XML 30 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Securitized Mortage Loans, Net
 12 Months Ended
Dec. 31, 2011
SECURITIZED MORTGAGE LOANS, NET [Abstract]  
Securitized Mortgage Loans, Net
SECURITIZED MORTGAGE LOANS, NET
 
All of the Company's securitized mortgage loans are pledged as collateral for its associated securitization financing bonds, which are discussed further in Note 9. Please also refer to Note 6 for disclosures related to impaired securitized mortgage loans and the related allowance for loans losses. The following table summarizes the components of securitized mortgage loans as of December 31, 2011 and December 31, 2010:

 
December 31, 2011
 
December 31, 2010
 
Commercial
 
Single-family
 
Total
 
Commercial
 
Single-family
 
Total
Principal/par value
$
62,822

 
$
47,657

 
$
110,479

 
$
99,432

 
$
54,181

 
$
153,613

FHBT(1)
5,207

 
—

 
5,207

 
3,455

 
—

 
3,455

Unamortized premium, net
—

 
770

 
770

 
—

 
884

 
884

Unamortized discount, net
(254
)
 
—

 
(254
)
 
(520
)
 
—

 
(520
)
Amortized cost
67,775

 
48,427

 
116,202

 
102,367

 
55,065

 
157,432

Allowance for loan losses
(2,268
)
 
(231
)
 
(2,499
)
 
(4,200
)
 
(270
)
 
(4,470
)
 
$
65,507

 
$
48,196

 
$
113,703

 
$
98,167

 
$
54,795

 
$
152,962

 
(1)
Funds held by trustees includes $4,832 and $3,306 as of December 31, 2011 and December 31, 2010, respectively, of cash and cash equivalents held by the trust for defeased commercial mortgage loans. These funds were paid by the borrower to the securitization trust pursuant to the contractual terms of the mortgage loan and represent replacement collateral for defeased loans.  In accordance with the underlying agreements, cash payments are made by the securitization trust using these defeased amounts until the funds held for that particular defeased mortgage loan equal the scheduled principal balance of the original loan.  At that point a final distribution is made to the trust as payment in full of the principal amount due on the loan.

The balance of the Company's securitized commercial mortgage loans has decreased since December 31, 2010 primarily due to principal payments, including amounts received on defeased loans, of $31,093.  The Company's securitized commercial mortgage loans were originated principally in 1996 and 1997 and are collateralized by first deeds of trust on income producing properties.  Approximately 77% of these securitized commercial mortgage loans are secured by multifamily properties. As of December 31, 2011 and December 31, 2010, the loan-to-value ratio based on original appraisal was 42% and 45%, respectively. The unpaid principal balance of the securitized commercial mortgage loans identified as seriously delinquent (60 or more days past due) and therefore on nonaccrual status is $14,997 as of December 31, 2011 compared to $14,089 as of December 31, 2010.

The balance of the Company's securitized single-family mortgage loans have decreased since December 31, 2010 primarily due to principal payments on the loans of $6,463, of which 49% were unscheduled. These single-family mortgage loans are secured by first deeds of trust on residential real estate and were originated principally from 1992 to 1997.   As of December 31, 2011 and December 31, 2010, the loan-to-value ratio based on original appraisal was approximately 46% and 48%, respectively. The unpaid principal balance of the Company's securitized single-family mortgage loans identified as seriously delinquent as of December 31, 2011 is $3,366 compared to $3,658 as of December 31, 2010. The Company continues accruing interest on any seriously delinquent securitized single-family mortgage loan so long as the primary servicer continues to advance the interest and/or principal due on the loan.