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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following tables present assets and liabilities that are measured at fair value on a recurring basis at June 30, 2013 and December 31, 2012.
 
 
 
June 30,
 
Fair Value Measurement Levels at June 30, 2013
 
(in thousands)
 
2013
 
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds available-for-sale
 
$
896,322
 
$
-
 
$
-
 
$
896,322
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
$
2,698
 
$
-
 
$
2,004
 
$
694
 
 
 
 
December 31,
 
Fair Value Measurement Levels at December 31, 2012
 
(in thousands)
 
2012
 
Level 1
 
Level 2
 
Level 3
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds available-for-sale
 
$
969,394
 
$
-
 
$
-
 
$
969,394
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
$
3,544
 
$
-
 
$
2,477
 
$
1,067
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended June 30, 2013.
 
(in thousands)
 
Bonds
Available-
for-sale
 
 
Derivative
Liabilities
 
Balance, April 1, 2013
 
$
968,814
 
 
$
(1,006
)
Net losses included in earnings
 
 
(1,417
)
 
 
312
 
Net losses included in other comprehensive income  (1)
 
 
(22,298
)
 
 
-
 
Impact from sales/redemptions
 
 
(1,638
)
 
 
-
 
Bonds eliminated due to real estate consolidation and foreclosure
 
 
(45,106
)
 
 
-
 
Impact from settlements
 
 
(2,033
)
 
 
-
 
Balance, June 30, 2013
 
$
896,322
 
 
$
(694
)
 
(1)
This amount includes $22.4 million of unrealized net holding losses arising during the period, which is then reduced by $0.5 million of unrealized bond losses reclassified into operations. This amount is then increased by $0.4 million of unrealized gains related to bonds that were redeemed.
 
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended June 30, 2012.
 
(in thousands)
 
Bonds
Available-
for-sale
 
 
Derivative
Liabilities
 
Balance, April 1, 2012
 
$
1,016,442
 
 
$
(1,045
)
Net losses included in earnings
 
 
(1,752
)
 
 
(147
)
Net gains included in other comprehensive income  (1)
 
 
9,505
 
 
 
-
 
Impact from purchases
 
 
5,600
 
 
 
-
 
Impact from sales
 
 
(8,172
)
 
 
-
 
Bonds eliminated due to real estate consolidation and foreclosure
 
 
(12,562
)
 
 
-
 
Impact from settlements
 
 
(2,522
)
 
 
-
 
Balance, June 30, 2012
 
$
1,006,539
 
 
$
(1,192
)
 
(1)
This amount includes $8.7 million of unrealized net holding gains arising during the period, which is then increased by $0.8 million of unrealized bond losses reclassified into operations.
 
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2013.
 
(in thousands)
 
Bonds
Available-
for-sale
 
 
Derivative
Liabilities
 
Balance, January 1, 2013
 
$
969,394
 
 
$
(1,067
)
Net losses included in earnings
 
 
(3,268
)
 
 
227
 
Net losses included in other comprehensive income  (1)
 
 
(11,299
)
 
 
-
 
Impact from sales/redemptions
 
 
(6,033
)
 
 
-
 
Bonds eliminated due to real estate consolidation and foreclosure
 
 
(45,106
)
 
 
-
 
Impact from settlements
 
 
(7,366
)
 
 
146
 
Balance, June 30, 2013
 
$
896,322
 
 
$
(694
)
 
(1)
This amount includes $11.5 million of unrealized net holding losses arising during the period, which is then reduced by $0.8 million of unrealized bond losses reclassified into operations. This amount is then increased by $0.6 million of unrealized gains related to bonds that were redeemed.
 
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2012.
 
(in thousands)
 
Bonds
Available-
for-sale
 
 
Derivative
Liabilities
 
Balance, January 1, 2012
 
$
1,021,628
 
 
$
(558
)
Net losses included in earnings
 
 
(3,024
)
 
 
(153
)
Net gains included in other comprehensive income  (1)
 
 
16,720
 
 
 
-
 
Impact from purchases
 
 
6,189
 
 
 
-
 
Impact from sales
 
 
(8,172
)
 
 
-
 
Bonds eliminated due to real estate consolidation and foreclosure
 
 
(12,562
)
 
 
-
 
Impact from settlements
 
 
(14,240
)
 
 
128
 
Transfer into Level 3
 
 
-
 
 
 
(609
)
Balance, June 30, 2012
 
$
1,006,539
 
 
$
(1,192
)
   
   (1)
 
    This amount includes $15.7 million of unrealized net holding gains arising during the period, which is then increased by $1.0 million of unrealized bond losses reclassified into operations.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the three months ended June 30, 2013.
 
(in thousands)
 
Net (losses)
gains on
bonds (1)
 
 
Equity in Losses
from Lower Tier
Property
Partnerships
 
 
Net losses
on
derivatives
 
Change in realized gains related to assets and liabilities held at April 1, 2013, but settled during the second quarter of 2013
 
$
-
 
 
$
-
 
 
$
-
 
Change in unrealized losses related to assets and liabilities still held at June 30, 2013
 
 
(480
)
 
 
(937
)
 
 
312
 
Additional realized gains (losses) recognized
 
 
416
 
 
 
-
 
 
 
(76
)
Total (losses) gains reported in earnings
 
$
(64
)
 
$
(937
)
 
$
236
 
 
   (1)
     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
 
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the three months ended June 30, 2012.
 
(in thousands)
 
Net losses on
bonds (1)
 
 
Equity in Losses
from Lower Tier
Property
Partnerships
 
 
Net losses on
derivatives
 
Change in realized gains related to assets and liabilities  held at April 1, 2012, but settled during the second quarter of 2012
 
$
-
 
 
$
-
 
 
$
-
 
Change in unrealized losses related to assets and liabilities still held at June 30, 2012
 
 
(849
)
 
 
(903
)
 
 
(147
)
Additional realized gains (losses) recognized
 
 
52
 
 
 
-
 
 
 
(75
)
Total losses reported in earnings
 
$
(797
)
 
$
(903
)
 
$
(222
)
 
(1)
Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
 
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the six months ended June 30, 2013.
 
(in thousands)
 
Net (losses)
gains on
bonds (1)
 
 
Equity in Losses
from Lower Tier
Property
Partnerships
 
 
Net losses
on
derivatives
 
Change in realized gains related to assets and liabilities held at January 1, 2013, but settled during the first six months of 2013
 
$
-
 
 
$
-
 
 
$
-
 
Change in unrealized losses related to assets and liabilities still held at June 30, 2013
 
 
(833
)
 
 
(2,435
)
 
 
227
 
Additional realized gains (losses) recognized
 
 
598
 
 
 
- 
 
 
 
(153
)
Total (losses) gains reported in earnings
 
$
(235
)
 
$
(2,435
)
 
$
74
 
 
(1)
Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
 
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the six months ended June 30, 2012.
 
(in thousands)
 
Net losses on
bonds (1)
 
 
Equity in Losses
from Lower Tier
Property
Partnerships
 
 
Net losses on
derivatives
 
Change in realized gains related to assets and liabilities held at January 1, 2012, but settled during the first six months of 2012
 
$
-
 
 
$
-
 
 
$
-
 
Change in unrealized losses related to assets and liabilities still held at June 30, 2012
 
 
(1,087
)
 
 
(1,937
)
 
 
(153
)
Additional realized gains (losses) recognized
 
 
52
 
 
 
-
 
 
 
(152
)
Total losses reported in earnings
 
$
(1,035
)
 
$
(1,937
)
 
$
(305
)
 
(1)
Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
Fair Value Measurements, Nonrecurring [Table Text Block]
The following table presents assets that were measured at fair value in 2013 on a non-recurring basis and still held at June 30, 2013.
 
 
 
June 30,
Fair Value Measurement Levels at
June 30, 2013
 
Total Gains Reported for the Three Months Ended
 
Total Gains Reported 
for the Six Months
Ended
 
(in thousands)
 
2013
 
Level 1
 
Level 2
 
Level 3
 
June 30, 2013:
 
June 30, 2013:
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans receivable
 
$
45
 
$
-
 
$
-
 
$
45
 
$
40
 
$
66
 
 
The following table presents assets that were measured at fair value in 2012 on a non-recurring basis and still held at December 31, 2012.
 
 
 
December 31,
 
Fair Value Measurement Levels at
December 31, 2012
 
Total Gains (Losses) Reported for the Three Months Ended
 
Total Gains Reported 
for the Six Months
 
(in thousands)
 
2012
 
Level 1
 
Level 2
 
Level 3
 
June 30, 2012:
 
Ended June 30, 2012:
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans receivable
 
$
93
 
$
-
 
$
-
 
$
93
 
$
113
 
$
72
 
Investment in an unconsolidated venture
 
 
6,266
 
 
-
 
 
-
 
 
6,266
 
 
(4)
 
 
3