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Non Recourse Collateralized Financings
 9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NON-RECOURSE COLLATERIZED FINANCING
 
The following table summarizes information about the Company’s non-recourse collateralized financing for the periods indicated:
 
 
September 30, 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

 
$
15,923

Secured by single-family mortgage loans
1-month LIBOR plus 0.30%
 
3.1
 
16,826

 
17,768

Unamortized net bond premium and deferred costs
 
 
 
 
(531
)
 
n/a

 
 
 
 
 
$
31,295

 
$
33,691

 
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.