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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
 9 Months Ended
Sep. 30, 2014
Loan unpaid principal balance (UPB) $ 802,858 [1]
Debt Face Amount 2,147,137
Subprime Portfolio I [Member]
  
Loan unpaid principal balance (UPB) 334,758 [1]
Weighted Average Coupon 5.83%
Delinquencies of 60 or more days (UPB) 83,602 [2]
Net credit losses 20,347
Cumulative net credit losses 267,152
Cumulative net credit losses as a % of original UPB 17.80%
Percentage of ARM loans 51.00% [3]
Percentage of loans with original loan-to-value ratio >90% 10.80%
Percentage of interest-only loans 8.70%
Debt Face Amount 330,758 [4]
Weighted average funding cost of debt 0.51% [5]
Subprime Portfolio II [Member]
  
Loan unpaid principal balance (UPB) 468,100 [1]
Weighted Average Coupon 4.71%
Delinquencies of 60 or more days (UPB) 164,991 [2]
Net credit losses 24,126
Cumulative net credit losses 325,700
Cumulative net credit losses as a % of original UPB 29.90%
Percentage of ARM loans 64.20% [3]
Percentage of loans with original loan-to-value ratio >90% 16.90%
Percentage of interest-only loans 18.70%
Debt Face Amount $ 468,100 [4]
Weighted average funding cost of debt 0.43% [5]
[1] Average loan seasoning of 110 months and 92 months for Subprime Portfolios I and II, respectively, at September 30, 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 September 30, 2014.
[5] Includes the effect of applicable hedges.