Current report filing

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 9)

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REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 9) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Loan unpaid principal balance (UPB) $ 879,281 [1]  
Weighted Average Coupon 3.65% 3.04%
Debt Face Amount 3,030,490 2,786,059
Subprime Portfolio I
    
Loan unpaid principal balance (UPB) 372,661 [1]  
Weighted Average Coupon 5.88%  
Delinquencies of 60 or more days (UPB) 110,539 [2]  
Net credit losses 26,388 27,548
Cumulative net credit losses 246,805  
Cumulative net credit losses as a % of original UPB 16.40%  
Percentage of ARM loans 51.50% [3]  
Percentage of loans with original loan-to-value ratio >90% 9.40%  
Percentage of interest-only loans 11.40%  
Debt Face Amount 368,661 [4],[5]  
Weighted average funding cost of debt 0.53% [6]  
Subprime Portfolio II
    
Loan unpaid principal balance (UPB) 506,620 [1]  
Weighted Average Coupon 5.19%  
Delinquencies of 60 or more days (UPB) 204,653 [2]  
Net credit losses 44,855 34,866
Cumulative net credit losses 301,574  
Cumulative net credit losses as a % of original UPB 27.70%  
Percentage of ARM loans 57.00% [3]  
Percentage of loans with original loan-to-value ratio >90% 7.70%  
Percentage of interest-only loans 14.20%  
Debt Face Amount $ 506,620 [4],[5]  
Weighted average funding cost of debt 0.45% [6]  
[1] Average loan seasoning of 101 months and 83 months for Subprime Portfolios I and II, respectively, at December 31, 2013.
[2] Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or real estate owned.
[3] ARM loans are adjustable-rate mortgage loans. An option ARM is an adjustable-rate mortgage that provides the borrower with an option to choose from several payment amounts each month for a specified period of the loan term. None of the loans in the subprime portfolios are option ARMs.
[4] Audited.
[5] Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at December 31, 2013.
[6] Includes the effect of applicable hedges.