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Non Recourse Collateralized Financings
9 Months Ended
Sep. 30, 2011
NON RECOURSE COLLATERIZED FINANCING [Abstract] 
Non recourse collateralized financing
NON-RECOURSE COLLATERIZED FINANCING
 
The following table summarizes information about the Company’s non-recourse collateralized financing for the periods indicated:
 
 
 
September 30, 2011
 
 
Interest Rate
Weighted Average
Life Remaining
Balance Outstanding
 
Value of
Collateral
Securitization financing:
 
(in years)
 
 
 
Secured by non-Agency CMBS
6.2% fixed
2.1
15,000

 
16,673

Secured by single-family mortgage loans
1-month LIBOR
plus 0.30%
3.3
19,316

 
20,213

TALF financing:(1)
 
 
 

 
 

Secured by non-Agency CMBS
2.7% fixed
1.4
50,486

 
64,718

Unamortized net bond premium and deferred costs
 
 
(789
)
 
n/a

 
 
 
$
84,013

 
$
101,604


 
 
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 September 30, 2011:
 
 
Collateral Type
Par Value
Outstanding
 
Fair Value
 
Repurchase
 Agreement Balance
Single-family mortgage loans
$
22,297

 
$
19,728

 
$
17,386

Commercial mortgage loans
52,835

 
29,260

 
24,999

 
$
75,132

 
$
48,988

 
$
42,385