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)

v2.4.0.8
Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value Mortgage Loans Held-for-Investment in Securitization Trust, at Fair Value (Notes)
6 Months Ended
Jun. 30, 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 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 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 June 30, 2013 and December 31, 2012:
(in thousands)
June 30,
2013
 
December 31,
2012
Unpaid principal balance
$
405,519

 
$

Fair value adjustment
(4,172
)
 

Carrying value
$
401,347

 
$