Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Carrying Amounts of Assets and Liabilities

Included in the tables below are summaries of the carrying amounts of the assets and liabilities of consolidated VIEs (in thousands):



	June 30, 2015
	Residual Trusts		Non-Residual Trusts		Servicer and Protective Advance Financing Facilities		Total
Assets
Restricted cash and cash equivalents	$	14,646	$	12,818	$	55,102	$	82,566
Residential loans at amortized cost, net	518,511		—		—		518,511
Residential loans at fair value	—		553,410		—		553,410
Receivables at fair value	—		20,800		—		20,800
Servicer and protective advances, net	—		—		1,124,909		1,124,909
Other assets	12,625		761		1,692		15,078
Total assets	$	545,782	$	587,789	$	1,181,703	$	2,315,274

Liabilities
Payables and accrued liabilities	$	2,191	$	—	$	1,053	$	3,244
Servicing advance liabilities	—		—		1,036,409		1,036,409
Mortgage-backed debt	491,238		616,794		—		1,108,032
Total liabilities	$	493,429	$	616,794	$	1,037,462	$	2,147,685



	December 31, 2014
	Residual Trusts		Non-Residual Trusts		Servicer and Protective Advance Financing Facilities		Total
Assets
Restricted cash and cash equivalents	$	41,632	$	12,710	$	51,635	$	105,977
Residential loans at amortized cost, net	1,292,781		—		—		1,292,781
Residential loans at fair value	—		586,433		—		586,433
Receivables at fair value	—		25,201		—		25,201
Servicer and protective advances, net	—		—		1,273,186		1,273,186
Other assets	41,758		1,023		3,418		46,199
Total assets	$	1,376,171	$	625,367	$	1,328,239	$	3,329,777

Liabilities
Payables and accrued liabilities	$	7,590	$	—	$	921	$	8,511
Servicing advance liabilities	—		—		1,160,257		1,160,257
Mortgage-backed debt	1,098,292		653,167		—		1,751,459
Total liabilities	$	1,105,882	$	653,167	$	1,161,178	$	2,920,227

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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