns			(507,683	)			(477,555	)
	Net periodic amortization (accretion)			(10,763	)			(9,592	)
	Change to loan loss provision			1,799				(368	)
	Balance, end of period		$	783,484			$	1,300,131
	The following table represents the Company’s securitized residential mortgage loans classified as held for investment at December 31, 2013 and 2012:
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Securitized loans, at amortized cost		$	792,547			$	1,311,755
	Less: allowance for loan losses			9,063				11,624
	Securitized loans held for investment		$	783,484			$	1,300,131
	The securitized loan portfolio is collateralized by prime, jumbo, first lien residential mortgages of which 39.5% were originated during 2012, 37.8% were originated during 2011, 6.9% during 2010, and the remaining 15.8% of the loans were originated prior to 2010.  A summary of key characteristics of these loans follows.
		31-Dec-13						31-Dec-12
	Number of loans				1,053						1,618
	Weighted average maturity (years)				27.3						28.3
	Weighted average loan to value (1)				71.7	%					71.2	%
	Weighted average FICO (2)				766						768
	Weighted average loan balance (in thousands)			$	737					$	794.1
	Weighted average percentage owner occupied				94.7	%					94.6	%
	Weighted average percentage single family residence				70	%					70.6	%
	Weighted average geographic concentration of top five states	CA			34.7	%		CA			38.1	%
		VA			5.6	%		VA			6.3	%
		NY			5.5	%		NY			6.3	%
		NJ			5.1	%		WA			5.2	%
		TX			4.9	%		NJ			4.6	%
	(1) Value represents appraised value of the collateral at the time of loan origination.
	(2) FICO as determined at the time of loan origination.
	The following table summarizes the changes in the allowance for loan losses for the securitized mortgage loan portfolio at December 31, 2013, 2012 and 2011:
			For the Year Ended
			31-Dec-13				31-Dec-12				31-Dec-11
			(dollars in thousands)
	Balance, beginning of period		$	11,624			$	13,938			$	11,006
	Provision for loan losses			(1,799	)			368				5,291
	Charge-offs			(762	)			(2,682	)			(2,359	)
	Balance, end of period		$	9,063			$	11,624			$	13,938
	The Company has established an allowance for loan losses related to securitized loans that is composed of a general and specific reserve.  The balance in the allowance for loan losses related to the general reserve at December 31, 2013, 2012 and 2011 was $3.7 million, $5.0 million, and $6.3 million, respectively.  The balance in the allowance for loan losses related to the specific reserve at December 31, 2013, 2012 and 2011 was $5.4 million, $6.6 million and $7.6 million, respectively.
	The total unpaid principal balance of impaired loans for which the Company established a specific reserve was $25.7 million, $29.1 million and $32.9 at December 31, 2013, 2012 and 2011, respectively.  The Company’s recorded investment in impaired loans for which there is a related allowance for credit losses at December 31, 2013, 2012 and 2011 was $18.7 million, $21.8 million and $14.3 million, respectively.  The total unpaid principal balance of non-impaired loans for which the Company established a general reserve was $750.4 million, $1.3 billion and $235.2 million at December 31, 2013, 2012 and 2011, respectively.  The Company’s recorded investment in loans that are not impaired for which there is a related general reserve for credit losses at December 31, 2103, 2012 and 2011 was $764.8 million, $1.3 billion and $228.9 million, respectively.  Interest income on impaired loans is not significant.
	The following table summarizes the outstanding principal balance of loans 30 days delinquent and greater as reported by the servicer at December 31, 2013 and 2012.
			30 Days				60 Days				90+ Days			Bankruptcy		Foreclosure		REO		Total
			Delinquent				Delinquent				Delinquent
	(dollars in thousands)
	31-Dec-13		$	999			$	570			$	2,087		$	473	$	7,530	$	1,179	$	12,838
	31-Dec-12		$	3,110			$	1,186			$	4,045		$	0	$	4,247	$	1,390	$	13,978
	With the exception of its ability to approve certain loan modifications, the Company is not involved with the servicing or modification of loans held for investment.  The trustee and servicer of the respective securitization are responsible for servicing and modifying these loans.  The Company is required to make certain assumptions in accounting for loans held for investment due to the limitation of information available to the Company.  The following table presents the loans that were modified by the servicer during the years ended December 31, 2013 and 2012.
			Number of Loans Modified During Period				Unpaid Principal Balance of Modified Loans (Pre-modification)				Unpaid Principal Balance of Modified Loans (Post-modification)			Amortized Cost of Modified Loans		Amortized Cost of Modified Loans For Which There is an Allowance for		Amortized Cost of Modified Loans For Which There is No Allowance for
																Loan Losses		Loan Losses
	(dollars in thousands)
	Year Ended
	31-Dec-13			3			$	2,349			$	2,358		$	2,248	$	2,248	$	0
	31-Dec-12			9			$	5,163			$	5,312		$	5,256	$	5,256	$	0
	Loans are modified by the servicer as a method of loss mitigation.  Based on the information available, during the year ended December 31, 2013, the Company determined that all loans modified by the servicer were considered TDRs, as defined under GAAP. A TDR is generally any modification of a loan to a borrower that is experiencing financial difficulties, where a lender agrees to terms that are more favorable to the borrower than are otherwise available in the current market. All loan modifications during the years ended December 31, 2013 and 2012 included a reduction of the stated interest rates.  Loans modified by the servicer have been individually assessed for impairment and measurement of impairment is based on the excess of the recorded investment in the loan over the present value of the expected cash flows, post modification, discounted at the loan’s effective interest rate at inception.  In the absence of additional loan modifications by the servicer in future periods that are considered to be TDRs, the $4.5 million specific reserve related to TDRs as of December 31, 2013 will be recognized in net income in future periods by way of a decrease in the provision for loan losses.  If there are further modifications, the reduction of the cashflow is reflected in the provision for loan losses.
	As of December 31, 2013, there were no loans that were modified in the past twelve months and delinquent on scheduled payments.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2013
Fair Value Measurements	'
	5.  Fair Value Measurements
	The Company follows fair value guidance in accordance with GAAP to account for its financial instruments. The Company categorizes its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Statements of Financial Condition or disclosed in the related notes are categorized based on the inputs to the valuation techniques as follows:
	Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets and liabilities in active markets.
	Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 – inputs to the valuation methodology are unobservable and significant to fair value.
	Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. For the Company’s investments in Non-Agency RMBS categorized within Level 3 of the fair value hierarchy, the significant unobservable inputs include the discount rates, assumptions relating to prepayments, default rates and loss severities. Significant increases (decreases) in any of the discount rates, default rates or loss severities in isolation would result in a significantly lower (higher) fair value measurement. The impact of changes in prepayment speeds would have differing impacts on fair value, depending on the seniority of the investment. Generally, a change in the default assumption is accompanied by directionally similar changes in the assumptions used for the loss severity and the prepayment speed.
	Any changes to the valuation methodology are reviewed by management to ensure the changes are appropriate. As markets and products evolve and the pricing for certain products becomes more transparent, the Company will continue to refine its valuation methodologies. The methodology utilized by the Company for the periods presented is unchanged.  The methods used to produce a fair value calculation may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.  The Company uses inputs that are current as of the measurement date, which may include periods of market dislocation, during which price transparency may be reduced.
	During times of market dislocation, as has been experienced for some time and continues to exist, the observability of prices and inputs can be difficult for certain Non-Agency RMBS.  If third party pricing services are unable to provide a price for an asset, or if the price provided by them is deemed unreliable by the Company, then the asset will be valued at its fair value as determined by the Company without validation to third-party pricing.  In addition, validating third party pricing for the Company’s investments may be more subjective as fewer participants may be willing to provide this service to the Company.  Illiquid investments typically experience greater price volatility as an active market does not exist.  Observability of prices and inputs can vary significantly from period to period and may cause instruments to change classifications within the three level hierarchy.
	A description of the methodologies utilized by the Company to estimate the fair value of its financial instruments by instrument class follows:
	Short-term Instruments
	The carrying value of cash and cash equivalents, accrued interest receivable, dividends payable, and accrued interest payable are considered to be a reasonable estimate of fair value due to the short term nature of these financial instruments.
	Agency and Non-Agency RMBS
	Generally, the Company determines the fair value of its investment securities utilizing an internal pricing model that incorporates such factors as coupon, prepayment speeds, weighted average life, collateral composition, borrower characteristics, expected interest rates, life caps, periodic caps, reset dates, collateral seasoning, expected losses, expected default severity, credit enhancement, and other pertinent factors.  Management reviews the fair values generated by the model to determine whether prices are reflective of the current market.  Management indirectly corroborates its estimates of the fair value using pricing models by comparing its results to independent prices provided by dealers in the securities and/or third party pricing services.  Certain very liquid asset classes, such as Agency fixed-rate pass-throughs may be priced using independent sources such as quoted prices for To-Be-Announced (“TBA”) securities.
	The Agency RMBS market is considered to be an active market such that participants transact with sufficient frequency and volume to provide transparent pricing information on an ongoing basis. The liquidity of the Agency RMBS market and the similarity of the Company’s securities to those actively traded enable the Company to observe quoted prices in the market and utilize those prices as a basis for formulating fair value measurements.  Consequently, the Company has classified Agency RMBS as having Level 2 inputs in the fair value hierarchy.
	The Company’s fair value estimation process for Non-Agency RMBS utilizes inputs other than quoted prices that are observed in the market.  The Company’s estimate of prepayment, default and severity curves all involve Management judgment and assumptions that are deemed to be significant to the fair value measurement process, which renders the resulting Non-Agency RMBS fair value estimates Level 3 inputs in the fair value hierarchy.
	Derivatives
	Interest Rate Swaps
	The Company utilizes dealer quotes to determine the fair values of its interest rate swaps.  The Company compares the dealer quotations received to its own estimate of fair value to evaluate for reasonableness.  The dealer quotes incorporate common market pricing methods, including a spread measurement to the Treasury yield curve or interest rate swap curve as well as underlying characteristics of the particular contract. Interest rate swaps are modeled by the Company by incorporating such factors as the term to maturity, Treasury curve, overnight index swap rates, and the payment rates on the fixed portion of the interest rate swaps. The Company has classified the characteristics used to determine the fair value of interest rate swaps as Level 2 inputs in the fair value hierarchy.
	Treasury Futures
	The fair value of Treasury futures is determined by quoted market prices for similar financial instruments in an active market.  The Company has classified the characteristics used to determine the fair value of Treasury futures as Level 2 inputs in the fair value hierarchy.
	The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, at December 31, 2013 and 2012 is presented below.
	31-Dec-13
	(dollars in thousands)
		Level 1			Level 2			Level 3
		(dollars in thousands)
	Assets:
	Non-Agency RMBS
	Senior	$	-		$	-		$	89,687
	Senior interest-only		-			-			229,065
	Subordinated		-			-			457,569
	Subordinated interest-only		-			-			16,571
	RMBS transferred to consolidated VIEs		-			-			2,981,571
	Agency RMBS		-			1,997,578			-
	Derivatives		-			8,095			-
	Liabilities:
	Derivatives		-			(30,199	)		-
	Total	$	-		$	1,975,474		$	3,774,463
	31-Dec-12
	(dollars in thousands)
		Level 1			Level 2			Level 3
	Assets:
	Non-Agency RMBS
	Senior	$	-		$	-		$	88
	Senior interest-only		-			-			122,869
	Subordinated		-			-			547,794
	Subordinated interest-only		-			-			16,253
	RMBS transferred to consolidated VIEs		-			-			3,274,204
	Agency RMBS		-			1,806,697			-
	Liabilities:
	Derivatives		-			(53,939	)		-
	Total	$	-		$	1,752,758		$	3,961,208
	The table below provides a summary of the changes in the fair value of securities classified as Level 3 at December 31, 2013 and 2012.
	Fair Value Reconciliation, Level 3
		For the Year Ended
		31-Dec-13			31-Dec-12
		(dollars in thousands)
	Non-Agency RMBS
	Beginning balance Level 3 assets	$	3,961,208		$	4,088,945
	Transfers in to Level 3 assets		-			-
	Transfers out of Level 3 assets		-			-
	Purchases		317,299			122,509
	Principal payments		(475,092	)		(516,370	)
	Sales		(191,436	)		(328,261	)
Accretion of purchase discounts		106,290			98,804
Gains (losses) included in net income
Other than temporary credit impairment losses		(45,167	)		(132,250	)
Realized gains (losses) on sales		46,866			48,435
Realized losses on principal write-downs of Non-Agency RMBS		(18,316	)		-
Net unrealized gains (losses) on interest-only RMBS		(43,252	)		804
Gains (losses) included in other comprehensive income
Total unrealized gains (losses) for the period		116,063			578,592
Ending balance Level 3 assets	$	3,774,463		$	3,961,208
There were no transfers to or from Level 3 for the years ended December 31, 2013 and 2012.
Sensitivity of Significant Inputs
The significant unobservable inputs used in the fair value measurement of the Company’s Non-Agency RMBS are the weighted average discount rates, constant prepayment speed (“CPR”), cumulative default rate, and the loss severity.
Prepayment speeds, as reflected by the CPR, vary according to interest rates, the type of investment, conditions in financial markets, and other factors, none of which can be predicted with any certainty.  In general, when interest rates rise, it is relatively less attractive for borrowers to refinance their mortgage loans, and as a result, prepayment speeds tend to decrease.  When interest rates fall, prepayment speeds tend to increase. For RMBS investments purchased at a premium, as prepayment speeds increase, the amount of income the Company earns decreases as the purchase premium on the bonds amortizes faster than expected.  Conversely, decreases in prepayment speeds result in increased income and can extend the period over which the Company amortizes the purchase premium.  For RMBS investments purchased at a discount, as prepayment speeds increase, the amount of income the Company earns increases from the acceleration of the accretion of the discount into interest income. Conversely, decreases in prepayment speeds result in decreased income as the accretion of the purchase discount into interest income occurs over a longer period.
Cumulative default rates represent an annualized rate of default on a group of mortgages. The constant default rate (“CDR”) represents the percentage of outstanding principal balances in the pool that are in default, which typically equates to the home being past 60-day and 90-day notices and in the foreclosure process.  When default rates increase, expected cash flows on the underlying collateral decreases.  When default rates decrease, expected cash flows on the underlying collateral increases.
Loss severity rates reflect the amount of loss expected from a foreclosure and liquidation of the underlying collateral in the mortgage loan pool.  When a mortgage loan is foreclosed the collateral is sold and the resulting proceeds are used to settle the outstanding obligation.  In many circumstances, the proceeds from the sale do not fully repay the outstanding obligation.  In these cases a loss is incurred by the lender.  Loss severity is used to predict how costly future losses are likely to be.  An increase in loss severity results in a decrease in expected future cashflows.  A decrease in loss severity results in an increase in expected future cashflows.
The discount rate refers to the interest rate used in discounted cash flow analysis to determine the present value of future cash flows. The discount rate takes into account not just the time value of money, but also the risk or uncertainty of future cash flows.  An increased uncertainty of future cash flows results in a higher discount rate.  The discount rate used to calculate the present value of the expected future cash flows is based on the discount rate implicit in the security as of the last measurement date.  As discount rates move up, the discounted cash flows are reduced.
A summary of the significant inputs used to estimate the fair value of Non-Agency RMBS as of December 31, 2013 and 2012 follows:
	31-Dec-13												31-Dec-12
	Significant Inputs												Significant Inputs
	Weighted												Weighted
	Average									Loss			Average									Loss
	Discount Rate			CPR			CDR			Severity			Discount Rate			CPR			CDR			Severity
	Range												Range
Non-Agency RMBS
Senior		6.4	%		1% - 6	%		0% - 33	%		50% - 85	%		7.5	%		11% - 11	%		0% - 3	%		50% - 58	%
Senior interest-only		14.4	%		1% - 28	%		0% - 33	%		50% - 85	%		13.9	%		1% - 25	%		0% - 25	%		50% - 85	%
Subordinated		26.8	%		1% - 22	%		0% - 38	%		50% - 85	%		25.9	%		1% - 18	%		0% - 21	%		50% - 85	%
Subordinated interest-only		12.7	%		2% - 13	%		0% - 18	%		50% - 73	%		13.3	%		4% - 11	%		0% - 21	%		50% - 68	%
RMBS transferred to consolidated VIEs		5.3	%		1% - 20	%		0% - 33	%		50% - 85	%		5.8	%		1% - 15	%		0% - 36	%		50% - 85	%
All of the significant inputs listed have some degree of market observability, based on the Company’s knowledge of the market, information available to market participants, and use of common market data sources. Collateral default and loss severity projections are in the form of “curves” that are updated quarterly to reflect the Company’s collateral cash flow projections.  Methods used to develop these projections conform to industry conventions. The Company uses assumptions it considers its best estimate of future cash flows for each respective security.
The discount rates applied to the expected cash flows to determine fair value are derived from a range of observable prices on securities backed by similar collateral.  As the market becomes more or less liquid, the availability of these observable inputs will change.
The prepayment speed specifies the percentage of the collateral balance that is expected to prepay at each point in the future. The prepayment speed is based on factors such as collateral FICO score, loan-to-value ratio, debt-to-income ratio, and vintage on a loan level basis and is scaled up or down to reflect recent collateral-specific prepayment experience as obtained from remittance reports and market data services.
Default vectors are determined from the current “pipeline” of loans that are more than 30 days delinquent, in foreclosure, bankruptcy, or are real estate owned (“REO”). These delinquent loans determine the first 30 months of the default curve. Beyond month 30, the default curve transitions to a value that is reflective of a portion of the current delinquency pipeline.
The curve generated to reflect the Company’s expected loss severity is based on collateral-specific experience with consideration given to other mitigating collateral characteristics. Characteristics such as seasoning are taken into consideration because severities tend to initially increase on newly originated securities, before beginning to decline as the collateral ages and eventually stabilizes.  Collateral characteristics such as loan size, loan-to-value, and geographic location of collateral also effect loss severity.
Securitized Loans Held for Investment
The Company carries securitized loans held for investment at principal value, plus unamortized premiums, less unaccreted discounts and an allowance for loan losses.  The Company estimates the fair value of its securitized loans held for investment by considering the loan characteristics, including the credit characteristics of the borrower, purpose of the loan, use of the collateral securing the loan, and management’s expectations of general economic conditions in the sector and greater economy.
Repurchase Agreements
Repurchase agreements are collateralized financing transactions utilized by the Company to acquire investment securities.  Due to the short term nature of these financial instruments, the Company estimates the fair value of these repurchase agreements using the contractual obligation plus accrued interest payable at maturity.
Securitized Debt, Non-Agency RMBS Transferred to Consolidated VIEs and Securitized Debt, Loans Held for Investment
The Company records securitized debt for certificates or notes financed without recourse to the Company in securitization or re-securitization transactions treated as secured borrowings.  The Company carries securitized debt at the principal balance outstanding plus unamortized premiums, less unaccreted discounts recorded in connection with the financing of the loans or RMBS with third parties.  The premiums or discounts associated with the financing of the notes or certificates are amortized over the contractual life of the instrument using the interest method.  The Company estimates the fair value of securitized debt by estimating the future cash flows associated with the underlying assets collateralizing the secured debt outstanding.  The Company models the fair value of each underlying asset by considering, among other items, the structure of the underlying security, coupon, servicer, actual and expected defaults, actual and expected default severities, reset indices, and prepayment speeds in conjunction with market research for similar collateral performance and management’s expectations of general economic conditions in the sector and other economic factors.
The following table presents the carrying value and fair value, as described above, of the Company’s financial instruments not carried at fair value on a recurring basis at December 31, 2013 and 2012.
	31-Dec-13
	(dollars in thousands)
	Level in Fair Value Hierarchy			Carrying Amount			Fair Value
Securitized loans held for investment		3			783,484			762,550
Repurchase agreements		2			(1,658,561	)		(1,660,941	)
Securitized debt, collateralized by Non-Agency RMBS		3			(933,732	)		(940,712	)
Securitized debt, collateralized by loans held for investment		3			(669,981	)		(647,628	)
	31-Dec-12
	(dollars in thousands)
	Level in Fair Value Hierarchy			Carrying Amount			Fair Value
Securitized loans held for investment		3			1,300,131			1,320,696
Repurchase agreements		2			(1,528,025	)		(1,531,511	)
Securitized debt, collateralized by Non-Agency RMBS		3			(1,336,261	)		(1,334,551	)
Securitized debt, collateralized by loans held for investment		3			(1,169,710	)		(1,194,747	)

Repurchase_Agreements

Repurchase Agreements	12 Months Ended
	Dec. 31, 2013
Repurchase Agreements	'
	6.  Repurchase Agreements
	The Company had outstanding $1.7 billion and $1.5 billion of repurchase agreements with weighted average borrowing rates of 0.44% and 0.52% and weighted average remaining maturities of 58 days and 56 days as of December 31, 2013 and 2012, respectively.  At December 31, 2013 and 2012, Agency RMBS pledged as collateral under these repurchase agreements had an estimated fair value of $1.7 billion and $1.6 billion, respectively.  The average daily balances of the Company’s repurchase agreements for the years ended December 31, 2013 and 2012 were $1.5 billion and $2.1 billion, respectively. The interest rates of these repurchase agreements are generally indexed to the one-month or the three-month LIBOR rate and re-price accordingly.
	At December 31, 2013 and 2012, the repurchase agreements collateralized by Agency RMBS had the following remaining maturities.
		31-Dec-13		31-Dec-12
		(dollars in thousands)
	Overnight	$	-	$	-
	1-29 days		644,332		732,809
	30 to 59 days		606,945		325,915
	60 to 89 days		-		-
	90 to 119 days		129,049		211,137
	Greater than or equal to 120 days		278,235		258,164
	Total	$	1,658,561	$	1,528,025
	At December 31, 2013 and 2012, the Company did not have an amount at risk under its repurchase agreements greater than 10% of its equity with any counterparty.

Securitized_Debt

Securitized Debt	12 Months Ended
	Dec. 31, 2013
Securitized Debt	'
	7.  Securitized Debt
	All of the Company’s securitized debt is collateralized by residential mortgage loans or Non-Agency RMBS.  For financial reporting purposes, the Company’s securitized debt is accounted for as secured borrowings.  Thus, the residential mortgage loans or RMBS held as collateral are recorded in the assets of the Company as securitized loans held for investment or Non-Agency RMBS transferred to consolidated VIEs and the securitized debt is recorded as a non-recourse liability in the accompanying Consolidated Statements of Financial Condition.
	At December 31, 2013 the Company’s securitized debt collateralized by residential mortgage loans had a principal balance of $670.4 million.  The debt matures between the years 2023 and 2042.  At December 31, 2013 the debt carried a weighted average cost of financing equal to 3.31%.  At December 31, 2012 the Company’s securitized debt collateralized by residential mortgage loans had a principal balance of $1.2 billion.  The debt matures between the years 2023 and 2042.  At December 31, 2012 the debt carried a weighted average cost of financing equal to 3.37%.
	At December 31, 2013 the Company’s securitized debt collateralized by Non-Agency RMBS had a principal balance of $966.4 million.  The debt matures between the years 2035 and 2047.  At December 31, 2013 the debt carried a weighted average cost of financing equal to 4.26%.  At December 31, 2012 the Company’s securitized debt collateralized by Non-Agency RMBS had a principal balance of $1.4 billion.  The debt matures between the years 2035 and 2047.  At December 31, 2012 the debt carried a weighted average cost of financing equal to 4.41%.
	The carrying value of securitized debt is based on its amortized cost, net of premiums or discounts related to sales of senior certificates to third parties.  The following table presents the estimated principal repayment schedule of the securitized debt at December 31, 2013 and 2012, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt.  All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.
		31-Dec-13		31-Dec-12
		(dollars in thousands)
	Within One Year	$	370,250	$	658,423
	One to Three Years		497,943		793,150
	Three to Five Years		264,456		430,993
	Greater Than or Equal to Five Years		396,916		555,717
	Total	$	1,529,565	$	2,438,283
	Maturities of the Company’s securitized debt are dependent upon cash flows received from the underlying loans. The estimate of their repayment is based on scheduled principal payments on the underlying loans. This estimate will differ from actual amounts to the extent prepayments and/or loan losses are experienced.  See Notes 3 and 4 for a more detailed discussion of the securities and loans collateralizing the securitized debt.

Consolidated_Securitization_Ve

Consolidated Securitization Vehicles and Other Variable Interest Entities	12 Months Ended
	Dec. 31, 2013
Consolidated Securitization Vehicles and Other Variable Interest Entities	'
	8.  Consolidated Securitization Vehicles and Other Variable Interest Entities
	Since its inception, the Company has created VIEs for the purpose of securitizing whole mortgage loans or re-securitizing RMBS and obtaining permanent, non-recourse term financing. The Company evaluated its interest in each VIE to determine if it is the primary beneficiary.
	As of December 31, 2013, the Company’s Consolidated Statements of Financial Condition includes ten consolidated VIEs with $3.8 billion of assets and $1.6 billion of liabilities.  As of December 31, 2012, the Company’s Consolidated Statements of Financial Condition includes ten consolidated VIEs with $4.6 billion of assets and $2.5 billion of liabilities.
	VIEs for Which the Company is the Primary Beneficiary
	The retained beneficial interests in VIEs for which the Company is the primary beneficiary are typically the subordinated tranches of these re-securitizations and in some cases the Company may hold interests in additional tranches.  The result of consolidation at December 31, 2013 is the inclusion of $3.0 billion of Non-Agency RMBS at fair value representing the underlying securities of the trusts, the inclusion of $783.5 million of securitized loans held for investment, the recognition of $933.7 million of securitized debt associated with Non-Agency RMBS transferred to consolidated VIEs and $670.0 million of securitized debt associated with loans held for investment. In addition, at December 31, 2013 the Company recognized $17.2 million and $5.3 million of accrued interest receivable and accrued interest payable, respectively, of the securitizations.
	The table below reflects the assets and liabilities recorded in the Consolidated Statements of Financial Condition related to the consolidated VIEs as of December 31, 2013 and 2012.
		31-Dec-13			31-Dec-12
		(dollars in thousands)
	Assets
	Non-Agency RMBS transferred to consolidated VIEs	$	2,981,571		$	3,274,204
	Securitized loans held for investment		783,484			1,300,131
	Accrued interest receivable		17,173			24,082
	Liabilities
	Securitized debt, collateralized by Non-Agency RMBS	$	933,732		$	1,336,261
	Securitized debt, collateralized by loans held for investment		669,981			1,169,710
	Accrued interest payable		5,278			8,358
	Income and expense and OTTI amounts related to consolidated VIEs recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) is presented in the table below.
		For the Year Ended
		31-Dec-13			31-Dec-12			31-Dec-11
		(dollars in thousands)
	Interest income, Assets of consolidated VIEs	$	371,559		$	417,351		$	450,996
	Interest expense, Non-recourse liabilities of VIEs		(95,229	)		(115,880	)		(122,917	)
	Net interest income	$	276,330		$	301,471		$	328,079
	Total other-than-temporary impairment losses		(4,170	)	$	(7,619	)	$	(113,047	)
	Portion of loss recognized in other comprehensive income (loss)		(33,749	)		(76,699	)		(145,512	)
	Net other-than-temporary credit impairment losses	$	(37,919	)	$	(84,318	)	$	(258,559	)
	The amounts recorded on the Consolidated Statements of Cash Flows related to consolidated VIEs is presented in the table below for the periods presented.
		For the Year Ended
		31-Dec-13			31-Dec-12			31-Dec-11
		(dollars in thousands)
	Amortization of deferred financing costs		5,691			8,546		$	1,733
	Accretion (amortization) of securitized debt discounts/premiums, net		11,981			6,985			12,551
	Payment of deferred financing costs		-			(9,488	)		-
	Proceeds from securitized debt borrowings, collateralized by loans held for investment		-			1,426,983			-
	Principal payments, Non-Agency RMBS transferred to consolidated VIE's		466,522			505,779			668,924
	Principal payments, Securitized loans held for investment		507,683			477,555			85,526
	Payments on securitized debt borrowings, collateralized by loans held for investment		(499,549	)		(470,788	)		(80,181	)
	Proceeds from securitized debt borrowings, collateralized by Non-Agency RMBS		-			181,201			310,972
	Payments on securitized debt borrowings, collateralized by Non-Agency RMBS		(414,690	)		(481,464	)		(645,603	)
	Decrease (increase) in accrued interest receivable		6,909			2,534			(4,832	)
	Increase (decrease) in accrued interest payable		(3,080	)		228			(1,836	)
	Net cash provided by/(used in) consolidated VIEs	$	81,467		$	1,648,071		$	347,254
	VIEs for Which the Company is Not the Primary Beneficiary
	The Company has interests in the following VIEs in addition to the RMBS described in Note 3.
	The Company’s involvement with VIEs for which it is not considered the primary beneficiary generally is in the form of owning securities issued by the trusts, similar to its investments in other RMBS that do not provide the Company with a controlling financial interest.  The Company’s maximum exposure to loss does not include other-than-temporary impairments or other write-downs that the Company previously recognized through earnings.
	The table below represents the carrying amounts and classification of assets recorded on the Company’s consolidated financial statements related to its variable interests in non-consolidated VIEs, as well as its maximum exposure to loss as a result of its involvement with these VIEs, which is represented by the fair value of the Company’s investments in the trusts.
		31-Dec-13						31-Dec-12
		Amortized Cost			Fair Value			Amortized Cost			Fair Value
		(dollars in thousands)
	Assets
	Non-Agency RMBS
	Senior	$	59		$	68		$	72		$	85
	Senior interest-only		-			75			-			128
	Subordinated		-			1,731			581			2,266
	Agency RMBS		666			437			1,198			1,001
	Total	$	725		$	2,311		$	1,851		$	3,480

Derivative_Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Instruments	'
	9.  Derivative Instruments
	In connection with the Company’s interest rate risk management strategy, the Company economically hedges a portion of its interest rate risk by entering into derivative financial instrument contracts in the form of interest rate swaps.  The Company’s swaps are used to lock in a fixed rate related to a portion of its current and anticipated payments on its repurchase agreements. The Company typically agrees to pay a fixed rate of interest (“pay rate”) in exchange for the right to receive a floating rate of interest (“receive rate”) over a specified period of time.  In addition to interest rate swaps, the Company has purchased mortgage options and Treasury futures.  Mortgage options give the Company the right, but not the obligation, to buy or sell mortgage backed securities at a future date for a fixed price.  Treasury futures are derivatives which track the prices of specific Treasury securities and are traded on an active exchange.  It is generally the Company’s policy to close out any Treasury futures positions prior to taking delivery of the underlying security.  The Company has invested in mortgage options and Treasury futures to lock in prices on the purchase or sale of Agency RMBS, to hedge changes in interest rates on its existing portfolio, or to enhance investment returns.
	The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized if the counterparties to these instruments fail to perform their obligations under the contracts.  In the event of a default by the counterparty, the Company could have difficulty obtaining its RMBS or cash pledged as collateral for these derivative instruments.  The Company periodically monitors the credit of its counterparties to determine if it is exposed to counterparty credit risk.  See Note 14 for further discussion of counterparty credit risk.
	The table below summarizes the location and fair value of the derivatives reported in the Consolidated Statements of Financial Condition after counterparty netting and posting of cash collateral as of December 31, 2013 and 2012.
	31-Dec-13
						Derivative Assets				Derivative Liabilities
	Derivative Instruments	Notional Amount Outstanding				Location on Consolidated	Net Estimated Fair Value/Carrying			Location on		Net Estimated Fair Value/Carrying Value
						Statements of Financial	Value			Consolidated Statements
						Condition				of Financial Condition
	(dollars in thousands)
	Interest Rate Swaps	$	1,355,000			Derivatives, at fair value, net	$	-		Derivatives, at fair value		$	(30,199	)
	Mortgage Options		-			Derivatives, at fair value, net		-		Derivatives, at fair value			-
	Treasury Futures		550,000			Derivatives, at fair value, net		8,095		Derivatives, at fair value			-
	Total	$	1,905,000				$	8,095				$	(30,199	)
	31-Dec-12
						Derivative Assets				Derivative Liabilities
	Derivative Instruments	Notional Amount Outstanding				Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying			Location on		Net Estimated Fair Value/Carrying Value
							Value			Consolidated Statements
										of Financial Condition
	(dollars in thousands)
	Interest Rate Swaps	$	1,355,000			Derivatives, at fair value, net	$	-		Derivatives, at fair value		$	(53,939	)
	Total	$	1,355,000				$	-				$	(53,939	)
	The effect of the Company’s derivatives on the Consolidated Statements of Operations and Comprehensive Income (Loss) is presented below.
				For the Year Ended
	Derivative	Location on Consolidated Statements of		31-Dec-13			31-Dec-12			31-Dec-11
	Instruments	Operations and Comprehensive Income (Loss)
				(dollars in thousands)
	Interest Rate Swaps	Net unrealized gains (losses) on derivatives		$	23,740		$	(9,473	)	$	(34,478	)
	Interest Rate Swaps	Net realized gains (losses) on derivatives			(21,857	)		(20,223	)		(15,929	)
	Mortgage Options	Net unrealized gains (losses) on derivatives			-			-			-
	Mortgage Options	Net realized gains (losses) on derivatives			12,115			-			-
	Treasury Futures	Net unrealized gains (losses) on derivatives			10,629			-			-
	Treasury Futures	Net realized gains (losses) on derivatives			2,029			-			-
	Total			$	26,656		$	(29,696	)	$	(50,407	)
	The weighted average pay rate on the Company’s interest rate swaps at December 31, 2013 was 1.81% and the weighted average receive rate was 0.17%.  The weighted average pay rate on the Company’s interest rate swaps at December 31, 2012 was 1.81% and the weighted average receive rate was 0.21%.  The weighted average pay rate on the Company’s interest rate swaps at December 31, 2011 was 2.08% and the weighted average receive rate was 0.29%.
	Certain of the Company’s interest rate swap and mortgage option contracts are subject to International Swaps and Derivatives Association Master Agreements (“ISDA”) which contain provisions that grant counterparties certain rights with respect to the applicable ISDA upon the occurrence of (i) negative performance that results in a decline in net assets in excess of specified thresholds or dollar amounts over set periods of time, (ii) the Company’s failure to maintain its REIT status, (iii) the Company’s failure to comply with limits on the amount of leverage, and (iv) the Company’s stock being delisted from the New York Stock Exchange (NYSE). Upon the occurrence of items (i) through (iv), the counterparty to the applicable ISDA has a right to terminate the ISDA in accordance with its provisions.
	Certain of the Company’s interest rate swaps are centrally cleared through a registered commodities exchange.  Each of the Company’s ISDAs and central clearing exchange agreements contains provisions under which the Company is required to fully collateralize its obligations under the interest rate swap agreements if at any point the fair value of the swap represents a liability greater than the minimum transfer amount contained within the agreements.  The Company is also required to post initial collateral upon execution of certain of its swap transactions.  If the Company breaches any of these provisions, it will be required to settle its obligations under the agreements at their termination values, which approximates fair value.  Centrally cleared swaps are fair valued using internal pricing models and compared to the exchange market values. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position at December 31, 2013 is approximately $30.2 million including accrued interest, which represents the maximum amount the Company would be required to pay upon termination, which is fully collateralized.

Common_Stock

Common Stock	12 Months Ended
	Dec. 31, 2013
Common Stock	'
	10.  Common Stock
	On January 28, 2011 the Company entered into an equity distribution agreement with FIDAC and UBS Securities LLC (“UBS”).  Through this agreement, the Company may sell through UBS, as its sales agent, up to 125,000,000 shares of its common stock in ordinary brokers’ transactions at market prices or other transactions as agreed between the Company and UBS.  The Company did not sell any shares of its common stock under the equity distribution agreement during the years ended December 31, 2013 and 2012.
	On September 24, 2009, the Company implemented a Dividend Reinvestment and Share Purchase Plan (“DRSPP”).  The DRSPP provides holders of record of its common stock an opportunity to automatically reinvest all or a portion of their cash distributions received on common stock in additional shares of the Company’s common stock as well as to make optional cash payments to purchase shares of its common stock. Persons who are not already stockholders may also purchase the Company’s common stock under the plan through optional cash payments.  The DRSPP is administered by the Administrator, Computershare. The DRSPP was suspended during the quarter ended March 31, 2012 when the Company was no longer current in its filings with the SEC.  There were no shares issued as a part of the DRSPP during the year ended December 31, 2013 due to the suspension of the DRSPP.  During the year ended December 31, 2012 the Company raised $117 thousand by issuing 39,000 shares through the DRSPP.
	As a result of the Company’s delay in filing its SEC reports by the filing date required by the SEC (including the grace period permitted by Rule 12b-25 under the Securities Exchange Act of 1934, as amended), the Company will not be able to issue shares of common stock under the equity distribution agreement or the DRSPP until filings with the SEC have been timely made for a full year.
	During the year ended December 31, 2013 the Company declared dividends to common shareholders totaling $575.2 million, or $0.56 per share.  During the year ended December 31, 2012 the Company declared dividends to common shareholders totaling $390.2 million, or $0.38 per share.  During the year ended December 31, 2011 the Company declared dividends to common shareholders totaling $523.5 million, or $0.51 per share.
	Earnings per share for the years ended December 31, 2013 and 2012, respectively, are computed as follows:
		For the Year Ended
		31-Dec-13		31-Dec-12		31-Dec-11
		(dollars in thousands)
	Numerator:
	Net income	$	362,686	$	327,767	$	137,329
	Effect of dilutive securities:		-		-		-
	Dilutive net income  available to stockholders	$	362,686	$	327,767	$	137,329
	Denominator:
	Weighted average basic shares		1,027,094,379		1,026,831,033		1,026,365,197
	Effect of dilutive securities		475,964		668,222		806,190
	Weighted average dilutive shares		1,027,570,343		1,027,499,255		1,027,171,387
	Net income  per average share attributable to common stockholders - Basic	$	0.35	$	0.32	$	0.13
	Net income  per average share attributable to common stockholders - Diluted	$	0.35	$	0.32	$	0.13

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income	'
	11.  Accumulated Other Comprehensive Income
	The following table presents the changes in the components of Accumulated Other Comprehensive Income (“AOCI”) for the year ended December 31, 2013:
		31-Dec-13
		(dollars in thousands)
		Unrealized gains (losses) on available-for-sale securities, net				Total Accumulated OCI Balance
	Balance as of December 31, 2012	$	989,936			$	989,936
	OCI before reclassifications		23,807				23,807
	Amounts reclassified from AOCI		(22,940	)			(22,940	)
	Net current period OCI		867				867
	Balance as of December 31, 2013	$	990,803			$	990,803
	The following table presents the details of the reclassifications from AOCI for the year ended December 31, 2013:
		31-Dec-13
		(dollars in thousands)
	Details about Accumulated OCI Components	Amounts			Affected Line on the Consolidated
		Reclassified from Accumulated OCI			Statements Of Operations And
					Comprehensive Income (Loss)
	Unrealized gains and losses on available-for-sale securities
		$	68,107		Net realized gains (losses) on sales of investments
			(45,167	)	Net other-than-temporary credit impairment losses
		$	22,940		Income (loss) before income taxes
			-		Income taxes
		$	22,940		Net of tax

Long_Term_Incentive_Plan

Long Term Incentive Plan	12 Months Ended
	Dec. 31, 2013
Long Term Incentive Plan	'
	12.  Long Term Incentive Plan
	The Company has adopted a long term stock incentive plan to provide incentives to its independent directors and employees of FIDAC and its affiliates, to reward their efforts, to attract, reward and retain personnel and other service providers, and to align their interest with the common share investors.  The incentive plan authorizes the Compensation Committee of the board of directors to grant awards, including incentive stock options, non-qualified stock options, restricted shares and other types of incentive awards.  The specific award granted to an individual is based upon, in part, the individual’s position within FIDAC, the individual’s position within the Company, his or her contribution to the Company’s performance, as well as the recommendations of FIDAC.  The incentive plan authorizes the granting of options or other awards of 8.0% of the outstanding shares of the Company’s common stock up to a ceiling of 40,000,000 shares.
	On January 2, 2008, the Company granted restricted stock awards in the amount of 1,301,000 shares to employees of FIDAC and its affiliates and the Company’s independent directors.  The awards to the independent directors vested on the date of grant and the awards to FIDAC’s employees vest quarterly over a period of 10 years.  As of December 31, 2013 there was $1.2 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the long term incentive plan, based on the closing price of the shares at quarter end.  That cost is expected to be recognized over a period of 4 years. The total fair value of shares vested, less those forfeited, during the years ended December 31, 2013, 2012 and 2011 was $395 thousand, $401 thousand and $443 thousand, respectively, based on the closing price of the stock on the vesting date.  For the years ended December 31, 2013, 2012 and 2011, compensation expense associated with the amortization of the fair value of the restricted stock was approximately $418 thousand, $449 thousand and $451 thousand, respectively.
	The Company’s independent directors receive a fixed dollar amount of the Company’s common stock in return for services provided to the Company.  Equity based awards granted to the independent directors vest during the year of service.  For the years ended December 31, 2013, 2012 and 2011, the Company recognized $300 thousand, $300 thousand, and $270 thousand of stock based compensation to independent directors, respectively.
	The following table presents information with respect to the Company’s restricted stock awards during the years ended December 31, 2013 and 2012:
		For the Year Ended
		31-Dec-13					31-Dec-12
		Number of Shares			Weighted		Number of Shares			Weighted
					Average Grant					Average Grant
					Date Fair Value					Date Fair Value
	Unvested shares outstanding - beginning of period		586,000			17.72		758,400			17.72
	Granted		98,688			3.04		111,528			2.69
	Vested		(230,779	)		17.72		(264,232	)		17.72
	Forfeited		(69,909	)		17.72		(19,696	)		17.72
	Unvested shares outstanding - end of period		384,000			17.72		586,000			17.72

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
	13.  Income Taxes
	For the year ended December 31, 2013, the Company was qualified to be taxed as a REIT under Code Sections 856 through 860.  As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions of taxable income to its stockholders.  To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its shareholders and meet certain other requirements such as assets it may hold, income it may generate and its shareholder composition.  It is generally the Company’s policy to distribute to its shareholders all of the Company’s taxable income.
	The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions.  The Company may, however, be subject to certain minimum state and local tax filing fees and its TRS is subject to federal, state, and local taxes.
	For the years ended December 31, 2013, 2012 and 2011, the Company recorded income tax expense of $2 thousand, $1 thousand, and $606 thousand, respectively.
	In general, common stock cash dividends declared by the Company will be considered ordinary income to stockholders for income tax purposes.  From time to time, a portion of the Company’s dividends may be characterized as capital gains or return of capital.  For the years ended December 31, 2013 and 2012, $0.08 and $0.12 of the income distributed in the form of dividends declares is characterized as a return of capital for federal income tax purposes, respectively.  For the year ended December 31, 2011, all of the income distributed in the form of dividends declared is characterized as ordinary income.
	The Company’s effective tax rate differs from its combined federal, state and city corporate statutory tax rate primarily due to the deduction of dividend distributions required to be paid under Code Section 857(a).
	The Company’s 2013, 2012, 2011 and 2010 federal, state and local tax returns remain open for examination.

Credit_Risk_and_Interest_Rate_

Credit Risk and Interest Rate Risk	12 Months Ended
	Dec. 31, 2013
Credit Risk and Interest Rate Risk	'
	14.  Credit Risk and Interest Rate Risk
	The Company’s primary components of market risk are credit risk and interest rate risk.  The Company is subject to interest rate risk in connection with its investments in Agency and Non-Agency RMBS, residential mortgage loans, and borrowings under repurchase agreements.  When the Company assumes interest rate risk, it attempts to minimize interest rate risk through asset selection, hedging and matching the income earned on mortgage assets with the cost of related liabilities.  The Company attempts to minimize credit risk through due diligence and asset selection by purchasing loans underwritten to agreed-upon specifications of selected originators.  The Company has established a whole loan target market including prime borrowers with FICO scores generally greater than 650, Alt-A documentation, geographic diversification, owner-occupied property, and moderate loan-to-value ratios.  These factors are considered to be important indicators of credit risk.
	By using derivative instruments and repurchase agreements, the Company is exposed to counterparty credit risk if counterparties to the contracts do not perform as expected. If a counterparty fails to perform on a derivative hedging instrument, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset on its balance sheet to the extent that amount exceeds collateral obtained from the counterparty or, if in a net liability position, the extent to which collateral posted exceeds the liability to the counterparty. The amounts reported as a derivative asset/(liability) are derivative contracts in a gain/(loss) position, and to the extent subject to master netting arrangements, net of derivatives in a loss/(gain) position with the same counterparty and collateral received/(pledged). If the counterparty fails to perform on a repurchase agreement, the Company is exposed to a loss to the extent that the fair value of collateral pledged exceeds the liability to the counterparty.  The Company attempts to minimize counterparty credit risk by evaluating and monitoring the counterparty’s credit, executing master netting arrangements and obtaining collateral, and executing contracts and agreements with multiple counterparties to reduce exposure to a single counterparty, where appropriate.
	Our repurchase agreements and derivative transactions are governed by underlying agreements that provide for a right of setoff under master netting arrangements, including in the event of default or in the event of bankruptcy of either party to the transactions.  We present our assets and liabilities subject to such arrangements on a net basis in our consolidated statements of financial condition.  The following table presents information about our liabilities that are subject to such arrangements and can potentially be offset on our consolidated statements of financial condition as of December 31, 2013 and 2012.  The Company has no financial instruments subject to master netting arrangements, or similar arrangements, in an asset position on a gross basis.
		31-Dec-13
		(dollars in thousands)
											Gross Amounts Not Offset with Financial
											Assets (Liabilities) in the Consolidated
											Statements of Financial Position
		Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Consolidated Statements of Financial Position			Net Amounts Offset in the Consolidated Statements of Financial Position			Financial Instruments		Cash Collateral (Received) Pledged		Net Amount
	Repurchase agreements	$	(1,658,561	)	$	-		$	(1,658,561	)	$	1,737,381	$	-	$	78,820
	Interest Rate Swaps		(30,199	)		-			(30,199	)		39,470		-		9,271
	Mortgage Options		-			-			-			-		-		-
	Treasury Futures		10,629			(2,534	)		8,095			-		-		8,095
	Total Liabilities	$	(1,678,131	)	$	(2,534	)	$	(1,680,665	)	$	1,776,851	$	-	$	96,186
		31-Dec-12
		(dollars in thousands)
											Gross Amounts Not Offset with Financial
											Assets (Liabilities) in the Consolidated
											Statements of Financial Position
		Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Consolidated Statements of Financial Position			Net Amounts Offset in the Consolidated Statements of Financial Position			Financial Instruments		Cash Collateral (Received) Pledged		Net Amount
	Repurchase Agreements	$	(1,528,025	)	$	-		$	(1,528,025	)	$	1,604,560	$	-	$	76,535
	Interest Rate Swaps		(53,939	)		-			(53,939	)	$	60,382		-		6,443
	Total Liabilities	$	(1,581,964	)	$	-		$	(1,581,964	)	$	1,664,942	$	-	$	82,978

Management_Agreement_and_Relat

Management Agreement and Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Management Agreement and Related Party Transactions	'
	15.  Management Agreement and Related Party Transactions
	Because of the Restatement Filing (as defined below) the Company entered into a management agreement with FIDAC, which provided for an initial term through December 31, 2010 with an automatic one-year extension option and subject to certain termination rights.  In 2011and through November 28, 2012, the Company paid FIDAC a quarterly management fee equal to 1.50% per annum of the gross Stockholders’ Equity (as defined in the management agreement) of the Company.  Effective November 28, 2012, the management fee was reduced to 0.75% per annum of gross Stockholders’ Equity, which reduction will remain in effect until the Company is current on all of its filings required under applicable securities laws.
	Management fees accrued and paid to FIDAC for the years ended December 31, 2013, 2012 and 2011 were $26.0 million, $49.5 million and $52.0 million, respectively.
	Under the management agreement, the Company is obligated to reimburse FIDAC for its costs incurred under the management agreement.  In addition, the management agreement permits FIDAC to require the Company to pay for its pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses that FIDAC incurred in connection with the Company’s operations.  These expenses are allocated between FIDAC and the Company based on the ratio of the Company’s proportion of gross assets compared to the gross assets managed by FIDAC as calculated at each quarter end.  FIDAC and the Company will modify this allocation methodology, subject to the approval of the Company’s board of directors if the allocation becomes inequitable (i.e., if the Company becomes very highly leveraged compared to FIDAC’s other funds and accounts).  During the year ended December 31, 2013, 2012 and 2011, the Company reimbursed FIDAC approximately $493 thousand, $447 thousand and $625 thousand for such expenses, respectively.
	The Company and FIDAC amended the management agreement on March 8, 2013.  In the amendment, the reduction in the management fee was memorialized.  In addition,  FIDAC agreed to pay all past and future expenses that the Company and/or the Audit Committee of the Company incur to: (1) evaluate the Company’s accounting policy related to the application of GAAP to its Non-Agency RMBS portfolio (the “Evaluation”); (2) restate the Company’s financial statements for the period covering 2008 through 2011 as a result of the Evaluation (the “Restatement Filing”); and (3) investigate and evaluate any shareholder derivative demands arising from the Evaluation and/or the Restatement Filing (the “Investigation”); provided, however, that FIDAC’s obligation to pay expenses applies only to expenses not paid by the Company’s insurers under its insurance policies.  Expenses shall include, without limitation, fees and costs incurred with respect to auditors, outside counsel, and consultants engaged by the Company and/or the Audit Committee of the Company for the Evaluation, Restatement Filing and the Investigation.  The amount paid by FIDAC related to these expenses for the years ended December 31, 2013 and 2012 is $6.8 million and $4.7 million, respectively, and is presented in the Consolidated Statements of Operations and Comprehensive Income (Loss) as Expense recoveries from Manager.
	The amended management agreement is automatically renewed for a one-year term on each anniversary date, although two-thirds of the independent directors or the holders of a majority of the outstanding shares of common stock (other than those held by Annaly or its affiliates) may elect to terminate the management agreement upon 30 days notice at any time in their sole discretion without the payment of a termination fee.  The amendment also provides that the Company may terminate the management agreement effective immediately if (i) FIDAC engages in any act of fraud, misappropriation of funds, or embezzlement against the Company, (ii) there is an event of any gross negligence on the part of FIDAC in the performance of its duties under the management agreement, (iii) there is a commencement of any proceeding relating to FIDAC’s bankruptcy or insolvency, (iv) there is a dissolution of FIDAC, or (v) FIDAC is convicted of (including a plea of nolo contendere) a felony.
	On March 1, 2011, the Company entered into an administrative services agreement with RCap Securities Inc., (“RCap”).  RCap is a SEC-registered broker-dealer and a wholly-owned subsidiary of Annaly that clears the Company’s securities trades in return for normal and customary fees that RCap charges for such services.  RCap may also provide brokerage services to the Company from time to time.  During the years ended December 31, 2013, 2012 and 2011, fees paid to RCAP were $145 thousand, $137 thousand and $162 thousand, respectively.
	During the years ended December 31, 2013 and 2012, 140,000 shares and 172,000 shares of restricted stock issued by the Company to FIDAC’s employees vested, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
	16.  Commitments and Contingencies
	From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business.  In connection with certain re-securitization transactions engaged in by the Company, the Company has the obligation under certain circumstances to repurchase assets from the VIE upon breach of certain representations and warranties.  Management is not aware of any contingencies that require accrual or disclosure as of December 31, 2013 and 2012.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events	'
	17.  Subsequent Events
	The Board of Directors declared and paid a common stock cash dividend of $0.09 per common share for the first quarter of 2014. The Board of Directors has also determined that there will be a quarterly dividend of $0.09 per share for the second, third and fourth quarters of 2014. As of March 31, 2014, the Company has sold all of its interests in CSMC 2010-12R for approximately $580 million. A portion of the proceeds of this sale were invested in other Non-Agency RMBS securities and the remainder was invested in Agency RMBS securities. Also, subsequent to March 31, 2014, the Company increased its Agency portfolio by approximately $4 billion, financed primarily by repurchase agreements. From time to time, the Company may add to its Agency and Non-Agency portfolio and may increase leverage to increase net interest income.

Summarized_Quarterly_Results_U

Summarized Quarterly Results (Unaudited) and Immaterial Restatements	12 Months Ended
	Dec. 31, 2013
Summarized Quarterly Results (Unaudited) and Immaterial Restatements	'
	18. Summarized Quarterly Results (Unaudited) and Immaterial Restatements
	In the 2012 Form 10-K as filed, the Company corrected amounts previously reported in Total other-than-temporary impairments (“OTTI”) losses and the Portion of loss recognized in other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss) as the previous presentation was reported on a cumulative basis. The current presentation reflects only that portion of Total other-than-temporary impairments loss and the Portion of loss recognized in other comprehensive income (loss) that is incremental for the reporting period by giving consideration to both the credit and portions of OTTI reported in Other comprehensive income (loss) and recognized in prior periods. For the years ended December 31, 2011, the previously reported Total other-than-temporary impairments losses of $418.1 million was reduced by $176.2 million. This change was fully offset by an adjustment to the previously reported Portion of loss recognized in other comprehensive income (loss) of $61.0 million. The corrections had no impact on any previously reported Net other-than-temporary credit impairment losses, Net income (loss), Other comprehensive income (loss), Net income (loss) per share available to common shareholders or Consolidated Statements of Cash Flows.
	In the Company’s 2012 Form 10-Q, for the period ending March 31, 2012, the Company did not present total OTTI correctly when total cumulative credit losses are greater than total OTTI in the Consolidated Statements of Operations and Comprehensive Income (Loss). Total OTTI losses should be reported net of unrealized gains on a security when they occur in the same period as a credit loss. The previously reported total OTTI and portion of loss recognized in OCI for three month period ending March 31, 2012 of $57.0 million and $8.6 million, respectively, were reduced by $24.9 million. Additionally, the Company noted an error in the presentation of reclassification items within Comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the quarter ended March 31, 2012. This error would result in a reduction of $47.1 million between Unrealized gains (losses) on available-for-sale securities, net, an increase in Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses of $62.6 million and a reduction in Reclassification adjustment for net realized losses (gains) included in net income (loss) of $15.5 million. These adjustments are solely between the components of Accumulated other comprehensive income (loss) and have no impact on Total stockholders’ equity. The errors noted related to the financial statements for the period ended March 31, 2012 will be corrected in the Company’s future filings that presents such information. The fiscal year ended December 31, 2012 reflects the correction of the March 31, 2012 errors. The correction had no impact on any previously reported Net other-than-temporary credit impairment losses, Net income (loss), Other comprehensive income (loss), Net income (loss) per share available to common shareholders or Consolidated Statements of Cash Flows.
	The following is a presentation of the results of operations for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013.
	For the Quarter Ended
		31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	128,062		$	130,361		$	127,565		$	125,795
	Less interest expense		(21,485	)		(25,074	)		(26,611	)		(28,829	)
	Net interest income (expense)		106,577			105,287			100,954			96,966
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(2,147	)		(2,209	)		-			-
	Portion of loss recognized in other comprehensive income (loss)		(20,402	)		(14,246	)		-			(6,163	)
	Net other-than-temporary credit impairment losses		(22,549	)		(16,455	)		-			(6,163	)
	Net gains (losses) on derivatives		22,361			(3,364	)		7,787			(128	)
	Net unrealized gains (losses) on interest-only RMBS		(2,416	)		(27,874	)		(12,974	)		(1,013	)
	Net realized gains (losses) on sales of investments		(4,832	)		18,816			54,117			6
	Total other expenses		8,514			9,043			6,677			9,865
	Net income (loss)	$	72,311		$	67,367		$	143,207		$	79,801
	Net income (loss) per share-basic and diluted	$	0.06		$	0.07		$	0.14		$	0.08
	The following is a presentation of the results of operations for the quarters ended December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012. The amounts below reflect the impact of the immaterial restatement as described above.
	For the Quarter Ended
		31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	133,552		$	144,696		$	161,524		$	149,668
	Less interest expense		(33,874	)		(34,356	)		(21,953	)		(36,375	)
	Net interest income (expense)		99,678			110,340			139,571			113,293
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(368	)		(2,713	)		(12,474	)		(32,077	)
	Portion of loss recognized in other comprehensive income (loss)		(7,817	)		(7,301	)		(53,213	)		(16,287	)
	Net other-than-temporary credit impairment losses		(8,185	)		(10,014	)		(65,687	)		(48,364	)
	Net gains (losses) on derivatives		(199	)		(9,725	)		(16,186	)		(3,586	)
	Net unrealized gains (losses) on interest-only RMBS		811			(15,393	)		(2,532	)		17,947
	Net gains (losses) on embedded derivatives in interest-only RMBS		-			-			-			-
	Net realized gains (losses) on sales of investments		1			69,155			-			16,010
	Total other expenses		13,422			16,295			14,385			15,065
	Net income (loss)	$	78,685		$	128,068		$	40,781		$	80,233
	Net income (loss) per share-basic and diluted	$	0.08		$	0.12		$	0.04		$	0.08
	The following is a presentation of the results of operations for the quarters ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011. The amounts below reflect the impact of the immaterial restatement as described above.
	For the Quarter Ended
		31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	167,541		$	185,581		$	179,859		$	172,043
	Less interest expense		(30,696	)		(32,792	)		(35,793	)		(35,577	)
	Net interest income (expense)		136,845			152,789			144,066			136,466
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(80,038	)		(78,950	)		(57,926	)		(25,048	)
	Portion of loss recognized in other comprehensive income (loss)		(31,154	)		(71,610	)		(4,244	)		(8,135	)
	Net other-than-temporary credit impairment losses		(111,192	)		(150,560	)		(62,170	)		(33,183	)
	Net gains (losses) on derivatives		(3,782	)		(29,812	)		(23,797	)		6,984
	Net unrealized gains (losses) on interest-only RMBS		(12,934	)		(17,600	)		11,883			4,106
	Net realized gains (losses) on sales of investments		52,566			58			(913	)		2,642
	Total other expenses		18,794			15,082			14,972			15,679
	Net income (loss)	$	42,748		$	(60,036	)	$	53,979		$	100,638
	Net income (loss) per share-basic and diluted	$	0.04		$	(0.06	)	$	0.05		$	0.1

Summary_of_the_Significant_Acc1

Summary of the Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation and Consolidation	'
	(a) Basis of Presentation and Consolidation
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). In the opinion of management, all adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows have been included.  Certain prior year amounts have been reclassified to conform to the current year’s presentation.
	The consolidated financial statements include, on a consolidated basis, the Company’s accounts, the accounts of its wholly-owned subsidiaries, and variable interest entities (“VIEs”) in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.
	The Company uses securitization trusts considered to be VIEs in its securitization and re-securitization transactions.  VIEs are defined as entities in which equity investors (i) do not have the characteristics of a controlling financial interest, and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is known as its primary beneficiary, and is generally the entity with (i) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE.  For VIEs that do not have substantial on going activities, the power to direct the activities that most significantly impact the VIEs’ economic performance may be determined by an entity’s involvement with the design and structure of the VIE.
	The trusts are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders.  The assets held by the securitization entities are restricted in that they can only be used to fulfill the obligations of the securitization entity.  The Company’s risks associated with its involvement with these VIEs are limited to its risks and rights as a certificate holder of the bonds it has retained.  There have been no recent changes to the nature of risks associated with the Company’s involvement with VIEs.
	Determining the primary beneficiary of a VIE requires significant judgment.  The Company determined that for the securitizations it consolidates, its ownership of substantially all subordinate interests provided the Company with the obligation to absorb losses and/or the right to receive benefits from the VIE that could be significant to the VIE.  In addition, the Company is considered to have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance (“power”) or the Company was determined to have power in connection with its involvement with the purpose and design of the VIE.
	The Company’s interest in the assets held by these securitization vehicles, which are consolidated on the Company’s Statements of Financial Condition, is restricted by the structural provisions of these entities, and a recovery of the Company’s investment in the vehicles will be limited by each entity’s distribution provisions. The liabilities of the securitization vehicles, which are also consolidated on the Company’s Statements of Financial Condition, are non-recourse to the Company, and can generally only be satisfied from each securitization vehicle’s respective asset pool.
	The securitization entities are comprised of senior classes of residential mortgage backed securities (“RMBS”) and jumbo, prime, residential mortgage loans.  See Notes 3, 4 and 8 for further discussion of the characteristics of the securities and loans in the Company’s portfolio.
Statements of Financial Condition Presentation	'
	(b) Statements of Financial Condition Presentation
	The Company’s Consolidated Statements of Financial Condition separately present: (i) the Company’s direct assets and liabilities, and (ii) the assets and liabilities of consolidated securitization vehicles. Assets of each consolidated VIE can only be used to satisfy the obligations of that VIE, and the liabilities of consolidated VIEs are non-recourse to the Company.  The Company is not obligated to provide, nor has it provided, any financial support to these consolidated securitization vehicles.
	The Company has aggregated all the assets and liabilities of the consolidated securitization vehicles due to the determination that these entities are substantively similar and therefore a further disaggregated presentation would not be more meaningful. The notes to the consolidated financial statements describe the Company’s direct assets and liabilities and the assets and liabilities of consolidated securitization vehicles.  See Note 8 for additional information related to the Company’s investments in consolidated securitization vehicles.
Cash and Cash Equivalents	'
	(c) Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and cash deposited overnight in money market funds, which are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation. There were no restrictions on cash and cash equivalents at December 31, 2013 and 2012.
Agency and Non-Agency Residential Mortgage-Backed Securities	'
	(d) Agency and Non-Agency Residential Mortgage-Backed Securities
	The Company invests in RMBS representing interests in obligations backed by pools of mortgage loans.  The Company delineates between Agency RMBS and Non-Agency RMBS as follows: Agency RMBS are mortgage pass-through certificates, collateralized mortgage obligations (“CMOs”), and other RMBS representing interests in or obligations backed by pools of mortgage loans issued or guaranteed by agencies of the U.S. Government, such as Ginnie Mae, or federally chartered corporations such as Freddie Mac or Fannie Mae where principal and interest repayments are guaranteed by the respective agency of the U.S. Government or federally chartered corporation. Non-Agency RMBS are not issued or guaranteed by a U.S. Government Agency or other institution and are subject to credit risk.  Repayment of principal and interest on Non-Agency RMBS is subject to the performance of the mortgage loans or RMBS collateralizing the obligation.
	The Company classifies its RMBS as available-for-sale, records investments at estimated fair value as described in Note 5 of these consolidated financial statements, and includes unrealized gains and losses considered to be temporary on all RMBS, excluding interest-only (“IO”) strips, in Other comprehensive income (loss) in the Consolidated Statements of Operations and Comprehensive Income (Loss).  IO strips are recorded at estimated fair value and all unrealized gains and losses are included in earnings in the Consolidated Statements of Operations and Comprehensive Income (Loss).  From time to time, as part of the overall management of its portfolio, the Company may sell any of its RMBS investments and recognize a realized gain or loss as a component of earnings in the Consolidated Statements of Operations and Comprehensive Income (Loss) utilizing the average cost method.
	The Company’s accounting policy for interest income and impairment related to its RMBS is as follows:
	Interest Income Recognition
	The recognition of interest income on RMBS securities varies depending on the characteristics of the security as follows:
	Agency RMBS and Non-Agency RMBS of High Credit Quality
	The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310-20, Nonrefundable Fees and Other Costs (“ASC 310-20”) is applied to the recognition of interest income for the following securities:
	●	Agency RMBS
	●	Non-Agency RMBS that meet all of the following conditions at the acquisition date (referred to hereafter as “Non-Agency RMBS of High Credit Quality”):
	1.	Rated AA or higher by a nationally recognized credit rating agency.  The Company uses the lowest rating available.
	2.	The Company expects to collect all of the security’s contractual cash flows.
	3.	The security cannot be contractually prepaid such that the Company would not recover substantially all of its recorded investment.
	Under ASC 310-20, interest income, including premiums and discounts associated with the acquisition of these securities, is recognized over the life of such securities using the interest method based on the contractual cash flows of the security.   In applying the interest method, the Company considers estimates of future principal prepayments in the calculation of the constant effective yield. Differences that arise between previously anticipated prepayments and actual prepayments received, as well as changes in future prepayment assumptions, result in a recalculation of the effective yield on the security on a quarterly basis. This recalculation results in the recognition of an adjustment to the carrying amount of the security based on the revised prepayment assumptions and a corresponding increase or decrease in reported interest income.
	Non-Agency RMBS Not of High Credit Quality
	Non-Agency RMBS that are purchased at a discount and that are not of high credit quality at the time of purchase are accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) or ASC 325-40, Beneficial Interests in Securitized Financial Assets (“ASC 325-40”) (referred to hereafter as “Non-Agency RMBS Not of High Credit Quality”).
	Non-Agency RMBS are accounted for under ASC 310-30 if the following conditions are met as of the acquisition date:
	1.	There is evidence of deterioration in credit quality of the security from its inception.
	2.	It is probable that the Company will be unable to collect all contractual cash flows of the security.
	Non-Agency RMBS that are not within the scope of ASC 310-30 are accounted for under ASC 325-40 if at the acquisition date:
	1.	The security is not of high credit quality (defined as rated below AA or is unrated), or
	2.	The security can contractually be prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.
	Interest income on Non-Agency RMBS Not of High Credit Quality is recognized using the interest method based on management’s estimates of cash flows expected to be collected. The effective interest rate on these securities is based on management’s estimate for each security of the projected cash flows, which are estimated based on observation of current market information and include assumptions related to fluctuations in prepayment speeds and the timing and amount of credit losses. Quarterly, the Company reviews and, if appropriate, makes adjustments to its cash flow projections based on inputs and analyses received from external sources, internal models, and the Company’s judgments about prepayment rates, the timing and amount of credit losses, and other factors. Changes in the amount and/or timing of cash flows from those originally projected, or from those estimated at the last evaluation date, are considered to be either positive changes or adverse changes. For securities accounted for under ASC 325-40, any positive or adverse change in cash flows that does not result in the recognition of an other-than-temporary impairment (“OTTI”) results in a prospective increase or decrease in the effective interest rate used to recognize interest income. For securities accounted for under ASC 310-30, only significant positive changes are reflected prospectively in the effective interest rate used to recognize interest income.  Adverse changes in cash flows expected to be collected are generally treated consistently for RMBS accounted for under ASC 325-40 and ASC 310-30, and generally result in recognition of an OTTI with no change in the effective interest rate used to recognize interest income.
	Impairment
	Considerations Applicable to all RMBS
	When the fair value of an available-for-sale RMBS is less than its amortized cost the security is considered impaired.  On at least a quarterly basis the Company evaluates its securities for OTTI.  If the Company intends to sell an impaired security, or it is more-likely-than-not that the Company will be required to sell an impaired security before its anticipated recovery, then the Company must recognize an OTTI through a charge to earnings equal to the entire difference between the investment’s amortized cost and its fair value at the measurement date.  If the Company does not intend to sell an impaired security and it is not more-likely-than-not that it would be required to sell an impaired security before recovery, the Company must further evaluate the security for impairment due to credit losses. The credit component of OTTI is recognized in earnings and the remaining or non-credit component is recorded as a component of Other comprehensive income (loss) (“OCI”). Following the recognition of an OTTI through earnings, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings.
	When evaluating whether the Company intends to sell an impaired security or will more-likely-than-not be required to sell an impaired security before recovery, the Company makes judgments that consider among other things, its liquidity, leverage, contractual obligations, and targeted investment strategy to determine its intent and ability to hold the investments that are deemed impaired.  The determination as to whether an OTTI exists is subjective as such determinations are based on factual information available at the time of assessment as well as the Company’s estimates of future conditions.  As a result, the determination of OTTI and its timing and amount is based on estimates that may change materially over time.
	The Company’s estimate of the amount and timing of cash flows for its RMBS is based on its review of the underlying securities or mortgage loans securing the RMBS.  The Company considers historical information available and expected future performance of the underlying securities or mortgage loans, including timing of expected future cash flows, prepayment rates, default rates, loss severities, delinquency rates, percentage of non-performing loans, extent of credit support available, Fair Isaac Corporation (“FICO”) scores at loan origination, year of origination, loan-to-value ratios, geographic concentrations, as well as reports by credit rating agencies, such as Moody’s Investors Service, Inc., Standard & Poor’s Rating Services or Fitch Ratings, Inc., general market assessments and dialogue with market participants.  As a result, substantial judgment is used in the Company’s analysis to determine the expected cash flows for its RMBS.
	Considerations Applicable to Non-Agency RMBS of High Credit Quality
	The impairment assessment for Non-Agency RMBS of High Credit Quality involves comparing the present value of the remaining cash flows expected to be collected to the amortized cost of the security at the assessment date.  The discount rate used to calculate the present value of the expected future cash flows is based on the security’s effective interest rate as calculated under ASC 310-20 (i.e., the  discount rate implicit in the security as of the last measurement date).   If the present value of the remaining cash flows expected to be collected is less than the amortized cost basis, an OTTI is recognized in earnings for the difference. This amount is considered to be the credit loss component; the remaining difference between amortized cost and the fair value of the security is considered to be the portion of loss recognized in other comprehensive income (loss).
	Following the recognition of an OTTI through earnings for the credit loss component, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings.
	Considerations Applicable to Non-Agency RMBS Not of High Credit Quality
	Non-Agency RMBS within the scope of ASC 325-40 or ASC 310-30 are considered other-than-temporarily impaired when the following two conditions exist: (1) the fair value is less than the amortized cost basis, and (2) there has been an adverse change in cash flows expected to be collected from the last measurement date (i.e., adverse changes in either the amount or timing of cash flows from those previously expected).
	The OTTI is separated into a credit loss component that is recognized in earnings and the portion of loss recognized in other comprehensive income (loss). The credit component is comprised of the impact of the fair value decline due to changes in assumptions related to default (collection) risk and prepayments. The portion of loss recognized in other comprehensive income (loss) comprises the change in fair value of the security due to all other factors, including changes in benchmark interest rates and market liquidity.  In determining the OTTI related to credit losses for securities, the Company compares the present value of the remaining cash flows adjusted for prepayments expected to be collected at the current financial reporting date to the present value of the remaining cash flows expected to be collected at the original purchase date (or the last date those estimates were revised for accounting purposes).  The discount rate used to calculate the present value of expected future cash flows is the effective interest rate used for income recognition purposes as determined under ASC 325-40 or ASC 310-30.
	Following the recognition of an OTTI through earnings for the credit component, a new amortized cost basis is established for the security and subsequent recoveries in fair value may not be adjusted through earnings. However, to the extent that there are subsequent increases in cash flows expected to be collected, the OTTI previously recorded through earnings may be accreted into interest income following the guidance in ASC 325-40 or ASC 310-30.
	The determination of whether an OTTI exists and, if so, the extent of the credit component is subject to significant judgment and management’s estimates of both historical information available at the time of assessment, the current market environment, as well as the Company’s estimates of the future performance and projected amount and timing of cash flows expected to be collected on the security. As a result, the timing and amount of OTTI constitutes an accounting estimate that may change materially over time.
Interest-Only RMBS	'
	(e) Interest-Only RMBS
	The Company invests in IO Agency and Non-Agency RMBS strips.  IO RMBS strips represent the Company’s right to receive a specified proportion of the contractual interest flows of the collateral. The Company has accounted for IO RMBS strips at fair value with changes in fair value recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).  The Company has elected the fair value option to account for IO RMBS strips to simplify the reporting of changes in fair value.  The IO RMBS strips are included in RMBS, at fair value, on the accompanying Consolidated Statements of Financial Condition.  Interest income on IO RMBS strips is accrued based on the outstanding notional balance and the security’s contractual terms, and amortization of any premium or discount is calculated in accordance with ASC 325-40. Changes in fair value are presented in Net unrealized gains (losses) on interest-only RMBS on the Consolidated Statement of Operations and Comprehensive Income (Loss).  Included in Agency RMBS, at fair value on the Consolidated Statements of Financial condition are IO RMBS strips carried at fair value with changes in fair value reflected in earnings of $42.8 million and $5.1 million as of December 31, 2013 and 2012.  Included in Non-Agency RMBS transferred to VIEs, at fair value on the Consolidated Statements of Financial condition are IO RMBS strips carried at fair value with changes in fair value reflected in earnings of $11.7 million and $17.0 million as of December 31, 2013 and 2012.  Total Interest income reported on IO securities was $29.9 million, $23.1 million and $32.5 million for the years ended December 31, 2013, 2012 and 2011, respectively.
Securitized Loans Held for Investment and Related Allowance for Loan Losses	'
	(f) Securitized Loans Held for Investment and Related Allowance for Loan Losses
	The Company’s securitized residential mortgage loans are comprised of fixed-rate and variable-rate loans.  Mortgage loans are designated as held for investment, and are carried at their principal balance outstanding, plus any premiums, less discounts and allowances for loan losses.  Interest income on loans held for investment is recognized over the expected life of the loans using the interest method.  Nonrefundable fees and costs related to acquiring the Company’s securitized residential mortgage loans are recognized as expenses over the life of the associated debt using the interest method of amortization.  Income recognition is suspended for loans when, based on information from the servicer, a full recovery of interest or principal becomes doubtful.  The Company estimates the fair value of securitized loans for disclosure purposes only as described in Note 5 of these consolidated financial statements.
Allowance for Loan Losses - Securitized Loans Held for Investment	'
	(g) Allowance for Loan Losses – Securitized Loans Held for Investment
	The securitized loan portfolio is comprised primarily of non-conforming, single family, owner occupied, jumbo, prime loans that are not guaranteed as to repayment of principal or interest.  Securitized loans are serviced and modified by a third-party servicer.  The Company generally has the ability to approve certain loan modifications and determine the course of action to be taken as it relates to certain loans in technical default, including whether or not to proceed with foreclosure.
	The Company’s general reserve is based on historical loss rates for pools of loans with similar credit characteristics, adjusted for current trends and market conditions, including current trends in delinquencies and severities.
	The Company has established a specific reserve that reflects consideration of loans more than 60 days delinquent, loans in foreclosure and borrowers that have declared bankruptcy.  The loan loss provision related to these loans is measured as the difference between the unpaid principal balance and the estimated fair value of the property securing the mortgage, less estimated costs to sell.  The specific reserve also reflects consideration of concessions granted to borrowers by the servicer in the form of modifications (i.e., reductions).  Loan loss provisions related to these modifications are based on the contractual principal and interest payments, post-modification, discounted at the loan’s original effective interest rate.  Loans with specific reserves are individually evaluated for impairment.  Loan modifications made by the servicer are evaluated to determine if they constitute troubled debt restructurings (“TDRs”).  A restructuring of a loan constitutes a TDR if the servicer, for economic or legal reasons related to the borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. Impairment of modified loans considered to be TDRs is measured based on the present value of expected cash flows discounted at the loan’s effective interest rate at inception. If the present value of expected cash flows is less than the recorded investment in the loan, an allowance for loan losses is recognized with a corresponding charge to the provision for loan losses. Impairment of all other loans individually evaluated is measured as the difference between the unpaid principal balance and the estimated fair value of the collateral, less estimated costs to sell.  The Company charges off the corresponding loan allowance and related principal balance when the servicer reports a realized loss. A complete discussion of securitized loans held for investment is included in Note 4 to these consolidated financial statements.
Repurchase Agreements	'
	(h) Repurchase Agreements
	The Company finances the acquisition of a significant portion of its Agency mortgage-backed securities with repurchase agreements. The Company has evaluated each agreement and determined that each of the repurchase agreements be accounted for as secured borrowings. None of the Company’s repurchase agreements are accounted for as components of linked transactions. As a result, the Company separately accounts for the financial assets posted as collateral and related repurchase agreements in the accompanying consolidated financial statements.
Securitized Debt, Non-Agency RMBS Transferred to Consolidated VIEs, and Securitized Debt, Loans Held for Investment	'
	(i) Securitized Debt, Non-Agency RMBS Transferred to Consolidated VIEs, and Securitized Debt, Loans Held for Investment
	The Company has issued securitized debt to finance a portion of its residential mortgage loan and RMBS portfolios.  Certain transactions involving residential mortgage loans are accounted for as secured borrowings, and are recorded as Securitized loans held for investment and the corresponding debt as Securitized debt, collateralized by loans held for investment in the Consolidated Statements of Financial Condition.  These securitizations are collateralized by residential adjustable or fixed rate mortgage loans that have been placed in a trust and pay interest and principal to the debt holders of that securitization.  Re-securitization transactions classified as Securitized debt, collateralized by Non-Agency RMBS reflect the transfer to a trust of fixed or adjustable rate RMBS which are classified as Non-Agency RMBS transferred to consolidated VIEs that pay interest and principal to the debt holders of that re-securitization.  Re-securitization transactions completed by the Company that did not qualify as sales are accounted for as secured borrowings.  The associated securitized debt is carried at amortized cost. The Company estimates the fair value of its securitized debt for disclosure purposes as described in Note 5 to these consolidated financial statements.
Fair Value Disclosure	'
	(j) Fair Value Disclosure
	A complete discussion of the methodology utilized by the Company to estimate the fair value of its financial instruments is included in Note 5 to these consolidated financial statements.
Derivative Financial Instruments	'
	(k) Derivative Financial Instruments
	The Company’s investment policies permit it to enter into derivative contracts, including interest rate swaps, interest rate caps, options, and futures as a means of managing its interest rate risk as well as to enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the Consolidated Statements of Financial Condition and measured at fair value.  These derivative financial instrument contracts are not designated as hedges for GAAP; therefore, all changes in fair value are recognized in earnings.  The Company estimates the fair value of its derivative instruments as described in Note 5 of these consolidated financial statements.  Net payments on derivative instruments are included in the Consolidated Statements of Cash Flows as a component of net income (loss).  Unrealized gains (losses) on derivatives are removed from net income (loss) to arrive at cash flows from operating activities.
	The Company elects to net by counterparty the fair value of its derivative contracts when appropriate.  These contracts contain legally enforceable provisions that allow for netting or setting off of all individual swaps receivable and payable with each counterparty and, therefore, the fair value of those swap contracts are reported net by counterparty.  The credit support annex provisions of the Company’s interest rate swap contracts allow the parties to mitigate their credit risk by requiring the party which is in a net payable position to post collateral. As the Company elects to net by counterparty the fair value of interest rate swap contracts, it also nets by counterparty any cash collateral exchanged as part of the interest rate swap contracts.
Sales, Securitizations, and Re-Securitizations	'
	(l) Sales, Securitizations, and Re-Securitizations
	The Company periodically enters into transactions in which it sells financial assets, such as RMBS, and mortgage loans.  Gains and losses on sales of assets are calculated using the average cost method whereby the Company records a gain or loss on the difference between the average amortized cost of the asset and the proceeds from the sale.  In addition, the Company from time to time securitizes or re-securitizes assets and sells tranches in the newly securitized assets.  These transactions may be recorded as either sales and the assets contributed to the securitization are removed from the Consolidated Statements of Financial Condition and a gain or loss is recognized, or as secured borrowings whereby the assets contributed to the securitization are not derecognized but rather the debt issued by the securitization entity are recorded to reflect the term financing of the assets.  In these securitizations and re-securitizations, the Company may retain senior or subordinated interests in the securitized and/or re-securitized assets.
Income Taxes	'
	(m) Income Taxes
	The Company has elected to be taxed as a REIT and intends to comply with the provision of the Code, with respect thereto.  Accordingly, the Company will not be subject to federal, state or local income tax to the extent that qualifying distributions are made to stockholders and as long as certain asset, income, distribution and stock ownership tests are met. If the Company failed to qualify as a REIT and did not qualify for certain statutory relief provisions, the Company would be subject to federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which the REIT qualification was lost. The Company and CIM Trading made a joint election to treat CIM Trading as a TRS. As such, CIM Trading is taxable as a domestic C corporation and subject to federal, state, and local income taxes based upon its taxable income.
	A tax position is recognized only when, based on management’s judgment regarding the application of income tax laws, it is more likely than not that the tax position will be sustained upon examination.  The Company does not have any unrecognized tax benefits that would affect its financial position or require disclosure.  No accruals for penalties and interest were necessary as of December 31, 2013 or 2012.
Net Income per Share	'
	(n) Net Income per Share
	The Company calculates basic net income per share by dividing net income for the period by the basic weighted-average shares of its common stock outstanding for that period.  Diluted net income per share takes into account the effect of dilutive instruments such as unvested restricted stock.
Stock-Based Compensation	'
	(o) Stock-Based Compensation
	The Company accounts for stock-based compensation awards granted to the employees of FIDAC and FIDAC’s affiliates at the fair value of the stock-based compensation provided.  The Company measures the fair value of the equity instrument using the stock prices and other measurement assumptions as of the earlier of either the date at which a performance commitment by the recipient is reached or the date at which the recipient’s performance is complete. Stock compensation expense related to the grants of stock is recognized over the vesting period of such grants based on the fair value of the stock on each quarterly vesting date, at which the recipient’s performance is complete.
	Compensation expense for equity based awards granted to the Company’s independent directors is recognized pro-rata over the vesting period of such awards, based upon the fair value of such awards at the grant date.
Use of Estimates	'
	(p) Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although the Company’s estimates contemplate current conditions and how it expects them to change in the future, it is reasonably possible that actual conditions could be materially different than anticipated in those estimates, which could have a material adverse impact on the Company’s results of operations and its financial condition. Management has made significant estimates in accounting for income recognition and OTTI on Agency and Non-Agency RMBS and IO RMBS (Note 3), valuation of Agency and Non-Agency RMBS (Notes 3 and 5), and derivative instruments (Notes 5 and 9).  Actual results could differ materially from those estimates.
Recent Accounting Pronouncements	'
	(q) Recent Accounting Pronouncements
	Presentation
	Balance Sheet (Topic 210)
	On December 23, 2011, the FASB released Accounting Standards Update (“ASU”) 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.  Under this update, the Company is required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and transactions subject to an agreement similar to a master netting arrangement.  The scope includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and securities lending arrangements.   This disclosure is intended to enable financial statement users to understand the effect of such arrangements on the Company’s financial position.   The Company adopted this guidance in the first quarter of 2013. As this standard only requires additional disclosure, the adoption of ASU 2011-11 did not have any effect on the consolidated financial statements.  The additional disclosures related to the Company’s repurchase agreements and derivatives are presented in Note 14.
	Comprehensive Income (Topic 220)
	In February 2013, the FASB issued ASU 2013-02 Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.  This update requires the disclosure of information about the amounts reclassified out of accumulated OCI by component. In addition, it requires presentation, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of accumulated OCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, a cross-reference must be provided to other disclosures required under GAAP that provide additional detail about those amounts. The Company adopted this guidance in the first quarter of 2013. As this standard only requires additional disclosure, the adoption of ASU 2013-02 did not have any effect on the consolidated financial statements.  The additional disclosures related to accumulated OCI are presented in Note 11.
	Broad Transactions
	Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40)
	In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.  This update clarifies when the Company is considered to have obtained physical possession, from an in-substance possession or foreclosure, of a residential real estate property collateralizing a mortgage loan.  Current guidance indicates that the Company should reclassify a collateralized mortgage loan such that the loan should be derecognized and the collateral asset recognized when it determines that there has been an in-substance repossession or foreclosure by the Company.  This update defines the term in substance repossession or foreclosure to reduce diversity in interpretation of when such an event occurs.  The guidance in this update is effective for the Company beginning January 1, 2015.  The Company is evaluating the impact of this update.

Residential_MortgageBacked_Sec1

Residential Mortgage-Backed Securities (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Available-for-sale Securities Reconciliation	'
	The following tables present the principal or notional value, total premium, total discount, amortized cost, fair value, gross unrealized gains, gross unrealized losses, and net unrealized gain (loss) related to the Company’s available-for-sale RMBS portfolio as of December 31, 2013 and 2012, by asset class.
	31-Dec-13
	(dollars in thousands)
				Principal or				Total				Total				Amortized				Fair Value			Gross			Gross			Net
				Notional				Premium				Discount				Cost							Unrealized			Unrealized			Unrealized
				Value																			Gains			Losses			Gain/(Loss)
	Non-Agency RMBS
		Senior		$	128,217			$	-			$	(39,395	)		$	88,822			$	89,687		$	974		$	(109	)	$	865
		Senior interest-only			5,742,781				283,271				-				283,271				229,065			11,802			(66,008	)		(54,206	)
		Subordinated			830,632				-				(490,400	)			340,232				457,569			119,233			(1,896	)		117,337
		Subordinated interest-only			274,462				14,666				-				14,666				16,571			2,483			(578	)		1,905
		RMBS transferred to consolidated variable interest			3,912,376				7,490				(1,763,401	)			2,075,628				2,981,571			905,943			-			905,943
		entities ("VIEs")
	Agency RMBS				2,145,475				134,609				(5,004	)			2,027,736				1,997,578			22,652			(52,810	)		(30,158	)
	Total			$	13,033,943			$	440,036			$	(2,298,200	)		$	4,830,355			$	5,772,041		$	1,063,087		$	(121,401	)	$	941,686
	31-Dec-12
	(dollars in thousands)
				Principal or				Total				Total				Amortized				Fair Value			Gross			Gross			Net
				Notional				Premium				Discount				Cost							Unrealized			Unrealized			Unrealized
				Value																			Gains			Losses			Gain/(Loss)
	Non-Agency RMBS
		Senior		$	126			$	-			$	(54	)		$	72			$	88		$	16		$	-		$	16
		Senior interest-only			3,012,868				135,868				-				135,868				122,869			7,976			(20,975	)		(12,999	)
		Subordinated			1,057,821				-				(584,772	)			473,049				547,794			81,492			(6,747	)		74,745
		Subordinated interest-only			256,072				16,180				-				16,180				16,253			1,466			(1,393	)		73
		RMBS transferred to consolidated variable interest			4,610,109				8,955				(2,088,125	)			2,437,048				3,274,204			837,353			(197	)		837,156
		entities ("VIEs")
	Agency RMBS				1,756,580				51,502				-				1,720,595				1,806,697			86,419			(317	)		86,102
	Total			$	10,693,576			$	212,505			$	(2,672,951	)		$	4,782,812			$	5,767,905		$	1,014,722		$	(29,629	)	$	985,093
Schedule of Changes in Accretable Yield	'
	The table below presents changes in Accretable Yield, or the excess of the security’s cash flows expected to be collected over the Company’s investment, solely as it pertains to the Company’s Non-Agency RMBS portfolio accounted for according to the provisions of ASC 310-30.
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Balance at beginning of period		$	2,107,387			$	2,342,462
	Purchases			29,064				86,847
	Accretion			(328,491	)			(364,282	)
	Reclassification (to) from non-accretable difference			15,957				64,017
	Sales			(29,340	)			(21,657	)
	Balance at end of period		$	1,794,577			$	2,107,387
Schedule of Non-Agency RMBS Having Deteriorated Credit When Acquired	'
	The table below presents the outstanding principal balance and related amortized cost at December 31, 2013 and 2012 as it pertains to the Company’s Non-Agency RMBS portfolio accounted for according to the provisions of ASC 310-30.
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Outstanding principal balance:
	Beginning of period		$	4,508,475			$	5,245,184
	End of period		$	3,949,664			$	4,508,475
	Amortized cost:
	Beginning of period		$	2,268,751			$	2,649,303
	End of period		$	2,027,738			$	2,268,751
Schedule of Temporary Impairment Losses, Investments	'
	The following tables present the gross unrealized losses and estimated fair value of the Company’s RMBS by length of time that such securities have been in a continuous unrealized loss position at December 31, 2013 and 2012.  All securities in an unrealized loss position have been evaluated by the Company for OTTI as discussed in Note 2(d).
	31-Dec-13
	(dollars in thousands)
				Unrealized Loss Position for Less than 12 Months												Unrealized Loss Position for 12 Months or More										Total
				Estimated				Unrealized				Number of				Estimated				Unrealized			Number of			Estimated			Unrealized			Number of
				Fair Value				Losses				Securities				Fair Value				Losses			Securities			Fair Value			Losses			Securities
	Non-Agency RMBS
		Senior		$	28,163			$	(109	)			3			$	-			$	-			-		$	28,163		$	(109	)		3
		Senior interest-only			119,913				(35,252	)			54				45,167				(30,756	)		28			165,080			(66,008	)		82
		Subordinated			-				-				4				17,661				(1,896	)		2			17,661			(1,896	)		6
		Subordinated interest-only			1,062				(578	)			2				-				-			-			1,062			(578	)		2
		RMBS transferred to consolidated VIEs			-				-				-				-				-			-			-			-			-
	Agency RMBS				1,149,126				(52,512	)			34				491				(298	)		3			1,149,617			(52,810	)		37
	Total			$	1,298,264			$	(88,451	)			97			$	63,319			$	(32,950	)		33		$	1,361,583		$	(121,401	)		130
	31-Dec-12
	(dollars in thousands)
				Unrealized Loss Position for Less than 12 Months												Unrealized Loss Position for 12 Months or More										Total
				Estimated				Unrealized				Number of				Estimated				Unrealized			Number of			Estimated			Unrealized			Number of Securities
				Fair Value				Losses				Securities				Fair Value				Losses			Securities			Fair Value			Losses
	Non-Agency RMBS
		Senior		$	-			$	-				-			$	-			$	-			-		$	-		$	-			-
		Senior interest-only			17,764				(2,828	)			12				52,920				(18,147	)		26			70,684			(20,975	)		38
		Subordinated			-				-				-				54,774				(6,747	)		5			54,774			(6,747	)		5
		Subordinated interest-only			-				-				-				9,659				(1,393	)		1			9,659			(1,393	)		1
		RMBS transferred to consolidated VIEs			-				-				-				22,490				(197	)		1			22,490			(197	)		1
	Agency RMBS				234				(76	)			2				993				(241	)		2			1,227			(317	)		4
	Total			$	17,998			$	(2,904	)			14			$	140,836			$	(26,725	)		35		$	158,834		$	(29,629	)		49
Other than Temporary Impairment, Credit Losses Recognized in Earnings	'
	A summary of the OTTI included in earnings for the years ended December 31, 2013, 2012 and 2011 is presented below.
			For the Year Ended
			31-Dec-13				31-Dec-12				31-Dec-11
			(dollars in thousands)
	Total other-than-temporary impairment losses		$	(4,356	)		$	(47,632	)		$	(241,962	)
	Portion of loss recognized in other comprehensive income (loss)			(40,811	)			(84,618	)			(115,143	)
	Net other-than-temporary credit impairment losses		$	(45,167	)		$	(132,250	)		$	(357,105	)
	The following table presents a roll forward of the credit loss component of OTTI on the Company’s Non-Agency RMBS for which a portion of loss was previously recognized in OCI.  The table delineates between those securities that are recognizing OTTI for the first time as opposed to those that have previously recognized OTTI.
			For the Year Ended
			31-Dec-13				31-Dec-12				31-Dec-11
			(dollars in thousands)
	Cumulative credit loss beginning balance		$	510,089			$	452,060			$	237,746
	Additions:
	Other-than-temporary impairments not previously recognized			39,098				98,324				268,795
	Reductions for securities sold during the period			(14,038	)			(34,577	)			(1,300	)
	Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments			6,069				33,926				88,310
	Reductions for increases in cash flows expected to be collected over the remaining life of the securities			(16,786	)			(39,644	)			(141,491	)
	Cumulative credit impairment loss ending balance		$	524,432			$	510,089			$	452,060
Other than Temporary Impairment of Investments Recorded in Earnings, Significant Inputs and Assumptions	'
	The significant inputs used to measure the component of OTTI recognized in earnings for the Company’s Non-Agency RMBS are summarized as follows:
	For the Year Ended
				31-Dec-13	31-Dec-12
	Loss Severity
		Weighted Average		56%	57%
		Range		34% - 75%	33% - 86%
	60+ days delinquent
		Weighted Average		26%	26%
		Range		0% - 43%	0% - 53%
	Credit Enhancement (1)
		Weighted Average		4%	13%
		Range		0% - 48%	0% - 75%
	3 Month CPR
		Weighted Average		15%	15%
		Range		0% - 42%	0% - 30%
	12 Month CPR
		Weighted Average		17%	16%
		Range		9% - 35%	8% - 42%
	(1) Calculated as the combined credit enhancement to the Re-REMIC and underlying from each of their respective capital structures.
Summary of Unrealized Gains and Losses on RMBS	'
	The following tables present a summary of unrealized gains and losses at December 31, 2013 and 2012.  IO RMBS included in the tables below represent the right to receive a specified proportion of the contractual interest cash flows of the underlying principal balance of specific securities.  At December 31, 2013, IO RMBS had a net unrealized loss of $49.1 million and had an amortized cost of $349.2 million. At December 31, 2012, IO RMBS had a net unrealized loss of $4.8 million and had an amortized cost of $166.0 million.  The fair value of IOs at December 31, 2013 and 2012 was $300.1 million, and $161.2 million, respectively. All changes in fair value of IOs are reflected in Net income (loss).
	31-Dec-13
	(dollars in thousands)
				Gross Unrealized Gain				Gross Unrealized Gain				Total Gross				Gross Unrealized Loss				Gross Unrealized Loss			Total Gross
				Included in Accumulated				Included in Accumulated				Unrealized Gain				Included in Accumulated				Included in Accumulated			Unrealized Loss
				Other Comprehensive				Deficit								Other Comprehensive Income				Deficit
				Income
	Non-Agency RMBS
		Senior		$	974			$	-			$	974			$	(109	)		$	-		$	(109	)
		Senior interest-only			-				11,802				11,802				-				(66,008	)		(66,008	)
		Subordinated			119,233				-				119,233				(1,896	)			-			(1,896	)
		Subordinated interest-only			-				2,483				2,483				-				(578	)		(578	)
		RMBS transferred to consolidated VIEs			901,773				4,170				905,943				-				-			-
	Agency RMBS				22,322				330				22,652				(51,494	)			(1,316	)		(52,810	)
	Total			$	1,044,302			$	18,785			$	1,063,087			$	(53,499	)		$	(67,902	)	$	(121,401	)
	31-Dec-12
	(dollars in thousands)
				Gross Unrealized Gain Included in Accumulated Other Comprehensive Income				Gross Unrealized Gain Included in Accumulated Deficit				Total Gross				Gross Unrealized Loss				Gross Unrealized Loss			Total Gross
												Unrealized Gain				Included in Accumulated				Included in Accumulated			Unrealized Loss
																Other Comprehensive				Deficit
																Income
	Non-Agency RMBS
		Senior		$	16			$	-			$	16			$	-			$	-		$	-
		Senior interest-only			-				7,976				7,976				-				(20,975	)		(20,975	)
		Subordinated			81,492				-				81,492				(6,747	)			-			(6,747	)
		Subordinated interest-only			-				1,466				1,466				-				(1,393	)		(1,393	)
		RMBS transferred to consolidated VIEs			829,308				8,045				837,353				(197	)			-			(197	)
	Agency RMBS				86,062				357				86,419				-				(317	)		(317	)
	Total			$	996,878			$	17,844			$	1,014,722			$	(6,944	)		$	(22,685	)	$	(29,629	)
Residential Mortgage-Backed Securities, Collateral Characteristics	'
	The following tables provide a summary of the Company’s RMBS portfolio at December 31, 2013 and 2012.
			31-Dec-13
			Principal or				Weighted				Weighted				Weighted				Weighted
			Notional Value				Average				Average Fair				Average				Average Yield
			at Period-End				Amortized Cost				Value				Coupon				at Period-End
			(dollars in				Basis												-1
			thousands)
	Non-Agency Mortgage-Backed Securities
	Senior		$	128,217			$	69.27			$	69.95				1.42	%			5.87	%
	Senior, interest only		$	5,742,781			$	4.93			$	3.99				1.44	%			17.17	%
	Subordinated		$	830,632			$	40.96			$	55.09				2.94	%			13.49	%
	Subordinated, interest only		$	274,462			$	5.34			$	6.04				1.73	%			8.97	%
	RMBS transferred to consolidated variable		$	3,912,376			$	54.17			$	77.82				4.66	%			15.84	%
	interest entities
	Agency Mortgage-Backed Securities		$	2,145,475			$	106.83			$	105.24				3.99	%			3.43	%
	(1) Bond Equivalent Yield at period end.
			31-Dec-12
			Principal or				Weighted				Weighted				Weighted				Weighted
			Notional Value				Average				Average Fair				Average				Average Yield
			at Period-End				Amortized Cost				Value				Coupon				at Period-End
			(dollars in				Basis												-1
			thousands)
	Non-Agency Mortgage-Backed Securities
	Senior		$	126			$	57.02			$	67				0	%			11.9	%
	Senior, interest only		$	3,012,868			$	4.51			$	4.08				1.76	%			10.36	%
	Subordinated		$	1,057,821			$	44.72			$	51.79				3.18	%			11.07	%
	Subordinated, interest only		$	256,072			$	6.32			$	6.35				2.25	%			8.9	%
	RMBS transferred to consolidated variable		$	4,610,109			$	53.96			$	72.5				4.88	%			15.44	%
	interest entities
	Agency Mortgage-Backed Securities		$	1,756,580			$	103.09			$	108.24				4.65	%			3.59	%
	(1) Bond Equivalent Yield at period end.
Credit Ratings Of Residential Mortgage-Backed Securities	'
	The following table presents the weighted average credit rating, based on the lowest rating available, of the Company’s Non-Agency RMBS portfolio at December 31, 2013 and 2012.
		31-Dec-13	31-Dec-12
	AAA	0.00%	0.01%
	AA	0.71%	0.46%
	A	0.01%	0.00%
	BB	1.38%	1.41%
	B	4.26%	1.19%
	Below B or not rated	93.64%	96.93%
	Total	100.00%	100.00%
Schedule of Mortgage-Backed Securities by Estimated Weighted Average Life Classification	'
	The following tables provide a summary of the fair value and amortized cost of the Company’s RMBS at December 31, 2013 and 2012 according to their estimated weighted-average life classifications.  The weighted-average lives of the RMBS in the tables below are based on lifetime expected prepayment rates using an industry prepayment model for the Agency RMBS portfolio and the Company’s prepayment assumptions for the Non-Agency RMBS.  The prepayment model considers current yield, forward yield, steepness of the interest rate curve, current mortgage rates, mortgage rates of the outstanding loan, loan age, margin, and volatility.
	31-Dec-13
	(dollars in thousands)
			Weighted Average Life
			Less than one year				Greater than one				Greater than five				Greater than ten				Total
							year and less than				years and less				years
							five years				than ten years
	Fair value
	Non-Agency RMBS
	Senior		$	-			$	29,283			$	60,404			$	-			$	89,687
	Senior interest-only			376				103,688				96,968				28,033				229,065
	Subordinated			3,359				63,177				321,333				69,700				457,569
	Subordinated interest-only			-				-				14,862				1,709				16,571
	RMBS transferred to consolidated VIEs			5,724				276,752				1,986,879				712,216				2,981,571
	Agency RMBS			54				21,011				1,850,438				126,075				1,997,578
	Total fair value		$	9,513			$	493,911			$	4,330,884			$	937,733			$	5,772,041
	Amortized cost
	Non-Agency RMBS
	Senior		$	-			$	28,900			$	59,922			$	-			$	88,822
	Senior interest-only			1,017				131,159				117,008				34,087				283,271
	Subordinated			2,877				50,483				243,350				43,522				340,232
	Subordinated interest-only			-				-				13,344				1,322				14,666
	RMBS transferred to consolidated VIEs			4,744				211,925				1,356,981				501,978				2,075,628
	Agency RMBS			122				19,433				1,880,430				127,751				2,027,736
	Total amortized cost		$	8,760			$	441,900			$	3,671,035			$	708,660			$	4,830,355
	31-Dec-12
	(dollars in thousands)
			Weighted Average Life
			Less than one year				Greater than one				Greater than five				Greater than ten				Total
							year and less than				years and less				years
							five years				than ten years
	Fair value
	Non-Agency RMBS
	Senior		$	-			$	-			$	88			$	-			$	88
	Senior interest-only			358				47,205				66,927				8,379				122,869
	Subordinated			4,092				23,948				359,310				160,444				547,794
	Subordinated interest-only			-				-				9,658				6,595				16,253
	RMBS transferred to consolidated VIEs			12,118				312,690				2,055,568				893,828				3,274,204
	Agency RMBS			146				1,802,720				3,831				-				1,806,697
	Total fair value		$	16,714			$	2,186,563			$	2,495,382			$	1,069,246			$	5,767,905
	Amortized cost
	Non-Agency RMBS
	Senior		$	-			$	-			$	72			$	-			$	72
	Senior interest-only			657				58,037				70,044				7,130				135,868
	Subordinated			2,649				20,593				318,422				131,385				473,049
	Subordinated interest-only			-				-				11,051				5,129				16,180
	RMBS transferred to consolidated VIEs			11,184				248,699				1,493,647				683,518				2,437,048
	Agency RMBS			157				1,716,964				3,474				-				1,720,595
	Total amortized cost		$	14,647			$	2,044,293			$	1,896,710			$	827,162			$	4,782,812
Schedule of Collateral Characteristics of Underlying Mortgages of Non-Agency RMBS Portfolio	'
	The Non-Agency RMBS in the Portfolio have the following collateral characteristics at December 31, 2013 and 2012.
		31-Dec-13						31-Dec-12
	Weighted average maturity (years)				24.1						24.8
	Weighted average amortized loan to value (1)				69.4	%					71.6	%
	Weighted average FICO (2)				710						717
	Weighted average loan balance (in thousands)			$	385					$	453.1
	Weighted average percentage owner occupied				84	%					85.1	%
	Weighted average percentage single family residence				65.4	%					65.5	%
	Weighted average current credit enhancement				1.6	%					3.1	%
	Weighted average geographic concentration of top five states	CA			33.4	%		CA			36.7	%
		FL			9.1	%		FL			8.7	%
		NY			7.1	%		NY			6.4	%
		NJ			3	%		VA			2.4	%
		MD			2.7	%		NJ			2.8	%
	(1) Value represents appraised value of the collateral at the time of loan origination.
	(2) FICO as determined at the time of loan origination.
Schedule of Percentage of Non-Agency RMBS by Year Originated	'
	The table below presents the origination year of the underlying loans related to the Company’s portfolio of Non-Agency RMBS at December 31, 2013 and 2012.
	Origination Year		31-Dec-13				31-Dec-12
	2000			0.6	%			0.2	%
	2001			1.2	%			0.2	%
	2002			1	%			0	%
	2003			1.4	%			0.4	%
	2004			3.6	%			0.6	%
	2005			17.8	%			14.3	%
	2006			32.2	%			34.6	%
	2007			40.1	%			46.7	%
	2008			2.1	%			3	%
	Total			100	%			100	%
Schedule of Gains and Losses from Sales of Investments	'
	The proceeds and gross realized gains and gross realized losses from sales of investments for the years ended December 31, 2013, 2012 and 2011 are as follows:
			For the Year Ended
			31-Dec-13				31-Dec-12				31-Dec-11
			(dollars in thousands)
	Proceeds from sales		$	1,079,649			$	943,350			$	2,628,994
	Gross realized gains			72,946				85,166				54,353
	Gross realized losses			(4,839	)			-				-
	Net realized gain		$	68,107			$	85,166			$	54,353

Securitized_Loans_Held_for_Inv1

Securitized Loans Held for Investment (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Changes in Carrying Value of Securitized Loans Held for Investment	'
	The following table provides a summary of the changes in the carrying value of securitized loans held for investment at December 31, 2013 and 2012:
			For the Year Ended
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Balance, beginning of period		$	1,300,131			$	256,632
	Purchases			-				1,531,014
	Principal paydowns			(507,683	)			(477,555	)
	Net periodic amortization (accretion)			(10,763	)			(9,592	)
	Change to loan loss provision			1,799				(368	)
	Balance, end of period		$	783,484			$	1,300,131
Schedule of Securitized Loans Held for Investment Amortized Cost	'
	The following table represents the Company’s securitized residential mortgage loans classified as held for investment at December 31, 2013 and 2012:
			31-Dec-13				31-Dec-12
			(dollars in thousands)
	Securitized loans, at amortized cost		$	792,547			$	1,311,755
	Less: allowance for loan losses			9,063				11,624
	Securitized loans held for investment		$	783,484			$	1,300,131
Schedule of Securitized Loans Held for Investment Key Characteristics of Underlying Collateral	'
	A summary of key characteristics of these loans follows.
		31-Dec-13						31-Dec-12
	Number of loans				1,053						1,618
	Weighted average maturity (years)				27.3						28.3
	Weighted average loan to value (1)				71.7	%					71.2	%
	Weighted average FICO (2)				766						768
	Weighted average loan balance (in thousands)			$	737					$	794.1
	Weighted average percentage owner occupied				94.7	%					94.6	%
	Weighted average percentage single family residence				70	%					70.6	%
	Weighted average geographic concentration of top five states	CA			34.7	%		CA			38.1	%
		VA			5.6	%		VA			6.3	%
		NY			5.5	%		NY			6.3	%
		NJ			5.1	%		WA			5.2	%
		TX			4.9	%		NJ			4.6	%
	(1) Value represents appraised value of the collateral at the time of loan origination.
	(2) FICO as determined at the time of loan origination.
Summary of Allowance for Losses	'
	The following table summarizes the changes in the allowance for loan losses for the securitized mortgage loan portfolio at December 31, 2013, 2012 and 2011:
			For the Year Ended
			31-Dec-13				31-Dec-12				31-Dec-11
			(dollars in thousands)
	Balance, beginning of period		$	11,624			$	13,938			$	11,006
	Provision for loan losses			(1,799	)			368				5,291
	Charge-offs			(762	)			(2,682	)			(2,359	)
	Balance, end of period		$	9,063			$	11,624			$	13,938
Schedule of Loans Greater Than 30 Days Delinquent	'
	The following table summarizes the outstanding principal balance of loans 30 days delinquent and greater as reported by the servicer at December 31, 2013 and 2012.
			30 Days				60 Days				90+ Days			Bankruptcy		Foreclosure		REO		Total
			Delinquent				Delinquent				Delinquent
	(dollars in thousands)
	31-Dec-13		$	999			$	570			$	2,087		$	473	$	7,530	$	1,179	$	12,838
	31-Dec-12		$	3,110			$	1,186			$	4,045		$	0	$	4,247	$	1,390	$	13,978
Schedule of Loans Modified	'
	The following table presents the loans that were modified by the servicer during the years ended December 31, 2013 and 2012.
			Number of Loans Modified During Period				Unpaid Principal Balance of Modified Loans (Pre-modification)				Unpaid Principal Balance of Modified Loans (Post-modification)			Amortized Cost of Modified Loans		Amortized Cost of Modified Loans For Which There is an Allowance for		Amortized Cost of Modified Loans For Which There is No Allowance for
																Loan Losses		Loan Losses
	(dollars in thousands)
	Year Ended
	31-Dec-13			3			$	2,349			$	2,358		$	2,248	$	2,248	$	0
	31-Dec-12			9			$	5,163			$	5,312		$	5,256	$	5,256	$	0

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value, Measurement Inputs, Disclosure	'
	The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, at December 31, 2013 and 2012 is presented below.
	31-Dec-13
	(dollars in thousands)
		Level 1			Level 2			Level 3
		(dollars in thousands)
	Assets:
	Non-Agency RMBS
	Senior	$	-		$	-		$	89,687
	Senior interest-only		-			-			229,065
	Subordinated		-			-			457,569
	Subordinated interest-only		-			-			16,571
	RMBS transferred to consolidated VIEs		-			-			2,981,571
	Agency RMBS		-			1,997,578			-
	Derivatives		-			8,095			-
	Liabilities:
	Derivatives		-			(30,199	)		-
	Total	$	-		$	1,975,474		$	3,774,463
	31-Dec-12
	(dollars in thousands)
		Level 1			Level 2			Level 3
	Assets:
	Non-Agency RMBS
	Senior	$	-		$	-		$	88
	Senior interest-only		-			-			122,869
	Subordinated		-			-			547,794
	Subordinated interest-only		-			-			16,253
	RMBS transferred to consolidated VIEs		-			-			3,274,204
	Agency RMBS		-			1,806,697			-
	Liabilities:
	Derivatives		-			(53,939	)		-
	Total	$	-		$	1,752,758		$	3,961,208
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	'
	The table below provides a summary of the changes in the fair value of securities classified as Level 3 at December 31, 2013 and 2012.
	Fair Value Reconciliation, Level 3
		For the Year Ended
		31-Dec-13			31-Dec-12
		(dollars in thousands)
	Non-Agency RMBS
	Beginning balance Level 3 assets	$	3,961,208		$	4,088,945
	Transfers in to Level 3 assets		-			-
	Transfers out of Level 3 assets		-			-
	Purchases		317,299			122,509
	Principal payments		(475,092	)		(516,370	)
	Sales		(191,436	)		(328,261	)
	Accretion of purchase discounts		106,290			98,804
	Gains (losses) included in net income
	Other than temporary credit impairment losses		(45,167	)		(132,250	)
	Realized gains (losses) on sales		46,866			48,435
	Realized losses on principal write-downs of Non-Agency RMBS		(18,316	)		-
	Net unrealized gains (losses) on interest-only RMBS		(43,252	)		804
	Gains (losses) included in other comprehensive income
	Total unrealized gains (losses) for the period		116,063			578,592
	Ending balance Level 3 assets	$	3,774,463		$	3,961,208
Fair Value Measurements, Significant Unobservable Inputs	'
	A summary of the significant inputs used to estimate the fair value of Non-Agency RMBS as of December 31, 2013 and 2012 follows:
		31-Dec-13												31-Dec-12
		Significant Inputs												Significant Inputs
		Weighted												Weighted
		Average									Loss			Average									Loss
		Discount Rate			CPR			CDR			Severity			Discount Rate			CPR			CDR			Severity
		Range												Range
	Non-Agency RMBS
	Senior		6.4	%		1% - 6	%		0% - 33	%		50% - 85	%		7.5	%		11% - 11	%		0% - 3	%		50% - 58	%
	Senior interest-only		14.4	%		1% - 28	%		0% - 33	%		50% - 85	%		13.9	%		1% - 25	%		0% - 25	%		50% - 85	%
	Subordinated		26.8	%		1% - 22	%		0% - 38	%		50% - 85	%		25.9	%		1% - 18	%		0% - 21	%		50% - 85	%
	Subordinated interest-only		12.7	%		2% - 13	%		0% - 18	%		50% - 73	%		13.3	%		4% - 11	%		0% - 21	%		50% - 68	%
	RMBS transferred to consolidated VIEs		5.3	%		1% - 20	%		0% - 33	%		50% - 85	%		5.8	%		1% - 15	%		0% - 36	%		50% - 85	%
Fair Value, by Balance Sheet Grouping	'
	The following table presents the carrying value and fair value, as described above, of the Company’s financial instruments not carried at fair value on a recurring basis at December 31, 2013 and 2012.
		31-Dec-13
		(dollars in thousands)
		Level in Fair Value Hierarchy			Carrying Amount			Fair Value
	Securitized loans held for investment		3			783,484			762,550
	Repurchase agreements		2			(1,658,561	)		(1,660,941	)
	Securitized debt, collateralized by Non-Agency RMBS		3			(933,732	)		(940,712	)
	Securitized debt, collateralized by loans held for investment		3			(669,981	)		(647,628	)
		31-Dec-12
		(dollars in thousands)
		Level in Fair Value Hierarchy			Carrying Amount			Fair Value
	Securitized loans held for investment		3			1,300,131			1,320,696
	Repurchase agreements		2			(1,528,025	)		(1,531,511	)
	Securitized debt, collateralized by Non-Agency RMBS		3			(1,336,261	)		(1,334,551	)
	Securitized debt, collateralized by loans held for investment		3			(1,169,710	)		(1,194,747	)

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Repurchase Agreements	'
	At December 31, 2013 and 2012, the repurchase agreements collateralized by Agency RMBS had the following remaining maturities.
		31-Dec-13		31-Dec-12
		(dollars in thousands)
	Overnight	$	-	$	-
	1-29 days		644,332		732,809
	30 to 59 days		606,945		325,915
	60 to 89 days		-		-
	90 to 119 days		129,049		211,137
	Greater than or equal to 120 days		278,235		258,164
	Total	$	1,658,561	$	1,528,025

Securitized_Debt_Tables

Securitized Debt (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Maturities of Long-term Debt	'
	The following table presents the estimated principal repayment schedule of the securitized debt at December 31, 2013 and 2012, based on expected cash flows of the residential mortgage loans or RMBS, as adjusted for projected losses on the underlying collateral of the debt.  All of the securitized debt recorded in the Company’s Consolidated Statements of Financial Condition is non-recourse to the Company.
		31-Dec-13		31-Dec-12
		(dollars in thousands)
	Within One Year	$	370,250	$	658,423
	One to Three Years		497,943		793,150
	Three to Five Years		264,456		430,993
	Greater Than or Equal to Five Years		396,916		555,717
	Total	$	1,529,565	$	2,438,283

Consolidated_Securitization_Ve1

Consolidated Securitization Vehicles and Other Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Consolidated Securitization Entities on Financial Condition	'
	The table below reflects the assets and liabilities recorded in the Consolidated Statements of Financial Condition related to the consolidated VIEs as of December 31, 2013 and 2012.
		31-Dec-13			31-Dec-12
		(dollars in thousands)
	Assets
	Non-Agency RMBS transferred to consolidated VIEs	$	2,981,571		$	3,274,204
	Securitized loans held for investment		783,484			1,300,131
	Accrued interest receivable		17,173			24,082
	Liabilities
	Securitized debt, collateralized by Non-Agency RMBS	$	933,732		$	1,336,261
	Securitized debt, collateralized by loans held for investment		669,981			1,169,710
	Accrued interest payable		5,278			8,358
Schedule of Consolidated Variable Interest Entities Effects on Operating Results	'
	Income and expense and OTTI amounts related to consolidated VIEs recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss) is presented in the table below.
		For the Year Ended
		31-Dec-13			31-Dec-12			31-Dec-11
		(dollars in thousands)
	Interest income, Assets of consolidated VIEs	$	371,559		$	417,351		$	450,996
	Interest expense, Non-recourse liabilities of VIEs		(95,229	)		(115,880	)		(122,917	)
	Net interest income	$	276,330		$	301,471		$	328,079
	Total other-than-temporary impairment losses		(4,170	)	$	(7,619	)	$	(113,047	)
	Portion of loss recognized in other comprehensive income (loss)		(33,749	)		(76,699	)		(145,512	)
	Net other-than-temporary credit impairment losses	$	(37,919	)	$	(84,318	)	$	(258,559	)
Schedule of Consolidated Variable Interest Entities Effects on Cash Flows	'
	The amounts recorded on the Consolidated Statements of Cash Flows related to consolidated VIEs is presented in the table below for the periods presented.
		For the Year Ended
		31-Dec-13			31-Dec-12			31-Dec-11
		(dollars in thousands)
	Amortization of deferred financing costs		5,691			8,546		$	1,733
	Accretion (amortization) of securitized debt discounts/premiums, net		11,981			6,985			12,551
	Payment of deferred financing costs		-			(9,488	)		-
	Proceeds from securitized debt borrowings, collateralized by loans held for investment		-			1,426,983			-
	Principal payments, Non-Agency RMBS transferred to consolidated VIE's		466,522			505,779			668,924
	Principal payments, Securitized loans held for investment		507,683			477,555			85,526
	Payments on securitized debt borrowings, collateralized by loans held for investment		(499,549	)		(470,788	)		(80,181	)
	Proceeds from securitized debt borrowings, collateralized by Non-Agency RMBS		-			181,201			310,972
	Payments on securitized debt borrowings, collateralized by Non-Agency RMBS		(414,690	)		(481,464	)		(645,603	)
	Decrease (increase) in accrued interest receivable		6,909			2,534			(4,832	)
	Increase (decrease) in accrued interest payable		(3,080	)		228			(1,836	)
	Net cash provided by/(used in) consolidated VIEs	$	81,467		$	1,648,071		$	347,254
Schedule of Non-Consolidated Variable Interest Entities Effects on Financial Condition	'
	The table below represents the carrying amounts and classification of assets recorded on the Company’s consolidated financial statements related to its variable interests in non-consolidated VIEs, as well as its maximum exposure to loss as a result of its involvement with these VIEs, which is represented by the fair value of the Company’s investments in the trusts.
		31-Dec-13						31-Dec-12
		Amortized Cost			Fair Value			Amortized Cost			Fair Value
		(dollars in thousands)
	Assets
	Non-Agency RMBS
	Senior	$	59		$	68		$	72		$	85
	Senior interest-only		-			75			-			128
	Subordinated		-			1,731			581			2,266
	Agency RMBS		666			437			1,198			1,001
	Total	$	725		$	2,311		$	1,851		$	3,480

Derivative_Instruments_Tables

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Derivative Instruments in Statement of Financial Position	'
	The table below summarizes the location and fair value of the derivatives reported in the Consolidated Statements of Financial Condition after counterparty netting and posting of cash collateral as of December 31, 2013 and 2012.
	31-Dec-13
						Derivative Assets				Derivative Liabilities
	Derivative Instruments	Notional Amount Outstanding				Location on Consolidated	Net Estimated Fair Value/Carrying			Location on		Net Estimated Fair Value/Carrying Value
						Statements of Financial	Value			Consolidated Statements
						Condition				of Financial Condition
	(dollars in thousands)
	Interest Rate Swaps	$	1,355,000			Derivatives, at fair value, net	$	-		Derivatives, at fair value		$	(30,199	)
	Mortgage Options		-			Derivatives, at fair value, net		-		Derivatives, at fair value			-
	Treasury Futures		550,000			Derivatives, at fair value, net		8,095		Derivatives, at fair value			-
	Total	$	1,905,000				$	8,095				$	(30,199	)
	31-Dec-12
						Derivative Assets				Derivative Liabilities
	Derivative Instruments	Notional Amount Outstanding				Location on Consolidated Statements of Financial Condition	Net Estimated Fair Value/Carrying			Location on		Net Estimated Fair Value/Carrying Value
							Value			Consolidated Statements
										of Financial Condition
	(dollars in thousands)
	Interest Rate Swaps	$	1,355,000			Derivatives, at fair value, net	$	-		Derivatives, at fair value		$	(53,939	)
	Total	$	1,355,000				$	-				$	(53,939	)
Schedule of Derivative Instruments Effects on Operating Results	'
	The effect of the Company’s derivatives on the Consolidated Statements of Operations and Comprehensive Income (Loss) is presented below.
				For the Year Ended
	Derivative	Location on Consolidated Statements of		31-Dec-13			31-Dec-12			31-Dec-11
	Instruments	Operations and Comprehensive Income (Loss)
				(dollars in thousands)
	Interest Rate Swaps	Net unrealized gains (losses) on derivatives		$	23,740		$	(9,473	)	$	(34,478	)
	Interest Rate Swaps	Net realized gains (losses) on derivatives			(21,857	)		(20,223	)		(15,929	)
	Mortgage Options	Net unrealized gains (losses) on derivatives			-			-			-
	Mortgage Options	Net realized gains (losses) on derivatives			12,115			-			-
	Treasury Futures	Net unrealized gains (losses) on derivatives			10,629			-			-
	Treasury Futures	Net realized gains (losses) on derivatives			2,029			-			-
	Total			$	26,656		$	(29,696	)	$	(50,407	)

Common_Stock_Tables

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Earnings Per Share	'
	Earnings per share for the years ended December 31, 2013 and 2012, respectively, are computed as follows:
		For the Year Ended
		31-Dec-13		31-Dec-12		31-Dec-11
		(dollars in thousands)
	Numerator:
	Net income	$	362,686	$	327,767	$	137,329
	Effect of dilutive securities:		-		-		-
	Dilutive net income  available to stockholders	$	362,686	$	327,767	$	137,329
	Denominator:
	Weighted average basic shares		1,027,094,379		1,026,831,033		1,026,365,197
	Effect of dilutive securities		475,964		668,222		806,190
	Weighted average dilutive shares		1,027,570,343		1,027,499,255		1,027,171,387
	Net income  per average share attributable to common stockholders - Basic	$	0.35	$	0.32	$	0.13
	Net income  per average share attributable to common stockholders - Diluted	$	0.35	$	0.32	$	0.13

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Components of AOCI	'
	The following table presents the changes in the components of Accumulated Other Comprehensive Income (“AOCI”) for the year ended December 31, 2013:
		31-Dec-13
		(dollars in thousands)
		Unrealized gains (losses) on available-for-sale securities, net				Total Accumulated OCI Balance
	Balance as of December 31, 2012	$	989,936			$	989,936
	OCI before reclassifications		23,807				23,807
	Amounts reclassified from AOCI		(22,940	)			(22,940	)
	Net current period OCI		867				867
	Balance as of December 31, 2013	$	990,803			$	990,803
Schedule of Reclassifications from AOCI	'
	The following table presents the details of the reclassifications from AOCI for the year ended December 31, 2013:
		31-Dec-13
		(dollars in thousands)
	Details about Accumulated OCI Components	Amounts			Affected Line on the Consolidated
		Reclassified from Accumulated OCI			Statements Of Operations And
					Comprehensive Income (Loss)
	Unrealized gains and losses on available-for-sale securities
		$	68,107		Net realized gains (losses) on sales of investments
			(45,167	)	Net other-than-temporary credit impairment losses
		$	22,940		Income (loss) before income taxes
			-		Income taxes
		$	22,940		Net of tax

Long_Term_Incentive_Plan_Table

Long Term Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2013
FIDAC Employees, Restricted Stock Awards Activity	'
	The following table presents information with respect to the Company’s restricted stock awards during the years ended December 31, 2013 and 2012:
		For the Year Ended
		31-Dec-13					31-Dec-12
		Number of Shares			Weighted		Number of Shares			Weighted
					Average Grant					Average Grant
					Date Fair Value					Date Fair Value
	Unvested shares outstanding - beginning of period		586,000			17.72		758,400			17.72
	Granted		98,688			3.04		111,528			2.69
	Vested		(230,779	)		17.72		(264,232	)		17.72
	Forfeited		(69,909	)		17.72		(19,696	)		17.72
	Unvested shares outstanding - end of period		384,000			17.72		586,000			17.72

Credit_Risk_and_Interest_Rate_1

Credit Risk and Interest Rate Risk (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Assets and Liabilities Subject to Netting Arrangements	'
	The following table presents information about our liabilities that are subject to such arrangements and can potentially be offset on our consolidated statements of financial condition as of December 31, 2013 and 2012.  The Company has no financial instruments subject to master netting arrangements, or similar arrangements, in an asset position on a gross basis.
		31-Dec-13
		(dollars in thousands)
											Gross Amounts Not Offset with Financial
											Assets (Liabilities) in the Consolidated
											Statements of Financial Position
		Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Consolidated Statements of Financial Position			Net Amounts Offset in the Consolidated Statements of Financial Position			Financial Instruments		Cash Collateral (Received) Pledged		Net Amount
	Repurchase agreements	$	(1,658,561	)	$	-		$	(1,658,561	)	$	1,737,381	$	-	$	78,820
	Interest Rate Swaps		(30,199	)		-			(30,199	)		39,470		-		9,271
	Mortgage Options		-			-			-			-		-		-
	Treasury Futures		10,629			(2,534	)		8,095			-		-		8,095
	Total Liabilities	$	(1,678,131	)	$	(2,534	)	$	(1,680,665	)	$	1,776,851	$	-	$	96,186
		31-Dec-12
		(dollars in thousands)
											Gross Amounts Not Offset with Financial
											Assets (Liabilities) in the Consolidated
											Statements of Financial Position
		Gross Amounts of Recognized Assets (Liabilities)			Gross Amounts Offset in the Consolidated Statements of Financial Position			Net Amounts Offset in the Consolidated Statements of Financial Position			Financial Instruments		Cash Collateral (Received) Pledged		Net Amount
	Repurchase Agreements	$	(1,528,025	)	$	-		$	(1,528,025	)	$	1,604,560	$	-	$	76,535
	Interest Rate Swaps		(53,939	)		-			(53,939	)	$	60,382		-		6,443
	Total Liabilities	$	(1,581,964	)	$	-		$	(1,581,964	)	$	1,664,942	$	-	$	82,978

Summarized_Quarterly_Results_U1

Summarized Quarterly Results (Unaudited) and Immaterial Restatements (Tables)	12 Months Ended
	Dec. 31, 2013
Schedule of Quarterly Results (Unaudited) and Immaterial Restatements	'
	The following is a presentation of the results of operations for the quarters ended December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013.
	For the Quarter Ended
		31-Dec-13			30-Sep-13			30-Jun-13			31-Mar-13
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	128,062		$	130,361		$	127,565		$	125,795
	Less interest expense		(21,485	)		(25,074	)		(26,611	)		(28,829	)
	Net interest income (expense)		106,577			105,287			100,954			96,966
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(2,147	)		(2,209	)		-			-
	Portion of loss recognized in other comprehensive income (loss)		(20,402	)		(14,246	)		-			(6,163	)
	Net other-than-temporary credit impairment losses		(22,549	)		(16,455	)		-			(6,163	)
	Net gains (losses) on derivatives		22,361			(3,364	)		7,787			(128	)
	Net unrealized gains (losses) on interest-only RMBS		(2,416	)		(27,874	)		(12,974	)		(1,013	)
	Net realized gains (losses) on sales of investments		(4,832	)		18,816			54,117			6
	Total other expenses		8,514			9,043			6,677			9,865
	Net income (loss)	$	72,311		$	67,367		$	143,207		$	79,801
	Net income (loss) per share-basic and diluted	$	0.06		$	0.07		$	0.14		$	0.08
	The following is a presentation of the results of operations for the quarters ended December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012. The amounts below reflect the impact of the immaterial restatement as described above.
	For the Quarter Ended
		31-Dec-12			30-Sep-12			30-Jun-12			31-Mar-12
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	133,552		$	144,696		$	161,524		$	149,668
	Less interest expense		(33,874	)		(34,356	)		(21,953	)		(36,375	)
	Net interest income (expense)		99,678			110,340			139,571			113,293
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(368	)		(2,713	)		(12,474	)		(32,077	)
	Portion of loss recognized in other comprehensive income (loss)		(7,817	)		(7,301	)		(53,213	)		(16,287	)
	Net other-than-temporary credit impairment losses		(8,185	)		(10,014	)		(65,687	)		(48,364	)
	Net gains (losses) on derivatives		(199	)		(9,725	)		(16,186	)		(3,586	)
	Net unrealized gains (losses) on interest-only RMBS		811			(15,393	)		(2,532	)		17,947
	Net gains (losses) on embedded derivatives in interest-only RMBS		-			-			-			-
	Net realized gains (losses) on sales of investments		1			69,155			-			16,010
	Total other expenses		13,422			16,295			14,385			15,065
	Net income (loss)	$	78,685		$	128,068		$	40,781		$	80,233
	Net income (loss) per share-basic and diluted	$	0.08		$	0.12		$	0.04		$	0.08
	The following is a presentation of the results of operations for the quarters ended December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011. The amounts below reflect the impact of the immaterial restatement as described above.
	For the Quarter Ended
		31-Dec-11			30-Sep-11			30-Jun-11			31-Mar-11
		(dollars in thousands, except per share data)
	Net Interest Income:
	Interest income	$	167,541		$	185,581		$	179,859		$	172,043
	Less interest expense		(30,696	)		(32,792	)		(35,793	)		(35,577	)
	Net interest income (expense)		136,845			152,789			144,066			136,466
	Other-than-temporary impairments:
	Total other-than-temporary impairment losses		(80,038	)		(78,950	)		(57,926	)		(25,048	)
	Portion of loss recognized in other comprehensive income (loss)		(31,154	)		(71,610	)		(4,244	)		(8,135	)
	Net other-than-temporary credit impairment losses		(111,192	)		(150,560	)		(62,170	)		(33,183	)
	Net gains (losses) on derivatives		(3,782	)		(29,812	)		(23,797	)		6,984
	Net unrealized gains (losses) on interest-only RMBS		(12,934	)		(17,600	)		11,883			4,106
	Net realized gains (losses) on sales of investments		52,566			58			(913	)		2,642
	Total other expenses		18,794			15,082			14,972			15,679
	Net income (loss)	$	42,748		$	(60,036	)	$	53,979		$	100,638
	Net income (loss) per share-basic and diluted	$	0.04		$	(0.06	)	$	0.05		$	0.1

Organization_Narrative_Detail

Organization - Narrative (Detail)	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]	'
Percentage of the Company's common shares owned by Annaly Capital Management, Inc.	4.38%
Company manager	'Fixed Income Discount Advisory Company
Nature of relationship	'FIDAC is a wholly-owned subsidiary of Annaly

Significant_Accounting_Policie

Significant Accounting Policies - Narrative (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Summary Of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Agency RMBS, at fair value

$1,997,578

'

'

'

$1,806,697

'

'

'

'

'

'

'

$1,997,578

$1,806,697

'

Interest income

128,062

130,361

127,565

125,795

133,552

144,696

161,524

149,668

167,541

185,581

179,859

172,043

140,224

172,089

254,028

Interest-Only RMBS [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary Of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Agency RMBS, at fair value

42,800

'

'

'

5,100

'

'

'

'

'

'

'

42,800

5,100

'

Non-Agency RMBS transferred to consolidated variable interest entities ("VIEs"), at fair value

11,700

'

'

'

17,000

'

'

'

'

'

'

'

11,700

17,000

'

Interest-Only RMBS [Member] | Residential Mortgage-Backed Securities [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary Of Significant Accounting Policies [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

'

'

'

'

'

$29,900

$23,100

$32,500

Residential_MortgageBacked_Sec2

Residential Mortgage-Backed Securities - Investment Holdings - Narrative (Detail) (USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Interest-Only RMBS [Member]

Interest-Only RMBS [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Non-Agency RMBS Deemed To Be Equivalent To Alt-A Quality [Member]

Non-Agency RMBS Deemed To Be Equivalent To Alt-A Quality [Member]

Agency RMBS [Member]

Agency RMBS [Member]

Non-Agency RMBS [Member]

Non-Agency RMBS [Member]

Non-Agency RMBS [Member]

Non-Agency RMBS [Member]

Interest-Only RMBS [Member]

Interest-Only RMBS [Member]

Investment Holdings [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-Agency RMBS transferred to consolidated VIEs

'

$11,700,000

$17,000,000

$2,981,571,000

$3,274,204,000

'

'

'

'

'

'

'

'

Gross unrealized loss

'

'

'

'

'

'

'

52,800,000

317,000

2,000,000

6,900,000

'

'

Interest-only RMBS, net unrealized loss

'

'

'

'

'

'

'

'

'

'

'

49,100,000

4,800,000

Amortized cost

'

'

'

'

'

'

'

'

'

'

'

349,200,000

166,000,000

Fair value

'

'

'

'

'

'

'

'

'

'

'

300,100,000

161,200,000

Percentage in Alt-A collateral

'

'

'

'

'

97.10%

99.50%

'

'

'

'

'

'

Realized losses on principal write-downs of Non-Agency RMBS

$18,316,000

'

'

'

'

'

'

'

'

'

'

'

'

Residential_MortgageBacked_Sec3

Residential Mortgage-Backed Securities - Summary (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'	'
Principal or Notional Value	$13,033,943	$10,693,576
Total Premium	440,036	212,505
Total Discount	-2,298,200	-2,672,951
Amortized cost	4,830,355	4,782,812
Fair Value	5,772,041	5,767,905
Gross Unrealized Gains	1,063,087	1,014,722
Gross Unrealized Losses	-121,401	-29,629
Net Unrealized Gain/(Loss)	941,686	985,093
Non-Agency RMBS - Senior [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	128,217	126
Total Discount	-39,395	-54
Amortized cost	88,822	72
Fair Value	89,687	88
Gross Unrealized Gains	974	16
Gross Unrealized Losses	-109	'
Net Unrealized Gain/(Loss)	865	16
Non-Agency RMBS - Senior interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	5,742,781	3,012,868
Total Premium	283,271	135,868
Amortized cost	283,271	135,868
Fair Value	229,065	122,869
Gross Unrealized Gains	11,802	7,976
Gross Unrealized Losses	-66,008	-20,975
Net Unrealized Gain/(Loss)	-54,206	-12,999
Non-Agency RMBS - Subordinated [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	830,632	1,057,821
Total Discount	-490,400	-584,772
Amortized cost	340,232	473,049
Fair Value	457,569	547,794
Gross Unrealized Gains	119,233	81,492
Gross Unrealized Losses	-1,896	-6,747
Net Unrealized Gain/(Loss)	117,337	74,745
Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	274,462	256,072
Total Premium	14,666	16,180
Amortized cost	14,666	16,180
Fair Value	16,571	16,253
Gross Unrealized Gains	2,483	1,466
Gross Unrealized Losses	-578	-1,393
Net Unrealized Gain/(Loss)	1,905	73
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	3,912,376	4,610,109
Total Premium	7,490	8,955
Total Discount	-1,763,401	-2,088,125
Amortized cost	2,075,628	2,437,048
Fair Value	2,981,571	3,274,204
Gross Unrealized Gains	905,943	837,353
Gross Unrealized Losses	'	-197
Net Unrealized Gain/(Loss)	905,943	837,156
Agency RMBS [Member]	'	'
Investment Holdings [Line Items]	'	'
Principal or Notional Value	2,145,475	1,756,580
Total Premium	134,609	51,502
Total Discount	-5,004	'
Amortized cost	2,027,736	1,720,595
Fair Value	1,997,578	1,806,697
Gross Unrealized Gains	22,652	86,419
Gross Unrealized Losses	-52,810	-317
Net Unrealized Gain/(Loss)	($30,158)	$86,102

Residential_MortgageBacked_Sec4

Residential Mortgage-Backed Securities - Accretable Yield (Detail) (Non-Agency RMBS Having Deteriorated Credit When Acquired [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Non-Agency RMBS Having Deteriorated Credit When Acquired [Member]	'	'
Investment Holdings [Line Items]	'	'
Balance at beginning of period	$2,107,387	$2,342,462
Purchases	29,064	86,847
Accretion	-328,491	-364,282
Reclassification (to) from non-accretable difference	15,957	64,017
Sales	-29,340	-21,657
Balance at end of period	$1,794,577	$2,107,387

Residential_MortgageBacked_Sec5

Residential Mortgage-Backed Securities - Non-Agency Securities Having Deteriorated Credit When Acquired (Detail) (Non-Agency RMBS Having Deteriorated Credit When Acquired [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Non-Agency RMBS Having Deteriorated Credit When Acquired [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Loans acquired having deteriorated credit, outstanding principal	$3,949,664	$4,508,475	$5,245,184
Loans acquired having deteriorated credit, carrying value	$2,027,738	$2,268,751	$2,649,303

Residential_MortgageBacked_Sec6

Residential Mortgage-Backed Securities - Unrealized Loss Positions (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Item	Item
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for less than 12 consecutive months	$1,298,264	$17,998
Unrealized losses on RMBS in continuous loss position for less than 12 consecutive months	-88,451	-2,904
Number of Securities of RMBS in continuous loss position for less than 12 months	97	14
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	63,319	140,836
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	-32,950	-26,725
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	33	35
Estimated fair value of RMBS in continuous loss position	1,361,583	158,834
Total Gross Unrealized Loss	-121,401	-29,629
Number of Securities in continuous loss position	130	49
Non-Agency RMBS - Senior [Member]	'	'
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for less than 12 consecutive months	28,163	'
Unrealized losses on RMBS in continuous loss position for less than 12 consecutive months	-109	'
Number of Securities of RMBS in continuous loss position for less than 12 months	3	'
Estimated fair value of RMBS in continuous loss position	28,163	'
Total Gross Unrealized Loss	-109	'
Number of Securities in continuous loss position	3	'
Non-Agency RMBS - Senior interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for less than 12 consecutive months	119,913	17,764
Unrealized losses on RMBS in continuous loss position for less than 12 consecutive months	-35,252	-2,828
Number of Securities of RMBS in continuous loss position for less than 12 months	54	12
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	45,167	52,920
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	-30,756	-18,147
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	28	26
Estimated fair value of RMBS in continuous loss position	165,080	70,684
Total Gross Unrealized Loss	-66,008	-20,975
Number of Securities in continuous loss position	82	38
Non-Agency RMBS - Subordinated [Member]	'	'
Investment Holdings [Line Items]	'	'
Number of Securities of RMBS in continuous loss position for less than 12 months	4	'
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	17,661	54,774
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	-1,896	-6,747
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	2	5
Estimated fair value of RMBS in continuous loss position	17,661	54,774
Total Gross Unrealized Loss	-1,896	-6,747
Number of Securities in continuous loss position	6	5
Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for less than 12 consecutive months	1,062	'
Unrealized losses on RMBS in continuous loss position for less than 12 consecutive months	-578	'
Number of Securities of RMBS in continuous loss position for less than 12 months	2	'
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	'	9,659
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	'	-1,393
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	'	1
Estimated fair value of RMBS in continuous loss position	1,062	9,659
Total Gross Unrealized Loss	-578	-1,393
Number of Securities in continuous loss position	2	1
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	'	22,490
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	'	-197
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	'	1
Estimated fair value of RMBS in continuous loss position	'	22,490
Total Gross Unrealized Loss	'	-197
Number of Securities in continuous loss position	'	1
Agency RMBS [Member]	'	'
Investment Holdings [Line Items]	'	'
Estimated fair value of RMBS in continuous loss position for less than 12 consecutive months	1,149,126	234
Unrealized losses on RMBS in continuous loss position for less than 12 consecutive months	-52,512	-76
Number of Securities of RMBS in continuous loss position for less than 12 months	34	2
Estimated fair value of RMBS in continuous loss position for 12 or more consecutive months	491	993
Unrealized losses on RMBS in continuous loss position for 12 or more consecutive months	-298	-241
Number of Securities on RMBS in continuous loss position for 12 or more consecutive months	3	2
Estimated fair value of RMBS in continuous loss position	1,149,617	1,227
Total Gross Unrealized Loss	($52,810)	($317)
Number of Securities in continuous loss position	37	4

Residential_MortgageBacked_Sec7

Residential Mortgage-Backed Securities - Aggregate Other Than Temporary Impairments (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Residential Mortgage-Backed Securities [Member]	'	'	'
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]	'	'	'
Total other-than-temporary impairment losses	($4,356)	($47,632)	($241,962)
Portion of loss recognized in other comprehensive income (loss)	-40,811	-84,618	-115,143
Net other-than-temporary credit impairment losses	($45,167)	($132,250)	($357,105)

Residential_MortgageBacked_Sec8

Residential Mortgage-Backed Securities - Non-Agency Securities Credit Losses (Detail) (Non-Agency RMBS [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Non-Agency RMBS [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Cumulative credit loss beginning balance	$510,089	$452,060	$237,746
Additions:	'	'	'
Other-than-temporary impairments not previously recognized	39,098	98,324	268,795
Reductions for securities sold during the period	-14,038	-34,577	-1,300
Increases related to other-than-temporary impairments on securities with previously recognized other-than-temporary impairments	6,069	33,926	88,310
Reductions for increases in cash flows expected to be collected over the remaining life of the securities	-16,786	-39,644	-141,491
Cumulative credit impairment loss ending balance	$524,432	$510,089	$452,060

Residential_MortgageBacked_Sec9

Residential Mortgage-Backed Securities - OTTI - Significant Inputs and Assumptions (Detail) (Non-Agency RMBS [Member])	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Weighted Average [Member]	'		'
Investment Holdings [Line Items]	'		'
Loss Severity	56.00%		57.00%
60+ days delinquent	26.00%		26.00%
Credit Enhancement	4.00%	[1]	13.00%	[1]
3 Month CPR	15.00%		15.00%
12 Month CPR	17.00%		16.00%
Minimum [Member]	'		'
Investment Holdings [Line Items]	'		'
Loss Severity	34.00%		33.00%
60+ days delinquent	0.00%		0.00%
Credit Enhancement	0.00%	[1]	0.00%	[1]
3 Month CPR	0.00%		0.00%
12 Month CPR	9.00%		8.00%
Maximum [Member]	'		'
Investment Holdings [Line Items]	'		'
Loss Severity	75.00%		86.00%
60+ days delinquent	43.00%		53.00%
Credit Enhancement	48.00%	[1]	75.00%	[1]
3 Month CPR	42.00%		30.00%
12 Month CPR	35.00%		42.00%
[1]	Calculated as the combined credit enhancement to the Re-REMIC and underlying from each of their respective capital structures.

Recovered_Sheet1

Residential Mortgage-Backed Securities - Gross Unrealized Gains (Losses) (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Other Comprehensive Income	$1,044,302	$996,878
Gross Unrealized Gain Included in Accumulated Deficit	18,785	17,844
Total Gross Unrealized Gain	1,063,087	1,014,722
Gross Unrealized Loss Included in Accumulated Other Comprehensive Income	-53,499	-6,944
Gross Unrealized Loss Included in Accumulated Deficit	-67,902	-22,685
Total Gross Unrealized Loss	-121,401	-29,629
Non-Agency RMBS - Senior [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Other Comprehensive Income	974	16
Total Gross Unrealized Gain	974	16
Gross Unrealized Loss Included in Accumulated Other Comprehensive Income	-109	'
Total Gross Unrealized Loss	-109	'
Non-Agency RMBS - Senior interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Deficit	11,802	7,976
Total Gross Unrealized Gain	11,802	7,976
Gross Unrealized Loss Included in Accumulated Deficit	-66,008	-20,975
Total Gross Unrealized Loss	-66,008	-20,975
Non-Agency RMBS - Subordinated [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Other Comprehensive Income	119,233	81,492
Total Gross Unrealized Gain	119,233	81,492
Gross Unrealized Loss Included in Accumulated Other Comprehensive Income	-1,896	-6,747
Total Gross Unrealized Loss	-1,896	-6,747
Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Deficit	2,483	1,466
Total Gross Unrealized Gain	2,483	1,466
Gross Unrealized Loss Included in Accumulated Deficit	-578	-1,393
Total Gross Unrealized Loss	-578	-1,393
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Other Comprehensive Income	901,773	829,308
Gross Unrealized Gain Included in Accumulated Deficit	4,170	8,045
Total Gross Unrealized Gain	905,943	837,353
Gross Unrealized Loss Included in Accumulated Other Comprehensive Income	'	-197
Total Gross Unrealized Loss	'	-197
Agency RMBS [Member]	'	'
Investment Holdings [Line Items]	'	'
Gross Unrealized Gain Included in Accumulated Other Comprehensive Income	22,322	86,062
Gross Unrealized Gain Included in Accumulated Deficit	330	357
Total Gross Unrealized Gain	22,652	86,419
Gross Unrealized Loss Included in Accumulated Other Comprehensive Income	-51,494	'
Gross Unrealized Loss Included in Accumulated Deficit	-1,316	-317
Total Gross Unrealized Loss	($52,810)	($317)

Recovered_Sheet2

Residential Mortgage-Backed Securities - Collateral Characteristics (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013		Dec. 31, 2012
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	$13,033,943,000		$10,693,576,000
Non-Agency RMBS - Senior [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	128,217,000		126,000
Weighted Average Amortized Cost Basis	69.27		57.02
Weighted Average Fair Value	69.95		67
Weighted Average Coupon	1.42%		0.00%
Weighted Average Yield at Period-End	5.87%	[1]	11.90%	[1]
Non-Agency RMBS - Senior interest-only [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	5,742,781,000		3,012,868,000
Weighted Average Amortized Cost Basis	4.93		4.51
Weighted Average Fair Value	3.99		4.08
Weighted Average Coupon	1.44%		1.76%
Weighted Average Yield at Period-End	17.17%	[1]	10.36%	[1]
Non-Agency RMBS - Subordinated [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	830,632,000		1,057,821,000
Weighted Average Amortized Cost Basis	40.96		44.72
Weighted Average Fair Value	55.09		51.79
Weighted Average Coupon	2.94%		3.18%
Weighted Average Yield at Period-End	13.49%	[1]	11.07%	[1]
Non-Agency RMBS - Subordinated interest-only [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	274,462,000		256,072,000
Weighted Average Amortized Cost Basis	5.34		6.32
Weighted Average Fair Value	6.04		6.35
Weighted Average Coupon	1.73%		2.25%
Weighted Average Yield at Period-End	8.97%	[1]	8.90%	[1]
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	3,912,376,000		4,610,109,000
Weighted Average Amortized Cost Basis	54.17		53.96
Weighted Average Fair Value	77.82		72.5
Weighted Average Coupon	4.66%		4.88%
Weighted Average Yield at Period-End	15.84%	[1]	15.44%	[1]
Agency RMBS [Member]	'		'
Investment Holdings [Line Items]	'		'
Principal or Notional Value at Period-End	2,145,475,000		1,756,580,000
Weighted Average Amortized Cost Basis	106.83		103.09
Weighted Average Fair Value	$105.24		$108.24
Weighted Average Coupon	3.99%		4.65%
Weighted Average Yield at Period-End	3.43%	[1]	3.59%	[1]
[1]	Bond Equivalent Yield at period end.

Recovered_Sheet3

Residential Mortgage-Backed Securities - Credit Ratings (Detail) (Non-Agency RMBS [Member])	Dec. 31, 2013	Dec. 31, 2012
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	100.00%	100.00%
AAA Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	0.00%	0.01%
AA Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	0.71%	0.46%
A Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	0.01%	0.00%
BB Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	1.38%	1.41%
B Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	4.26%	1.19%
Below B or Not Rated Credit Rating [Member]	'	'
Credit Derivatives [Line Items]	'	'
Percentage of RMBS portfolio at fair value, by credit rating	93.64%	96.93%

Recovered_Sheet4

Residential Mortgage-Backed Securities - Maturities (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year, at amortized cost	$8,760	$14,647
Greater than one year and less than five years, at amortized cost	441,900	2,044,293
Greater than five years and less than ten years, at amortized cost	3,671,035	1,896,710
Greater than ten years, at amortized cost	708,660	827,162
Total, at amortized cost	4,830,355	4,782,812
Less than one year, at fair value	9,513	16,714
Greater than one year and less than five years, at fair value	493,911	2,186,563
Greater than five years and less than ten years, at fair value	4,330,884	2,495,382
Greater than ten years, at fair value	937,733	1,069,246
Fair Value	5,772,041	5,767,905
Non-Agency RMBS - Senior [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Greater than one year and less than five years, at amortized cost	28,900	'
Greater than five years and less than ten years, at amortized cost	59,922	72
Total, at amortized cost	88,822	72
Greater than one year and less than five years, at fair value	29,283	'
Greater than five years and less than ten years, at fair value	60,404	88
Fair Value	89,687	88
Non-Agency RMBS - Senior interest-only [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year, at amortized cost	1,017	657
Greater than one year and less than five years, at amortized cost	131,159	58,037
Greater than five years and less than ten years, at amortized cost	117,008	70,044
Greater than ten years, at amortized cost	34,087	7,130
Total, at amortized cost	283,271	135,868
Less than one year, at fair value	376	358
Greater than one year and less than five years, at fair value	103,688	47,205
Greater than five years and less than ten years, at fair value	96,968	66,927
Greater than ten years, at fair value	28,033	8,379
Fair Value	229,065	122,869
Non-Agency RMBS - Subordinated [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year, at amortized cost	2,877	2,649
Greater than one year and less than five years, at amortized cost	50,483	20,593
Greater than five years and less than ten years, at amortized cost	243,350	318,422
Greater than ten years, at amortized cost	43,522	131,385
Total, at amortized cost	340,232	473,049
Less than one year, at fair value	3,359	4,092
Greater than one year and less than five years, at fair value	63,177	23,948
Greater than five years and less than ten years, at fair value	321,333	359,310
Greater than ten years, at fair value	69,700	160,444
Fair Value	457,569	547,794
Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Greater than five years and less than ten years, at amortized cost	13,344	11,051
Greater than ten years, at amortized cost	1,322	5,129
Total, at amortized cost	14,666	16,180
Greater than five years and less than ten years, at fair value	14,862	9,658
Greater than ten years, at fair value	1,709	6,595
Fair Value	16,571	16,253
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year, at amortized cost	4,744	11,184
Greater than one year and less than five years, at amortized cost	211,925	248,699
Greater than five years and less than ten years, at amortized cost	1,356,981	1,493,647
Greater than ten years, at amortized cost	501,978	683,518
Total, at amortized cost	2,075,628	2,437,048
Less than one year, at fair value	5,724	12,118
Greater than one year and less than five years, at fair value	276,752	312,690
Greater than five years and less than ten years, at fair value	1,986,879	2,055,568
Greater than ten years, at fair value	712,216	893,828
Fair Value	2,981,571	3,274,204
Agency RMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Less than one year, at amortized cost	122	157
Greater than one year and less than five years, at amortized cost	19,433	1,716,964
Greater than five years and less than ten years, at amortized cost	1,880,430	3,474
Greater than ten years, at amortized cost	127,751	'
Total, at amortized cost	2,027,736	1,720,595
Less than one year, at fair value	54	146
Greater than one year and less than five years, at fair value	21,011	1,802,720
Greater than five years and less than ten years, at fair value	1,850,438	3,831
Greater than ten years, at fair value	126,075	'
Fair Value	$1,997,578	$1,806,697

Recovered_Sheet5

Residential Mortgage-Backed Securities - Geographical and Other Statistics (Detail) (Non-Agency RMBS [Member], USD $)	0 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
	Point		Point
Investment Holdings [Line Items]	'		'
Weighted average maturity	'24 years 1 month 6 days		'24 years 9 months 18 days
Weighted average amortized loan to value	69.40%	[1]	71.60%	[1]
Weighted average FICO	710	[2]	717	[2]
Weighted average loan balance	$385,000		$453,100
Weighted average percentage owner occupied	84.00%		85.10%
Weighted average percentage single family residence	65.40%		65.50%
Weighted average current credit enhancement	1.60%		3.10%
California [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	33.40%		36.70%
Florida [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	9.10%		8.70%
New York [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	7.10%		6.40%
New Jersey [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	3.00%		2.80%
Maryland [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	2.70%		'
Virginia [Member]	'		'
Investment Holdings [Line Items]	'		'
Weighted average geographic concentration	'		2.40%
[1]	Value represents appraised value of the collateral at the time of loan origination.
[2]	FICO as determined at the time of loan origination.

Recovered_Sheet6

Residential Mortgage-Backed Securities - Year Originated (Detail) (Non-Agency RMBS [Member])	Dec. 31, 2013	Dec. 31, 2012
Non-Agency RMBS [Member]	'	'
Origination Year as a Percentage of Outstanding Principal Balance:	'	'
2000	0.60%	0.20%
2001	1.20%	0.20%
2002	1.00%	0.00%
2003	1.40%	0.40%
2004	3.60%	0.60%
2005	17.80%	14.30%
2006	32.20%	34.60%
2007	40.10%	46.70%
2008	2.10%	3.00%
Total	100.00%	100.00%

Recovered_Sheet7

Residential Mortgage-Backed Securities - Gains and Losses from Sales of Investments (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Investment Holdings [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gain

($4,832)

$18,816

$54,117

$6

$1

$69,155

$16,010

$52,566

$58

($913)

$2,642

$68,107

$85,166

$54,353

Residential Mortgage-Backed Securities [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment Holdings [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from sales

'

'

'

'

'

'

'

'

'

'

'

1,079,649

943,350

2,628,994

Gross realized gains

'

'

'

'

'

'

'

'

'

'

'

72,946

85,166

54,353

Gross realized losses

'

'

'

'

'

'

'

'

'

'

'

-4,839

'

'

Net realized gain

'

'

'

'

'

'

'

'

'

'

'

$68,107

$85,166

$54,353

Securitized_Loans_Held_for_Inv2

Securitized Loans Held for Investment - Narrative (Detail) (USD $)

12 Months Ended

12 Months Ended

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Fixed Rate Bonds [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]

AAA, AA or A Credit Rating [Member]

CSMC Trusts [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Securitized Loans Held for Investment [Member]

Loan

Allowance For Loan Losses Specific Loan Reserve [Member]

Allowance For Loan Losses Specific Loan Reserve [Member]

Allowance For Loan Losses Specific Loan Reserve [Member]

Allowance For Loan Losses Specific Loan Reserve [Member]

Allowance For Loan Losses General Reserve [Member]

Allowance For Loan Losses General Reserve [Member]

Allowance For Loan Losses General Reserve [Member]

Troubled Debt Restructuring [Member]

Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of securities transferred to a VIE in a secured borrowing transaction

'

'

$1,500,000,000

'

'

'

'

'

'

'

'

'

Principal amount of securities sold

'

1,400,000,000

'

'

'

'

'

'

'

'

'

'

Proceeds from securitized debt borrowings, loans held for investment

1,426,983,000

1,426,983,000

'

'

'

'

'

'

'

'

'

'

Origination Year as a Percentage of Outstanding Principal Balance:

'

'

'

'

'

'

'

'

'

'

'

'

2012

'

'

'

39.50%

'

'

'

'

'

'

'

'

2011

'

'

'

37.80%

'

'

'

'

'

'

'

'

2010

'

'

'

6.90%

'

'

'

'

'

'

'

'

Prior to 2010

'

'

'

15.80%

'

'

'

'

'

'

'

'

Allowance for loan losses

'

'

'

9,063,000

11,624,000

5,400,000

6,600,000

7,600,000

'

3,700,000

5,000,000

6,300,000

Allowance for loan losses, specific reserve, portion having potential for future accretion into income

'

'

'

'

'

25,700,000

29,100,000

32,900,000

4,500,000

'

'

'

Recorded investment in impaired loans having a specific allowance for loan loss

'

'

'

'

'

18,700,000

21,800,000

14,300,000

'

'

'

'

The total unpaid principal balance of non-impaired loans

'

'

'

'

'

'

'

'

'

750,400,000

1,300,000,000

235,200,000

Recorded investment in non-impaired loans

'

'

'

'

'

'

'

'

'

$764,800,000

$1,300,000,000

$228,900,000

Number of loans modified in the past twelve months and delinquent on scheduled payments

'

'

'

0

'

'

'

'

'

'

'

'

Securitized_Loans_Held_for_Inv3

Securitized Loans Held for Investment - Roll-Forward (Detail) (Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member], Securitized Loans Held for Investment [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Securitized Loans Held for Investment [Member]	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'
Balance, beginning of year	$1,300,131	$256,632
Purchases	'	1,531,014
Principal paydowns	-507,683	-477,555
Net periodic amortization (accretion)	-10,763	-9,592
Change to loan loss provision	1,799	-368
Balance, end of period	$783,484	$1,300,131

Securitized_Loans_Held_for_Inv4

Securitized Loans Held for Investment - Summary (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Residential Mortgage-Backed Securities [Member]	'	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'	'
Securitized loans, at amortized cost	$792,547	$1,311,755	'	'
Less: allowance for loan losses	9,063	11,624	13,938	11,006
Securitized loans held for investment	$783,484	$1,300,131	'	'

Securitized_Loans_Held_for_Inv5

Securitized Loans Held for Investment - Collateral Characteristics (Detail) (Residential Mortgage [Member], USD $)	0 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
	Point		Loan
	Loan		Point
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Number of loans	1,053		1,618
Weighted average maturity	'27 years 3 months 18 days		'28 years 3 months 18 days
Weighted average loan to value	71.70%	[1]	71.20%	[1]
Weighted average FICO	766	[2]	768	[2]
Weighted average loan balance	$737,000		$794,100
Weighted average percentage owner occupied	94.70%		94.60%
Weighted average percentage single family residence	70.00%		70.60%
California [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	34.70%		38.10%
Virginia [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	5.60%		6.30%
New York [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	5.50%		6.30%
New Jersey [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	5.10%		4.60%
Texas [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	4.90%		'
Washington [Member]	'		'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'		'
Weighted average geographic concentration	'		5.20%
[1]	Value represents appraised value of the collateral at the time of loan origination.
[2]	FICO as determined at the time of loan origination.

Securitized_Loans_Held_for_Inv6

Securitized Loans Held for Investment - Allowance for Loan Losses (Detail) (Residential Mortgage-Backed Securities [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Residential Mortgage-Backed Securities [Member]	'	'	'
Allowance for Loan and Lease Losses [Roll Forward]	'	'	'
Balance, beginning of period	$11,624	$13,938	$11,006
Provision for loan losses	-1,799	368	5,291
Charge-offs	-762	-2,682	-2,359
Balance, end of period	$9,063	$11,624	$13,938

Securitized_Loans_Held_for_Inv7

Securitized Loans Held for Investment - Aging (Detail) (Residential Mortgage [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Residential Mortgage [Member]	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'
30 Days Delinquent	$999	$3,110
60 Days Delinquent	570	1,186
90+ Days Delinquent	2,087	4,045
Bankruptcy	473	0
Foreclosure	7,530	4,247
REO	1,179	1,390
Total	$12,838	$13,978

Securitized_Loans_Held_for_Inv8

Securitized Loans Held for Investment - Modified Loans (Detail) (Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member], Securitized Loans Held for Investment [Member], Residential Mortgage [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
	Loan	Loan
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Securitized Loans Held for Investment [Member] | Residential Mortgage [Member]	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'
Number of Loans Modified During Period	3	9
Unpaid Principal Balance of Modified Loans (Pre-modification)	$2,349	$5,163
Unpaid Principal Balance of Modified Loans (Post-modification)	2,358	5,312
Amortized Cost of Modified Loans	2,248	5,256
Amortized Cost of Modified Loans For Which There is an Allowance for Loan Losses	2,248	5,256
Amortized Cost of Modified Loans For Which There is No Allowance for Loan Losses	$0	$0

Fair_Value_Measurements_Fair_V

Fair Value Measurements - Fair Value Measurement Levels (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Agency mortgage-backed securities	$1,997,578	$1,806,697
Derivatives	8,095	'
Liabilities:	'	'
Derivatives	-30,199	-53,939
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Assets:	'	'
Derivatives	8,095	'
Liabilities:	'	'
Derivatives	-30,199	-53,939
Total	1,975,474	1,752,758
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Agency RMBS [Member]	'	'
Assets:	'	'
Agency mortgage-backed securities	1,997,578	1,806,697
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]	'	'
Liabilities:	'	'
Total	3,774,463	3,961,208
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS - Senior [Member]	'	'
Assets:	'	'
Non-Agency RMBS - Senior	89,687	88
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS - Senior interest-only [Member]	'	'
Assets:	'	'
Non-Agency RMBS - Senior interest-only	229,065	122,869
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS - Subordinated [Member]	'	'
Assets:	'	'
Non-Agency RMBS - Subordinated	457,569	547,794
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Assets:	'	'
Non-Agency RMBS - Subordinated interest-only	16,571	16,253
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Assets:	'	'
RMBS transferred to consolidated VIEs	$2,981,571	$3,274,204

Fair_Value_Measurements_Unobse

Fair Value Measurements - Unobservable Input Reconciliation (Detail) (Non-Agency RMBS [Member], Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 3 [Member], USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Non-Agency RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance Level 3 assets	$3,961,208	$4,088,945
Transfers in to Level 3 assets	'	'
Transfers out of Level 3 assets	'	'
Purchases	317,299	122,509
Principal payments	-475,092	-516,370
Sales	-191,436	-328,261
Accretion of purchase discounts	106,290	98,804
Other than temporary credit impairment losses	-45,167	-132,250
Realized gains (losses) on sales	46,866	48,435
Realized losses on principal write-downs of Non-Agency RMBS	-18,316	'
Net unrealized gains (losses) on interest-only RMBS	-43,252	804
Total unrealized gains (losses) for the period	116,063	578,592
Ending balance Level 3 assets	$3,774,463	$3,961,208

Fair_Value_Measurements_Unobse1

Fair Value Measurements - Unobservable Inputs Assumptions (Detail) (Fair Value, Inputs, Level 3 [Member])	0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Non-Agency RMBS - Senior [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, discount rate	6.40%	7.50%
Non-Agency RMBS - Senior interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, discount rate	14.40%	13.90%
Non-Agency RMBS - Subordinated [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, discount rate	26.80%	25.90%
Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, discount rate	12.70%	13.30%
Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, discount rate	5.30%	5.80%
Minimum [Member] | Non-Agency RMBS - Senior [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	1.00%	11.00%
Significant unobservable input, default rate	0.00%	0.00%
Significant unobservable input, loss severity rate	50.00%	50.00%
Minimum [Member] | Non-Agency RMBS - Senior interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	1.00%	1.00%
Significant unobservable input, default rate	0.00%	0.00%
Significant unobservable input, loss severity rate	50.00%	50.00%
Minimum [Member] | Non-Agency RMBS - Subordinated [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	1.00%	1.00%
Significant unobservable input, default rate	0.00%	0.00%
Significant unobservable input, loss severity rate	50.00%	50.00%
Minimum [Member] | Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	2.00%	4.00%
Significant unobservable input, default rate	0.00%	0.00%
Significant unobservable input, loss severity rate	50.00%	50.00%
Minimum [Member] | Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	1.00%	1.00%
Significant unobservable input, default rate	0.00%	0.00%
Significant unobservable input, loss severity rate	50.00%	50.00%
Maximum [Member] | Non-Agency RMBS - Senior [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	6.00%	11.00%
Significant unobservable input, default rate	33.00%	3.00%
Significant unobservable input, loss severity rate	85.00%	58.00%
Maximum [Member] | Non-Agency RMBS - Senior interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	28.00%	25.00%
Significant unobservable input, default rate	33.00%	25.00%
Significant unobservable input, loss severity rate	85.00%	85.00%
Maximum [Member] | Non-Agency RMBS - Subordinated [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	22.00%	18.00%
Significant unobservable input, default rate	38.00%	21.00%
Significant unobservable input, loss severity rate	85.00%	85.00%
Maximum [Member] | Non-Agency RMBS - Subordinated interest-only [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	13.00%	11.00%
Significant unobservable input, default rate	18.00%	21.00%
Significant unobservable input, loss severity rate	73.00%	68.00%
Maximum [Member] | Non-Agency RMBS Transferred To Consolidated Variable Interest Entities ("VIEs") [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Significant unobservable input, prepayment rate	20.00%	15.00%
Significant unobservable input, default rate	33.00%	36.00%
Significant unobservable input, loss severity rate	85.00%	85.00%

Fair_Value_Measurements_Carryi

Fair Value Measurements - Carrying And Fair Values (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Securitized loans held for investment	$762,550	$1,320,696
Securitized debt, collateralized by Non-Agency RMBS	-940,712	-1,334,551
Securitized debt, collateralized by loans held for investment	-647,628	-1,194,747
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Repurchase agreements	-1,660,941	-1,531,511
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Securitized loans held for investment	783,484	1,300,131
Repurchase agreements	-1,658,561	-1,528,025
Securitized debt, collateralized by Non-Agency RMBS	-933,732	-1,336,261
Securitized debt, collateralized by loans held for investment	($669,981)	($1,169,710)

Repurchase_Agreements_Narrativ

Repurchase Agreements - Narrative (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Short-term Debt [Line Items]	'	'
Repurchase agreements outstanding	$1,658,561,000	$1,528,025,000
Weighted average borrowing rates	0.44%	0.52%
Weighted average remaining maturities, in days	'58 days	'56 days
Average daily balances of the Company's repurchase agreements	1,500,000,000	2,100,000,000
Description of variable interest rate	'The interest rates of these repurchase agreements are generally indexed to the one-month or the three-month LIBOR rate and re-price accordingly.	'
Agency RMBS [Member] | Repurchase Agreements [Member]	'	'
Short-term Debt [Line Items]	'	'
RMBS pledged as collateral under repurchase agreements, at estimated fair value	$1,700,000,000	$1,600,000,000

Repurchase_Agreements_Maturiti

Repurchase Agreements - Maturities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Repurchase agreements outstanding	$1,658,561	$1,528,025
1-29 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Repurchase agreements outstanding	644,332	732,809
30 to 59 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Repurchase agreements outstanding	606,945	325,915
90 to 119 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Repurchase agreements outstanding	129,049	211,137
Greater than or equal to 120 days [Member]	'	'
Assets Sold under Agreements to Repurchase [Line Items]	'	'
Repurchase agreements outstanding	$278,235	$258,164

Securitized_Debt_Narrative_Det

Securitized Debt - Narrative (Detail) (Securitized Loans [Member], Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
In Millions, unless otherwise specified	Loans Held for Investment [Member]	Loans Held for Investment [Member]	Non-Agency RMBS [Member]	Non-Agency RMBS [Member]	Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
					Loans Held for Investment [Member]	Non-Agency RMBS [Member]	Loans Held for Investment [Member]	Non-Agency RMBS [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'
Principal balance of debt	$670.40	$1,200	$966.40	$1,400	'	'	'	'
Year the debt matures	'	'	'	'	'2023	'2035	'2042	'2047
Weighted average cost of financing	3.31%	3.37%	4.26%	4.41%	'	'	'	'

Securitized_Debt_Maturities_De

Securitized Debt - Maturities (Detail) (Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member], Securitized Loans [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member] | Securitized Loans [Member]	'	'
Debt Instrument [Line Items]	'	'
Within One Year	$370,250	$658,423
One to Three Years	497,943	793,150
Three to Five Years	264,456	430,993
Greater Than or Equal to Five Years	396,916	555,717
Total	$1,529,565	$2,438,283

Variable_Interest_Entities_Eff

Variable Interest Entities - Effect on Consolidated Financial Condition (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'
Accrued interest receivable	$15,821	$15,248
Liabilities	'	'
Accrued interest payable	1,397	2,441
Variable Interest Entity, Primary Beneficiary [Member]	'	'
Assets	'	'
Non-Agency RMBS transferred to consolidated VIEs	2,981,571	3,274,204
Securitized loans held for investment	783,484	1,300,131
Accrued interest receivable	17,173	24,082
Liabilities	'	'
Securitized debt, collateralized by Non-Agency RMBS	933,732	1,336,261
Securitized debt, collateralized by loans held for investment	669,981	1,169,710
Accrued interest payable	$5,278	$8,358

Variable_Interest_Entities_Eff1

Variable Interest Entities - Effect on Consolidated Results (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net interest income

$106,577

$105,287

$100,954

$96,966

$99,678

$110,340

$139,571

$113,293

$136,845

$152,789

$144,066

$136,466

$409,784

$462,882

$570,166

Total other-than-temporary impairment losses

-2,147

-2,209

'

'

-368

-2,713

-12,474

-32,077

-80,038

-78,950

-57,926

-25,048

-4,356

-47,632

-241,962

Portion of loss recognized in other comprehensive income (loss)

-20,402

-14,246

'

-6,163

-7,817

-7,301

-53,213

-16,287

-31,154

-71,610

-4,244

-8,135

-40,811

-84,618

-115,143

Net other-than-temporary credit impairment losses

-22,549

-16,455

'

-6,163

-8,185

-10,014

-65,687

-48,364

-111,192

-150,560

-62,170

-33,183

-45,167

-132,250

-357,105

Variable Interest Entity, Primary Beneficiary [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total other-than-temporary impairment losses

'

'

'

'

'

'

'

'

'

'

'

'

-4,170

-7,619

-113,047

Portion of loss recognized in other comprehensive income (loss)

'

'

'

'

'

'

'

'

'

'

'

'

-33,749

-76,699

-145,512

Net other-than-temporary credit impairment losses

'

'

'

'

'

'

'

'

'

'

'

'

-37,919

-84,318

-258,559

Variable Interest Entity, Primary Beneficiary [Member] | Non-Agency Residential Mortgage-Backed Securities and Securitized Loans [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income, Assets of consolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

371,559

417,351

450,996

Interest expense, Non-recourse liabilities of VIEs

'

'

'

'

'

'

'

'

'

'

'

'

-95,229

-115,880

-122,917

Net interest income

'

'

'

'

'

'

'

'

'

'

'

'

$276,330

$301,471

$328,079

Variable_Interest_Entities_Eff2

Variable Interest Entities - Effect on Consolidated Cash Flow (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Amortization of deferred financing costs	$5,690	$8,546	'
Accretion (amortization) of securitized debt discounts/premiums, net	11,981	6,985	12,551
Payment of deferred financing costs	'	-9,488	'
Proceeds from securitized debt borrowings, collateralized by loans held for investment	'	1,426,983	'
Payments on securitized debt borrowings, collateralized by loans held for investment	-499,549	-470,788	-80,181
Proceeds from securitized debt borrowings, collateralized by Non-Agency RMBS	'	181,201	310,972
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS	-414,690	-481,464	-645,603
Decrease (increase) in accrued interest receivable	6,336	9,111	-672
Increase (decrease) in accrued interest payable	-4,124	-625	-217
Residential Mortgage-Backed Securities transferred to consolidated VIEs [Member]	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Principal payments	466,522	505,779	668,924
Securitized Loans [Member]	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Principal payments	507,683	477,555	85,526
Variable Interest Entity, Primary Beneficiary [Member]	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Amortization of deferred financing costs	5,691	8,546	1,733
Accretion (amortization) of securitized debt discounts/premiums, net	11,981	6,985	12,551
Payment of deferred financing costs	'	-9,488	'
Proceeds from securitized debt borrowings, collateralized by loans held for investment	'	1,426,983	'
Payments on securitized debt borrowings, collateralized by loans held for investment	-499,549	-470,788	-80,181
Proceeds from securitized debt borrowings, collateralized by Non-Agency RMBS	'	181,201	310,972
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS	-414,690	-481,464	-645,603
Decrease (increase) in accrued interest receivable	6,909	2,534	-4,832
Increase (decrease) in accrued interest payable	-3,080	228	-1,836
Net cash provided by/(used in) consolidated VIEs	81,467	1,648,071	347,254
Variable Interest Entity, Primary Beneficiary [Member] | Residential Mortgage-Backed Securities transferred to consolidated VIEs [Member]	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Principal payments	466,522	505,779	668,924
Variable Interest Entity, Primary Beneficiary [Member] | Securitized Loans [Member]	'	'	'
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]	'	'	'
Principal payments	$507,683	$477,555	$85,526

Variable_Interest_Entities_Nar

Variable Interest Entities - Narrative (Detail) (Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member])	12 Months Ended
	Dec. 31, 2013
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]	'
Variable Interest Entity [Line Items]	'
Variable interest entity, reporting entity involvement, maximum loss exposure determination methodology	'The Company's involvement with VIEs for which it is not considered the primary beneficiary generally is in the form of owning securities issued by the trusts, similar to its investments in other RMBS that do not provide the Company with a controlling financial interest. The Company's maximum exposure to loss does not include other-than-temporary impairments or other write-downs that the Company previously recognized through earnings.

Variable_Interest_Entities_Ass

Variable Interest Entities - Assets of Non-Consolidated VIEs (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
RMBS, at fair value	'	'
Agency RMBS, at fair value	$1,997,578	$1,806,697
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member]	'	'
RMBS, at amortized cost	'	'
Non-Agency RMBS-Senior at amortized cost	59	72
Non-Agency RMBS-Senior interest-only at amortized cost	'	'
Non-Agency RMBS-Subordinated at amortized cost	'	581
Agency RMBS, at amortized cost	666	1,198
Total, at amortized cost	725	1,851
RMBS, at fair value	'	'
Non-Agency RMBS-Senior at fair value	68	85
Non-Agency RMBS-Senior interest-only at fair value	75	128
Non-Agency RMBS-Subordinated at fair value	1,731	2,266
Agency RMBS, at fair value	437	1,001
Total, at fair value	$2,311	$3,480

Derivative_Instruments_Effect_

Derivative Instruments - Effect on Consolidated Financial Condition (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivatives, Fair Value [Line Items]	'	'
Derivative instruments - Notional amount outstanding	$1,905,000	$1,355,000
Derivative assets - Net estimated fair value/carrying value	8,095	'
Derivative liabilities - Net estimated fair value/carrying value	-30,199	-53,939
Interest Rate Swaps [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative instruments - Notional amount outstanding	1,355,000	1,355,000
Derivative liabilities - Net estimated fair value/carrying value	-30,199	-53,939
Treasury Futures [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative instruments - Notional amount outstanding	550,000	'
Derivative assets - Net estimated fair value/carrying value	$8,095	'

Derivative_Instruments_Effect_1

Derivative Instruments - Effect on Consolidated Results (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net unrealized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

$34,369

($9,473)

($34,478)

Net realized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

-7,713

-20,223

-15,929

Net gains (losses) on derivatives

22,361

-3,364

7,787

-128

-199

-9,725

-16,186

-3,586

-3,782

-29,812

-23,797

6,984

26,656

-29,696

-50,407

Interest Rate Swaps [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net unrealized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

23,740

-9,473

-34,478

Net realized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

-21,857

-20,223

-15,929

Mortgage Options [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

12,115

'

'

Treasury Futures [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net unrealized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

10,629

'

'

Net realized gains (losses) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

$2,029

'

'

Derivative_Instruments_Narrati

Derivative Instruments - Narrative (Detail)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]	'	'	'
The weighted average pay rate on the Company's interest rate swaps	1.81%	1.81%	2.08%
The weighted average receive rate on the Company's interest rate swaps	0.17%	0.21%	0.29%

Common_Stock_Narrative_Detail

Common Stock - Narrative (Detail) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Class of Stock [Line Items]	'	'	'
Description of common stock equity distribution agreement	'On January 28, 2011 the Company entered into an equity distribution agreement with FIDAC and UBS Securities LLC ("UBS")	'	'
Date of equity distribution agreement with FIDAC and UBS	'2011-01-28	'	'
Number of common shares authorized for issuance under the equity distribution agreement with FIDAC and UBS	125,000,000	'	'
Number of common shares sold during the period under the equity distribution agreement with FIDAC and UBS	0	0	0
Proceeds from direct purchase and dividend reinvestment	'	$117	$1,120
Shares issued during the period under the dividend reinvestment and share purchase plan	'	39,000	'
Common dividends declared	$575,213	$390,206	$523,481
Common dividends declared, per share	$0.56	$0.38	$0.51

Common_Stock_Earnings_Per_Shar

Common Stock - Earnings Per Share (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

$72,311

$67,367

$143,207

$79,801

$78,685

$128,068

$40,781

$80,233

$42,748

($60,036)

$53,979

$100,638

$362,686

$327,767

$137,329

Effect of dilutive securities:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dilutive net income available to stockholders

'

'

'

'

'

'

'

'

'

'

'

'

$362,686

$327,767

$137,329

Weighted average basic shares

'

'

'

'

'

'

'

'

'

'

'

'

1,027,094,379

1,026,831,033

1,026,365,197

Effect of dilutive securities

'

'

'

'

'

'

'

'

'

'

'

'

475,964

668,222

806,190

Weighted average dilutive shares

'

'

'

'

'

'

'

'

'

'

'

'

1,027,570,343

1,027,499,255

1,027,171,387

Net income per average share attributable to common stockholders - Basic

'

'

'

'

'

'

'

'

'

'

'

'

$0.35

$0.32

$0.13

Net income per average share attributable to common stockholders - Diluted

'

'

'

'

'

'

'

'

'

'

'

'

$0.35

$0.32

$0.13

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income - Components of AOCI (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'
Accumulated other comprehensive income, beginning balance	$989,936	'	'
OCI before reclassifications	23,807	509,399	-549,422
Amounts reclassified from AOCI	-22,940	'	'
Net current period OCI	867	556,483	-246,670
Accumulated other comprehensive income, ending balance	990,803	989,936	'
Unrealized gains (losses) on available-for-sale securities, net [Member]	'	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'	'
Accumulated other comprehensive income, beginning balance	989,936	'	'
OCI before reclassifications	23,807	'	'
Amounts reclassified from AOCI	-22,940	'	'
Net current period OCI	867	'	'
Accumulated other comprehensive income, ending balance	$990,803	'	'

Accumulated_Other_Comprehensiv3

Accumulated Other Comprehensive Income - Reclassifications from AOCI (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gains (losses) on sales of investments

($4,832)

$18,816

$54,117

$6

$1

$69,155

'

$16,010

$52,566

$58

($913)

$2,642

$68,107

$85,166

$54,353

Net other-than-temporary credit impairment losses

-22,549

-16,455

'

-6,163

-8,185

-10,014

-65,687

-48,364

-111,192

-150,560

-62,170

-33,183

-45,167

-132,250

-357,105

Income (loss) before income taxes

'

'

'

'

'

'

'

'

'

'

'

'

362,688

327,768

137,935

Income taxes

'

'

'

'

'

'

'

'

'

'

'

'

-2

-1

-606

Net of tax

72,311

67,367

143,207

79,801

78,685

128,068

40,781

80,233

42,748

-60,036

53,979

100,638

362,686

327,767

137,329

Amounts Reclassified from Accumulated OCI [Member] | Unrealized gains (losses) on available-for-sale securities, net [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gains (losses) on sales of investments

'

'

'

'

'

'

'

'

'

'

'

'

68,107

'

'

Net other-than-temporary credit impairment losses

'

'

'

'

'

'

'

'

'

'

'

'

-45,167

'

'

Income (loss) before income taxes

'

'

'

'

'

'

'

'

'

'

'

'

22,940

'

'

Income taxes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net of tax

'

'

'

'

'

'

'

'

'

'

'

'

$22,940

'

'

Long_Term_Incentive_Plan_Narra

Long Term Incentive Plan - Narrative (Detail) (USD $)	0 Months Ended	12 Months Ended
	Jan. 02, 2008	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Goods and Nonemployee Services Transaction [Line Items]	'	'	'	'
Equity-based compensation expense	'	$691,000	$449,000	$713,000
FIDAC Employees and Independent Directors [Member]	'	'	'	'
Share-based Goods and Nonemployee Services Transaction [Line Items]	'	'	'	'
The incentive plan authorizes the granting of options or other awards up to a ceiling of 40,000,000 shares	'	40,000,000	'	'
Ceiling percentage for share-based compensation to FIDAC	'	8.00%	'	'
The incentive plan authorizes the granting of options or other awards for an aggregate of the greater of 8.0% of the outstanding shares of the Company's common stock up to a maximum of 40,000,000 shares	'	'The incentive plan authorizes the granting of options or other awards of 8.0% of the outstanding shares of the Company's common stock up to a ceiling of 40,000,000 shares.	'	'
Number of shares issued under the plan from inception	1,301,000	'	'	'
Vesting period of restricted stock awarded to FIDAC's employees	'	'10 years	'	'
Total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the long term incentive plan, based on the closing price of the shares at the quarter end	'	1,200,000	'	'
Weighted average period over which unrecognized compensation costs related to non-vested share-based compensation is expected to be recognized	'	'4 years	'	'
The total fair value of shares vested, less those forfeited, during the period, based on the closing price of the stock on the vesting date	'	395,000	401,000	443,000
Compensation expense, amortization of restricted stock awards	'	418,000	449,000	451,000
Independent Directors Compensation Plan [Member]	'	'	'	'
Share-based Goods and Nonemployee Services Transaction [Line Items]	'	'	'	'
Equity-based compensation expense	'	$300,000	$300,000	$270,000

Long_Term_Incentive_Plan_Sched

Long Term Incentive Plan - Schedule of Restricted Stock Awards Activity (Detail) (FIDAC Employees and Independent Directors [Member], Restricted Stock [Member], USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
FIDAC Employees and Independent Directors [Member] | Restricted Stock [Member]	'	'
Share-based Goods and Nonemployee Services Transaction [Line Items]	'	'
Unvested shares outstanding - beginning of period, weighted average grant date fair value	$17.72	$17.72
Granted, weighted average grant date fair value	$3.04	$2.69
Vested, weighted average grant date fair value	$17.72	$17.72
Forfeited, weighted average grant date fair value	$17.72	$17.72
Unvested shares outstanding - end of period, weighted average grant date fair value	$17.72	$17.72
Unvested shares outstanding - beginning of period	586,000	758,400
Granted	98,688	111,528
Vested	-230,779	-264,232
Forfeited	-69,909	-19,696
Unvested shares outstanding - end of period	384,000	586,000

Income_Taxes_Narrative_Detail

Income Taxes - Narrative (Detail) (USD $)	12 Months Ended			9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2013	Sep. 30, 2013
				U.S. federal, state and local tax authorities [Member]	U.S. federal, state and local tax authorities [Member]
				Minimum [Member]	Maximum [Member]
Income Taxes [Line Items]	'	'	'	'	'
Minimum percentage of taxable income that must be distributed to maintain REIT status	90.00%	'	'	'	'
Income taxes	$2	$1	$606	'	'
Income distribution from dividends declared characterized as a return of capital for federal income tax purposes	$0.08	$0.12	'	'	'
Years open to tax examination	'	'	'	'2010	'2013

Credit_Risk_and_Interest_Rate_2

Credit Risk and Interest Rate Risk - Offsetting Assets and Liabilities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Offsetting Assets and Liabilities [Line Items]	'	'
Derivative Liabilities, Net Amounts Offset in the Consolidated Statements of Financial Position	($30,199)	($53,939)
Derivative Assets, Net Amounts Offset in the Consolidated Statements of Financial Position	8,095	'
Repurchase Agreements, Gross Amounts of Recognized Assets (Liabilities)	-1,658,561	-1,528,025
Repurchase Agreements, Net Amounts Offset in the Consolidated Statements of Financial Position	-1,658,561	-1,528,025
Repurchase Agreements, Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Statements of Financial Position, Financial Instruments	1,737,381	1,604,560
Repurchase Agreements, Net Amount	78,820	76,535
Total, Gross Amounts of Recognized Assets (Liabilities)	-1,678,131	-1,581,964
Total, Gross Amounts Offset in the Consolidated Statements of Financial Position	-2,534	'
Total, Net Amounts Offset in the Consolidated Statements of Financial Position	-1,680,665	-1,581,964
Total, Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Statements of Financial Position, Financial Instruments	1,776,851	1,664,942
Total, Net Amount	96,186	82,978
Treasury Futures [Member]	'	'
Offsetting Assets and Liabilities [Line Items]	'	'
Derivatives, Gross Amounts of Recognized Assets	10,629	'
Derivative Assets, Gross Amounts Offset in the Consolidated Statements of Financial Position	-2,534	'
Derivative Assets, Net Amounts Offset in the Consolidated Statements of Financial Position	8,095	'
Derivatives, Net Amount	8,095	'
Interest Rate Swaps [Member]	'	'
Offsetting Assets and Liabilities [Line Items]	'	'
Derivatives, Gross Amounts of Recognized Liabilities	-30,199	-53,939
Derivative Liabilities, Net Amounts Offset in the Consolidated Statements of Financial Position	-30,199	-53,939
Derivative Liabilities, Gross Amounts Not Offset with Financial Assets (Liabilities) in the Consolidated Statements of Financial Position, Financial Instruments	39,470	60,382
Derivatives, Net Amount	$9,271	$6,443

Management_Agreement_and_Relat1

Management Agreement and Related Party Transactions - Narrative (Detail) (USD $)	12 Months Ended			13 Months Ended	23 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Nov. 28, 2012
Related Party Transaction [Line Items]	'	'	'	'	'
Management fees accrued and paid to FIDAC for the period	$25,952	$49,525	$51,969	'	'
Expense recoveries from Manager	6,788	4,712	'	'	'
FIDAC [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Basis for determining the quarterly fee due FIDAC	'Gross Stockholders' Equity (as defined in the management agreement)	'	'	'	'
Rate per annum used for calculating the quarterly management fee due FIDAC	'	'	'	0.75%	1.50%
Management fees accrued and paid to FIDAC for the period	25,952	49,525	51,969	'	'
The amount the Company reimbursed FIDAC for its costs incurred under the management agreement during the period	493	447	625	'	'
Expense recoveries from Manager	6,788	4,712	'	'	'
FIDAC [Member] | Restricted Stock Award [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Number of shares of restricted stock issued by the Company to FIDAC's employees that vested during the period	140,000	172,000	'	'	'
RCap Securities Inc [Member]	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Administrative fees	$145	$137	$162	'	'

Subsequent_Events_Narrative_De

Subsequent Events - Narrative (Detail) (USD $)	12 Months Ended			2 Months Ended	0 Months Ended	5 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 04, 2014	Mar. 31, 2014	Jun. 04, 2014	Jun. 04, 2014	Jun. 04, 2014	Jun. 04, 2014
				Subsequent Event [Member]	Subsequent Event [Member]	Dividend Declared Quarter One 2014 [Member]	Dividend Declared Quarter Two 2014 [Member]	Dividend Declared Quarter Three 2014 [Member]	Dividend Declared Quarter Four 2014 [Member]
				Agency RMBS [Member]	Variable Interest Entities, Primary Beneficiary, Aggregated Disclosure [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
					CSMC 2010-12R Trust [Member]
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'
Common dividends declared, per share	$0.56	$0.38	$0.51	'	'	$0.09	$0.09	$0.09	$0.09
Common dividends paid, per share	'	'	'	'	'	$0.09	'	'	'
Proceeds from sale of interests	'	'	'	'	$580,000,000	'	'	'	'
Purchases of Agency RMBS	'	'	'	$4,000,000,000	'	'	'	'	'

Summarized_Quarterly_Results_U2

Summarized Quarterly Results (Unaudited) and Immaterial Restatements - Narrative (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Error Corrections and Prior Period Adjustments Revision [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total other-than-temporary impairment losses

($2,147)

($2,209)

'

($368)

($2,713)

($12,474)

($32,077)

($80,038)

($78,950)

($57,926)

($25,048)

($4,356)

($47,632)

($241,962)

Portion of loss recognized in other comprehensive income (loss)

-20,402

-14,246

-6,163

-7,817

-7,301

-53,213

-16,287

-31,154

-71,610

-4,244

-8,135

-40,811

-84,618

-115,143

Unrealized gains (losses) on available-for-sale securities, net

'

'

'

'

'

'

'

'

'

'

'

23,807

509,399

-549,422

Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses

'

'

'

'

'

'

'

'

'

'

'

45,167

132,250

357,105

Reclassification adjustment for net realized losses (gains) included in net income (loss)

'

'

'

'

'

'

'

'

'

'

'

68,107

85,166

54,353

Previously Reported [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Error Corrections and Prior Period Adjustments Revision [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total other-than-temporary impairment losses

'

'

'

'

'

'

-57,000

'

'

'

'

'

'

-418,100

Portion of loss recognized in other comprehensive income (loss)

'

'

'

'

'

'

8,600

'

'

'

'

'

'

61,000

Restated Account Adjustments [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Error Corrections and Prior Period Adjustments Revision [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total other-than-temporary impairment losses

'

'

'

'

'

'

24,900

'

'

'

'

'

'

176,200

Portion of loss recognized in other comprehensive income (loss)

'

'

'

'

'

'

-24,900

'

'

'

'

'

'

-176,200

Unrealized gains (losses) on available-for-sale securities, net

'

'

'

'

'

'

-47,100

'

'

'

'

'

'

'

Reclassification adjustment for net losses included in net income (loss) for other-than-temporary credit impairment losses

'

'

'

'

'

'

62,600

'

'

'

'

'

'

'

Reclassification adjustment for net realized losses (gains) included in net income (loss)

'

'

'

'

'

'

($15,500)

'

'

'

'

'

'

'

Summarized_Quarterly_Results_U3

Summarized Quarterly Results (Unaudited) and Immaterial Restatements (Detail) (USD $)	3 Months Ended												12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Interest Income:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Interest income	$128,062	$130,361	$127,565	$125,795	$133,552	$144,696	$161,524	$149,668	$167,541	$185,581	$179,859	$172,043	$140,224	$172,089	$254,028
Less interest expense	-21,485	-25,074	-26,611	-28,829	-33,874	-34,356	-21,953	-36,375	-30,696	-32,792	-35,793	-35,577	-6,770	-10,678	-11,941
Net interest income (expense)	106,577	105,287	100,954	96,966	99,678	110,340	139,571	113,293	136,845	152,789	144,066	136,466	409,784	462,882	570,166
Other-than-temporary impairments:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Total other-than-temporary impairment losses	-2,147	-2,209	'	'	-368	-2,713	-12,474	-32,077	-80,038	-78,950	-57,926	-25,048	-4,356	-47,632	-241,962
Portion of loss recognized in other comprehensive income (loss)	-20,402	-14,246	'	-6,163	-7,817	-7,301	-53,213	-16,287	-31,154	-71,610	-4,244	-8,135	-40,811	-84,618	-115,143
Net other-than-temporary credit impairment losses	-22,549	-16,455	'	-6,163	-8,185	-10,014	-65,687	-48,364	-111,192	-150,560	-62,170	-33,183	-45,167	-132,250	-357,105
Net gains (losses) on derivatives	22,361	-3,364	7,787	-128	-199	-9,725	-16,186	-3,586	-3,782	-29,812	-23,797	6,984	26,656	-29,696	-50,407
Net unrealized gains (losses) on interest-only RMBS	-2,416	-27,874	-12,974	-1,013	811	-15,393	-2,532	17,947	-12,934	-17,600	11,883	4,106	-44,277	833	-14,545
Net gains (losses) on embedded derivatives in interest-only RMBS	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Net realized gains (losses) on sales of investments	-4,832	18,816	54,117	6	1	69,155	'	16,010	52,566	58	-913	2,642	68,107	85,166	54,353
Total other expenses	8,514	9,043	6,677	9,865	13,422	16,295	14,385	15,065	18,794	15,082	14,972	15,679	34,099	59,167	64,527
Net income (loss)	$72,311	$67,367	$143,207	$79,801	$78,685	$128,068	$40,781	$80,233	$42,748	($60,036)	$53,979	$100,638	$362,686	$327,767	$137,329
Net income (loss) per share-basic and diluted	$0.06	$0.07	$0.14	$0.08	$0.08	$0.12	$0.04	$0.08	$0.04	($0.06)	$0.05	$0.10	'	'	'