THE FREMF TRUSTS (Tables) (FREMF trusts [Member])

3 Months Ended

Mar. 31, 2015

FREMF trusts [Member]

Balance Sheet

Condensed Balance Sheet [Table Text Block]

The combined consolidated balance sheet of the FREMF trusts at March 31, 2015:

Balance Sheet	March 31, 2015
Assets
Multi-family mortgage loans held in securitization trusts	$	1,671,260,380
Receivables		5,909,867
Total assets	$	1,677,170,247
Liabilities and Equity Multi-family securitized debt obligations	$	1,589,502,264
Payables		5,697,320
	$	1,595,199,584
Equity		81,970,663
Total liabilities and equity	$	1,677,170,247

Condensed Income Statement [Table Text Block]

The combined consolidated statements of operations of the FREMF trusts at March 31, 2015 are as follows:

	For the period from January 1, 2015 to
Statement of Operations	March 31, 2015
Interest income	$	17,635,476
Interest expense		16,135,460
Net interest income	$	1,500,016
General and administrative fees		(868,347)
Unrealized gain (loss) on multi-family loans held in securitization trusts		2,037,111
Net Income	$	2,668,780

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2015:

	March 31, 2015
Texas		19.6	%
California		12.2	%
New York		11.7	%
Washington		6.4	%
Colorado		6.3	%
Georgia		5.3	%