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

3 Months Ended

Mar. 31, 2016

Balance Sheet

Condensed Balance Sheet [Table Text Block]

The condensed consolidated balance sheet of the FREMF trusts at March 31, 2016 and December 31, 2015 is set out below:

Balance Sheets	March 31, 2016		December 31, 2015
Assets
Multi-family mortgage loans held in securitization trusts	$	1,433,612,858	$	1,449,774,383
Receivables		5,251,586		5,380,956
Total assets	$	1,438,864,444	$	1,455,155,339
Liabilities and Equity
Multi-family securitized debt obligations	$	1,346,254,828	$	1,364,077,012
Payables		5,042,750		5,047,777
	$	1,351,297,578	$	1,369,124,789
Equity		87,566,866		86,030,550
Total liabilities and equity	$	1,438,864,444	$	1,455,155,339

Condensed Income Statement [Table Text Block]

The condensed consolidated statements of operations of the FREMF trusts at March 31, 2016 and March 31, 2015 are as follows:

Statements of Operation	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Interest income	$	15,437,804	$	17,635,476
Interest expense		14,112,709		16,135,460
Net interest income	$	1,325,095	$	1,500,016
General and administrative fees		(703,483)		(868,347)
Unrealized gain (loss) on multi-family loans held in securitization trusts		1,536,317		2,037,111
Net Income	$	2,157,929	$	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, 2016:

	March 31, 2016
Texas		19.8	%
New York		13.6	%
California		12.5	%
Washington		7.3	%
Colorado		6.6	%