|
Schedule Of Carrying Value and Fair Value Of Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| Assets |
|
|
|
|
| Real estate securities, available-for-sale* |
$ 1,691,575
|
$ 1,731,744
|
|
|
| Real estate related loans, held-for-sale, net |
843,132
|
813,580
|
|
|
| Residential mortgage loans, held-for-investment, net |
292,461
|
331,236
|
|
|
| Residential mortgage loans, held-for-sale, net |
2,471
|
2,687
|
|
|
| Investments in excess mortgage servicing rights at fair value*(H) |
245,036
|
43,971
|
|
|
| Subprime mortgage loans subject to call option |
405,814
|
404,723
|
|
|
| Restricted Cash* |
2,064
|
105,040
|
|
|
| Operating real estate, held-for-sale |
|
7,741
|
8,776
|
9,966
|
| Other investments |
24,907
|
24,907
|
|
|
| Receivables and other assets |
17,230
|
26,860
|
|
|
| Total Assets |
3,945,312
|
3,651,799
|
|
|
| Liabilities |
|
|
|
|
| CDO bonds payable |
1,091,354
|
2,403,605
|
|
|
| Other bonds and notes payable |
183,390
|
200,377
|
|
|
| Repurchase agreements |
929,435
|
239,740
|
|
|
| Mortgage notes payable |
120,525
|
|
|
|
| Financing of subprime mortgage loans subject to call option (B) |
405,814
|
404,723
|
|
|
| Junior subordinated notes payable |
51,243
|
51,248
|
|
|
| Total Liabilities |
2,872,252
|
3,459,710
|
|
|
|
Principal Balance
|
|
|
|
|
| Assets |
|
|
|
|
| Real estate securities, available-for-sale* |
2,078,101
|
|
|
|
| Real estate related loans, held-for-sale, net |
1,121,085
|
|
|
|
| Residential mortgage loans, held-for-investment, net |
328,070
|
|
|
|
| Residential mortgage loans, held-for-sale, net |
3,645
|
|
|
|
| Investments in excess mortgage servicing rights at fair value*(H) |
76,560,751
|
|
|
|
| Subprime mortgage loans subject to call option |
406,217
|
|
|
|
| Restricted Cash* |
2,064
|
|
|
|
| Cash and Cash Equivalents |
231,898
|
|
|
|
| Derivative assets, treated as hedges (C)(E)* |
|
|
|
|
| Non-hedge derivative assets (D)(E)* |
23,400
|
|
|
|
| Liabilities |
|
|
|
|
| CDO bonds payable |
1,090,915
|
|
|
|
| Other bonds and notes payable |
187,963
|
|
|
|
| Repurchase agreements |
929,435
|
|
|
|
| Mortgage notes payable |
120,525
|
|
|
|
| Financing of subprime mortgage loans subject to call option (B) |
406,217
|
|
|
|
| Junior subordinated notes payable |
51,004
|
|
|
|
| Interest rate swaps, treated as hedges (C)(E)* |
154,450
|
|
|
|
| Non-hedge derivatives (D)(E)* |
294,203
|
|
|
|
|
Carrying (Reported) Amount, Fair Value Disclosure
|
|
|
|
|
| Assets |
|
|
|
|
| Real estate securities, available-for-sale* |
1,691,575
|
1,731,744
|
|
|
| Real estate related loans, held-for-sale, net |
843,132
|
813,580
|
|
|
| Residential mortgage loans, held-for-investment, net |
292,461
|
331,236
|
|
|
| Residential mortgage loans, held-for-sale, net |
2,471
|
2,687
|
|
|
| Investments in excess mortgage servicing rights at fair value*(H) |
245,036
|
43,971
|
|
|
| Subprime mortgage loans subject to call option |
405,814
|
404,723
|
|
|
| Restricted Cash* |
2,064
|
105,040
|
|
|
| Cash and Cash Equivalents |
231,898
|
157,356
|
|
|
| Derivative assets, treated as hedges (C)(E)* |
|
1,092
|
|
|
| Non-hedge derivative assets (D)(E)* |
165
|
862
|
|
|
| Investments in real estate and intangibles, net |
188,559
|
|
|
|
| Operating real estate, held-for-sale |
|
7,741
|
|
|
| Other investments |
24,907
|
24,907
|
|
|
| Receivables and other assets |
17,230
|
26,860
|
|
|
| Total Assets |
3,945,312
|
3,651,799
|
|
|
| Liabilities |
|
|
|
|
| CDO bonds payable |
1,091,354
|
2,403,605
|
|
|
| Other bonds and notes payable |
183,390
|
200,377
|
|
|
| Repurchase agreements |
929,435
|
239,740
|
|
|
| Mortgage notes payable |
120,525
|
|
|
|
| Financing of subprime mortgage loans subject to call option (B) |
405,814
|
404,723
|
|
|
| Junior subordinated notes payable |
51,243
|
51,248
|
|
|
| Interest rate swaps, treated as hedges (C)(E)* |
12,175
|
90,025
|
|
|
| Non-hedge derivatives (D)(E)* |
19,401
|
29,295
|
|
|
| Due to affiliates |
3,620
|
1,659
|
|
|
| Dividends payable, accrued expenses and other liabilities |
55,295
|
39,038
|
|
|
| Total Liabilities |
2,872,252
|
3,459,710
|
|
|
|
Estimate of Fair Value, Fair Value Disclosure
|
|
|
|
|
| Assets |
|
|
|
|
| Real estate securities, available-for-sale* |
1,691,575
|
1,731,744
|
|
|
| Real estate related loans, held-for-sale, net |
853,102
|
819,249
|
|
|
| Residential mortgage loans, held-for-investment, net |
297,030
|
330,277
|
|
|
| Residential mortgage loans, held-for-sale, net |
2,471
|
2,687
|
|
|
| Investments in excess mortgage servicing rights at fair value*(H) |
245,036
|
43,971
|
|
|
| Subprime mortgage loans subject to call option |
405,814
|
404,723
|
|
|
| Restricted Cash* |
2,064
|
105,040
|
|
|
| Cash and Cash Equivalents |
231,898
|
157,356
|
|
|
| Derivative assets, treated as hedges (C)(E)* |
|
1,092
|
|
|
| Non-hedge derivative assets (D)(E)* |
165
|
862
|
|
|
| Investments in real estate and intangibles, net |
194,878
|
|
|
|
| Operating real estate, held-for-sale |
|
7,741
|
|
|
| Other investments |
13,165
|
24,907
|
|
|
| Receivables and other assets |
17,230
|
26,860
|
|
|
| Total Assets |
3,954,428
|
3,656,509
|
|
|
| Liabilities |
|
|
|
|
| CDO bonds payable |
781,856
|
1,500,307
|
|
|
| Other bonds and notes payable |
190,302
|
203,136
|
|
|
| Repurchase agreements |
929,435
|
239,740
|
|
|
| Mortgage notes payable |
120,525
|
|
|
|
| Financing of subprime mortgage loans subject to call option (B) |
405,814
|
404,723
|
|
|
| Junior subordinated notes payable |
31,545
|
30,145
|
|
|
| Interest rate swaps, treated as hedges (C)(E)* |
12,175
|
90,025
|
|
|
| Non-hedge derivatives (D)(E)* |
19,401
|
29,295
|
|
|
| Due to affiliates |
3,620
|
1,659
|
|
|
| Dividends payable, accrued expenses and other liabilities |
55,295
|
39,038
|
|
|
| Total Liabilities |
$ 2,549,968
|
$ 2,538,068
|
|
|
|
Subprime mortgage loans subject to call option
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
9.09%
|
|
|
|
| Weighted Average Maturity (Years) |
(B)
|
|
|
|
|
Junior Subordinated Debt
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
7.40%
|
|
|
|
| Weighted Average Maturity (Years) |
22.3
|
|
|
|
|
Real Estate Securities Available For Sale
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
4.69%
|
|
|
|
| Weighted Average Maturity (Years) |
4.0
|
|
|
|
|
Real Estate Loans Held For Sale
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
12.15%
|
|
|
|
| Weighted Average Maturity (Years) |
2.6
|
|
|
|
|
Residential Mortgage Loans Held For Investment
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
8.19%
|
|
|
|
| Weighted Average Maturity (Years) |
6.1
|
|
|
|
|
Residential Mortgage Loans Held For Sale
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
17.00%
|
|
|
|
| Weighted Average Maturity (Years) |
4.7
|
|
|
|
|
Investments in Excess MSRs
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
17.59%
|
|
|
|
| Weighted Average Maturity (Years) |
5.4
|
|
|
|
|
Derivative Financial Instruments, Assets
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
N/A
|
|
|
|
| Weighted Average Maturity (Years) |
(C)
|
|
|
|
|
Derivative Financial Instruments, Assets Non Hedge
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
N/A
|
|
|
|
| Weighted Average Maturity (Years) |
(D)
|
|
|
|
|
CDO Bonds Payable
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
2.08%
|
|
|
|
| Weighted Average Maturity (Years) |
2.5
|
|
|
|
|
Other Bonds and Notes Payable
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
5.07%
|
|
|
|
| Weighted Average Maturity (Years) |
4.0
|
|
|
|
|
Repurchase Agreements [Member]
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
0.81%
|
|
|
|
| Weighted Average Maturity (Years) |
0.1
|
|
|
|
|
Total Mortgage Notes Payable
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
3.79%
|
|
|
|
| Weighted Average Maturity (Years) |
5.8
|
|
|
|
|
Financing on Subprime Mortgage Loans subject to Call Options
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
9.09%
|
|
|
|
| Weighted Average Yield/Funding Cost |
(B)
|
|
|
|
|
Interest Rate Swap Agreements
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
N/A
|
|
|
|
| Weighted Average Maturity (Years) |
(C)
|
|
|
|
|
Non Hedge Derivative Liabilities
|
|
|
|
|
| Liabilities |
|
|
|
|
| Weighted Average Yield/Funding Cost |
N/A
|
|
|
|
| Weighted Average Maturity (Years) |
(D)
|
|
|
|