Annual report pursuant to Section 13 and 15(d)

Mortgage Loans Held-for-Sale, at Fair Value (Notes)

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Mortgage Loans Held-for-Sale, at Fair Value (Notes)
12 Months Ended
Dec. 31, 2013
Mortgage Loans Held-for-Sale [Abstract]  
Mortgage Loans Held-for-Sale [Text Block]
Mortgage Loans Held-for-Sale, at Fair Value
Mortgage loans held-for-sale consists of residential mortgage loans carried at fair value as a result of a fair value option election. The following table presents the carrying value of the Company’s mortgage loans held-for-sale as of December 31, 2013 and December 31, 2012:
(in thousands)
December 31,
2013
 
December 31,
2012
Unpaid principal balance
$
680,840

 
$
56,976

Fair value adjustment
(136,259
)
 
1,631

Carrying value
$
544,581

 
$
58,607



At December 31, 2013 and December 31, 2012, the Company pledged mortgage loans with a carrying value of $200.8 million and $52.5 million, respectively, as collateral for repurchase agreements. See Note 17 - Repurchase Agreements.