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Non Recourse Collateralized Financings
 6 Months Ended
Jun. 30, 2011
NON RECOURSE COLLATERIZED FINANCING [Abstract]  
Non recourse collateralized financing
NON-RECOURSE COLLATERIZED FINANCING
 
The following table summarized information about the Company’s non-recourse collateralized financing for the periods indicated:
 
 
 
June 30, 2011
 
 
Interest Rate
Weighted Average
Life Remaing
Balance Outstanding
 
Value of
Collateral
Securitization financing:
 
(in years)
 
 
 
Secured by commercial mortgage loans
7.2% fixed
3.0


$
23,669


 
$
41,685


Secured by non-Agency CMBS
6.2% fixed
2.6


15,000


 
16,748


Secured by single-family mortgage loans
1-month LIBOR
plus 0.30%
3.3


19,725


 
20,621


TALF financing:(1)
 
 
 


 
 


Secured by non-Agency CMBS
2.7% fixed
1.7


50,571


 
65,004


Unamortized net bond premium and deferred costs
 
 


(2,982
)
 
n/a


 
 
 


$
105,983


 
$
144,058




 
 
December 31, 2010
 
 
Interest Rate
Weighted Average
Life Remaining
(in years)
Balance Outstanding
 
Value of
Collateral
Securitization financing:
 
 
 
 
 
Secured by commercial mortgage loans
7.2% fixed
3.7


$
23,669


 
$
43,440


Secured by non-Agency CMBS
6.2% fixed
3.4


15,000


 
16,754


Secured by single-family mortgage loans
1-month LIBOR plus 0.30%
3.4


21,183


 
21,889


TALF financing:(1)
 
 


 


 
 


Secured by non-Agency CMBS
2.7% fixed
2.2


50,713


 
64,097


Unamortized net bond premium and deferred costs
 
 


(3,460
)
 
n/a


 
 
 


$
107,105


 
$
146,180


(1)
Financing provided by the Federal Reserve Bank of New York under its Term Asset-Backed Securities Loan Facility (“TALF”).


The Company has redeemed securitization bonds in the past, and in certain instances, the Company has kept the bond outstanding and used it as collateral for additional repurchase agreement borrowings. These additional borrowings may have been used to either finance the bond redemption or to purchase additional investments.  Although these bonds are legally outstanding, the balances are eliminated in consolidation because the issuing trust is included in the Company’s consolidated financial statements.
 
The following table summarizes information regarding all of the Company’s redeemed bonds that have an outstanding balance as of June 30, 2011:
 
 
Collateral Type
Par Value
Outstanding
 
Fair Value
 
Repurchase
 Agreement Balance
Single-family mortgage loans
$
23,143


 
$
21,024


 
$
18,371


Commercial mortgage loans
38,381


 
39,227


 
32,734


 
$
61,524


 
$
60,251


 
$
51,105