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

9 Months Ended

Sep. 30, 2016

Balance Sheet

Condensed Balance Sheet [Table Text Block]

The condensed consolidated balance sheets of the FREMF trusts at September 30, 2016 and December 31, 2015 are set out below:

Balance Sheets	September 30, 2016		December 31, 2015
Assets
Multi-family mortgage loans held in securitization trusts	$	1,267,101,902	$	1,449,774,383
Receivables		4,652,638		5,380,956
Total assets	$	1,271,754,540	$	1,455,155,339
Liabilities and Equity
Multi-family securitized debt obligations	$	1,249,163,769	$	1,364,077,012
Payables		4,634,039		5,047,777
	$	1,253,797,808	$	1,369,124,789
Equity		17,956,732		86,030,550
Total liabilities and equity	$	1,271,754,540	$	1,455,155,339

Condensed Income Statement [Table Text Block]

The condensed consolidated statements of operations of the FREMF trusts for the three and nine months ended September 30, 2016 and September 30, 2015 are as follows:

Statements of Operations	Three Months Ended September 30, 2016			Three Months Ended September 30, 2015
Interest income	$	14,466,946		$	16,794,338
Interest expense		13,740,005			15,372,832
Net interest income	$	726,941		$	1,421,506
General and administrative fees		(670,157	)		(787,124	)
Unrealized gain (loss) on multi-family loans held in securitization trusts		930,312			1,804,190
Net income (loss)	$	987,096		$	2,438,572
Statements of Operations	Nine Months Ended September 30, 2016			Nine Months Ended September 30, 2015
Interest income	$	44,597,652		$	51,679,542
Interest expense		41,667,457			47,286,613
Net interest income	$	2,930,195		$	4,392,929
General and administrative fees		(2,052,857	)		(2,494,015	)
Unrealized gain (loss) on multi-family loans held in securitization trusts		(5,604,839	)		5,644,774
Net income (loss)	$	(4,727,501	)	$	7,543,688

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 September 30, 2016 are as follows:

	September 30, 2016
Texas		17.7	%
New York		15.5	%
Washington		8.3	%
Colorado		7.4	%
California		5.7	%
Georgia		5.4	%