Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Loan Valuation (Details 7)

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Loan Valuation (Details 7) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Outstanding Face Amount $ 1,170,905 [1],[2] $ 2,078,101 [1]
Real estate related loans and other loans, held-for-sale, net 437,530 843,132
Residential mortgage loans, held-for-sale, net 2,185 2,471
Residential mortgage loans, held-for-investment, net 255,450 292,461
Valuation allowance (reversal) on loans (25,035) (24,587)
Mezzanine Loans
    
Outstanding Face Amount 172,197  
Real estate related loans and other loans, held-for-sale, net 139,720  
Fair Value 143,217  
Valuation allowance (reversal) on loans (14,246)  
Discount Rate Input Range 3.4%-9.0%  
Loss Severity Input Range 0.0%-100.0%  
Discount Rate Weighted Average 6.60%  
Loss Severity Weighted Average 17.30%  
Corporate Bank Loans
    
Outstanding Face Amount 256,594  
Real estate related loans and other loans, held-for-sale, net 166,710  
Fair Value 180,945  
Valuation allowance (reversal) on loans (3,610)  
Discount Rate Input Range 13.1%-33.8%  
Loss Severity Input Range 0.0%-100.0%  
Discount Rate Weighted Average 24.20%  
Loss Severity Weighted Average 23.10%  
B-Notes
    
Outstanding Face Amount 109,323  
Real estate related loans and other loans, held-for-sale, net 101,385  
Fair Value 102,645  
Valuation allowance (reversal) on loans (1,623)  
Discount Rate Input Range 5.0%-12.0%  
Loss Severity Input Range 0.0%  
Discount Rate Weighted Average 10.10%  
Loss Severity Weighted Average 0.00%  
Whole Loans
    
Outstanding Face Amount 29,715  
Real estate related loans and other loans, held-for-sale, net 29,715  
Fair Value 29,728  
Valuation allowance (reversal) on loans     
Discount Rate Input Range 3.7%-4.0%  
Loss Severity Input Range 0.0%-15.5%  
Discount Rate Weighted Average 3.70%  
Loss Severity Weighted Average 15.10%  
Total Real Estate Related and Other Loans Held for Sale
    
Outstanding Face Amount 567,829  
Real estate related loans and other loans, held-for-sale, net 437,530  
Fair Value 456,535  
Valuation allowance (reversal) on loans (19,479)  
Non-Securitized Manufacturing Housing Loan Portfolio I
    
Outstanding Face Amount 501  
Residential mortgage loans, held-for-sale, net 130  
Fair Value 130  
Valuation allowance (reversal) on loans (58)  
Discount Rate Weighted Average 81.80%  
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 2,628  
Residential mortgage loans, held-for-sale, net 2,055  
Fair Value 2,055  
Valuation allowance (reversal) on loans (47)  
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 3,129  
Residential mortgage loans, held-for-sale, net 2,185  
Fair Value 2,185  
Valuation allowance (reversal) on loans (105)  
Securitized Manufacturing Housing Loan Portfolio I
    
Outstanding Face Amount 102,681  
Residential mortgage loans, held-for-investment, net 91,924  
Fair Value 89,674  
Valuation allowance (reversal) on loans (5,465)  
Discount Rate Weighted Average 9.40%  
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 128,975  
Residential mortgage loans, held-for-investment, net 128,117  
Fair Value 123,471  
Valuation allowance (reversal) on loans 840  
Discount Rate Weighted Average 8.10%  
Prepayment Speed Weighted Average 7.00%  
Cumulative Default Rate Weighted Average 3.50%  
Loss Severity Weighted Average 60.00%  
Residential Mortgage Loans
    
Outstanding Face Amount 45,968  
Residential mortgage loans, held-for-investment, net 35,409  
Fair Value 38,894  
Valuation allowance (reversal) on loans (826)  
Discount Rate Weighted Average 7.50%  
Prepayment Speed Weighted Average 4.60%  
Cumulative Default Rate Weighted Average 2.80%  
Loss Severity Weighted Average 45.90%  
Total Residential Mortgage Loans Held For Investment
    
Outstanding Face Amount 277,624  
Residential mortgage loans, held-for-investment, net 255,450  
Fair Value 252,039  
Valuation allowance (reversal) on loans $ (5,451)  
[1] As of December 31, 2013 and 2012, the total outstanding face amount of fixed rate securities was $0.4 billion and $0.5 billion, respectively, and of floating rate securities were $0.8 billion and $1.5 billion, respectively.
[2] Net of incurred losses.