Note 4 - Investment in Marketable Securities

6 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

4.     Investment in Marketable Securities

The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of such classification at each reporting date. All marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. Unrealized gains and losses on available-for-sale securities are recorded as a separate component of stockholders’ equity. The realized gains and losses on the sale of securities, if any, as determined on a first-in, first-out basis, is included in the Consolidated Statements of Operations.

The Company reviews its investments on a regular basis to evaluate whether or not each security has experienced an other-than-temporary decline in fair value. If it is believed that an other-than-temporary decline exists, the Company will write down the investment to market value and record the related write-down in the Consolidated Statements of Operations.

The historical cost and estimated fair value of investments in marketable securities available for sale as of June 30, 2013 and December 31, 2012 are as follows:

Period Ended		Amortized Cost		Gross Unrealized Gains (Losses)			Fair Value
June 30, 2013	Mortgage-backed Securities	$	3,796,896	$	(20,366	)	$	3,776,530
December 31, 2012	Mortgage backed Securities		4,442,185		74,287			4,516,472

The Company received $645,296 in principal repayments during the first six months of 2013.

The Company’s investment is in conforming agency fixed rate mortgage pass through securities ("mortgage-backed securities)", having either AA or AAA ratings, the principal of which is fully guaranteed by agencies of the U.S. Government.  At June 30, 2013 and December 31, 2012, marketable securities based on amortized cost, reflect a yield of approximately 2% and an adjusted duration of less than three years and four years, respectively. The fair value of mortgage-backed securities was estimated based on a Level 2 methodology, additional details of which are discussed further in Note 11 – Fair Value of Financial Instruments. None of the securities with an unrealized loss at June 30, 2013 and December 31, 2012 are considered to be other-than-temporarily impaired; therefore the unrealized loss was reported in the Condensed Consolidated Statement of Comprehensive Loss.