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Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2011
ALLOWANCE FOR LOAN LOSSES [Abstract]  
Allowance for Loan Losses
ALLOWANCE FOR LOAN LOSSES
 
As discussed in Note 1, the Company estimates for currently existing and probable losses for its mortgage loans that are considered impaired. A loan can be considered impaired even if it is not delinquent. The following table summarizes the aggregate activity for the portion of the allowance for loan losses that relates to the securitized mortgage loan portfolio for the periods indicated:
 
For the Year Ended
 
December 31,
 
2011
 
2010
 
2009
 
Commercial
 
Single-family
 
Commercial
 
Single-family
 
Commercial
 
Single-family
Allowance at beginning of period
$
4,200

 
$
270

 
$
3,935

 
$
277

 
$
3,527

 
$
180

Provision for loan losses (1)
848

 
23

 
1,194

 
—

 
433

 
254

Credit losses, net of recoveries (2)
(2,780
)
 
(62
)
 
(929
)
 
(7
)
 
(25
)
 
(157
)
Allowance at end of period (3)
$
2,268

 
$
231

 
$
4,200

 
$
270

 
$
3,935

 
$
277

(1)
Activity shown for provision for loan losses for the years ended December 31, 2010 and December 31, 2009 excludes provision of $185 and $96, respectively related to the Company’s unsecuritized mortgage loan portfolio.
(2)
Activity shown for credit losses for the year ended December 31, 2009 excludes $(281) related to the Company's unsecuritized mortgage loan portfolio.
(3)
The amount of allowance related to the Company's unsecuritized mortgage loan portfolio is $0 as of December 31, 2011, $0 as of December 31, 2010, and $96 as of December 31, 2009.

The following table presents certain information on impaired securitized commercial and single-family mortgage loans as of December 31, 2011 and December 31, 2010:
 
December 31, 2011
 
December 31, 2010
 
Commercial
 
Single-family
 
Commercial
 
Single-family
Unpaid principal balance of impaired securitized loans
$
4,724

 
$
3,000

 
$
18,219

 
$
3,587

Basis adjustments related to impaired securitized loans
8

 
48

 
(65
)
 
59

Amortized cost basis of impaired securitized loans
4,732

 
3,048

 
18,154

 
3,646

Allowance for loan losses
(2,268
)
 
(231
)
 
(4,200
)
 
(270
)
Investment in excess of allowance
$
2,464

 
$
2,817

 
$
13,954

 
$
3,376


The Company recognized $109 of interest income on impaired securitized commercial mortgage loans for the year ended December 31, 2011 compared to $609 and $1,423 of interest income for the years ended December 31, 2010 and December 31, 2009.  The Company recognized $162 of interest income on impaired securitized single-family mortgage loans for the year ended December 31, 2011 compared to $205 and $319 on impaired single-family mortgage loans for the years ended December 31, 2010 and December 31, 2009.