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Non Recourse Collateralized Financings
 3 Months Ended
Mar. 31, 2012
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:
 
 
March 31, 2012
 
 
Interest Rate
 
Weighted Average
Life Remaining
(in years)
 
Balance Outstanding
 
Value of
Collateral
Securitization financing:
 
 
 
 
 
 
 
Secured by non-Agency CMBS
6.2% fixed
 
1.7
 
$
15,000

 
$
16,242

Secured by single-family mortgage loans
1-month LIBOR
plus 0.30%
 
3.2
 
17,819

 
18,758

Unamortized net bond premium and deferred costs
 
 
 
 
(582
)
 
n/a

 
 
 
 
 
$
32,237

 
$
35,000


 
December 31, 2011
 
 
Interest Rate
 
Weighted Average
Life Remaining
(in years)
 
Balance Outstanding
 
Value of
Collateral
Securitization financing:
 
 
 
 
 
 
 
Secured by non-Agency CMBS
6.2% fixed
 
2.1
 
$
15,000

 
$
16,388

Secured by single-family mortgage loans
1-month LIBOR
plus 0.30%
 
3.2
 
18,928

 
19,843

TALF financing:(1)
 
 
 
 
 

 
 

Secured by non-Agency CMBS
2.7% fixed
 
1.2
 
37,672

 
49,087

Unamortized net bond premium and deferred costs
 
 
 
 
(705
)
 
n/a

 
 
 
 
 
$
70,895

 
$
85,318

(1)
Financing provided by the Federal Reserve Bank of New York under its Term Asset-Backed Securities Loan Facility (“TALF”). The balance as of December 31, 2011 was paid off during the first quarter of 2012.

The Company has redeemed securitization financing bonds that it has issued in the past, and in certain instances, the Company has kept the bond outstanding and used it as collateral for additional repurchase agreement borrowings (as shown in Note 8). 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 March 31, 2012: 
 
Collateral Type
Par Value
Outstanding
 
Fair Value
 
Repurchase
 Agreement Balance
Single-family mortgage loans
$
20,657

 
$
18,639

 
$
16,632

Commercial mortgage loans
38,651

 
38,906

 
32,114

 
$
59,308

 
$
57,545

 
$
48,746