Mortgage-Backed Debt and Related Collateral (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Mortgage-Backed Debt Issued by Consolidated Residual and Non-Residual Trusts

Provided in the table below is information regarding the mortgage-backed debt issued by the consolidated Residual and Non-Residual Trusts (dollars in thousands):

	December 31, 2013		Weighted- Average Stated Interest Rate(1)			December 31, 2012		Weighted- Average Stated Interest Rate(1)
Mortgage-backed debt at amortized cost (unpaid principal balance of $1,204,539 and $1,316,988 at December 31, 2013 and 2012, respectively)	$	1,203,084		6.68	%	$	1,315,442		6.72	%
Mortgage-backed debt at fair value (unpaid principal balance of $735,379 and $825,200 at December 31, 2013 and 2012, respectively)		684,778		5.85	%		757,286		5.72	%
Total mortgage-backed debt	$	1,887,862		6.37	%	$	2,072,728		6.33	%

⁽¹⁾  Represents the weighted-average stated interest rate, which may be different from the effective rate due to the amortization of discounts and issuance costs.

Summary of Collateral for Mortgage-Backed Debt

The following table summarizes the collateral for mortgage-backed debt (in thousands):

	December 31,
	2013		2012
Residential loans of securitization trusts, principal balance	$	2,248,467	$	2,458,678
Receivables related to Non-Residual Trusts		43,545		53,975
Real estate owned, net		42,298		43,115
Restricted cash and cash equivalents		58,081		58,253
Total mortgage-backed debt collateral	$	2,392,391	$	2,614,021