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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (INCLUDING MORTGAGE LOAN HELD FOR RESALE)
 12 Months Ended
Sep. 30, 2011
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (INCLUDING MORTGAGE LOAN HELD FOR RESALE)  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (INCLUDING MORTGAGE LOAN HELD FOR RESALE)

SCHEDULE IV—MORTGAGE LOANS ON REAL ESTATE
(INCLUDING MORTGAGE LOAN HELD FOR SALE)

SEPTEMBER 30, 2011

(Dollars in thousands)

Description
  # of
Loans 		  Interest
Rate 		  Final
Maturity
Date 		  Periodic Payment Terms   Prior
Liens 		  Face
Amount
of
Mortgages 		  Carrying
Value
Of
Mortgages(a)		   Principal Amount
of Loans subject
to delinquent
principal or
interest 		 

First Mortgage Loans

                                            

Office Building, NY, NY

     1   Prime+8.75%   Nov.2011   Interest monthly, principal at maturity     —   $ 22,800   $ 22,800        

Industrial, Baltimore, MD

     1   Prime+8.75%   Oct. 2012   Interest monthly, principal at maturity           11,874     11,672     —  

Multi-family, Westchester, NY

     1   Prime+8.75%   July 2012   Interest monthly, principal at maturity           9,516     9,233        

Multi-family/Condo Brooklyn, New York

     1   Prime+7%   Demand   Interest monthly, principal at maturity     —     8,488     8,446   $ 8,488  

Multi-family, New York, NY

     1   10.5%   Dec. 2011   Interest monthly, principal at maturity     —     6,887     6,858     —  

Multi-family, Cape Canaveral, FL

     1   12%   Mar. 2012   Interest monthly, principal at maturity     —     2,800     2,780     —  

Multi-family, Plainfield, NJ

     1   Prime+8.75   Sept. 2012   Interest monthly, principal at maturity     —     2,800     2,800     —  
 

$0 - 1,500

     1   Various   Various   Interest monthly, principal at maturity     —     395     395     —  
 

$1,500 - 2,500

     4   Various   Various   Interest monthly, principal at maturity     —     8,194     8,155     —  

Mezzanine Loan

                                            
 

$1,500 - 2,500

     1   12%   May 2012   Interest monthly, principal at maturity   $ 13,832     2,000     1,997     —  
                                   

Total

     13               $ 13,832   $ 75,754   $ 75,136   $ 8,488  
                                     

Notes to the schedule:

(a)
The following summary reconciles mortgage loans at their carrying values:

 
   Year Ended September 30,  
 
   2011   2010   2009  

Balance at beginning of year

   $ 54,336   $ 79,570   $ 128,843  

Additions:

                    

Advances under real estate loans

     131,255     17,384     30,481  

Amortization of deferred fee income

     1,777     219     897  

Recovery of previously provided allowances

     3,595     365     —  
               

 

     136,627     17,968     31,378  

Deductions:

                    

Collections of principal

     66,072     22,475     20,207  

Sale of loans

     46,251     16,916     —  

Provision for loan loss

     —     3,165     17,110  

Collection of loan fees

     2,465     419     557  

Loan loss recoveries

     1,039     227     2,417  

Transfer to real estate upon foreclosure, net of charge offs and unamortized fees

     —     —     40,360  
               

 

     115,827     43,202     80,651  

Balance at end of year

  
$
75,136		  
$
54,336		  
$
79,570		  
               
  • •
    Carrying value of mortgage loans is net of allowances for loan losses in the amount of $0, $3,165 and $1,618 in 2011, 2010 and 2009, respectively.

    •
    Carrying value of mortgage loans is net of deferred fee income in the amount of $618, $245 and $44 in 2011, 2010 and 2009, respectively.

    •
    The aggregate cost of investments in mortgage loans is the same for financial reporting purposes and Federal income tax purposes.