Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE - Loan Valuation (Details 7)

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FAIR VALUE - Loan Valuation (Details 7) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Outstanding Face Amount $ 1,038,815 [1],[2]   $ 1,038,815 [1],[2]    
Real estate related loans and other loans, held-for-sale, net 795,297   795,297   843,132
Residential mortgage loans, held-for-sale, net 2,236   2,236   2,471
Valuation Allowance/(Reversal) In Current Year (12,998) 4,094 (11,473) (8,160)  
Mezzanine Loans
          
Outstanding Face Amount 338,178   338,178    
Real estate related loans and other loans, held-for-sale, net 268,635   268,635    
Fair Value 272,735   272,735    
Valuation Allowance/(Reversal) In Current Year     (13,611)    
Discount Rate Input Range     5.0%-25.3%    
Loss Severity Input Range     0.0%-100.0%    
Discount Rate Weighted Average     10.70%    
Loss Severity Weighted Average     5.40%    
Corporate Bank Loans
          
Outstanding Face Amount 875,072   875,072    
Real estate related loans and other loans, held-for-sale, net 402,139   402,139    
Fair Value 409,354   409,354    
Valuation Allowance/(Reversal) In Current Year     (3,110)    
Discount Rate Input Range     5.9%-33.3%    
Loss Severity Input Range     0.0%-100.0%    
Discount Rate Weighted Average     13.70%    
Loss Severity Weighted Average     45.10% [3]    
B-Notes
          
Outstanding Face Amount 110,461   110,461    
Real estate related loans and other loans, held-for-sale, net 94,703   94,703    
Fair Value 96,179   96,179    
Valuation Allowance/(Reversal) In Current Year     6,192    
Discount Rate Input Range     6.0%-15.0%    
Loss Severity Input Range     0.0%-47.0%    
Discount Rate Weighted Average     10.50%    
Loss Severity Weighted Average     9.70%    
Whole Loans
          
Outstanding Face Amount 29,820   29,820    
Real estate related loans and other loans, held-for-sale, net 29,820   29,820    
Fair Value 29,883   29,883    
Valuation Allowance/(Reversal) In Current Year           
Discount Rate Input Range     4.8%-6.9%    
Loss Severity Input Range     0.0%-15.5%    
Discount Rate Weighted Average     4.80%    
Loss Severity Weighted Average     15.10%    
Total Real Estate Related and Other Loans Held for Sale
          
Outstanding Face Amount 1,353,531   1,353,531    
Real estate related loans and other loans, held-for-sale, net 795,297   795,297    
Fair Value 808,151   808,151    
Valuation Allowance/(Reversal) In Current Year     (10,529)    
Non-Securitized Manufacturing Housing Loan Portfolio I
          
Outstanding Face Amount 561   561    
Real estate related loans and other loans, held-for-sale, net 145   145    
Fair Value 145   145    
Valuation Allowance/(Reversal) In Current Year     (9)    
Discount Rate Weighted Average     81.50%    
Prepayment Speed Weighted Average     5.00%    
Cumulative Default Rate Weighted Average     11.60%    
Loss Severity Weighted Average     65.00%    
Non-Securitized Manufacturing Housing Loan Portfolio II
          
Outstanding Face Amount 2,677   2,677    
Real estate related loans and other loans, held-for-sale, net 2,091   2,091    
Fair Value 2,091   2,091    
Valuation Allowance/(Reversal) In Current Year     (33)    
Discount Rate Weighted Average     15.40%    
Prepayment Speed Weighted Average     5.00%    
Cumulative Default Rate Weighted Average     3.50%    
Loss Severity Weighted Average     60.00%    
Total Residential Mortgage Loans Held For Sale
          
Outstanding Face Amount 3,238   3,238    
Real estate related loans and other loans, held-for-sale, net 2,236   2,236    
Fair Value 2,236   2,236    
Valuation Allowance/(Reversal) In Current Year     (42)    
Securitized Manufacturing Housing Loan Portfolio I
          
Outstanding Face Amount 106,304   106,304    
Residential mortgage loans, held-for-sale, net 91,488   91,488    
Fair Value 93,533   93,533    
Valuation Allowance/(Reversal) In Current Year     (1,778)    
Discount Rate Weighted Average     9.50%    
Prepayment Speed Weighted Average     6.00%    
Cumulative Default Rate Weighted Average     3.00%    
Loss Severity Weighted Average     65.00%    
Securitized Manufacturing Housing Loan Portfolio II
          
Outstanding Face Amount 134,641   134,641    
Residential mortgage loans, held-for-sale, net 132,728   132,728    
Fair Value 128,623   128,623    
Valuation Allowance/(Reversal) In Current Year     1,740    
Discount Rate Weighted Average     7.70%    
Prepayment Speed Weighted Average     7.00%    
Cumulative Default Rate Weighted Average     3.50%    
Loss Severity Weighted Average     60.00%    
Residential Loans
          
Outstanding Face Amount 47,114   47,114    
Residential mortgage loans, held-for-sale, net 36,247   36,247    
Fair Value 39,838   39,838    
Valuation Allowance/(Reversal) In Current Year     (864)    
Discount Rate Weighted Average     7.80%    
Prepayment Speed Weighted Average     4.60%    
Cumulative Default Rate Weighted Average     2.80%    
Loss Severity Weighted Average     46.00%    
Total Residential Mortgage Loans Held For Investment
          
Outstanding Face Amount 288,059   288,059    
Residential mortgage loans, held-for-sale, net 260,463   260,463    
Fair Value 261,994   261,994    
Valuation Allowance/(Reversal) In Current Year     $ (902)    
[1] (G) The total outstanding face amount was $0.4 billion for fixed rate securities and $0.6 billion for floating rate securities.
[2] (A) Net of incurred losses
[3] (A) Primarily driven by the 60% severity of the GateHouse loans (see Note 2).