Mortgage Loans Held for Investment, Net and Related Non-Recourse Collateralized Financing (Notes)

12 Months Ended

Dec. 31, 2016

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

MORTGAGE LOANS HELD FOR INVESTMENT, NET AND RELATED NON-RECOURSE COLLATERALIZED FINANCING

The majority of the Company's mortgage loans held for investment, net are securitized single-family mortgage loans which were originated or purchased by the Company from 1992 through 1998 and reported at an amortized cost of $19,317 as of December 31, 2016 compared to $24,337 as of December 31, 2015. The unpaid principal balance of the Company's single-family mortgage loans identified as seriously delinquent as of December 31, 2016 was $1,094 compared to $1,343 as of December 31, 2015. The Company continues to accrue interest on its seriously delinquent securitized single-family mortgage loans because the primary servicer continues to advance the interest and/or principal due on the loan.

An allowance has been established for currently existing and probable losses on the Company's mortgage loans held for investment, which was $281 as of December 31, 2016 compared to $192 as of December 31, 2015. The Company's single-family mortgage loans are considered homogeneous and are evaluated on a pool basis for a general allowance. The Company considers various factors in determining its general allowance requirement, including whether a loan is delinquent, the Company’s historical experience with similar types of loans, historical cure rates of delinquent loans, and historical and anticipated loss severity of the mortgage loans as they are liquidated. The allowance for loan losses is evaluated and adjusted periodically by management based on the actual and estimated timing and amount of probable credit losses, using the above factors, as well as industry loss experience. The Company recorded $130, $180, and $0 as provision for loan losses for the years ended December 31, 2016, 2015, and 2014, respectively, which is included within "other income, net" on the Company's consolidated statements of comprehensive income (loss).

The majority of the Company's mortgage loans held for investment, net are pledged as collateral for the one remaining class of the Company's single-family securitization financing bond, which is recorded on the Company's balance sheet as "non-recourse collateralized financing". The interest rate on this bond is based on 1-month LIBOR plus 0.30% and is expected to mature on January 31, 2025 based on scheduled principal payments projected as of December 31, 2016. As of December 31, 2016, $7,200 of the principal balance of the single-family mortgage loans held for investment was pledged as collateral for the Company's non-recourse collateralized financing which had a remaining principal balance of $6,533. As of December 31, 2015, $9,220 of the principal balance of the Company's mortgage loans held for investment was pledged as collateral for the remaining principal balance of the outstanding bonds of $8,573.