RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Interest income:
Available-for-sale securities	$ 6,549,869	$ 5,460,965	$ 16,780,701	$ 19,020,504
Mortgage loans held-for-sale	121,892	499,335	411,199	1,790,362
Multi-family loans held in securitization trusts	14,466,946	16,794,338	44,597,652	51,679,542
Residential loans held in securitization trusts	1,582,090	4,641,887	9,143,343	15,573,046
Cash and cash equivalents	11,754	4,809	26,409	13,386
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)	(1,490,698)	(4,400,290)	(4,992,998)
Repurchase agreements - mortgage loans held-for-sale	(57,449)	(300,297)	(227,733)	(1,129,284)
Multi-family securitized debt obligations	(13,740,005)	(15,372,832)	(41,667,457)	(47,286,613)
Residential securitized debt obligations	(1,210,186)	(3,137,247)	(6,978,474)	(9,894,956)
Net interest income	6,152,849	7,100,260	17,685,350	24,772,989
Other-than-temporary impairments
Increase in credit reserves	(19,790)	(350,924)	(187,008)	(1,761,208)
Additional other-than-temporary credit impairment losses	(183,790)	0	(183,790)	(2,890,939)
Total impairment losses recognized in earnings	(203,580)	(350,924)	(370,798)	(4,652,147)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)	1,464,308	(3,361,609)	1,834,151
Change in unrealized gain (loss) on fair value option securities	(958,995)	(393,685)	(7,293,268)	(625,958)
Realized gain (loss) on derivative contracts, net	(820,974)	(8,262,423)	(3,167,877)	(12,310,301)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600	1,631,907	(7,172,338)	782,901
Realized gain (loss) on mortgage loans held-for-sale	60,427	(13,666)	129,175	1,017,625
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)	539,456	(2,885)	496,297
Change in unrealized gain (loss) on mortgage service rights	(204,505)	(488,247)	(1,243,240)	(756,558)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312	1,804,190	(5,604,839)	5,644,774
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)	(1,323,697)	80,511	(7,655,902)
Tax interest expense	(1,860,000)	0	(1,860,000)	0
Servicing income	258,458	64,962	726,011	121,500
Other income	3	33,374	26,811	59,985
Total other income (loss)	(907,662)	(4,943,521)	(28,743,548)	(11,391,486)
Expenses:
Management fee	623,525	703,167	1,873,486	2,119,571
General and administrative expenses	1,171,421	1,419,268	4,483,064	4,820,505
Operating expenses reimbursable to Manager	1,184,391	1,338,272	3,573,445	3,444,914
Other operating expenses	161,036	(20,377)	1,393,303	1,185,164
Compensation expense	50,544	64,207	144,431	187,202
Total expenses	3,190,917	3,504,537	11,467,729	11,757,356
Net income (loss)	1,850,690	(1,698,722)	(22,896,725)	(3,028,000)
Dividends to preferred stockholders	(880,509)	(880,509)	(2,631,744)	(2,631,744)
Net income (loss) attributable to common stockholders	970,181	(2,579,231)	(25,528,469)	(5,659,744)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 970,181	$ (2,579,231)	$ (25,528,469)	$ (5,659,744)
Weighted average number of shares of common stock outstanding	14,600,193	14,724,750	14,601,306	14,721,635
Basic and diluted income per share	$ 0.07	$ (0.18)	$ (1.75)	$ (0.38)
Dividends declared per share of common stock	$ 0.18	$ 0.30	$ 0.54	$ 1.05
Previously Reported [Member]
Interest income:
Available-for-sale securities	$ 6,549,869		$ 16,780,701
Mortgage loans held-for-sale	121,892		411,199
Multi-family loans held in securitization trusts	14,466,946		44,597,652
Residential loans held in securitization trusts	1,582,090		9,143,343
Cash and cash equivalents	11,754		26,409
Interest expense:
Repurchase agreements - available-for-sale securities	(1,572,062)		(4,400,290)
Repurchase agreements - mortgage loans held-for-sale	(57,449)		(227,733)
Multi-family securitized debt obligations	(13,740,005)		(41,667,457)
Residential securitized debt obligations	(1,210,186)		(6,978,474)
Net interest income	6,152,849		17,685,350
Other-than-temporary impairments
Increase in credit reserves	(374,124)		(541,342)
Additional other-than-temporary credit impairment losses	(183,790)		(183,790)
Total impairment losses recognized in earnings	(557,914)		(725,132)
Other income:
Realized gain (loss) on sale of investments, net	(749,604)		(3,361,609)
Change in unrealized gain (loss) on fair value option securities	(958,995)		(3,569,744)
Realized gain (loss) on derivative contracts, net	(820,974)		(3,167,877)
Change in unrealized gain (loss) on derivative contracts, net	3,340,600		(7,172,338)
Realized gain (loss) on mortgage loans held-for-sale	60,427		129,175
Change in unrealized gain (loss) on mortgage loans held-for-sale	(138,785)		(2,885)
Change in unrealized gain (loss) on mortgage service rights	(204,505)		(1,243,240)
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	930,312		(5,604,839)
Change in unrealized gain (loss) on residential loans held in securitization trusts	(764,599)		80,511
Tax interest expense	(1,860,000)		(1,860,000)
Servicing income	258,458		726,011
Other income	3		26,811
Total other income (loss)	(907,662)		(25,020,024)
Expenses:
Management fee	623,525		1,873,486
General and administrative expenses	1,171,421		4,483,064
Operating expenses reimbursable to Manager	1,184,391		3,573,445
Other operating expenses	161,036		1,393,303
Compensation expense	50,544		144,431
Total expenses	3,190,917		11,467,729
Net income (loss)	1,496,356		(19,527,535)
Dividends to preferred stockholders	(880,509)		(2,631,744)
Net income (loss) attributable to common stockholders	615,847		(22,159,279)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 615,847		$ (22,159,279)
Weighted average number of shares of common stock outstanding	14,600,193		14,601,306
Basic and diluted income per share	$ 0.04		$ (1.52)
Dividends declared per share of common stock	$ 0.18		$ 0.54
Restatement Adjustment [Member]
Interest income:
Available-for-sale securities	$ 0		$ 0
Mortgage loans held-for-sale	0		0
Multi-family loans held in securitization trusts	0		0
Residential loans held in securitization trusts	0		0
Cash and cash equivalents	0		0
Interest expense:
Repurchase agreements - available-for-sale securities	0		0
Repurchase agreements - mortgage loans held-for-sale	0		0
Multi-family securitized debt obligations	0		0
Residential securitized debt obligations	0		0
Net interest income	0		0
Other-than-temporary impairments
Increase in credit reserves	354,334		354,334
Additional other-than-temporary credit impairment losses	0		0
Total impairment losses recognized in earnings	354,334		354,334
Other income:
Realized gain (loss) on sale of investments, net	0		0
Change in unrealized gain (loss) on fair value option securities	0		(3,723,524)
Realized gain (loss) on derivative contracts, net	0		0
Change in unrealized gain (loss) on derivative contracts, net	0		0
Realized gain (loss) on mortgage loans held-for-sale	0		0
Change in unrealized gain (loss) on mortgage loans held-for-sale	0		0
Change in unrealized gain (loss) on mortgage service rights	0		0
Change in unrealized gain (loss) on multi-family loans held in securitization trusts	0		0
Change in unrealized gain (loss) on residential loans held in securitization trusts	0		0
Tax interest expense	0		0
Servicing income	0		0
Other income	0		0
Total other income (loss)	0		(3,723,524)
Expenses:
Management fee	0		0
General and administrative expenses	0		0
Operating expenses reimbursable to Manager	0		0
Other operating expenses	0		0
Compensation expense	0		0
Total expenses	0		0
Net income (loss)	354,334		(3,369,190)
Dividends to preferred stockholders	0		0
Net income (loss) attributable to common stockholders	354,334		(3,369,190)
Earnings (loss) per share:
Net income attributable to common stockholders (basic and diluted)	$ 354,334		$ (3,369,190)
Weighted average number of shares of common stock outstanding	14,600,193		14,601,306
Basic and diluted income per share	$ 0.02		$ (0.23)
Dividends declared per share of common stock	$ 0		$ 0