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Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2014
Accounting Policies [Abstract]  
Basis of Presentation [Policy Text Block]
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and note disclosures required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. The accompanying condensed consolidated financial statements include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany accounts and transactions have been eliminated. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ condensed consolidated financial statements. Results for the nine months ended September 30, 2014 may not necessarily be indicative of the results for the year ending December 31, 2014. The unaudited interim condensed consolidated financial statements as of and for the nine months ended September 30, 2014 should be read in conjunction with our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”), filed with the SEC on February 21, 2014.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
Preparing condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect our reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities as of the dates of our condensed consolidated financial statements, as well as our reported amounts of revenues and expenses during the reporting periods. Management has made significant estimates in a variety of areas including, but not limited to, valuation of certain financial instruments and other assets and liabilities, recoverability of our deferred tax assets, allowance for loan losses and reserve for guaranty losses, and other-than-temporary impairment of investment securities. Actual results could be different from these estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]
Statement of Cash Flows
We classify cash flows related to trading securities based on their nature and purpose. Effective January 1, 2014, all cash flows related to trading securities purchased after December 31, 2013 are classified as operating activities as we do not intend to hold these securities for investment.
New Accounting Pronouncements, Policy [Policy Text Block]
Adoption of New Accounting Guidance
In January 2014, the FASB issued guidance clarifying when a creditor is considered to have received physical possession of residential real estate property collateralized by a consumer mortgage loan in order to reduce diversity in practice for when a creditor derecognizes the loan receivable and recognizes the real estate property. The guidance also requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The new guidance is effective for us on January 1, 2015. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.
In May 2014, the FASB issued their final standard on revenue from contracts with customers. The standard outlines a single model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance in an effort to remove inconsistencies in revenue recognition standards, improve comparability across entities, provide enhanced disclosures related to revenue recognition and to converge with the jointly issued International Financial Reporting Standards revenue recognition guidance. The following contracts with customers are excluded from the scope of the new standard and will continue to be accounted for under existing guidance: leases, insurance, financial instruments (e.g., receivables, investments, liabilities, debt and derivatives) and guarantees. The new guidance is effective for us on January 1, 2017. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.
In June 2014, the FASB issued guidance to amend the accounting for repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. The guidance requires repurchase-to-maturity transactions to be accounted for as secured borrowings. In addition, the guidance removes the requirement to determine whether a repurchase financing and the initial transfer of a financial asset are linked for purposes of assessing whether sale accounting is appropriate. Under the amended guidance, repurchase financing transactions will be evaluated in the same manner as other repurchase transactions. The guidance also requires additional disclosures on transfers accounted for as sales transactions and collateral pledged in repurchase agreements accounted for as secured borrowings. The new guidance is effective on January 1, 2015, except for disclosures related to repurchase transactions accounted for as secured borrowings, which are effective April 1, 2015. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.
In August 2014, the FASB issued guidance on the classification of certain government guaranteed mortgage loans upon foreclosure. The guidance requires that a government guaranteed mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if certain conditions are met. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The new guidance is effective for us on January 1, 2015. We have evaluated this guidance and determined it will not have a material impact on our consolidated financial statements.