Hatteras Financial (HTS) 10-Q 31 Oct 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 28, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	HTS
Entity Registrant Name	HATTERAS FINANCIAL CORP
Entity Central Index Key	1419521
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		97,908,523

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets
Mortgage-backed securities, at fair value (including pledged assets of $19,272,664 and $22,591,973 at September 30, 2013 and December 31, 2012, respectively)	$19,843,830	$23,919,251
Cash and cash equivalents	547,536	168,424
Restricted cash	241,853	281,021
Unsettled purchased mortgage-backed securities, at fair value	628,684	138,338
Receivable for securities sold	548,942	1,587,535
Accrued interest receivable	62,921	77,113
Principal payments receivable	156,758	190,832
Debt security, held to maturity, at cost	15,000	15,000
Interest rate hedge asset	13,626
Other assets	28,151	26,604
Total assets	22,087,301	26,404,118
Liabilities and shareholders' equity
Repurchase agreements	18,829,771	22,866,429
Payable for unsettled securities	625,758	137,121
Accrued interest payable	3,901	7,592
Interest rate hedge liability	147,954	243,945
Futures contract liability	44,593
Dividend payable	58,478	73,804
Accounts payable and other liabilities	3,205	2,363
Total liabilities	19,713,660	23,331,254
Shareholders' equity:
7.625% Series A Cumulative Redeemable Preferred stock, $.001 par value, 25,000,000 shares authorized, 11,500,000 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively ($287,500 aggregate liquidation preference)	278,252	278,252
Common stock, $.001 par value, 200,000,000 shares authorized, 97,908,523 and 98,822,654 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	98	99
Additional paid-in capital	2,475,134	2,494,303
Retained earnings (accumulated deficit)	-295,464	37,356
Accumulated other comprehensive (loss) income	-84,379	262,854
Total shareholders' equity	2,373,641	3,072,864
Total liabilities and shareholders' equity	$22,087,301	$26,404,118

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Mortgage-backed securities, pledged assets	$19,272,664	$22,591,973
7.625% Series A Cumulative Redeemable Preferred stock, par value	$0.00	$0.00
7.625% Series A Cumulative Redeemable Preferred stock, shares authorized	25,000,000	25,000,000
7.625% Series A Cumulative Redeemable Preferred stock, shares issued	11,500,000	11,500,000
7.625% Series A Cumulative Redeemable Preferred stock, shares outstanding	11,500,000	11,500,000
7.625% Series A Cumulative Redeemable Preferred stock, aggregate Liquidation Preference	$287,500	$287,500
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	97,908,523	98,822,654
Common stock, shares outstanding	97,908,523	98,822,654

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest income:
Interest income on mortgage-backed securities	$107,040	$131,940	$346,396	$373,420
Interest income on short-term cash investments	303	387	1,104	1,160
Total interest income	107,343	132,327	347,500	374,580
Interest expense	51,599	52,767	156,955	140,045
Net interest income	55,744	79,560	190,545	234,535
Operating expenses:
Management fee	4,522	4,557	13,956	12,711
Share based compensation	637	447	1,893	1,301
General and administrative	1,538	1,040	4,509	3,269
Total operating expenses	6,697	6,044	20,358	17,281
Other income (loss):
Net realized gain (loss) on sale of mortgage-backed securities	-225,635	10,534	-214,333	25,244
Impairment of mortgage-backed securities	-8,102		-8,102
Net realized loss on futures contracts	-27,327		-27,327
Net unrealized loss on futures contracts	-50,129		-44,593
Total other income (loss)	-311,193	10,534	-294,355	25,244
Net income (loss)	-262,146	84,050	-124,168	242,498
Dividends on preferred stock	5,481	2,070	16,441	2,070
Net income (loss) available to common shareholders	($267,627)	$81,980	($140,609)	$240,428
Earnings (loss) per share - common stock, basic	($2.72)	$0.83	($1.43)	$2.63
Earnings (loss) per share - common stock, diluted	($2.72)	$0.83	($1.43)	$2.63
Dividends per share of common stock	$0.55	$0.80	$1.95	$2.60
Weighted average common shares outstanding, basic	98,318,205	98,233,589	98,656,750	91,296,338
Weighted average common shares outstanding, diluted	98,318,205	98,233,589	98,656,750	91,296,338

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	($262,146)	$84,050	($124,168)	$242,498
Other comprehensive income (loss):
Net unrealized gains (losses) on securities available for sale	191,227	222,946	-455,185	295,018
Net unrealized gains (losses) on interest rate hedges	45,227	-1,382	107,952	-33,116
Other comprehensive income (loss)	236,454	221,564	-347,233	261,902
Comprehensive income (loss)	($25,692)	$305,614	($471,401)	$504,400

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Shareholders' Equity (USD $)	Total	7.625% Series A Cumulative Redeemable Preferred Stock	Common Stock Amount	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
In Thousands
Balance at Dec. 31, 2012	$3,072,864	$278,252	$99	$2,494,303	$37,356	$262,854
Issuance of stock
Issuance of stock
Redemption of common stock	-21,063		-1	-21,062
Share based compensation expense	1,893			1,893
Dividends declared on common stock	-192,211				-192,211
Dividends declared on preferred stock	-16,441				-16,441
Net loss	-124,168				-124,168
Other comprehensive loss	-347,233					-347,233
Balance at Sep. 30, 2013	$2,373,641	$278,252	$98	$2,475,134	($295,464)	($84,379)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Operating activities
Net income (loss)	($124,168)	$242,498
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net amortization of premium related to mortgage-backed securities	139,205	112,736
Amortization related to interest rate swap agreements	239	275
Share based compensation expense	1,893	1,301
Hedge ineffectiveness	-205	321
Net (gain) loss on sale of mortgage-backed securities	214,333	-25,244
Impairment loss on mortgage-backed securities	8,102
Net unrealized loss on sale of futures contracts	44,593
Changes in operating assets and liabilities:
(Increase) decrease in accrued interest receivable	14,192	-17,031
Increase in other assets	-658	-1,907
Increase (decrease) in accrued interest payable	-3,691	133
Increase (decrease) in accounts payable and other liabilities	842	-194
Net cash provided by operating activities	294,677	312,888
Investing activities
Purchases of mortgage-backed securities	-8,521,002	-15,160,173
Principal repayments of mortgage-backed securities	4,823,759	3,978,718
Sale of mortgage-backed securities	8,027,113	2,678,086
Net cash provided by (used in) investing activities	4,329,869	-8,503,369
Financing activities
Issuance of preferred stock		278,263
(Repurchase) issuance of common stock	-21,063	587,677
Cash dividends paid	-223,978	-227,297
Increase (decrease) in restricted cash margin on derivatives	39,168	-65,166
Net payment on termination of interest rate swap	-2,904
Proceeds from repurchase agreements	186,080,168	170,030,964
Principal repayments on repurchase agreements	-190,116,826	-162,610,159
Net cash provided by (used in) financing activities	-4,245,435	7,994,282
Net increase (decrease) in cash and cash equivalents	379,112	-196,199
Cash and cash equivalents, beginning of period	168,424	347,045
Cash and cash equivalents, end of period	547,536	150,846
Supplemental disclosure of cash flow information
Cash paid during the period for interest	52,471	140,012
Supplemental schedule of non-cash investing activities
Obligation to brokers for purchase of unsettled mortgage-backed securities	986,828	1,527,972
Receivable for securities sold	548,942
Preferred Stock
Supplemental schedule of non-cash financing activities
Dividends declared, not yet paid	4,628	2,070
Common Stock Amount
Supplemental schedule of non-cash financing activities
Dividends declared, not yet paid	$53,850	$79,048

Organization_and_Business_Desc

Organization and Business Description	9 Months Ended
	Sep. 30, 2013
Organization and Business Description	1. Organization and Business Description
	Hatteras Financial Corp. (the “Company”) is a Maryland corporation focused on investing in, financing and managing residential mortgage-backed securities and other financial assets. Incorporated on September 19, 2007, the Company is externally managed by Atlantic Capital Advisors LLC (“ACA”) and is listed on the New York Stock Exchange (“NYSE”) under the symbol “HTS”.
	The Company’s primary investments are residential mortgage-backed securities (“MBS”) issued or guaranteed by the U.S. Government or U.S. Government sponsored agencies such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) (“agency securities”).
	The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its shareholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated certain of its subsidiaries as taxable REIT subsidiaries (“TRSs”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”), to engage in such activities, and the Company may in the future form additional TRSs.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies
	Basis of Presentation and Use of Estimates
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2013. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.
	The preparation of the consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of agency securities and derivative instruments.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810 on Consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All significant intercompany balances and transactions have been eliminated.
	Financial Instruments
	The Company considers its cash and cash equivalents, restricted cash, agency securities (settled and unsettled), forward purchase commitments, debt security held to maturity, receivable for securities sold, accrued interest receivable, principal payment receivable, payable for unsettled securities, derivative instruments, repurchase agreements and accrued interest payable to meet the definition of financial instruments. The carrying amount of cash and cash equivalents, restricted cash, receivable for securities sold, accrued interest receivable and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and are valued using Level 1 inputs. The carrying amount of repurchase agreements is deemed to approximate fair value since the agreements are based upon a variable rate of interest and are valued using Level 2 inputs. See Note 4 for discussion of the fair value of agency securities and forward purchase commitments. See Note 5 for discussion of the fair value of the held to maturity debt security. See Note 7 for discussion of the fair value of derivative instruments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing agency securities. The portfolio is diversified to avoid undue exposure to loan originator, geographic and other types of concentration. The Company manages the risk of prepayments of the underlying mortgages by creating a diversified portfolio with a variety of expected prepayment characteristics. See Note 4 for additional information on MBS.
	The Company is engaged in various trading and brokerage activities including repurchase agreements, interest rate swap agreements, and futures contracts in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk of loss. The risk of default depends on the creditworthiness of the counterparty and/or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing for each counterparty. See Note 6 for additional information on repurchase agreements and Note 7 for additional information on interest rate swap agreements and futures contracts.
	Mortgage-Backed Securities
	The Company invests in agency securities representing interests in or obligations backed by pools of single-family residential mortgage loans. Guidance under the FASB ASC Topic 820 on Investments requires the Company to classify its investments as either trading, available-for-sale or held-to-maturity securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company currently classifies all of its agency securities as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains and losses are included in other comprehensive income. The estimated fair values of agency securities are determined by management by obtaining valuations for its agency securities from independent sources and averaging these valuations. Security purchase and sale transactions are recorded on the trade date. Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method. Firm purchase commitments to acquire “when issued” or to-be-announced (“TBA”) securities are recorded at fair value in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). The fair value of these purchase commitments is included in other assets or liabilities in the accompanying balance sheets.
	The Company assesses its investment securities for other-than-temporary impairment on at least a quarterly basis. When the fair value of an investment is less than its amortized cost at the balance sheet date the impairment is designated as either “temporary” or “other-than-temporary.” In deciding whether or not a security is other-than-temporarily impaired, the Company uses a two step evaluation process. First, the Company determines whether it has made any decision to sell a security that is in an unrealized loss position, or, if not, the Company determines whether it is more likely than not that the Company will be required to sell the security prior to recovering its amortized cost basis. If the answer to either of these questions is “yes”, then the security is considered other-than-temporarily impaired. See Note 4 for discussion of an other-than-temporary impairment recognized as of September 30, 2013.
	Repurchase Agreements
	The Company finances the acquisition of its agency securities through the use of repurchase agreements. Under these repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sales price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which the Company pledges its securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender, or with the consent of the lender, the Company may renew such agreement at the then prevailing financing rate. These repurchase agreements may require the Company to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
	Derivative Instruments
	The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding. The objectives of the Company’s risk management strategy are 1) to attempt to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates, and 2) to reduce fluctuations in net book value over a range of interest rate scenarios. The principal instruments that the Company uses are interest rate swaps. The Company also purchases or sells Euro Dollar Futures Contracts (“Futures Contracts”) to replicate the economic hedging results achieved with interest rate swaps. The Company does not enter into any of these transactions for speculative purposes.
	The Company accounts for derivative instruments in accordance with ASC 815, which requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet and to measure those instruments at fair value. The accounting for changes in the fair value of derivative instruments depends on whether the instruments are designated and qualify as part of a hedging relationship pursuant to ASC 815. Changes in fair value related to derivatives not in hedge designated relationships are recorded in “other income” in the Company’s consolidated statements of income, whereas changes in fair value related to derivatives in hedge designated relationships are initially recorded in other comprehensive income and later reclassified to income at the time that the hedged transactions affect earnings. Any portion of the changes in fair value due to hedge ineffectiveness is immediately recognized in the income statement in interest expense.
	Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in the Company’s consolidated balance sheets. In the Company’s consolidated statements of cash flows, cash receipts and payments related to derivative instruments are classified according to the underlying nature or purpose of the derivative transaction, generally in the operating section for the Company’s derivatives. The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk by limiting its counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required.
	On September 30, 2013, the Company discontinued hedge accounting for its interest rate swap agreements by de-designating the swaps as cash flow hedges. No swaps were terminated in conjunction with this action, and the Company’s risk management and hedging practices were not impacted. However, the Company’s accounting for these transactions will change prospectively. All of the Company’s swaps had previously been accounted for as cash flow hedges under ASC 815. As a result of discontinuing hedge accounting, beginning October 1 changes in the fair value of the Company’s interest rate swap agreements will be recorded in “other income” in the Company’s consolidated statements of income, rather than in accumulated other comprehensive income (“AOCI”). Also, net interest paid or received under the swaps, which up through September 30 was recognized in “interest expense,” will instead be recognized in “other income.” The swaps will continue to be reported as assets or liabilities on the Company’s consolidated balance sheets at their fair value.
	As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in AOCI from swap activity up through September 30, 2013 will remain in AOCI and be recognized in the Company’s consolidated statements of income as “interest expense” over the remaining term of the swaps. See Note 7 for further information.
	Offsetting of Assets and Liabilities
	The Company’s derivative agreements and repurchase agreements generally contain provisions that allow for netting or the offsetting of receivables and payables with each counterparty. The Company reports amounts in its consolidated balance sheets on a gross basis without regard for such rights of offset or master netting arrangements.
	Interest Income
	Interest income is earned and recognized based on the outstanding principal amount of the investment securities and their contractual terms. Premiums and discounts associated with the purchase of the investment securities are amortized or accreted into interest income over the actual lives of the securities using the effective interest method.
	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. The Company will generally not be subject to Federal income tax to the extent that it distributes 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Code and as long as it satisfies the ongoing REIT requirements including meeting certain asset, income and stock ownership tests. The Company and one of its subsidiaries have made an election to treat this subsidiary as a TRS. As such, this TRS is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income.
	Share-Based Compensation
	Share-based compensation is accounted for under the guidance included in the ASC Topic on stock compensation. For share and share-based awards issued to employees, a compensation charge is recorded in earnings based on the fair value of the award. For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance. The Company’s share-based compensation transactions resulted in compensation expense of $637 and $447 for the three months ended September 30, 2013 and 2012, respectively. The Company’s share-based compensation transactions resulted in compensation expense of $1,893 and $1,301 for the nine months ended September 30, 2013 and 2012, respectively.
	Earnings Per Common Share (EPS)
	Basic EPS is computed by dividing net income less preferred stock dividends to arrive at net income available to holders of common stock by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed using the two class method, as described in the ASC Topic on Earnings Per Share, which takes into account certain adjustments related to participating securities. Participating securities are unvested share-based awards that contain rights to receive nonforfeitable dividends, such as those awarded under the Company’s equity incentive plan. Net income available to holders of common stock after deducting dividends on unvested participating securities if antidilutive, is divided by the weighted average shares of common stock and common equivalent shares outstanding during the period. For the diluted EPS calculation, common equivalent shares outstanding includes the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive unexercised stock options.
	Recent Accounting Pronouncements
	In October 2011, the FASB issued a proposed Accounting Standards Update (“ASU”) ASU 2011-20, Financial Services-Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2011-20”), which would amend the criteria in ASC Topic 946 on Investment Companies (“ASC 946”) for determining whether an entity qualifies as an investment company. As proposed, ASU 2011-20 would affect the measurement, presentation and disclosure requirements for Investment Companies, as defined, amend the investment company definition in ASC 946, and remove the current exemption for real estate investment trusts from this topic, which may have resulted in a material modification to the presentation of the Company’s financial statements. In June 2013, the FASB released ASU 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements that set forth new guidance on determining whether a company is subject to investment company accounting. These final rules maintained the scope exemption for real estate investment trusts.
	In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). 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 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 objective of this update is to support further convergence between GAAP and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB released ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. Under this update, the FASB limited the scope of ASU 2011-11 to items identified in the implementation guidance which include derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting agreement. This disclosure was adopted and the adoption of this update did not have a material effect on the Company’s consolidated financial statements.
	In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under this update, enhanced disclosures are required for items reclassified out of accumulated other comprehensive income. This update is effective for the first interim or annual period beginning on or after December 15, 2012. The disclosure was adopted and the adoption of this update did not have a material effect on the Company’s consolidated financial statements.

Financial_Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2013
Financial Instruments	3. Financial Instruments
	The Company’s valuation techniques for financial instruments are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions. The ASC Topic on Fair Value Measurements classifies these inputs into the following hierarchy:
	Level 1 Inputs– Quoted prices for identical instruments in active markets.
	Level 2 Inputs– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
	Level 3 Inputs– Instruments with primarily unobservable value drivers.
	Other than the Futures Contracts, all of the Company’s agency securities and hedging assets and liabilities were valued using Level 2 inputs at September 30, 2013 and December 31, 2012. The Futures Contracts were valued using Level 1 inputs at September 30, 2013. See Notes 4 and 7, respectively, for a discussion on how agency securities and hedging assets and liabilities were valued. The carrying values and fair values of all financial instruments as of September 30, 2013 and December 31, 2012 were as follows:
		September 30, 2013				December 31, 2012
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets
	Mortgage-backed securities	$	19,843,830	$	19,843,830	$	23,919,251	$	23,919,251
	Cash and cash equivalents		547,536		547,536		168,424		168,424
	Restricted cash		241,853		241,853		281,021		281,021
	Unsettled purchased mortgage backed securities		628,684		628,684		138,338		138,338
	Receivable for securities sold		548,942		548,942		1,587,535		1,587,535
	Accrued interest receivable		62,921		62,921		77,113		77,113
	Principal payments receivable		156,758		156,758		190,832		190,832
	Debt security		15,000		14,279		15,000		13,981
	Interest rate hedge asset		13,626		13,626		-		-
	Short term investment*		20,044		20,044		20,187		20,187
	Forward purchase commitments*		6,904		6,904		5,452		5,452
	Liabilities
	Repurchase agreements	$	18,829,771	$	18,829,771	$	22,866,429	$	22,866,429
	Payable for unsettled securities		625,758		625,758		137,121		137,121
	Accrued interest payable		3,901		3,901		7,592		7,592
	Interest rate hedge liability		147,954		147,954		243,945		243,945
	Futures Contracts		44,593		44,593		-		-
	*These lines are included in other assets on the consolidated balance sheets.

MortgageBacked_Securities

Mortgage-Backed Securities	9 Months Ended
	Sep. 30, 2013
Mortgage-Backed Securities	4. Mortgage-Backed Securities
	All of the Company’s agency securities were classified as available-for-sale and, as such, are reported at their estimated fair value. The agency securities market is primarily an over-the-counter market. As such, there are no standard, public market quotations or published trading data for individual agency securities. The Company estimates the fair value of the Company’s agency securities based on a market approach obtaining values for its securities primarily from third-party pricing services and dealer quotes. To ensure the Company’s fair value determinations are consistent with the ASC Topic on Fair Value Measurements and Disclosures, the Company regularly reviews the prices obtained and the methods used to derive those prices. The Company evaluates the pricing information it receives taking into account factors such as coupon, prepayment experience, fixed/adjustable rate, annual and life caps, coupon index, time to next reset and issuing agency, among other factors to ensure that estimated fair values are appropriate. The Company reviews the methods and inputs used by providers of pricing data to determine that the fair value of its assets and liabilities are properly classified in the fair value hierarchy.
	The third-party pricing services gather trade data and use pricing models that incorporate such factors as coupons, primary mortgage rates, prepayment speeds, spread to the U.S. Treasury and interest rate swap curves, periodic and life caps and other similar factors. Traders at broker-dealers function as market-makers for these securities, and these brokers have a direct view of the trading activity. Brokers do not receive compensation for providing pricing information to the Company. The broker prices received are non-binding offers to trade. The brokers receive data from traders that participate in the active markets for these securities and directly observe numerous trades of securities similar to the securities owned by the Company. The Company’s analysis of fair value for these includes comparing the data received to other information, if available, such as repurchase agreement pricing or internal pricing models.
	If the fair value of a security is not available using the Level 2 inputs as described above, or such data appears unreliable, the Company may estimate the fair value of the security using a variety of methods including, but not limited to, other independent pricing services, repurchase agreement pricing, discounted cash flow analysis, matrix pricing, option adjusted spread models and other fundamental analysis of observable market factors. At September 30, 2013, all of the Company’s agency securities values were based on third-party sources.
	The Company’s investment portfolio consists solely of agency securities, which are backed by a U.S. Government agency or a U.S. Government sponsored entity. The original contractual maturity of the Company’s agency securities ranges from 15 to 30 years. Because of prepayments on the underlying mortgage loans, the actual weighted-average maturity is expected to be significantly less than the stated maturity.
	The following table presents certain information about the Company’s agency securities at September 30, 2013.
		Agency		Gross		Gross		Estimated
		Securities		Unrealized		Unrealized		Fair Value
		Amortized		Loss		Gain
		Cost
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	11,217,817	$	(84,364)	$	162,310	$	11,295,763
	Fixed Rate		1,046,308		(10,880)		10,979		1,046,407
	Total Fannie Mae		12,264,125		(95,244)		173,289		12,342,170
	Freddie Mac Certificates
	ARMS		7,485,569		(87,776)		52,292		7,450,085
	Fixed Rate		51,371		-		204		51,575
	Total Freddie Mac		7,536,940		(87,776)		52,496		7,501,660
	Total Agency Securities	$	19,801,065	$	(183,020)	$	225,785	$	19,843,830
	The following table presents certain information about the Company’s agency securities at December 31, 2012.
		Agency		Gross		Gross		Estimated
		Securities		Unrealized		Unrealized		Fair Value
		Amortized		Loss		Gain
		Cost
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	14,081,259	$	(100)	$	329,780	$	14,410,939
	Fixed Rate		743,299				9,296		752,595
	Total Fannie Mae		14,824,558		(100)		339,076		15,163,534
	Freddie Mac Certificates
	ARMS		7,850,630		(21)		149,114		7,999,723
	Fixed Rate		744,720		-		11,274		755,994
	Total Freddie Mac		8,595,350		(21)		160,388	$	8,755,717
	Total Agency Securities	$	23,419,908	$	(121)	$	499,464	$	23,919,251
	The components of the carrying value of available-for-sale agency securities at September 30, 2013 and December 31, 2012 are presented below.
		September 30, 2013		December 31, 2012
	Principal balance		$19,252,850		$22,771,731
	Unamortized premium		548,229		648,181
	Unamortized discount		(14)		(4)
	Gross unrealized gains		225,785		499,464
	Gross unrealized losses		(183,020)		(121)
	Carrying value/estimated fair value	$	19,843,830	$	23,919,251
	The following table presents components of interest income on the Company’s agency securities portfolio for the three months and nine months ended September 30, 2013 and 2012:
		Three Months Ended				Nine Months Ended
		September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Coupon interest on MBS		$154,203		$179,202		$485,601		$486,156
	Net premium amortization		(47,163)		(47,262)		(139,205)		(112,736)
	Interest income on MBS, net		$107,040		$131,940		$346,396		$373,420
	During the third quarter of 2013, the Company repositioned a significant portion of its portfolio resulting in an elevated level of sales of securities. Gross gains and losses from sales of securities for the three and nine month periods ended September 30, 2013 and 2012 were as follows:
		Three Months Ended				Nine Months Ended
		September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Gross gains on MBS		$7,327		$10,534		$18,629		$25,244
	Gross losses on MBS		(232,962)		-		(232,962)		-
	Net loss on MBS		($225,635)		$10,534		($214,333)		$25,244
	The Company monitors the performance and market value of its agency securities portfolio on an ongoing basis, and on a quarterly basis reviews its agency securities for impairment. As of September 30, 2013, the Company had decided to sell three securities, the sale of which would occur prior to the recovery of their amortized cost. Based on this conclusion, the Company recognized an other-than-temporary impairment of $8,102 on these three securities. These securities were disposed of shortly after quarter end. No other-than-temporary impairments have been recognized in any other periods. At September 30, 2013 and December 31, 2012, the Company had the following securities in an unrealized loss position:
		Less than 12 months				Less than 12 months
		as of September 30, 2013				as of December 31, 2012
		Fair Market		Unrealized		Fair Market		Unrealized
		Value		Loss		Value		Loss
	Fannie Mae Certificates
	ARMS		$        4,939,333		$    (84,364)		$        149,954		$            (100)
	Fixed Rate		322,691		(10,880)		-		-
	Freddie Mac Certificates
ARMS		4,977,492		(87,776)		41,625		(21)
Fixed Rate		-		-		-		-
Total temporarily impaired securities		$10,239,516		$    (183,020)		$191,580		$            (121)
Number of securities in an unrealized loss position				318				4
The Company did not make the decision to sell the above securities as of September 30, 2013 and December 31, 2012, nor was it deemed more likely than not that the Company would be required to sell these securities before recovery of their amortized cost basis.
To Be Announced Securities Purchases
While most of the Company’s purchases of agency securities are accounted for using trade date accounting, some forward purchases, such as certain TBAs do not qualify for trade date accounting and are considered derivatives for financial statement purposes. Pursuant to ASC 815, the Company accounts for these derivatives as all-in-one cash flow hedges. The net fair value of the forward commitment is reported on the balance sheet as an asset (or liability), with a corresponding unrealized gain (or loss) recognized in other comprehensive income. The following tables show the agency securities forward purchase commitments shown as a net asset in other assets on the balance sheets as of September 30, 2013 and December 31, 2012.
					Fair Market		Due to		Net
	Face		Cost		Value		Brokers (1)		Asset
September 30, 2013		$350,000		$361,070		$362,951		$361,070		$1,881
December 31, 2012		$565,000		$585,100		$587,247		$585,100		$2,147
(1) Amounts due to brokers are usually settled within 30-90 days after period end.
Since the Company purchases forward for the purposes of holding the securities for investment, the Company considers all its agency securities, settled or unsettled, as part of its portfolio for the purposes of cash flow and interest rate sensitivity, and consequently hedging, duration measurement, and other related investment management activity.
At September 30, 2013 and December 31, 2012, the Company also had other forward purchase commitments treated as derivative assets in the amount of $5,023 and $3,305, respectively.

Debt_Security_Held_to_Maturity

Debt Security, Held to Maturity	9 Months Ended
	Sep. 30, 2013
Debt Security, Held to Maturity	5. Debt Security, Held to Maturity
	The Company owns a $15,000 debt security from a repurchase lending counterparty that matures October 31, 2016. The debt security pays interest quarterly at the rate of 4.0% above the three-month London Interbank Offered Rate (“LIBOR”). The Company estimates the fair value of this note to be approximately $14,279, which was determined by calculating the present value of the projected future cash flows using a discount rate from a similar issuer.

Repurchase_Agreements

Repurchase Agreements	9 Months Ended
	Sep. 30, 2013
Repurchase Agreements	6. Repurchase Agreements
	At September 30, 2013 and December 31, 2012, the Company had repurchase agreements in place in the amount of $18,829,771 and $22,866,429, respectively, to finance MBS purchases. As of September 30, 2013 and December 31, 2012, the weighted average interest rate on these borrowings was 0.36% and 0.47%, respectively. The Company’s repurchase agreements are collateralized by the Company’s agency securities and typically bear interest at rates that are closely related to LIBOR. At September 30, 2013 and December 31, 2012, the Company had repurchase agreements outstanding with 24 counterparties with a weighted average contractual maturity of 1.19 and 0.8 months, respectively. The following table presents the contractual repricing information regarding the Company’s repurchase agreements:
		September 30, 2013				December 31, 2012
				Weighted Average				Weighted Average
		Balance		Contractual Rate		Balance		Contractual Rate
	Within 30 days		$14,478,198		0.35%		$    20,500,568		0.47%
	30 days to 3 months		3,014,143		0.37%		2,365,861		0.48%
	3 months to 12 months		1,337,430		0.46%		-		-
			$18,829,771		0.36%		$22,866,429		0.47%
	The fair value of securities, cash, and accrued interest the Company had pledged under repurchase agreements at September 30, 2013 and December 31, 2012 was $19,877,165 and $24,268,949, respectively.

Derivative_and_other_Hedging_I

Derivative and other Hedging Instruments	9 Months Ended
	Sep. 30, 2013
Derivative and other Hedging Instruments	7. Derivative and other Hedging Instruments
	In connection with the Company’s risk management strategy, the Company hedges a portion of its interest rate risk by entering into derivative and other hedging instrument contracts. The Company may enter into agreements for interest rate swaps, interest rate swaptions, interest rate cap or floor contracts and futures or forward contracts. The Company’s risk management strategy attempts to manage the overall risk of the portfolio, reduce fluctuations in book value and generate additional income distributable to shareholders. For additional information regarding the Company’s derivative instruments and its overall risk management strategy, please refer to the discussion of derivative and other hedging instruments in Note 2.
	The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value of Futures Contracts is based on quoted prices from the exchange on which they trade. The table below presents the fair value of the Company’s derivative instruments as well as their classification on the balance sheets as of September 30, 2013 and December 31, 2012, respectively.
	Derivative Instruments	Balance Sheet Location		September 30, 2013				December 31, 2012
	Interest rate swaps	Interest rate hedge asset		$	13,626			$	-
	Forward purchase commitments	Other assets		$	6,904			$	5,452
	Interest rate swaps	Interest rate hedge liability		$	147,954			$	243,945
	Futures Contracts	Futures contract liability		$	44,593			$	-
	Interest Rate Swaps
	The Company finances its activities primarily through repurchase agreements, which are generally settled on a short-term basis, usually from one to three months. At each settlement date, the Company refinances each repurchase agreement at the market interest rate at that time. Since the interest rates on its repurchase agreements change on a monthly basis, the Company is constantly exposed to changing interest rates. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effect of these hedges is to synthetically lockup interest rates on a portion of the Company’s repurchase agreements for the terms of the swaps. Although the Company’s objective is to hedge the risk associated with changing repurchase agreement rates, the Company’s swaps are benchmark interest rate swaps which perform with reference to LIBOR. Therefore, the Company remains at risk to the variability of the spread between repurchase agreement rates and LIBOR interest rates.
	Prior to September 30, 2013, the Company’s elected cash flow hedge accounting for its interest rate swaps. Under cash flow hedge accounting, effective hedge gains or losses are initially recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Ineffective hedge gains and losses are recorded on a current basis in earnings. The hedge ineffectiveness is attributable primarily to differences in the reset dates on the Company’s swaps versus the refinancing dates of its repurchase agreements. See “Financial Statement Presentation” below for quantification of gains and losses for the three and nine month periods ended September 30, 2013 and 2012.
	Effective September 30, 2013, the Company de-designated its interest rate swaps as cash flow hedges, thus terminating cash flow hedge accounting. As long as the forecasted rollovers of the Company’s repurchase agreements are still expected to occur, amounts reported in accumulated other comprehensive income related to the cash flow hedges up through September 30, 2013 will remain in accumulated other comprehensive income and will continue to be reclassified to interest expense as interest is accrued and paid on the related repurchase agreements. During the next 12 months, the Company estimates that an additional $89,887 will be reclassified as an increase to interest expense.
	The Company will continue to hedge its exposure to variability in future funding costs via interest rate swaps. As a result of discontinuing hedge accounting, beginning October 1, 2013, changes in the fair value of the Company’s interest rate swaps will be recorded in “other income” in its consolidated statements of income, consistent with the Company’s historical accounting for Futures Contracts described below. Monthly net cash settlements under the swaps will also be recorded in “other income” prospectively.
	As of September 30, 2013, the weighted average remaining term of the Company’s swaps is 27 months. The table below shows the remaining term of the Company’s interest rate swaps as of September 30, 2013.
						Remaining		Weighted Average
		Notional				Term		Fixed Interest
	Maturity	Amount				in Months		Rate in Contract
	12 months or less	$	1,400,000			8		1.85%
	Over 12 months to 24 months		4,000,000			19		1.70%
	Over 24 months to 36 months		2,400,000			30		1.10%
	Over 36 months to 48 months		2,200,000			42		0.88%
	Over 48 months to 60 months		600,000			52		0.95%
	Total	$	10,600,000			27		1.37%
	Euro Dollar Futures Contracts
	The Company uses Futures Contracts to 1) synthetically replicate an interest rate swap, or 2) offset the changes in value of its forward purchases of certain agency securities. The Company’s total Futures Contracts designed to replicate interest rate swaps had a notional equivalent amount of $4,700 at September 30, 2013 with a weighted average swap equivalent rate of 1.65% and a weighted average term of 60 months. As of September 30, 2013, the fair value of all Futures Contracts was a liability of $44,593. The Company did not own Futures Contracts at December 31, 2012.
		Fair Value
		Futures Contracts
	Futures Contracts designed to replicate swaps		($41,106)
	Futures Contracts designed to hedge value changes in forward purchases		(3,487)
	Total fair market value of Future Contracts		($44,593)
	For derivative financial instruments not designated as hedge instruments, realized and unrealized changes in fair value are recognized in earnings in the period in which the changes occur. During the three and nine months ended September 30, 2013, the Company recognized a realized loss of $27,327. During the three and nine months ended September 30, 2013, the Company recognized an unrealized loss of $50,129 and $44,593, respectively, related to the change in fair value of these contracts.
	Financial Statement Presentation
	The Company does not use either offsetting or netting to present any of its derivative assets or liabilities. The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of September 30, 2013.
		Assets/(Liabilities)				Cash Collateral Posted				Net Asset/(Liability)
	Interest rate swaps	$	13,626			$	-			$	13,626
	Forward purchase commitments		6,904				1,578				8,482
	Interest rate swaps	$	(147,954)			$	147,324			$	(630)
	Futures Contracts		(44,593)				92,951				48,358
	The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2012.
		Assets/(Liabilities)				Cash Collateral Posted				Net Asset/(Liability)
	Forward purchase commitments	$	5,452			$	-			$	5,452
	Interest rate swaps	$	(243,945)			$	281,021			$	37,076
	The table below presents the effect of the Company’s derivative financial instruments on the income statement.
						Amount of gain (loss) reclassified				Amount of gain (loss) reclassified
		Amount of gain (loss)				from OCI into net income as				from OCI into net income as
		recognized in OCI				interest expense				interest expense
		(effective portion)				(effective portion)				(ineffective portion)
	Derivative type for cash flow hedge		Interest Rate				Interest Rate				Interest Rate
	For the three months ended September 30, 2013
	Interest rate swaps		(36,356	)			(30,954	)			109
	For the three months ended September 30, 2012
	Interest rate swaps		(51,833	)			(29,679	)			17
	For the nine months ended September 30, 2013
	Interest rate swaps		15,030				(91,470	)			205
	For the nine months ended September 30, 2012
	Interest rate swaps		(139,474	)			(85,842	)			(321	)
	The following table presents the impact of the Company’s interest rate swap agreements on the Company’s accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 and the year ended December 31, 2012, respectively.
		September 30, 2013				December 31, 2012
	Beginning balance		($243,051)				($218,451)
	Unrealized gain (loss) on interest rate swaps		15,030				(141,392)
	Reclassification of net losses included in income statement		91,470				116,792
	Ending balance		($136,551)				($243,051)
	Credit-risk-related Contingent Features
	The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender then the Company could also be declared in default on its derivative obligations.
The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company’s GAAP shareholders’ equity declines by a specified percentage over a specified time period, or if the Company fails to maintain a minimum shareholders’ equity threshold, then the Company could be declared in default on its derivative obligations. The Company has agreements with several of its derivative counterparties that contain provisions regarding maximum leverage ratios. The most restrictive of these leverage covenants is that if the Company exceeds a leverage ratio of 10 to 1 then the Company could be declared in default on its derivative obligations with that counterparty. At September 30, 2013, the Company was in compliance with these requirements.
As of September 30, 2013, the fair value of derivatives in a net liability position related to these agreements was $134,328. The Company has collateral posting requirements with each of its counterparties and all interest rate swap agreements were fully collateralized as of September 30, 2013.

Capital_Stock

Capital Stock	9 Months Ended
	Sep. 30, 2013
Capital Stock	8. Capital Stock
	Issuance of Common Stock – “At the Market” Programs
	From time to time, the Company may sell shares of its common stock in “at-the-market” offerings. Sales of shares of common stock, if any, may be made in private transactions, negotiated transactions or any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange (“NYSE”) or to or through a market maker other than on an exchange.
	On February 29, 2012, the Company entered into sales agreements (the “2012 Sales Agreements”) with Cantor Fitzgerald & Co. (“Cantor”) and JMP Securities LLC (“JMP”) to establish a new “at-the-market” program (the “2012 Program”). Under the terms of the 2012 Sales Agreements, the Company may offer and sell up to 10,000,000 shares of its common stock from time to time through Cantor or JMP, each acting as agent and/or principal. The shares of common stock issuable pursuant to the 2012 Program are registered with the Securities and Exchange Commission (“SEC”) on the Company’s Registration Statement on Form S-3 (No. 333-179805), which became effective upon filing on February 29, 2012.
	For the three and nine months ended September 30, 2013, the Company did not issue any shares of common stock in at-the-market transactions.
	Stock Repurchase Program
	On June 18, 2013, the Company’s board of directors authorized a stock repurchase program (the “Repurchase Program”) to acquire up to 10,000,000 shares of the Company’s common stock. For the three months and nine ended September 30, 2013, the Company has repurchased 1,135,947 shares of common stock under the Repurchase Program in at-the-market transactions at a total cost of $21,062.
	During periods when the Company’s board of directors has authorized the Company to repurchase shares under the Repurchase Program, the Company will not be authorized to issue shares of common stock under the 2012 Program described above. Similarly, during periods when the Company’s board of directors has authorized the Company to issue shares of common stock under the 2012 Program, the Company will not be authorized to repurchase shares under the Repurchase Program.

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2013
Earnings per Share	9. Earnings per Share
		For the three months ended						For the nine months ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
	Basic earnings (loss) per share:
	Net income (loss)	$	(262,146	)	$	84,050		$	(124,168	)	$	242,498
	Less preferred stock dividends		-5,481			(2,070	)		-16,441			(2,070	)
	Net income (loss) available to common shareholders	$	(267,627	)	$	81,980		$	(140,609	)	$	240,428
	Weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Basic earnings (loss) per share	$	(2.72	)	$	0.83		$	(1.43	)	$	2.63
	Diluted earnings (loss) per share:
	Net income (loss)	$	(262,146	)	$	84,050		$	(124,168	)	$	242,498
	Less preferred stock dividends for antidilutive shares		-5,481			(2,070	)		-16,441			(2,070	)
	Net income (loss) available to common shareholders	$	(267,627	)	$	81,980		$	(140,609	)	$	240,428
	Weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Potential dilutive shares from exercise of stock options		—			—			—			—
	Diluted weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Diluted earnings (loss) per share	$	(2.72	)	$	0.83		$	(1.43	)	$	2.63
	There are no potentially dilutive shares for the three and nine months ended September 30, 2013 and 2012, respectively.

Transactions_with_Related_Part

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2013
Transactions with Related Parties	10. Transactions with Related Parties
	Management Fees
	The Company is externally managed by ACA pursuant to a management agreement (the “Management Agreement”). All of the Company’s executive officers are also employees of ACA. ACA manages the Company’s day-to-day operations, subject to the direction and oversight of the Company’s board of directors which includes four independent directors. The Management Agreement expires on February 23, 2015 and is thereafter automatically renewed for an additional one-year term unless terminated under certain circumstances. ACA must be provided 180 days prior notice of any such termination and will be paid a termination fee equal to four times the average annual management fee earned by ACA during the two year period immediately preceding termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination.
	Under the terms of the Management Agreement, the Company reimburses ACA for certain operating expenses of the Company that are borne by ACA. ACA is entitled to receive a management fee payable monthly in arrears in an amount equal to 1/12th of an amount determined as follows:
		•		for the Company’s equity up to $250 million, 1.50% (per annum) of equity; plus
		•		for the Company’s equity in excess of $250 million and up to $500 million, 1.10% (per annum) of equity; plus
		•		for the Company’s equity in excess of $500 million and up to $750 million, 0.80% (per annum) of equity; plus
		•		for the Company’s equity in excess of $750 million, 0.50% (per annum) of equity.
	For purposes of calculating the management fee, equity is defined as the value, computed in accordance with GAAP, of shareholders’ equity, adjusted to exclude the effects of unrealized gains or losses. The following table presents amounts paid for management fee and reimbursable expenses.
			Three months ended				Nine months ended
			September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Management Fee		$	4,522	$	4,557	$	13,956	$	12,711
	Reimbursable Expenses			701		407		1,869		1,033
	Total Expenses		$	5,223	$	4,964	$	15,825	$	13,744
	None of the reimbursement payments were specifically attributable to the compensation of the Company’s executive officers. At September 30, 2013 and December 31, 2012, the Company owed ACA $1,918 and $2,120, respectively, for the management fee and reimbursable expenses, which is included in accounts payable and other liabilities.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income	11. Accumulated Other Comprehensive Income
	The following table shows reclassifications in accumulated other comprehensive income for the three months ended September 30, 2013.
		Unrealized		Unrealized		Unrealized		Unrealized		Total
		gain/(loss) on		gain/(loss) on		gain/(loss) on		gain/(loss) on
		available for		unsettled		other		derivative
		sale agency		agency		investments		instruments
		securities		securities
	Beginning balance accumulated other comprehensive income (loss) at 7/01/13	$	-142,678	$	-2,776	$	-505	$	-174,874	$	-320,833
	Other comprehensive income (loss) before reclassification		-48,294		2,926		82		-29,451		-74,737
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-		2,776		-		43,724		46,500
	Income Statement Reclassification:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		225,635		-		-				225,635
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102								8,102
	Amounts reclassified to interest expense								30,954		30,954
	Net current period other comprehensive income (loss)		185,443		5,702		82		45,227		236,454
	Ending balance accumulated other comprehensive income (loss) at 9/30/13	$	42,765	$	2,926	$	-423	$	-129,647	$	-84,379
	The following table shows reclassifications in accumulated other comprehensive income for the nine months ended September 30, 2013.
		Unrealized		Unrealized		Unrealized		Unrealized		Total
		gain/(loss) on		gain/(loss) on		gain/(loss) on		gain/(loss) on
		available for		unsettled		other		derivative
		sale agency		agency		investments		instruments
		securities		securities
	Beginning balance accumulated other comprehensive income (loss) at 1/01/13	$	499,343	$	1,217	$	-107	$	-237,599	$	262,854
	Other comprehensive income (loss) before reclassification		-679,013		642		-316		-15,313		-694,000
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-		1,067		-		31,795		32,863
	Income Statement Reclassification:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		214,333		-		-				214,333
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102								8,102
	Amounts reclassified to interest expense								91,470		91,469
	Net current period other comprehensive income (loss)		-456,578		1,709		-316		107,952		-347,233
	Ending balance accumulated other comprehensive income (loss) at 9/30/13	$	42,765	$	2,926	$	-423	$	-129,647	$	-84,379
	The Company records unrealized gains and losses on its agency securities and swap positions as described in Notes 4 and 7, respectively.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2013. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2012.
	The preparation of the consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the accompanying consolidated financial statements include the valuation of agency securities and derivative instruments.
Principles of Consolidation	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company and all of its subsidiaries. The Company also considers the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 810 on Consolidation in determining whether consolidation is appropriate for any interests held in variable interest entities. All significant intercompany balances and transactions have been eliminated.
Financial Instruments	Financial Instruments
	The Company considers its cash and cash equivalents, restricted cash, agency securities (settled and unsettled), forward purchase commitments, debt security held to maturity, receivable for securities sold, accrued interest receivable, principal payment receivable, payable for unsettled securities, derivative instruments, repurchase agreements and accrued interest payable to meet the definition of financial instruments. The carrying amount of cash and cash equivalents, restricted cash, receivable for securities sold, accrued interest receivable and payable for unsettled securities approximate their fair value due to the short maturities of these instruments and are valued using Level 1 inputs. The carrying amount of repurchase agreements is deemed to approximate fair value since the agreements are based upon a variable rate of interest and are valued using Level 2 inputs. See Note 4 for discussion of the fair value of agency securities and forward purchase commitments. See Note 5 for discussion of the fair value of the held to maturity debt security. See Note 7 for discussion of the fair value of derivative instruments.
	The Company limits its exposure to credit losses on its portfolio of securities by purchasing agency securities. The portfolio is diversified to avoid undue exposure to loan originator, geographic and other types of concentration. The Company manages the risk of prepayments of the underlying mortgages by creating a diversified portfolio with a variety of expected prepayment characteristics. See Note 4 for additional information on MBS.
	The Company is engaged in various trading and brokerage activities including repurchase agreements, interest rate swap agreements, and futures contracts in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk of loss. The risk of default depends on the creditworthiness of the counterparty and/or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing for each counterparty. See Note 6 for additional information on repurchase agreements and Note 7 for additional information on interest rate swap agreements and futures contracts.
Mortgage-Backed Securities	Mortgage-Backed Securities
	The Company invests in agency securities representing interests in or obligations backed by pools of single-family residential mortgage loans. Guidance under the FASB ASC Topic 820 on Investments requires the Company to classify its investments as either trading, available-for-sale or held-to-maturity securities. Management determines the appropriate classifications of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company currently classifies all of its agency securities as available-for-sale. All assets that are classified as available-for-sale are carried at fair value and unrealized gains and losses are included in other comprehensive income. The estimated fair values of agency securities are determined by management by obtaining valuations for its agency securities from independent sources and averaging these valuations. Security purchase and sale transactions are recorded on the trade date. Gains or losses realized from the sale of securities are included in income and are determined using the specific identification method. Firm purchase commitments to acquire “when issued” or to-be-announced (“TBA”) securities are recorded at fair value in accordance with ASC Topic 815, Derivatives and Hedging (“ASC 815”). The fair value of these purchase commitments is included in other assets or liabilities in the accompanying balance sheets.
	The Company assesses its investment securities for other-than-temporary impairment on at least a quarterly basis. When the fair value of an investment is less than its amortized cost at the balance sheet date the impairment is designated as either “temporary” or “other-than-temporary.” In deciding whether or not a security is other-than-temporarily impaired, the Company uses a two step evaluation process. First, the Company determines whether it has made any decision to sell a security that is in an unrealized loss position, or, if not, the Company determines whether it is more likely than not that the Company will be required to sell the security prior to recovering its amortized cost basis. If the answer to either of these questions is “yes”, then the security is considered other-than-temporarily impaired. See Note 4 for discussion of an other-than-temporary impairment recognized as of September 30, 2013.
Repurchase Agreements	Repurchase Agreements
	The Company finances the acquisition of its agency securities through the use of repurchase agreements. Under these repurchase agreements, the Company sells securities to a lender and agrees to repurchase the same securities in the future for a price that is higher than the original sales price. The difference between the sale price that the Company receives and the repurchase price that the Company pays represents interest paid to the lender. Although structured as a sale and repurchase obligation, a repurchase agreement operates as a financing under which the Company pledges its securities as collateral to secure a loan which is equal in value to a specified percentage of the estimated fair value of the pledged collateral. The Company retains beneficial ownership of the pledged collateral. At the maturity of a repurchase agreement, the Company is required to repay the loan and concurrently receives back its pledged collateral from the lender, or with the consent of the lender, the Company may renew such agreement at the then prevailing financing rate. These repurchase agreements may require the Company to pledge additional assets to the lender in the event the estimated fair value of the existing pledged collateral declines.
Derivative Instruments	Derivative Instruments
	The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding. The objectives of the Company’s risk management strategy are 1) to attempt to mitigate the risk of the cost of its variable rate liabilities increasing during a period of rising interest rates, and 2) to reduce fluctuations in net book value over a range of interest rate scenarios. The principal instruments that the Company uses are interest rate swaps. The Company also purchases or sells Euro Dollar Futures Contracts (“Futures Contracts”) to replicate the economic hedging results achieved with interest rate swaps. The Company does not enter into any of these transactions for speculative purposes.
	The Company accounts for derivative instruments in accordance with ASC 815, which requires an entity to recognize all derivatives as either assets or liabilities in the balance sheet and to measure those instruments at fair value. The accounting for changes in the fair value of derivative instruments depends on whether the instruments are designated and qualify as part of a hedging relationship pursuant to ASC 815. Changes in fair value related to derivatives not in hedge designated relationships are recorded in “other income” in the Company’s consolidated statements of income, whereas changes in fair value related to derivatives in hedge designated relationships are initially recorded in other comprehensive income and later reclassified to income at the time that the hedged transactions affect earnings. Any portion of the changes in fair value due to hedge ineffectiveness is immediately recognized in the income statement in interest expense.
	Derivative instruments in a gain position are reported as derivative assets at fair value and derivative instruments in a loss position are reported as derivative liabilities at fair value in the Company’s consolidated balance sheets. In the Company’s consolidated statements of cash flows, cash receipts and payments related to derivative instruments are classified according to the underlying nature or purpose of the derivative transaction, generally in the operating section for the Company’s derivatives. The use of derivatives creates exposure to credit risk relating to potential losses that could be recognized in the event that the counterparties to these instruments fail to perform their obligations under the contracts. The Company attempts to minimize this risk by limiting its counterparties to major financial institutions with acceptable credit ratings, monitoring positions with individual counterparties and adjusting posted collateral as required.
	On September 30, 2013, the Company discontinued hedge accounting for its interest rate swap agreements by de-designating the swaps as cash flow hedges. No swaps were terminated in conjunction with this action, and the Company’s risk management and hedging practices were not impacted. However, the Company’s accounting for these transactions will change prospectively. All of the Company’s swaps had previously been accounted for as cash flow hedges under ASC 815. As a result of discontinuing hedge accounting, beginning October 1 changes in the fair value of the Company’s interest rate swap agreements will be recorded in “other income” in the Company’s consolidated statements of income, rather than in accumulated other comprehensive income (“AOCI”). Also, net interest paid or received under the swaps, which up through September 30 was recognized in “interest expense,” will instead be recognized in “other income.” The swaps will continue to be reported as assets or liabilities on the Company’s consolidated balance sheets at their fair value.
	As long as the forecasted transactions that were being hedged (i.e. rollovers of the Company’s repurchase agreement borrowings) are still expected to occur, the balance in AOCI from swap activity up through September 30, 2013 will remain in AOCI and be recognized in the Company’s consolidated statements of income as “interest expense” over the remaining term of the swaps. See Note 7 for further information.
Offsetting of Assets and Liabilities	Offsetting of Assets and Liabilities
	The Company’s derivative agreements and repurchase agreements generally contain provisions that allow for netting or the offsetting of receivables and payables with each counterparty. The Company reports amounts in its consolidated balance sheets on a gross basis without regard for such rights of offset or master netting arrangements.
Interest Income	Interest Income
	Interest income is earned and recognized based on the outstanding principal amount of the investment securities and their contractual terms. Premiums and discounts associated with the purchase of the investment securities are amortized or accreted into interest income over the actual lives of the securities using the effective interest method.
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT under the Code. The Company will generally not be subject to Federal income tax to the extent that it distributes 100% of its taxable income, after application of available tax attributes, within the time limits prescribed by the Code and as long as it satisfies the ongoing REIT requirements including meeting certain asset, income and stock ownership tests. The Company and one of its subsidiaries have made an election to treat this subsidiary as a TRS. As such, this TRS is taxable as a domestic C corporation and subject to federal, state and local income taxes based upon its taxable income.
Share-Based Compensation	Share-Based Compensation
	Share-based compensation is accounted for under the guidance included in the ASC Topic on stock compensation. For share and share-based awards issued to employees, a compensation charge is recorded in earnings based on the fair value of the award. For transactions with non-employees in which services are performed in exchange for the Company’s common stock or other equity instruments, the transactions are recorded on the basis of the fair value of the service received or the fair value of the equity instruments issued, whichever is more readily measurable at the date of issuance. The Company’s share-based compensation transactions resulted in compensation expense of $637 and $447 for the three months ended September 30, 2013 and 2012, respectively. The Company’s share-based compensation transactions resulted in compensation expense of $1,893 and $1,301 for the nine months ended September 30, 2013 and 2012, respectively.
Earnings Per Common Share (EPS)	Earnings Per Common Share (EPS)
	Basic EPS is computed by dividing net income less preferred stock dividends to arrive at net income available to holders of common stock by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed using the two class method, as described in the ASC Topic on Earnings Per Share, which takes into account certain adjustments related to participating securities. Participating securities are unvested share-based awards that contain rights to receive nonforfeitable dividends, such as those awarded under the Company’s equity incentive plan. Net income available to holders of common stock after deducting dividends on unvested participating securities if antidilutive, is divided by the weighted average shares of common stock and common equivalent shares outstanding during the period. For the diluted EPS calculation, common equivalent shares outstanding includes the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive unexercised stock options.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In October 2011, the FASB issued a proposed Accounting Standards Update (“ASU”) ASU 2011-20, Financial Services-Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2011-20”), which would amend the criteria in ASC Topic 946 on Investment Companies (“ASC 946”) for determining whether an entity qualifies as an investment company. As proposed, ASU 2011-20 would affect the measurement, presentation and disclosure requirements for Investment Companies, as defined, amend the investment company definition in ASC 946, and remove the current exemption for real estate investment trusts from this topic, which may have resulted in a material modification to the presentation of the Company’s financial statements. In June 2013, the FASB released ASU 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements that set forth new guidance on determining whether a company is subject to investment company accounting. These final rules maintained the scope exemption for real estate investment trusts.
	In December 2011, the FASB released ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). 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 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 objective of this update is to support further convergence between GAAP and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB released ASU 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. Under this update, the FASB limited the scope of ASU 2011-11 to items identified in the implementation guidance which include derivatives, sale and repurchase agreements and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting agreement. This disclosure was adopted and the adoption of this update did not have a material effect on the Company’s consolidated financial statements.
	In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. Under this update, enhanced disclosures are required for items reclassified out of accumulated other comprehensive income. This update is effective for the first interim or annual period beginning on or after December 15, 2012. The disclosure was adopted and the adoption of this update did not have a material effect on the Company’s consolidated financial statements.

Financial_Instruments_Tables

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Carrying Values and Fair Values of All Financial Instruments	The carrying values and fair values of all financial instruments as of September 30, 2013 and December 31, 2012 were as follows:
		September 30, 2013				December 31, 2012
		Carrying		Fair		Carrying		Fair
		Value		Value		Value		Value
	Assets
	Mortgage-backed securities	$	19,843,830	$	19,843,830	$	23,919,251	$	23,919,251
	Cash and cash equivalents		547,536		547,536		168,424		168,424
	Restricted cash		241,853		241,853		281,021		281,021
	Unsettled purchased mortgage backed securities		628,684		628,684		138,338		138,338
	Receivable for securities sold		548,942		548,942		1,587,535		1,587,535
	Accrued interest receivable		62,921		62,921		77,113		77,113
	Principal payments receivable		156,758		156,758		190,832		190,832
	Debt security		15,000		14,279		15,000		13,981
	Interest rate hedge asset		13,626		13,626		-		-
	Short term investment*		20,044		20,044		20,187		20,187
	Forward purchase commitments*		6,904		6,904		5,452		5,452
	Liabilities
	Repurchase agreements	$	18,829,771	$	18,829,771	$	22,866,429	$	22,866,429
	Payable for unsettled securities		625,758		625,758		137,121		137,121
	Accrued interest payable		3,901		3,901		7,592		7,592
	Interest rate hedge liability		147,954		147,954		243,945		243,945
	Futures Contracts		44,593		44,593		-		-
	*These lines are included in other assets on the consolidated balance sheets.

MortgageBacked_Securities_Tabl

Mortgage-Backed Securities (Tables)	9 Months Ended
	Sep. 30, 2013
Schedule of Agency Securities Portfolio Backed by U.S. Government Agency or U.S. Government Sponsored Entity	The following table presents certain information about the Company’s agency securities at September 30, 2013.
		Agency		Gross		Gross		Estimated
		Securities		Unrealized		Unrealized		Fair Value
		Amortized		Loss		Gain
		Cost
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	11,217,817	$	(84,364)	$	162,310	$	11,295,763
	Fixed Rate		1,046,308		(10,880)		10,979		1,046,407
	Total Fannie Mae		12,264,125		(95,244)		173,289		12,342,170
	Freddie Mac Certificates
	ARMS		7,485,569		(87,776)		52,292		7,450,085
	Fixed Rate		51,371		-		204		51,575
	Total Freddie Mac		7,536,940		(87,776)		52,496		7,501,660
	Total Agency Securities	$	19,801,065	$	(183,020)	$	225,785	$	19,843,830
	The following table presents certain information about the Company’s agency securities at December 31, 2012.
		Agency		Gross		Gross		Estimated
		Securities		Unrealized		Unrealized		Fair Value
		Amortized		Loss		Gain
		Cost
	Agency Securities
	Fannie Mae Certificates
	ARMS	$	14,081,259	$	(100)	$	329,780	$	14,410,939
	Fixed Rate		743,299				9,296		752,595
	Total Fannie Mae		14,824,558		(100)		339,076		15,163,534
	Freddie Mac Certificates
	ARMS		7,850,630		(21)		149,114		7,999,723
	Fixed Rate		744,720		-		11,274		755,994
	Total Freddie Mac		8,595,350		(21)		160,388	$	8,755,717
	Total Agency Securities	$	23,419,908	$	(121)	$	499,464	$	23,919,251
Components of Carrying Value of Available-For-Sale Agency Securities	The components of the carrying value of available-for-sale agency securities at September 30, 2013 and December 31, 2012 are presented below.
		September 30, 2013		December 31, 2012
	Principal balance		$19,252,850		$22,771,731
	Unamortized premium		548,229		648,181
	Unamortized discount		(14)		(4)
	Gross unrealized gains		225,785		499,464
	Gross unrealized losses		(183,020)		(121)
	Carrying value/estimated fair value	$	19,843,830	$	23,919,251
Schedule of Interest Income	The following table presents components of interest income on the Company’s agency securities portfolio for the three months and nine months ended September 30, 2013 and 2012:
		Three Months Ended				Nine Months Ended
		September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Coupon interest on MBS		$154,203		$179,202		$485,601		$486,156
	Net premium amortization		(47,163)		(47,262)		(139,205)		(112,736)
	Interest income on MBS, net		$107,040		$131,940		$346,396		$373,420
Gross Gains and Losses from Securities Sales	Gross gains and losses from sales of securities for the three and nine month periods ended September 30, 2013 and 2012 were as follows:
		Three Months Ended				Nine Months Ended
		September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Gross gains on MBS		$7,327		$10,534		$18,629		$25,244
	Gross losses on MBS		(232,962)		-		(232,962)		-
	Net loss on MBS		($225,635)		$10,534		($214,333)		$25,244
Schedule of Agency Securities in Unrealized Loss Position	At September 30, 2013 and December 31, 2012, the Company had the following securities in an unrealized loss position:
		Less than 12 months				Less than 12 months
		as of September 30, 2013				as of December 31, 2012
		Fair Market		Unrealized		Fair Market		Unrealized
		Value		Loss		Value		Loss
	Fannie Mae Certificates
	ARMS		$        4,939,333		$    (84,364)		$        149,954		$            (100)
	Fixed Rate		322,691		(10,880)		-		-
	Freddie Mac Certificates
	ARMS		4,977,492		(87,776)		41,625		(21)
	Fixed Rate		-		-		-		-
	Total temporarily impaired securities		$10,239,516		$    (183,020)		$191,580		$            (121)
	Number of securities in an unrealized loss position				318				4
Schedule of Agency Securities Forward Purchase Commitments	The following tables show the agency securities forward purchase commitments shown as a net asset in other assets on the balance sheets as of September 30, 2013 and December 31, 2012.
						Fair Market		Due to		Net
		Face		Cost		Value		Brokers (1)		Asset
	September 30, 2013		$350,000		$361,070		$362,951		$361,070		$1,881
	December 31, 2012		$565,000		$585,100		$587,247		$585,100		$2,147
	(1) Amounts due to brokers are usually settled within 30-90 days after period end.

Repurchase_Agreements_Tables

Repurchase Agreements (Tables)	9 Months Ended
	Sep. 30, 2013
Contractual Repricing Information Regarding Repurchase Agreements	The following table presents the contractual repricing information regarding the Company’s repurchase agreements:
		September 30, 2013				December 31, 2012
				Weighted Average				Weighted Average
		Balance		Contractual Rate		Balance		Contractual Rate
	Within 30 days		$14,478,198		0.35%		$    20,500,568		0.47%
	30 days to 3 months		3,014,143		0.37%		2,365,861		0.48%
	3 months to 12 months		1,337,430		0.46%		-		-
			$18,829,771		0.36%		$22,866,429		0.47%

Derivative_and_other_Hedging_I1

Derivative and other Hedging Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Schedule of Location of Derivatives Instruments on Balance Sheet	The table below presents the fair value of the Company’s derivative instruments as well as their classification on the balance sheets as of September 30, 2013 and December 31, 2012, respectively.
	Derivative Instruments	Balance Sheet Location		September 30, 2013				December 31, 2012
	Interest rate swaps	Interest rate hedge asset		$	13,626			$	-
	Forward purchase commitments	Other assets		$	6,904			$	5,452
	Interest rate swaps	Interest rate hedge liability		$	147,954			$	243,945
	Futures Contracts	Futures contract liability		$	44,593			$	-
Hedging Exposure Future Cash Flows with Interest Rate Swaps for Forecasted Transactions	The table below shows the remaining term of the Company’s interest rate swaps as of September 30, 2013.
						Remaining		Weighted Average
		Notional				Term		Fixed Interest
	Maturity	Amount				in Months		Rate in Contract
	12 months or less	$	1,400,000			8		1.85%
	Over 12 months to 24 months		4,000,000			19		1.70%
	Over 24 months to 36 months		2,400,000			30		1.10%
	Over 36 months to 48 months		2,200,000			42		0.88%
	Over 48 months to 60 months		600,000			52		0.95%
	Total	$	10,600,000			27		1.37%
Schedule of Fair Value of Futures Contracts
		Fair Value
		Futures Contracts
	Futures Contracts designed to replicate swaps		($41,106)
	Futures Contracts designed to hedge value changes in forward purchases		(3,487)
	Total fair market value of Future Contracts		($44,593)
Gross Amounts Associated With Derivative Financial Instruments	The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of September 30, 2013.
		Assets/(Liabilities)				Cash Collateral Posted				Net Asset/(Liability)
	Interest rate swaps	$	13,626			$	-			$	13,626
	Forward purchase commitments		6,904				1,578				8,482
	Interest rate swaps	$	(147,954)			$	147,324			$	(630)
	Futures Contracts		(44,593)				92,951				48,358
	The following table shows the gross amounts associated with the Company’s derivative financial instruments and the impact if netting were used as of December 31, 2012.
		Assets/(Liabilities)				Cash Collateral Posted				Net Asset/(Liability)
	Forward purchase commitments	$	5,452			$	-			$	5,452
	Interest rate swaps	$	(243,945)			$	281,021			$	37,076
Schedule of Location of Derivatives on Income Statement	The table below presents the effect of the Company’s derivative financial instruments on the income statement.
						Amount of gain (loss) reclassified				Amount of gain (loss) reclassified
		Amount of gain (loss)				from OCI into net income as				from OCI into net income as
		recognized in OCI				interest expense				interest expense
		(effective portion)				(effective portion)				(ineffective portion)
	Derivative type for cash flow hedge		Interest Rate				Interest Rate				Interest Rate
	For the three months ended September 30, 2013
	Interest rate swaps		(36,356	)			(30,954	)			109
	For the three months ended September 30, 2012
	Interest rate swaps		(51,833	)			(29,679	)			17
	For the nine months ended September 30, 2013
	Interest rate swaps		15,030				(91,470	)			205
	For the nine months ended September 30, 2012
	Interest rate swaps		(139,474	)			(85,842	)			(321	)
Interest Rate Swap
Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income	The following table presents the impact of the Company’s interest rate swap agreements on the Company’s accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 and the year ended December 31, 2012, respectively.
		September 30, 2013				December 31, 2012
	Beginning balance		($243,051)				($218,451)
	Unrealized gain (loss) on interest rate swaps		15,030				(141,392)
	Reclassification of net losses included in income statement		91,470				116,792
	Ending balance		($136,551)				($243,051)

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share
		For the three months ended						For the nine months ended
		September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
	Basic earnings (loss) per share:
	Net income (loss)	$	(262,146	)	$	84,050		$	(124,168	)	$	242,498
	Less preferred stock dividends		-5,481			(2,070	)		-16,441			(2,070	)
	Net income (loss) available to common shareholders	$	(267,627	)	$	81,980		$	(140,609	)	$	240,428
	Weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Basic earnings (loss) per share	$	(2.72	)	$	0.83		$	(1.43	)	$	2.63
	Diluted earnings (loss) per share:
	Net income (loss)	$	(262,146	)	$	84,050		$	(124,168	)	$	242,498
	Less preferred stock dividends for antidilutive shares		-5,481			(2,070	)		-16,441			(2,070	)
	Net income (loss) available to common shareholders	$	(267,627	)	$	81,980		$	(140,609	)	$	240,428
	Weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Potential dilutive shares from exercise of stock options		—			—			—			—
	Diluted weighted average shares		98,318,205			98,233,589			98,656,750			91,296,338
	Diluted earnings (loss) per share	$	(2.72	)	$	0.83		$	(1.43	)	$	2.63

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2013
Amounts Paid for Management Fee and Reimbursable Expenses	The following table presents amounts paid for management fee and reimbursable expenses.
		Three months ended				Nine months ended
		September 30, 2013		September 30, 2012		September 30, 2013		September 30, 2012
	Management Fee	$	4,522	$	4,557	$	13,956	$	12,711
	Reimbursable Expenses		701		407		1,869		1,033
	Total Expenses	$	5,223	$	4,964	$	15,825	$	13,744

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2013
Components of Accumulated Other Comprehensive Income	The following table shows reclassifications in accumulated other comprehensive income for the three months ended September 30, 2013.
		Unrealized		Unrealized		Unrealized		Unrealized		Total
		gain/(loss) on		gain/(loss) on		gain/(loss) on		gain/(loss) on
		available for		unsettled		other		derivative
		sale agency		agency		investments		instruments
		securities		securities
	Beginning balance accumulated other comprehensive income (loss) at 7/01/13	$	-142,678	$	-2,776	$	-505	$	-174,874	$	-320,833
	Other comprehensive income (loss) before reclassification		-48,294		2,926		82		-29,451		-74,737
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-		2,776		-		43,724		46,500
	Income Statement Reclassification:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		225,635		-		-				225,635
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102								8,102
	Amounts reclassified to interest expense								30,954		30,954
	Net current period other comprehensive income (loss)		185,443		5,702		82		45,227		236,454
	Ending balance accumulated other comprehensive income (loss) at 9/30/13	$	42,765	$	2,926	$	-423	$	-129,647	$	-84,379
	The following table shows reclassifications in accumulated other comprehensive income for the nine months ended September 30, 2013.
		Unrealized		Unrealized		Unrealized		Unrealized		Total
		gain/(loss) on		gain/(loss) on		gain/(loss) on		gain/(loss) on
		available for		unsettled		other		derivative
		sale agency		agency		investments		instruments
		securities		securities
	Beginning balance accumulated other comprehensive income (loss) at 1/01/13	$	499,343	$	1,217	$	-107	$	-237,599	$	262,854
	Other comprehensive income (loss) before reclassification		-679,013		642		-316		-15,313		-694,000
	Balance Sheet Reclassification:
	Amount reclassified to mortgage-backed securities available for sale		-		1,067		-		31,795		32,863
	Income Statement Reclassification:
	Amounts reclassified to net loss on the sale of mortgage-backed securities		214,333		-		-				214,333
	Amounts reclassified for impairment loss on mortgage-backed securities		8,102								8,102
	Amounts reclassified to interest expense								91,470		91,469
	Net current period other comprehensive income (loss)		-456,578		1,709		-316		107,952		-347,233
	Ending balance accumulated other comprehensive income (loss) at 9/30/13	$	42,765	$	2,926	$	-423	$	-129,647	$	-84,379

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Significant Accounting Policies [Line Items]
Distributes from taxable income			100.00%
Share-based compensation expense	$637	$447	$1,893	$1,301

Carrying_Values_and_Fair_Value

Carrying Values and Fair Values of All Financial Instruments (Detail) (USD $)	Sep. 30, 2013		Dec. 31, 2012		Sep. 30, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Fair Value of Financial Instruments [Line Items]
Mortgage-backed securities	$19,843,830		$23,919,251
Cash and cash equivalents	547,536		168,424		150,846	347,045
Restricted cash	241,853		281,021
Unsettled purchased mortgage backed securities	628,684		138,338
Receivable for securities sold	548,942		1,587,535
Accrued interest receivable	62,921		77,113
Principal payments receivable	156,758		190,832
Debt security	15,000		15,000
Interest rate hedge asset	13,626
Forward purchase commitments	6,904		5,452
Repurchase agreements	18,829,771		22,866,429
Payable for unsettled securities	625,758		137,121
Accrued interest payable	3,901		7,592
Interest rate hedge liability	147,954		243,945
Futures Contracts	44,593
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value of Financial Instruments [Line Items]
Mortgage-backed securities	19,843,830		23,919,251
Cash and cash equivalents	547,536		168,424
Restricted cash	241,853		281,021
Unsettled purchased mortgage backed securities	628,684		138,338
Receivable for securities sold	548,942		1,587,535
Accrued interest receivable	62,921		77,113
Principal payments receivable	156,758		190,832
Debt security	15,000		15,000
Interest rate hedge asset	13,626
Short term investment	20,044	[1]	20,187	[1]
Forward purchase commitments	6,904	[1]	5,452	[1]
Repurchase agreements	18,829,771		22,866,429
Payable for unsettled securities	625,758		137,121
Accrued interest payable	3,901		7,592
Interest rate hedge liability	147,954		243,945
Futures Contracts	44,593
Estimate of Fair Value, Fair Value Disclosure
Fair Value of Financial Instruments [Line Items]
Mortgage-backed securities	19,843,830		23,919,251
Cash and cash equivalents	547,536		168,424
Restricted cash	241,853		281,021
Unsettled purchased mortgage backed securities	628,684		138,338
Receivable for securities sold	548,942		1,587,535
Accrued interest receivable	62,921		77,113
Principal payments receivable	156,758		190,832
Debt security	14,279		13,981
Interest rate hedge asset	13,626
Short term investment	20,044	[1]	20,187	[1]
Forward purchase commitments	6,904	[1]	5,452	[1]
Repurchase agreements	18,829,771		22,866,429
Payable for unsettled securities	625,758		137,121
Accrued interest payable	3,901		7,592
Interest rate hedge liability	147,954		243,945
Futures Contracts	$44,593
[1]	These lines are included in other assets on the consolidated balance sheets.

MortgageBacked_Securities_Addi

Mortgage-Backed Securities - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2013
			Other Forward Purchase Commitments	Other Forward Purchase Commitments	Minimum	Maximum
Investments Classified by Contractual Maturity Date [Line Items]
Contractual maturity of Company's agency securities, in years					15 years	30 years
Impairment of mortgage-backed securities	$8,102	$8,102
Derivatives asset			$5,023	$3,305

Schedule_of_Agency_Securities_

Schedule of Agency Securities Portfolio Backed by U.S. Government Agency or U.S. Government Sponsored Entity (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	$19,801,065	$23,419,908
Gross Unrealized Loss	-183,020	-121
Gross Unrealized Gain	225,785	499,464
Carrying value/estimated fair value	19,843,830	23,919,251
Federal National Mortgage Association Certificates and Obligations (FNMA)
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	12,264,125	14,824,558
Gross Unrealized Loss	-95,244	-100
Gross Unrealized Gain	173,289	339,076
Carrying value/estimated fair value	12,342,170	15,163,534
Federal National Mortgage Association Certificates and Obligations (FNMA) | Fannie Mae Certificates, ARMs
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	11,217,817	14,081,259
Gross Unrealized Loss	-84,364	-100
Gross Unrealized Gain	162,310	329,780
Carrying value/estimated fair value	11,295,763	14,410,939
Federal National Mortgage Association Certificates and Obligations (FNMA) | Fannie Mae Certificates, Fixed Rate
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	1,046,308	743,299
Gross Unrealized Loss	-10,880
Gross Unrealized Gain	10,979	9,296
Carrying value/estimated fair value	1,046,407	752,595
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	7,536,940	8,595,350
Gross Unrealized Loss	-87,776	-21
Gross Unrealized Gain	52,496	160,388
Carrying value/estimated fair value	7,501,660	8,755,717
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Freddie Mac Certificates, ARMs
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	7,485,569	7,850,630
Gross Unrealized Loss	-87,776	-21
Gross Unrealized Gain	52,292	149,114
Carrying value/estimated fair value	7,450,085	7,999,723
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Freddie Mac Certificates, Fixed Rate
Schedule of Available-for-sale Securities [Line Items]
Agency Securities Amortized Cost	51,371	744,720
Gross Unrealized Gain	204	11,274
Carrying value/estimated fair value	$51,575	$755,994

Components_of_Carrying_Value_o

Components of Carrying Value of Available-For-Sale Agency Securities (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Principal balance	$19,252,850	$22,771,731
Unamortized premium	548,229	648,181
Unamortized discount	-14	-4
Gross unrealized gains	225,785	499,464
Gross unrealized losses	-183,020	-121
Carrying value/estimated fair value	$19,843,830	$23,919,251

Schedule_of_Interest_Income_De

Schedule of Interest Income (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Gain (Loss) on Investments [Line Items]
Coupon interest on MBS	$154,203	$179,202	$485,601	$486,156
Net premium amortization	-47,163	-47,262	-139,205	-112,736
Interest income on MBS, net	$107,040	$131,940	$346,396	$373,420

Gross_Gains_and_Losses_from_In

Gross Gains and Losses from Investment Sales (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Gains (Losses) On Investments [Line Items]
Net gain (loss) on MBS	($225,635)	$10,534	($214,333)	$25,244
Mortgage Backed Securities
Gains (Losses) On Investments [Line Items]
Gross gains on MBS	7,327	10,534	18,629	25,244
Gross losses on MBS	($232,962)		($232,962)

Schedule_of_Agency_Securities_1

Schedule of Agency Securities in Unrealized Loss Position (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
	Securities	Securities
Investments, Unrealized Loss Position [Line Items]
Fair Market Value - Less than 12 months	$10,239,516	$191,580
Unrealized Loss - Less than 12 months	-183,020	-121
Number of securities in an unrealized loss position	318	4
Fannie Mae Certificates, ARMs
Investments, Unrealized Loss Position [Line Items]
Fair Market Value - Less than 12 months	4,939,333	149,954
Unrealized Loss - Less than 12 months	-84,364	-100
Fannie Mae Certificates, Fixed Rate
Investments, Unrealized Loss Position [Line Items]
Fair Market Value - Less than 12 months	322,691
Unrealized Loss - Less than 12 months	-10,880
Freddie Mac Certificates, ARMs
Investments, Unrealized Loss Position [Line Items]
Fair Market Value - Less than 12 months	4,977,492	41,625
Unrealized Loss - Less than 12 months	($87,776)	($21)

Schedule_of_Agency_Securities_2

Schedule of Agency Securities Forward Purchase Commitments (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Net Investment Income [Line Items]
Forward purchase agreements - Face	$350,000		$565,000
Forward purchase agreements - Cost	361,070		585,100
Forward purchase agreements - Fair Market Value	362,951		587,247
Forward purchase agreements - Due To Brokers	361,070	[1]	585,100	[1]
Forward purchase agreements - Net Asset	$1,881		$2,147
[1]	Amounts due to brokers are usually settled within 30-90 days after period end.

Schedule_of_Agency_Securities_3

Schedule of Agency Securities Forward Purchase Commitments (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2013
	D
Net Investment Income [Line Items]
Days to coupon reset or contractual payment, minimum range	30
Days to coupon reset or contractual payment, maximum range	90

Recovered_Sheet1

Debt Security Held To Maturity - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Debt security, held to maturity, at cost	$15,000	$15,000
Maturity date	31-Oct-16
Debt security bears interest at the rate	The debt security pays interest quarterly at the rate of 4.0% above the three-month London Interbank Offered Rate ("LIBOR").
Debt security, held to maturity, fair value	$14,279
Debt security, held to maturity, stated interest rate	4.00%

Repurchase_Agreements_Addition

Repurchase Agreements - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
	Person	Person
Repurchase Agreement Counterparty [Line Items]
Number of counterparties in repurchase agreements	24	24
Weighted average contractual maturity of the repurchase agreements outstanding (in months)	1 month 6 days	24 days
Repurchase agreement amount	$18,829,771	$22,866,429
Weighted Average Contractual Rate	0.36%	0.47%
Fair value of assets pledged as collateral under repurchase agreements	$19,877,165	$24,268,949

Contractual_Repricing_Informat

Contractual Repricing Information Regarding Repurchase Agreements (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Repurchase Agreement Counterparty [Line Items]
Balance, repurchase agreement	$18,829,771	$22,866,429
Weighted Average Contractual Rate	0.36%	0.47%
Within 30 days
Repurchase Agreement Counterparty [Line Items]
Balance, repurchase agreement	14,478,198	20,500,568
Weighted Average Contractual Rate	0.35%	0.47%
30 days to 3 months
Repurchase Agreement Counterparty [Line Items]
Balance, repurchase agreement	3,014,143	2,365,861
Weighted Average Contractual Rate	0.37%	0.48%
3 months to 12 months
Repurchase Agreement Counterparty [Line Items]
Balance, repurchase agreement	$1,337,430
Weighted Average Contractual Rate	0.46%

Schedule_of_Location_of_Deriva

Schedule of Location of Derivatives on Balance Sheet (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]
Interest rate swaps - Asset Derivatives found in Interest rate hedge asset	$13,626
Forward purchase commitments - Asset Derivatives found in Other Assets	6,904	5,452
Interest rate swaps - Asset Derivatives found in Interest rate hedge liability	147,954	243,945
Futures contracts - Asset Derivatives found in Futures contract liability	$44,593

Derivatives_and_other_Hedging_

Derivatives and other Hedging Instruments - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Derivative [Line Items]
Estimated amount related to derivatives reclassified to interest expense during the next 12 months		$89,887
The weighted-average remaining term of swaps		27 months
Realized loss on futures contracts	-27,327	-27,327
Unrealized loss on futures contracts	-50,129	-44,593
Maximum leverage ratio the Company can reach before it could be in default of one of its derivative obligations		10 to 1
Eurodollar Futures Contracts
Derivative [Line Items]
The weighted-average remaining term of swaps		60 months
Derivative, description of terms	The Company's total futures contracts designed to replicate interest rate swaps had a notional equivalent amount of $4,700 at September 30, 2013 with a weighted average swap equivalent rate of 1.65% and a weighted average term of 60 months. As of September 30, 2013, the fair value of all futures contracts was a liability of $44,593.
Weighted average swap equivalent rate	1.65%	1.65%
Fair value of all futures contracts, liability	44,593	44,593
Realized loss on futures contracts	-27,327	-27,327
Unrealized loss on futures contracts	-50,129	-44,593
Fair value of derivatives in net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to agreements	134,328	134,328
Foreign exchange future | Eurodollar Futures Contracts
Derivative [Line Items]
Futures contracts notional amount	$4,700	$4,700

Hedging_Exposure_Future_Cash_F

Hedging Exposure Future Cash Flows with Interest Rate Swaps For Forecasted Transactions (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Remaining Term in Months	27 months
Weighted Average Fixed Interest Rate in Contract	1.37%
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	10,600,000
12 Months or Less
Derivative Instruments, Gain (Loss) [Line Items]
Maturity - lower remaining maturity range	0 months
Maturity - higher remaining maturity range	12 months
Remaining Term in Months	8 months
Weighted Average Fixed Interest Rate in Contract	1.85%
12 Months or Less | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	1,400,000
Over 12 Months to 24 Months
Derivative Instruments, Gain (Loss) [Line Items]
Maturity - lower remaining maturity range	12 months
Maturity - higher remaining maturity range	24 months
Remaining Term in Months	19 months
Weighted Average Fixed Interest Rate in Contract	1.70%
Over 12 Months to 24 Months | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	4,000,000
Over 24 Months to 36 Months
Derivative Instruments, Gain (Loss) [Line Items]
Maturity - lower remaining maturity range	24 months
Maturity - higher remaining maturity range	36 months
Remaining Term in Months	30 months
Weighted Average Fixed Interest Rate in Contract	1.10%
Over 24 Months to 36 Months | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	2,400,000
Over 36 Months to 48 Months
Derivative Instruments, Gain (Loss) [Line Items]
Maturity - lower remaining maturity range	36 months
Maturity - higher remaining maturity range	48 months
Remaining Term in Months	42 months
Weighted Average Fixed Interest Rate in Contract	0.88%
Over 36 Months to 48 Months | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	2,200,000
Over 48 Months to 60 Months
Derivative Instruments, Gain (Loss) [Line Items]
Maturity - lower remaining maturity range	48 months
Maturity - higher remaining maturity range	60 months
Remaining Term in Months	52 months
Weighted Average Fixed Interest Rate in Contract	0.95%
Over 48 Months to 60 Months | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount	600,000

Schedule_of_Fair_Value_of_All_

Schedule of Fair Value of All Futures Contracts (Detail) (Eurodollar Futures Contracts, USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]
Total fair market value Euro dollars	($44,593)
Futures contracts designed to replicate swaps
Derivative [Line Items]
Total fair market value Euro dollars	-41,106
Futures contracts designed to hedge value changes in forward purchases
Derivative [Line Items]
Total fair market value Euro dollars	($3,487)

Gross_Amounts_Associated_With_

Gross Amounts Associated With Derivative Financial Instruments (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Interest Rate Swap
Derivative [Line Items]
Assets/(Liabilities)	$13,626
Net Asset/(Liability)	13,626
Assets/(Liabilities)	-147,954	-243,945
Cash Collateral Posted	147,324	281,021
Net Asset/(Liability)	-630	37,076
Forward Purchase Commitments
Derivative [Line Items]
Assets/(Liabilities)	6,904	5,452
Cash Collateral Posted	1,578
Net Asset/(Liability)	8,482	5,452
Futures Contracts
Derivative [Line Items]
Assets/(Liabilities)	-44,593
Cash Collateral Posted	92,951
Net Asset/(Liability)	$48,358

Schedule_of_Location_of_Deriva1

Schedule of Location of Derivatives on Income Statement (Detail) (Interest Rate Contract, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Type of Derivative Designated as Cash Flow Hedge	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Swaps	Interest Rate Swaps
Amount of gain (loss)recognized in OCI (effective portion)	($36,356)	($51,833)	$15,030	($139,474)
Amount of gain (loss) reclassified from OCI into net income as interest expense (effective portion)	-30,954	-29,679	-91,470	-85,842
Amount of gain (loss) reclassified from OCI into net income as interest expense (ineffective portion)	$109	$17	$205	($321)

Schedule_of_Interest_Rate_Swap

Schedule of Interest Rate Swap Agreements on Accumulated Other Comprehensive Income (Detail) (USD $)	3 Months Ended	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
			Interest Rate Swap	Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Beginning balance			($243,051)	($218,451)
Unrealized gain (loss) on interest rate swaps	-50,129	-44,593	15,030	-141,392
Reclassification of net losses included in income statement			91,470	116,792
Ending balance			($136,551)	($243,051)

Capital_Stock_Additional_Infor

Capital Stock - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Jun. 18, 2013	Sep. 30, 2013
	Repurchase Program	Repurchase Program	Maximum	2012 Program
			Repurchase Program
Class of Stock [Line Items]
Common stock available for sale				10,000,000
Common stock share authorized to repurchase			10,000,000
Stock repurchased during period, shares	1,135,947	1,135,947
Stock repurchased during period, value	$21,062	$21,062

Earnings_per_Share_Detail

Earnings per Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Basic earnings (loss) per share:
Net income (loss)	($262,146)	$84,050	($124,168)	$242,498
Less preferred stock dividends	-5,481	-2,070	-16,441	-2,070
Net income (loss) available to common shareholders	-267,627	81,980	-140,609	240,428
Weighted average shares	98,318,205	98,233,589	98,656,750	91,296,338
Basic earnings (loss) per share	($2.72)	$0.83	($1.43)	$2.63
Diluted earnings (loss) per share:
Net income (loss)	-262,146	84,050	-124,168	242,498
Less preferred stock dividends	-5,481	-2,070	-16,441	-2,070
Net income (loss) available to common shareholders	($267,627)	$81,980	($140,609)	$240,428
Weighted average shares	98,318,205	98,233,589	98,656,750	91,296,338
Potential dilutive shares from exercise of stock options
Diluted weighted average shares	98,318,205	98,233,589	98,656,750	91,296,338
Diluted earnings (loss) per share	($2.72)	$0.83	($1.43)	$2.63

Transactions_with_Related_Part2

Transactions with Related Parties - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
	Y
	Person
Related Party Transaction [Line Items]
Number of independent directors	4
Management agreement initial expiration date	23-Feb-15
Management agreement additional term of expiration (in years)	1
Prior notice for uncertain termination (in days)	180 days
Proportion of average annual management fee	4
Period of annual management fees earned (in years)	2
Management fee payable	$1,918,000	$2,120,000
Company's Equity Up To $250 Million
Related Party Transaction [Line Items]
Management fee bases per annum	1.50%
Company's Equity Up To $250 Million | Maximum
Related Party Transaction [Line Items]
Management fee payable	250,000,000
Company's Equity In Excess Of $250 Million And Up To $500 Million
Related Party Transaction [Line Items]
Management fee bases per annum	1.10%
Company's Equity In Excess Of $250 Million And Up To $500 Million | Maximum
Related Party Transaction [Line Items]
Management fee payable	500,000,000
Company's Equity In Excess Of $250 Million And Up To $500 Million | Minimum
Related Party Transaction [Line Items]
Management fee payable	250,000,000
Company's Equity In Excess Of $500 Million And Up To $750 Million
Related Party Transaction [Line Items]
Management fee bases per annum	0.80%
Company's Equity In Excess Of $500 Million And Up To $750 Million | Maximum
Related Party Transaction [Line Items]
Management fee payable	750,000,000
Company's Equity In Excess Of $500 Million And Up To $750 Million | Minimum
Related Party Transaction [Line Items]
Management fee payable	500,000,000
Company's Equity In Excess Of $750
Related Party Transaction [Line Items]
Management fee bases per annum	0.50%
Company's Equity In Excess Of $750 | Minimum
Related Party Transaction [Line Items]
Management fee payable	$750,000,000

Amounts_Paid_for_Management_Fe

Amounts Paid for Management Fee and Reimbursable Expenses (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Related Party Transaction [Line Items]
Management Fee	$4,522	$4,557	$13,956	$12,711
Reimbursable Expenses	701	407	1,869	1,033
Total Expenses	$5,223	$4,964	$15,825	$13,744

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance accumulated other comprehensive income	($320,833)		$262,854
Other comprehensive income (loss) before reclassification	-74,737		-694,000
Amount reclassified to mortgage-backed securities available for sale	46,500		32,863
Amounts reclassified to net loss on the sale of mortgage-backed securities	225,635		214,333
Amounts reclassified for impairment loss on mortgage-backed securities	8,102		8,102
Amounts reclassified to interest expense	30,954		91,469
Other comprehensive income (loss)	236,454	221,564	-347,233	261,902
Ending balance accumulated other comprehensive income (loss)	-84,379		-84,379
Available-for-sale Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance accumulated other comprehensive income	-142,678		499,343
Other comprehensive income (loss) before reclassification	-48,294		-679,013
Amount reclassified to mortgage-backed securities available for sale	225,635		214,333
Amounts reclassified for impairment loss on mortgage-backed securities	8,102		8,102
Net current period other comprehensive income (loss)	185,443		-456,578
Ending balance accumulated other comprehensive income (loss)	42,765		42,765
Unsettled Agency Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance accumulated other comprehensive income	-2,776		1,217
Other comprehensive income (loss) before reclassification	2,926		642
Amount reclassified to mortgage-backed securities available for sale	2,776		1,067
Net current period other comprehensive income (loss)	5,702		1,709
Ending balance accumulated other comprehensive income (loss)	2,926		2,926
Other Investments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance accumulated other comprehensive income	-505		-107
Other comprehensive income (loss) before reclassification	82		-316
Net current period other comprehensive income (loss)	82		-316
Ending balance accumulated other comprehensive income (loss)	-423		-423
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	-174,874		-237,599
Other comprehensive income (loss) before reclassification	-29,451		-15,313
Amount reclassified to mortgage-backed securities available for sale	43,724		31,795
Amounts reclassified to interest expense	30,954		91,470
Net current period other comprehensive income (loss)	45,227		107,952
Ending balance	($129,647)		($129,647)