THE FREMF TRUSTS (Tables)

12 Months Ended

Dec. 31, 2016

Balance Sheet

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 mortgage loans held-for-sale as of December 31, 2016 are as follows:

	December 31, 2016			December 31, 2015
Texas		56.0	%		20.7	%
Arizona		-			16.8	%
Massachusetts		-			12.8	%
California		24.4	%		11.9	%
Minnesota		-			9.9	%
New York		-			6.6	%
Pennsylvania		-			5.9	%
North Carolina		19.6	%		5.5	%
Illinois		-			5.1	%

FREMF trusts [Member]

Balance Sheet

Condensed Balance Sheet [Table Text Block]

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

Balance Sheets	December 31, 2016		December 31, 2015
Assets
Multi-family mortgage loans held in securitization trusts	$	1,222,905,433	$	1,449,774,383
Receivables		4,617,642		5,380,956
Total assets	$	1,227,523,075	$	1,455,155,339
Liabilities and Equity
Multi-family securitized debt obligations	$	1,204,583,678	$	1,364,077,012
Payables		4,597,357		5,047,777
	$	1,209,181,035	$	1,369,124,789
Equity		18,342,040		86,030,550
Total liabilities and equity	$	1,227,523,075	$	1,455,155,339

Condensed Income Statement [Table Text Block]

The consolidated statements of operations of the FREMF trusts for the years ended December 31, 2016 and December 31, 2015 and for the period from date of consolidation to December 31, 2014 are set out below:

Statements of Operations	December 31, 2016			December 31, 2015			For the period from date of consolidation to December 31, 2014*
Interest income	$	58,587,780		$	68,016,595		$	21,158,102
Interest expense		(54,940,386	)		(62,157,176	)		(19,400,851	)
Net interest income	$	3,647,394		$	5,859,419		$	1,757,251
General and administrative fees		(2,711,189	)		(3,249,208	)		(1,086,165	)
Unrealized gain (loss) on multi-family loans held in securitization trusts		(5,219,530	)		6,097,000			1,473,484
Net income (loss)	$	(4,283,325	)	$	8,707,211		$	2,144,570

* The Company consolidated the first trust in September, 2014 and the second trust in October, 2014.

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 December 31, 2016 are as follows:

December 31, 2016			December 31, 2015
Texas	17.9	%	Texas	19.3	%
New York	15.7	%	New York	13.2	%
Washington	8.4	%	California	12.2	%
Colorado	7.5	%	Washington	7.1	%
Georgia	5.5	%	Colorado	6.4	%