Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities Variable Interest Entities (Notes)

Variable Interest Entities Variable Interest Entities (Notes)
6 Months Ended
Jun. 30, 2013
Variable Interest Entities [Abstract]  
Variable Interest Entities Disclosure [Text Block]
Variable Interest Entities
During the six months ended June 30, 2013, the Company purchased subordinated debt and excess servicing rights from a securitization trust issued by a third party. The securitization trust is considered a VIE for financial reporting purposes and, thus, was reviewed for consolidation under the applicable consolidation guidance. Since the Company has both the power to direct the activities of the securitization trust that most significantly impact the entity's performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the trust. As the Company is required to reassess VIE consolidation guidance each quarter, new facts and circumstances may change the Company's determination. This 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 securitization trust:
(in thousands)
June 30,
December 31,
Mortgage loans held-for-investment in securitization trust


Accrued interest receivable


Total Assets


Collateralized borrowings in securitization trust


Accrued interest payable


Accrued expenses


Total Liabilities