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Loans Held for Investment (Tables)
 12 Months Ended
Dec. 31, 2019
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Summary of changes in carrying value of securitized loans held for investment carried at fair value
The following table provides a summary of the changes in the carrying value of Loans held for investment at fair value at December 31, 2019 and 2018:
 
For the Year Ended
 
December 31, 2019
December 31, 2018
 
(dollars in thousands)
Balance, beginning of period
$
12,572,581

$
13,678,263

Purchases
5,086,491

1,671,330

Principal paydowns
(1,717,745
)
(1,859,155
)
Sales and settlements
(1,812,760
)
(807,364
)
Net periodic accretion (amortization)
(77,491
)
(83,393
)
Realized gains (losses) on sales and settlements
1,590

101

Change in fair value
240,149

(27,201
)
Balance, end of period
$
14,292,815

$
12,572,581
Schedule of percentage of securitized loans held for investment carried at fair value by year originated
The loan portfolio for all residential mortgages were originated during the following periods:

Origination Year
December 31, 2019 (1)
December 31, 2018

2002 and prior
6.8
%
7.3
%
2003
6.0
%
6.6
%
2004
12.6
%
13.6
%
2005
18.6
%
19.5
%
2006
22.5
%
22.7
%
2007
20.7
%
19.5
%
2008
6.4
%
6.2
%
2009
1.5
%
1.0
%
2010 and later
4.9
%
3.6
%
Total
100.0
%
100.0
%

(1) The table above excludes approximately $754 million of Loans held for investments which were purchased prior to December 31, 2019 and will settle subsequent to December 31, 2019.
Schedule of securitized loans held for investment types and characteristics of underlying collateral
December 31, 2018
(dollars in thousands)
 
 
 
 
 
 
 
Loan Balance
Number of Loans
Interest Rate
Maturity Date
Total Principal
30-89 Days Delinquent
90+ Days Delinquent
Held-for-Investment at fair value:
 
 
 
 
 
 
Adjustable rate loans:
 
 
 
 
 
 
$1 to $250
8,258

1.00% to 19.49%
6/1/1983 - 6/1/2058
$
713,392

$
80,781

$
48,235

$250 to $500
456

2.00% to 12.75%
3/1/2023 - 2/1/2057
148,867

17,722

10,779

$500 to $750
65

2.00% to 10.00%
1/1/2034 - 8/1/2047
38,148

2,979

2,762

$750 to $1,000
7

4.13% to 5.13%
4/1/2035 - 4/1/2038
6,008

784

—

Over $1,000
7

4.00% to 5.00%
7/1/2037 - 8/1/2039
12,195

—

1,164

 
8,793



$
918,610

$
102,266

$
62,940

 
 
 
 
 
 
 
Fixed loans:
 
 
 
 
 
 
$1 to $250
126,085

0.00% to 24.00%
6/1/1989 - 5/1/2062
$
9,566,517

$
894,574

$
591,283

$250 to $500
4,942

0.00% to 12.52%
4/1/2018 - 11/1/2061
1,595,673

160,015

128,876

$500 to $750
406

2.00% to 10.69%
7/1/2031 - 5/1/2058
238,292

12,239

10,600

$750 to $1,000
88

2.00% to 7.98%
3/1/2013 - 12/1/2055
75,289

2,677

1,805

Over $1,000
31

3.00% to 6.38%
6/1/2037 - 6/1/2057
38,200

—

—

 
131,552



$
11,513,971

$
1,069,505

$
732,564

 







Total
140,345



$
12,432,581

$
1,171,771

$
795,504


The following tables show various characteristics of our residential loan portfolio and outstanding principal balance of the loans that are 30 days delinquent and greater for the year ended December 31, 2019 and 2018, respectively.

December 31, 2019 (1)
(dollars in thousands)
 
 
 
 
 
 
 
Loan Balance
Number of Loans
Interest Rate
Maturity Date
Total Principal
30-89 Days Delinquent
90+ Days Delinquent
Held-for-Investment at fair value:
 
 
 
 
 
 
Adjustable rate loans:
 
 
 
 
 
 
$1 to $250
7,776

1.00% to 19.24%
6/1/1983 - 3/13/2057
$
655,914

$
75,436

$
44,117

$250 to $500
497

2.00% to 13.13%
3/1/2023 - 7/1/2057
163,972

18,117

10,950

$500 to $750
96

2.00% to 9.38%
1/1/2034 - 10/1/2056
56,661

2,224

2,747

$750 to $1,000
20

1.97% to 8.13%
10/1/2036 - 11/1/2048
16,947

759

862

Over $1,000
12

2.00% to 6.63%
5/1/2036 - 10/1/2048
19,499

1,222

3,869

 
8,401

 
 
$
912,993

$
97,758

$
62,545

 
 
 
 
 
 
 
Fixed loans:
 
 
 
 
 
 
$1 to $250
123,580

0.00% to 24.00%
6/1/1989 - 5/1/2062
$
9,482,855

$
1,021,054

$
571,242

$250 to $500
6,259

0.00% to 11.69%
12/1/2019 - 3/1/2065
2,059,131

275,574

131,472

$500 to $750
712

2.00% to 10.69%
8/1/2019 - 9/1/2059
418,044

46,972

12,137

$750 to $1,000
137

2.00% to 8.00%
3/1/2013 - 1/1/2058
116,993

6,224

5,312

Over $1,000
105

2.00% to 9.50%
9/1/2019 - 12/1/2057
179,827

10,497

—

 
130,793

 
 
$
12,256,850

$
1,360,321

$
720,163

 
 
 
 
 
 
 
Total
139,194

 
 
$
13,169,843

$
1,458,079

$
782,708

(1) The table above excludes approximately $754 million of Loans held for investments which were purchased prior to December 31, 2019 and will settle subsequent to December 31, 2019.
Seasoned Subprime Residential Mortgage Loans  
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Schedule of securitized loans held for investment carried at fair value key characteristics of underlying collateral
The following table presents a summary of key characteristics of the residential loan portfolio at December 31, 2019 and 2018:


 
December 31, 2019 (1)
December 31, 2018
Number of loans
 
139,194

 
140,345

Weighted average maturity (years)
 
19.3

 
18.6

Weighted average loan to value (2)
 
87.4
%
 
87.5
%
Weighted average FICO (2)
 
627

 
629

Weighted average loan balance (in thousands)
 
$
95

 
$
89

Weighted average percentage owner occupied
 
88.0
%
 
90.1
%
Weighted average percentage single family residence
 
84.4
%
 
86.3
%
Weighted average geographic concentration of top five states
CA
11.6
%
CA
9.0
%
 
FL
7.4
%
FL
7.3
%
 
NY
6.9
%
OH
5.9
%
 
OH
5.3
%
NY
5.7
%
 
PA
5.3
%
PA
5.6
%
(1) The table above excludes approximately $754 million of Loans held for investments which were purchased prior to December 31, 2019 and will settle subsequent to December 31, 2019.
(2) As provided by the Trustee.