Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Notes)

v2.4.0.8
Variable Interest Entities (Notes)
3 Months Ended
Mar. 31, 2014
Variable Interest Entities [Abstract]  
Variable Interest Entities Disclosure [Text Block]
Variable Interest Entities
During 2013, the Company purchased subordinated debt and excess servicing rights from two securitization trusts, one sponsored by a third party and one sponsored by a subsidiary of the Company. Both securitization trusts are considered VIEs for financial reporting purposes and, thus, were reviewed for consolidation under the applicable consolidation guidance. Because the Company has both the power to direct the activities of the securitization trusts that most significantly impact the entities’ performance, and the obligation to absorb losses or the right to receive benefits of the entities that could be significant, the Company consolidates the trusts. As the Company is required to reassess VIE consolidation guidance each quarter, new facts and circumstances may change the Company’s determination. A change in the Company’s determination could result in a material impact to the Company’s financial statements during subsequent reporting periods.
The following table presents a summary of the assets and liabilities of the consolidated securitization trusts as reported on the condensed consolidated balance sheets:
(in thousands)
March 31,
2014
 
December 31,
2013
Mortgage loans held-for-investment in securitization trusts
$
781,085

 
$
792,390

Accrued interest receivable
4,516

 
4,506

Total Assets
$
785,601

 
$
796,896

Collateralized borrowings in securitization trusts
658,953

 
639,731

Accrued interest payable
2,018

 
1,596

Accrued expenses
2,814

 
2,724

Total Liabilities
$
663,785

 
$
644,051