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

6 Months Ended

Jun. 30, 2015

Condensed Balance Sheet [Table Text Block]

The condensed consolidated balance sheet of the FREMF trusts at June 30, 2015 and December 31, 2014:

	June 30, 2015		December 31, 2014
Balance Sheet
Assets
Multi-family mortgage loans held in securitization trusts	$	1,620,066,565	1,750,294,430
Receivables		5,634,804	6,012,642

Total assets	$	1,625,701,369	1,756,307,072

Liabilities and Equity
Multi-family securitized debt obligations	$	1,536,502,579	1,670,573,456
Payables		5,424,655	5,800,065
	$	1,541,927,234	1,676,373,521
Equity		83,774,135	79,933,551

Total liabilities and equity	$	1,625,701,369	1,756,307,072

Condensed Income Statement [Table Text Block]

The condensed consolidated statements of operations of the FREMF trusts for the three and six months ended June 30, 2015 and June 30, 2014 are as follows:

	Three Months Ended		Three Months Ended
	June 30, 2015		June 30, 2014
Statement of Operations
Interest income	$	17,249,728	-
Interest expense		15,778,321	-
Net interest income	$	1,471,407	-
General and administrative fees		(838,544)	-
Unrealized gain (loss) on multi-family loans held in securitization trusts		1,803,473	-
Net Income	$	2,436,336	-

	Six Months Ended June 30, 2015		Six Months Ended June 30, 2014
Statement of Operations
Interest income	$	34,885,204		-
Interest expense		31,913,781		-
Net interest income	$	2,971,423		-
General and administrative fees		(1,706,891)		-
Unrealized gain (loss) on multi-family loans held in securitization trusts		3,840,584		-
Net Income	$	5,105,116		-

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 June 30, 2015:

	June 30, 2015
Texas		20.0	%
New York		12.0	%
California		11.1	%
Washington		6.5	%
Colorado		5.8	%
Georgia		5.4	%