Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative)

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SEGMENT REPORTING AND VARIABLE INTEREST ENTITIES (Details Narrative) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2011
Restated
Dec. 31, 2012
Recourse Financing Structures Unlevered Assets and Other Liabilities
Aggregate Face Amount of debt $ 71,100   $ 157,000    
Carrying Value of debt 62,300   143,000    
Recourse debt         925,191
Repurchase Agreement - FNMA/FHLMC securities 772,900        
Carrying value of FNMA/FHLMC securities 820,500        
Repurchase Agreement - Newcastle CDO VI 1,400        
Senior notes Newcastle CDO VI 21,000        
Repurchase Agreement-Non agency RMBS 150,900        
Carrying value of non-agency RMBS 228,500        
Non-agency residential mortgage backed securities purchased 17        
Aggregate Face Amount of Non-Agency securities purchased 90,900        
Aggregate purchase price of non-agency securities 61,700        
Average price (percentage of par) of Non-Agency securities purchased 67.90%        
Aggregate Face Amount of Debt, Non-Agency RE Securities 89,300        
Carrying Value of debt, Non-Agency RE Securities 61,300        
Deconsolidation of CDO VII - decrease in gross assets   149,400      
Deconsolidation of CDO VII - decrease in gross liabilities   437,800      
Deconsolidation of CDO VII - increase in equity   288,400      
Deconsolidation of CDO V - decrease in gross assets       301,600  
Deconsolidation of CDO V - decrease in gross liabilities       357,000  
Deconsolidation of CDO V - gain on deconsolidation         45,072  
Deconsolidation of CDO V - decrease in AOCI loss       10,300  
Deconsolidation of CDO X - decrease in gross assets 1,100,000        
Deconsolidation of CDO X - decrease in gross liabilities 1,200,000        
Deconsolidation of CDO X - decrease in other comprehensive income 25,500        
Deconsolidation of CDO X - gain on sale 224,317          
Face amount of debt in VIE 42,700        
Carrying Value of Newcastle's Investment (C) 5,998        
Face amount of CDO V Class I, III, and IV-FL notes $ 18,800