Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6)

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REAL ESTATE RELATED LOANS, RESIDENTIAL MORTGAGE LOANS AND SUBPRIME MORTGAGE LOANS - Subprime Characteristics (Details 6) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Loan unpaid principal balance (UPB) $ 853,327 [1]
Weighted Average Coupon 4.10%
Debt Face Amount 2,417,874
Subprime Portfolio I [Member]
  
Loan unpaid principal balance (UPB) 359,809 [1]
Weighted Average Coupon 5.89%
Delinquencies of 60 or more days (UPB) 102,305 [2]
Net credit losses 8,351
Cumulative net credit losses 255,156
Cumulative net credit losses as a % of original UPB 17.00%
Percentage of ARM loans 51.20% [3]
Percentage of loans with original loan-to-value ratio >90% 10.70%
Percentage of interest-only loans 8.90%
Debt Face Amount 355,809 [4]
Weighted average funding cost of debt 0.51% [5]
Subprime Portfolio II [Member]
  
Loan unpaid principal balance (UPB) 493,513 [1]
Weighted Average Coupon 4.76%
Delinquencies of 60 or more days (UPB) 191,809 [2]
Net credit losses 12,054
Cumulative net credit losses 313,628
Cumulative net credit losses as a % of original UPB 28.80%
Percentage of ARM loans 64.30% [3]
Percentage of loans with original loan-to-value ratio >90% 16.60%
Percentage of interest-only loans 13.20%
Debt Face Amount $ 493,513 [4]
Weighted average funding cost of debt 0.43% [5]
[1] Average loan seasoning of 104 months and 86 months for Subprime Portfolios I and II, respectively, at March 31, 2014.
[2] Delinquencies include loans 60 or more days past due, in foreclosure, under bankruptcy filing or REO.
[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] Excludes face amount of $4.0 million of retained notes for Subprime Portfolio I at March 31, 2014.
[5] Includes the effect of applicable hedges.