|
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified
|
Jun. 30, 2012
|
|
Residential Mortgage Loans
|
|
| Month Issued |
Aug 2006
|
| Outstanding Face Amount |
$ 5,309
|
| Carrying Value |
5,309
|
| Final Stated Maturity |
Dec 2034
|
| Unhedged Weighted Average Funding Cost (A) |
LIBOR+0.90%
|
| Weighted Average Funding Cost (B) |
1.15%
|
| Weighted Average Maturity (Years) |
6.6
|
| Face Amount of Floating Rate Debt |
5,309
|
| Outstanding Face Amount of Collateral (C) |
54,744
|
| Amortized Cost Basis of Collateral (C) |
40,007
|
| Carrying Value of Collateral (C) |
40,007
|
| Weighted Average Maturity (Years) Of Collateral |
6.7
|
| Floating Rate Face Amount of Collateral (C) |
54,744
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
CDO IV Bonds Payable
|
|
| Month Issued |
March 2004
|
| Outstanding Face Amount |
94,912
|
| Carrying Value |
94,774
|
| Final Stated Maturity |
March 2039
|
| Unhedged Weighted Average Funding Cost (A) |
1.85%
|
| Weighted Average Funding Cost (B) |
4.96%
|
| Weighted Average Maturity (Years) |
1.7
|
| Face Amount of Floating Rate Debt |
83,617
|
| Outstanding Face Amount of Collateral (C) |
188,784
|
| Amortized Cost Basis of Collateral (C) |
178,159
|
| Carrying Value of Collateral (C) |
167,159
|
| Weighted Average Maturity (Years) Of Collateral |
2.2
|
| Floating Rate Face Amount of Collateral (C) |
51,438
|
| Aggregate Notional Amount of Current Hedges |
83,617
|
|
CDO VI Bonds Payable
|
|
| Month Issued |
April 2005
|
| Outstanding Face Amount |
91,359
|
| Carrying Value |
91,359
|
| Final Stated Maturity |
April 2040
|
| Unhedged Weighted Average Funding Cost (A) |
0.90%
|
| Weighted Average Funding Cost (B) |
5.35%
|
| Weighted Average Maturity (Years) |
5.1
|
| Face Amount of Floating Rate Debt |
88,376
|
| Outstanding Face Amount of Collateral (C) |
213,627
|
| Amortized Cost Basis of Collateral (C) |
123,951
|
| Carrying Value of Collateral (C) |
142,506
|
| Weighted Average Maturity (Years) Of Collateral |
3.0
|
| Floating Rate Face Amount of Collateral (C) |
54,968
|
| Aggregate Notional Amount of Current Hedges |
88,376
|
|
CDO VIII Bonds Payable
|
|
| Month Issued |
November 2006
|
| Outstanding Face Amount |
567,613
|
| Carrying Value |
566,434
|
| Final Stated Maturity |
November 2052
|
| Unhedged Weighted Average Funding Cost (A) |
0.79%
|
| Weighted Average Funding Cost (B) |
2.10%
|
| Weighted Average Maturity (Years) |
2.8
|
| Face Amount of Floating Rate Debt |
560,013
|
| Outstanding Face Amount of Collateral (C) |
729,131
|
| Amortized Cost Basis of Collateral (C) |
538,300
|
| Carrying Value of Collateral (C) |
551,905
|
| Weighted Average Maturity (Years) Of Collateral |
2.8
|
| Floating Rate Face Amount of Collateral (C) |
438,747
|
| Aggregate Notional Amount of Current Hedges |
155,132
|
|
CDO IX Bonds Payable
|
|
| Month Issued |
May 2007
|
| Outstanding Face Amount |
478,905
|
| Carrying Value |
480,426
|
| Final Stated Maturity |
May 2052
|
| Unhedged Weighted Average Funding Cost (A) |
0.61%
|
| Weighted Average Funding Cost (B) |
0.61%
|
| Weighted Average Maturity (Years) |
2.6
|
| Face Amount of Floating Rate Debt |
478,905
|
| Outstanding Face Amount of Collateral (C) |
695,919
|
| Amortized Cost Basis of Collateral (C) |
569,341
|
| Carrying Value of Collateral (C) |
572,351
|
| Weighted Average Maturity (Years) Of Collateral |
2.8
|
| Floating Rate Face Amount of Collateral (C) |
373,904
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
CDO X Bonds Payable
|
|
| Month Issued |
July 2007
|
| Outstanding Face Amount |
1,120,000
|
| Carrying Value |
1,117,655
|
| Final Stated Maturity |
Jul 2052
|
| Unhedged Weighted Average Funding Cost (A) |
0.59%
|
| Weighted Average Funding Cost (B) |
3.38%
|
| Weighted Average Maturity (Years) |
4.0
|
| Face Amount of Floating Rate Debt |
1,120,000
|
| Outstanding Face Amount of Collateral (C) |
1,235,436
|
| Amortized Cost Basis of Collateral (C) |
951,744
|
| Carrying Value of Collateral (C) |
998,116
|
| Weighted Average Maturity (Years) Of Collateral |
4.5
|
| Floating Rate Face Amount of Collateral (C) |
214,451
|
| Aggregate Notional Amount of Current Hedges |
811,054
|
|
Total CDO Bonds Payable
|
|
| Outstanding Face Amount |
2,352,789
|
| Carrying Value |
2,350,648
|
| Weighted Average Funding Cost (B) |
2.65%
|
| Weighted Average Maturity (Years) |
3.4
|
| Face Amount of Floating Rate Debt |
2,330,911
|
| Outstanding Face Amount of Collateral (C) |
3,062,897
|
| Amortized Cost Basis of Collateral (C) |
2,361,495
|
| Carrying Value of Collateral (C) |
2,432,037
|
| Weighted Average Maturity (Years) Of Collateral |
3.4
|
| Floating Rate Face Amount of Collateral (C) |
1,133,508
|
| Aggregate Notional Amount of Current Hedges |
1,138,179
|
|
MH Loans Portfolio I Bonds and Notes Payable
|
|
| Month Issued |
Apr 2010
|
| Outstanding Face Amount |
61,345
|
| Carrying Value |
60,685
|
| Final Stated Maturity |
Jul 2035
|
| Unhedged Weighted Average Funding Cost (A) |
5.44%
|
| Weighted Average Funding Cost (B) |
5.44%
|
| Weighted Average Maturity (Years) |
2.9
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
125,948
|
| Amortized Cost Basis of Collateral (C) |
105,225
|
| Carrying Value of Collateral (C) |
105,225
|
| Weighted Average Maturity (Years) Of Collateral |
6.9
|
| Floating Rate Face Amount of Collateral (C) |
1,095
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
MH Loans Portfolio II Bonds and Notes Payable
|
|
| Month Issued |
May 2011
|
| Outstanding Face Amount |
113,936
|
| Carrying Value |
113,007
|
| Final Stated Maturity |
Dec 2033
|
| Unhedged Weighted Average Funding Cost (A) |
3.90%
|
| Weighted Average Funding Cost (B) |
3.90%
|
| Weighted Average Maturity (Years) |
3.4
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
165,494
|
| Amortized Cost Basis of Collateral (C) |
162,402
|
| Carrying Value of Collateral (C) |
162,402
|
| Weighted Average Maturity (Years) Of Collateral |
5.8
|
| Floating Rate Face Amount of Collateral (C) |
28,121
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Other Bonds And Notes Payable
|
|
| Outstanding Face Amount |
180,590
|
| Carrying Value |
179,001
|
| Weighted Average Funding Cost (B) |
4.34%
|
| Weighted Average Maturity (Years) |
3.3
|
| Face Amount of Floating Rate Debt |
5,309
|
| Outstanding Face Amount of Collateral (C) |
346,186
|
| Amortized Cost Basis of Collateral (C) |
307,634
|
| Carrying Value of Collateral (C) |
307,634
|
| Weighted Average Maturity (Years) Of Collateral |
6.3
|
| Floating Rate Face Amount of Collateral (C) |
83,960
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Real Estate Securities Repurchase Agreements
|
|
| Month Issued |
Dec 2011
|
| Outstanding Face Amount |
7,384
|
| Carrying Value |
7,384
|
| Final Stated Maturity |
Oct 2012
|
| Unhedged Weighted Average Funding Cost (A) |
LIBOR+2.00%
|
| Weighted Average Funding Cost (B) |
2.25%
|
| Weighted Average Maturity (Years) |
0.3
|
| Face Amount of Floating Rate Debt |
7,384
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
US Government Agencies Debt Securities
|
|
| Month Issued |
Various
|
| Outstanding Face Amount |
316,126
|
| Carrying Value |
316,126
|
| Final Stated Maturity |
Aug 2012
|
| Unhedged Weighted Average Funding Cost (A) |
0.42%
|
| Weighted Average Funding Cost (B) |
0.42%
|
| Weighted Average Maturity (Years) |
0.1
|
| Face Amount of Floating Rate Debt |
316,126
|
| Outstanding Face Amount of Collateral (C) |
315,646
|
| Amortized Cost Basis of Collateral (C) |
337,810
|
| Carrying Value of Collateral (C) |
337,810
|
| Weighted Average Maturity (Years) Of Collateral |
4.7
|
| Floating Rate Face Amount of Collateral (C) |
315,646
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Repurchase Agreements
|
|
| Outstanding Face Amount |
323,510
|
| Carrying Value |
323,510
|
| Weighted Average Funding Cost (B) |
0.46%
|
| Weighted Average Maturity (Years) |
0.1
|
| Face Amount of Floating Rate Debt |
323,510
|
| Outstanding Face Amount of Collateral (C) |
315,646
|
| Amortized Cost Basis of Collateral (C) |
337,810
|
| Carrying Value of Collateral (C) |
337,810
|
| Weighted Average Maturity (Years) Of Collateral |
4.7
|
| Floating Rate Face Amount of Collateral (C) |
315,646
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Junior Subordinated Debt
|
|
| Month Issued |
Mar 2006
|
| Outstanding Face Amount |
51,004
|
| Carrying Value |
51,246
|
| Final Stated Maturity |
Apr 2035
|
| Unhedged Weighted Average Funding Cost (A) |
7.57%; LIBOR+2.25% After Apr 2016
|
| Weighted Average Funding Cost (B) |
7.41%
|
| Weighted Average Maturity (Years) |
22.8
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Total Corporate
|
|
| Outstanding Face Amount |
51,004
|
| Carrying Value |
51,246
|
| Weighted Average Funding Cost (B) |
7.41%
|
| Weighted Average Maturity (Years) |
22.8
|
| Face Amount of Floating Rate Debt |
0
|
| Outstanding Face Amount of Collateral (C) |
0
|
| Amortized Cost Basis of Collateral (C) |
0
|
| Carrying Value of Collateral (C) |
0
|
| Weighted Average Maturity (Years) Of Collateral |
0
|
| Floating Rate Face Amount of Collateral (C) |
0
|
| Aggregate Notional Amount of Current Hedges |
0
|
|
Debt Securities Payable
|
|
| Outstanding Face Amount |
2,907,893
|
| Carrying Value |
2,904,405
|
| Weighted Average Funding Cost (B) |
2.59%
|
| Weighted Average Maturity (Years) |
3.3
|
| Face Amount of Floating Rate Debt |
2,659,730
|
| Outstanding Face Amount of Collateral (C) |
3,724,729
|
| Amortized Cost Basis of Collateral (C) |
3,006,939
|
| Carrying Value of Collateral (C) |
3,077,481
|
| Weighted Average Maturity (Years) Of Collateral |
3.8
|
| Floating Rate Face Amount of Collateral (C) |
1,533,114
|
| Aggregate Notional Amount of Current Hedges |
1,138,179
|
|
Financing on subprime mortgage loans subject to call option
|
|
| Month Issued |
April 2006 and July 2007
|
| Outstanding Face Amount |
406,217
|
| Carrying Value |
405,247
|
|
Total Debt
|
|
| Outstanding Face Amount |
3,314,110
|
| Carrying Value |
$ 3,309,652
|