INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the expected income tax expense (benefit) at the statutory federal income tax rate of 35% to the Company’s actual provision for income taxes and the effective tax rate for the years ended December 31, 2013, 2012 and 2011, respectively, is as follows (amounts in thousands):



	2013					2012					2011
	Amount			%		Amount			%		Amount			%
Computed Tax Benefit at Federal Statutory Rate of 35%	$	(9,172	)	35.0	%	$	(11,268	)	35.0	%	$	(12,318	)	35.0	%

Permanent Differences:
State Taxes, Net of Federal Benefit	(859		)	3.3	%	(1,282		)	4.0	%	(1,790		)	5.1	%
Change in Valuation Allowance	8,374			(32.0	)%	12,509			(38.9	)%	17,454			(49.6	)%
Shareholder Settlement Payable	1,537			(5.9	)%	—			—		—			—
Non-Deductible Offering Costs	—			—		—			—		(2,170		)	6.2	%
Other Permanent Differences	120			(0.4	)%	41			(0.1	)%	(1,176		)	3.3	%
Provision (Benefit) for Income Taxes	$	—		—	%	$	—		—	%	$	—		—	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of deferred tax assets and liabilities in the consolidated balance sheets as of December 31, 2013 and 2012, respectively, were as follows (in thousands):



Deferred Tax Assets	2013			2012
Loss Carryforward	$	132,769		$	109,242
Allowance for Credit Loss	5,200			15,607
Impairment of Real Estate Owned	16,161			16,328
Reserve against Judgment	6,004			5,772
Accrued Interest Receivable	—			5,333
Capitalized Real Estate Costs	5,453			5,603
Accrued Expenses	2,598			2,445
Accrued Interest Payable	883			540
Stock Based Compensation	969			802
Fixed Assets and Other	856			847
Total Deferred Tax Assets Before Valuation Allowance	170,893			162,519
Valuation Allowance	(170,893		)	(162,519		)
Total Deferred Tax Assets Net of Valuation Allowance	$	—		$	—