Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges (Notes)

v3.5.0.2
Restructuring Charges (Notes)
9 Months Ended
Sep. 30, 2016
Restructuring Charges [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
Restructuring Charges
On July 28, 2016, the Company announced that its board of directors had approved a plan to discontinue the Company’s mortgage loan conduit and securitization business. The wind down process is expected to be substantially completed by the end of 2016.
In connection with the closure, the Company incurred the following charges, included within restructuring charges on the Company’s condensed consolidated statements of comprehensive income (loss), for the three and nine months ended September 30, 2016:
 
Three Months Ended
 
Nine Months Ended
(in thousands)
September 30, 2016
 
September 30, 2016
Termination benefits
$
652

 
$
652

Contract terminations
519

 
519

Other associated costs
18

 
18

Total
$
1,189

 
$
1,189



The Company expects to incur an estimated $1.6 million in additional restructuring costs, which will be expensed in the period in which they occur. The additional expenses, which are expected to be substantially incurred by the end of 2016, relate to termination benefits and contract terminations.