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Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Operating Activities    
Net Loss $ (7,309) $ (26,964)
Adjustments to net loss to net cash used in operating activities    
Provision for loan losses 114,673 28,309
Depreciation and amortization 4,469 3,642
Loss (gain) on fair value of residential first mortgage servicing rights 6,927 (4,123)
Stock-based compensation expense 1,028 1,251
Net loss on the sale of assets 670 1,158
Net gain on loan sales (204,853) (50,184)
Net loss on sales of mortgage servicing rights 2,317 112
Net gain on securities classified as available-for-sale (310) 0
Other than temporary impairment losses on securities classified as available-for-sale 1,175 0
Net loss on trading securities 5,971 74
Net loss on transferor interest 409 2,381
Proceeds from sales of loans held-for-sale 11,474,194 5,914,461
Origination and repurchase of mortgage loans held-for-sale, net of principal repayments (11,886,555) (4,949,989)
Increase in repurchase of mortgage loans with government guarantees, net of claims received (103,732) (81,782)
Increase in accrued interest receivable (2,943) (2,969)
Decrease (increase) in other assets 122,214 (12,300)
Increase (decrease) in accrued interest payable 1,401 (2,841)
(Decrease) increase liability for checks issued (988) 3,830
Decrease in payable for mortgage repurchase option (30,683) (19,743)
Increase in representation and warranty reserve 22,000 0
Decrease in other liabilities (20,073) (8,533)
Net cash (used) provided in operating activities (499,998) 795,790
Investing Activities    
Proceeds from the sale of investment securities available-for-sale 20,665 0
Net repayment of investment securities available-for-sale 25,405 29,299
Net proceeds from sales of loans held-for-investment (187,768) 6,736
Origination of portfolio loans, net of principal repayments 208,523 476,784
Proceeds from the disposition of repossessed assets 25,035 37,572
Acquisitions of premises and equipment, net of proceeds (7,150) (5,046)
Proceeds from the sale of mortgage servicing rights 16,394 0
Net cash provided by investing activities 101,104 545,345
Financing Activities    
Net increase (decrease) in deposit accounts 909,165 (249,189)
Net decrease in Federal Home Loan Bank advances (362,000) (325,083)
Net disbursement of payments of loans serviced for others (126,288) (9,023)
Net receipt of escrow payments 4,907 6,978
Dividends paid to preferred stockholders 0 (3,333)
Net cash provided by (used) in financing activities 425,784 (579,650)
Beginning cash and cash equivalents 731,058 953,534
Ending cash and cash equivalents 757,948 1,715,019
Loans held-for-investment transferred to repossessed assets 171,375 64,290
Total interest payments made on deposits and other borrowings 46,756 61,448
Federal income taxes paid 225 0
Reclassification of mortgage loans originated for portfolio to mortgage loans held-for-sale 200,908 383
Reclassification of mortgage loans originated held-for-sale then transferred to portfolio loans 13,140 7,119
Mortgage servicing rights resulting from sale or securitization of loans 111,484 50,700
Net increase in cash and cash equivalents $ 26,890 $ 761,485