Annual report pursuant to Section 13 and 15(d)

Collateralized Borrowings in Securitization Trusts, at Fair Value (Notes)

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Collateralized Borrowings in Securitization Trusts, at Fair Value (Notes)
12 Months Ended
Dec. 31, 2013
Collateralized Borrowings in Securitization Trusts, at Fair Value [Abstract]  
Debt Disclosure [Text Block]
Collateralized Borrowings in Securitization Trusts, at Fair Value
During the year ended December 31, 2013, we purchased subordinated debt and excess servicing rights from two different securitization trusts, one sponsored by a third party and one sponsored by a subsidiary of the Company. The debt associated with the underlying residential mortgage loans held at the trusts, which are consolidated on the Company’s consolidated balance sheet, is classified as collateralized borrowings in securitization trusts and carried at fair value as a result of a fair value option election. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the securitization trusts. As of December 31, 2013, the collateralized borrowings in securitization trusts had a carrying value of $639.7 million with a weighted average interest rate of 2.8%. The stated maturity dates for all collateralized borrowings are greater than five years from December 31, 2013. No collateralized borrowings were outstanding as of December 31, 2012.