Quarterly report pursuant to Section 13 or 15(d)

Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value (Notes)

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Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value (Notes)
3 Months Ended
Mar. 31, 2013
Mortgage Loans Held-for-Investment, at Fair Value [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value
During the three months ended March 31, 2013, the Company purchased subordinated debt and excess servicing rights from a securitization trust issued by a third party. The underlying residential mortgage loans held by the trust, which are consolidated on the Company's condensed consolidated balance sheet, are classified as mortgage loans held-for-investment in securitization trust 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 trust. The following table presents the carrying value of the Company's mortgage loans held-for-investment in securitization trust as of March 31, 2013 and December 31, 2012:
(in thousands)
March 31,
2013
 
December 31,
2012
Unpaid principal balance
$
421,485

 
$

Fair value adjustment
12,583

 

Carrying value
$
434,068

 
$