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Securitized Mortage Loans, Net
 12 Months Ended
Dec. 31, 2012
SECURITIZED MORTGAGE LOANS, NET [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
SECURITIZED MORTGAGE LOANS, NET
 
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 loan losses. The following table summarizes the components of securitized mortgage loans as of December 31, 2012 and December 31, 2011:

 
December 31, 2012
 
December 31, 2011
 
Commercial
 
Single-family
 
Total
 
Commercial
 
Single-family
 
Total
Principal/par value (1)
$
30,576

 
$
41,337

 
$
71,913

 
$
68,029

 
$
47,657

 
$
115,686

Unamortized premium, net
—

 
616

 
616

 
—

 
770

 
770

Unamortized discount, net
(1,267
)
 
—

 
(1,267
)
 
(254
)
 
—

 
(254
)
Amortized cost
29,309

 
41,953

 
71,262

 
67,775

 
48,427

 
116,202

Allowance for loan losses
(150
)
 
(289
)
 
(439
)
 
(2,268
)
 
(231
)
 
(2,499
)
 
$
29,159

 
$
41,664

 
$
70,823

 
$
65,507

 
$
48,196

 
$
113,703

 (1)
Includes funds held by trustees.

The balance of the Company's securitized commercial mortgage loans has decreased since December 31, 2011 primarily due to principal payments, including amounts received on defeased loans, of $34,831.  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 58% of these securitized commercial mortgage loans are secured by multifamily properties. As of December 31, 2012 and December 31, 2011, the loan-to-value ratio based on original appraisal was 48% and 42%, respectively. There were no securitized commercial mortgage loans identified as seriously delinquent (60 or more days past due) and therefore on nonaccrual status on the Company's balance sheet as of December 31, 2012 compared to nonaccrual loans with an unpaid principal balance of $14,997 as of December 31, 2011.

The increase in unamortized discount, net for the Company's securitized commercial mortgage loans since December 31, 2011 is due to the modification of terms for one securitized commercial mortgage loan which resulted in an effective yield as favorable to the Company as the effective yield of the original loan. In accordance with ASC 310-20, the Company accounted for this modified loan as a new loan, resulting in a discount of $1,218 being recognized to adjust the new loan's basis to that of the original loan.

The balance of the Company's securitized single-family mortgage loans have decreased since December 31, 2011 due to principal payments on the loans of $5,999. 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, 2012 and December 31, 2011, the current loan-to-value ratio based on original appraisal was approximately 43% and 46%, respectively. The unpaid principal balance of the Company's securitized single-family mortgage loans identified as seriously delinquent as of December 31, 2012 is $3,380 compared to $3,366 as of December 31, 2011. 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.