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Note 7 - Collateralized Debt Obligations
3 Months Ended
Jun. 30, 2011
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
7.  Collateralized Debt Obligations

The Company’s CDOs, which are recorded as liabilities on the Company’s balance sheet, are secured by ARM loans pledged as collateral, which are recorded as mortgage loans held in securitization trusts in the condensed consolidated balance sheets.  As of June 30, 2011 and December 31, 2010, the Company had CDOs outstanding of $209.7 million and $220.0 million, respectively.  As of June 30, 2011 and December 31, 2010, the current weighted average interest rate on these CDOs was 0.57% and 0.65%, respectively.  The CDOs are collateralized by ARM loans with a principal balance of $218.6 million and $229.3 million at June 30, 2011 and December 31, 2010, respectively.  The Company retained the owner trust certificates, or residual interest, for three securitizations and, as of June 30, 2011 and December 31, 2010, had a net investment in the securitization trusts, after loan loss reserves and including real estate owned, of $8.1 million and $8.9 million, respectively.