Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value of Financial Instruments

Schedule of fair value at reporting date using fair value inputs

	Fair Value at Reporting Date Using Inputs:
	September 30, 2011
	Total			Level I		Level II			Level III
Loans held-for-sale at fair value	$	121,229							$	121,229
Available-for-sale debt securities:
Residential-mortgage-backed securities	164,393								164,393
Commercial-mortgage-backed securities	187,707								187,707
Total available-for-sale debt securities	352,100			—		—			352,100
Available-for-sale equity securities:
Real estate industry	9,985			$	9,985	—			—
Total available-for-sale equity securities:	9,985			9,985		—			—
Total investments:	483,314			9,985		—			473,329
Derivative Assets:
Foreign exchange contracts	3,588					3,588
Credit contracts	61					61
Derivatives Liabilities:
Interest rate contracts	(12,765		)			(12,765		)
Foreign exchange contracts	(8,297		)			(8,297		)
Total Derivatives:	(17,413		)	—		(17,413		)	—
Total:	$	465,901		$	9,985	$	(17,413	)	$	473,329

	Fair Value at Reporting Date Using Inputs:
	December 31, 2010
	Total			Level I		Level II			Level III
Available-for-sale debt securities:
Residential-mortgage-backed securities	$	122,525				$	122,525
Commercial-mortgage-backed securities	275,155					275,155
Loans held-for-sale at fair value	144,163								$	144,163
Total available-for-sale debt securities:	541,843			—		397,680			144,163
Available-for-sale equity securities:
Real estate industry	8,177			$	8,177	—			—
Total available-for-sale equity securities:	8,177			8,177		—			—
Total available-for-sale securities:	550,020			8,177		397,680			144,163
Derivative Assets:
Interest rate contracts	337					337
Derivatives Liabilities:
Interest rate contracts	(2,017		)			(2,017		)
Foreign exchange contracts	(7,383		)			(7,383		)
Total Derivatives	(9,063		)	—		(9,063		)	—
Total:	$	540,957		$	8,177	$	388,617		$	144,163

Schedule of fair value measurements using significant unobservable inputs (level III)

	Loans held-for-sale, at fair value			MBS available- for-sale at fair value			Total
Beginning balance, January 1, 2011	$	144,163		$	—		$	144,163
Purchases	—			94,544			94,544
Originations	270,066			—			270,066
Transfer in	(7,000		)	282,763			275,763
Sales	(294,149		)	—			(294,149		)
Settlements	(131		)	(17,474		)	(17,605		)
Net increase on assets	(31,214		)	359,833			328,619
Gain (loss) on loans held-for-sale, at fair value:
Unrealized gain on assets	(1,725		)	(11,952		)	(13,677		)
Realized gain on assets	10,337			—			10,337
Accretion of discount	—			5,111			5,111
OTTI	—			(892		)	(892		)
Other	(332		)	—			(332		)
Net gain on assets	8,280			(7,733		)	547
Ending balance, as of September 30, 2011	$	121,229		$	352,100		$	473,329

The changes in investments classified as Level III are as follows for the year ended December 31, 2010 (amounts in thousands):

Beginning balance - January 1, 2010	$		—
Purchases of loans held-for-sale at fair value	144,163
Ending balance - December 31, 2010	$	144,163

Schedule of fair value of financial instruments not carried at fair value

	Carrying Value as of September 30, 2011		Fair Value as of September 30, 2011		Carrying Value as of December 31, 2010		Fair Value as of December 31, 2010
Financial Instruments not carried at Fair Value:
Loans	$	1,866,358	$	1,895,688	$	1,281,080	$	1,319,979
Other Investments	$	33,530	$	33,530	$	6,000	$	6,000
Financial Liabilities:
Secured financing agreements and collateralized debt obligation in securitization trust	$	657,756	$	657,481	$	633,745	$	637,499