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<div> <div style="min-width: 708px; text-align: center;">
<h2 style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 0pt; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: bold 10pt/12pt serif; padding-top: 5pt;">Note 11. Other Assets </h2>
<p style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 20px; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: 10pt/12pt serif; padding-top: 3pt;">Other assets as of June 30, 2010 and December 31, 2009, are summarized in the following table. </p>
<h3 style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 0pt; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: bold italic 10pt/12pt serif; padding-top: 5pt;">Other Assets </h3>
<p style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 0pt; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: 10pt/12pt serif; padding-top: 3pt;"> </p>
<div style="text-align: center;">
<table style="text-align: left; padding-bottom: 3pt; text-transform: none; font-variant: normal; font-style: normal; text-indent: 0px; margin: -24pt 0pt 0pt; padding-left: 0pt; padding-right: 0pt; font-family: serif; font-size: 10pt; vertical-align: text-bottom; font-weight: normal; padding-top: 3pt;" cellspacing="0" cellpadding="0">
<tr><td> </td>
<td style="border-bottom: medium none; text-align: center; vertical-align: text-bottom;"> </td>
<td colspan="3"> </td>
<td style="border-bottom: medium none; text-align: center; vertical-align: text-bottom;"> </td>
<td colspan="3"> </td></tr>
<tr><td style="border-bottom: black 1pt solid; text-align: left; line-height: normal; font-size: 8pt; vertical-align: text-bottom; font-weight: bold;">(In Thousands)</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; line-height: normal; font-size: 8pt; vertical-align: text-bottom; font-weight: bold;" colspan="3">June 30,<br />2010</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: center; line-height: normal; font-size: 8pt; vertical-align: text-bottom; font-weight: bold;" colspan="3">December 31,<br />2009</td></tr>
<tr style="background-color: #ccffcc;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Real estate owned (REO)</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;">$</td>
<td style="text-align: right; vertical-align: text-bottom;">11,797</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;">$</td>
<td style="text-align: right; vertical-align: text-bottom;">17,421</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: white;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Fixed assets and leasehold improvements</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">4,167</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">3,630</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: #ccffcc;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Derivative margin posted, net</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">24,811</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">1,830</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: white;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Investment receivable</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">539</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">667</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: #ccffcc;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Income tax receivables</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">2,423</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">65</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: white;"><td style="text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Prepaid expenses</td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">1,417</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="text-align: center; vertical-align: text-bottom;"> </td>
<td style="text-align: left; vertical-align: text-bottom;"> </td>
<td style="text-align: right; vertical-align: text-bottom;">2,180</td>
<td style="text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: #ccffcc;"><td style="border-bottom: white 1pt solid; text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom;">Other</td>
<td style="border-bottom: white 1pt solid; text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; vertical-align: text-bottom;">158</td>
<td style="border-bottom: white 1pt solid; text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="border-bottom: white 1pt solid; text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: left; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 1pt solid; text-align: right; vertical-align: text-bottom;">349</td>
<td style="border-bottom: white 1pt solid; text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr>
<tr style="background-color: white;"><td style="border-bottom: white 3px double; text-indent: 0pt; padding-left: 10pt; vertical-align: text-bottom; font-weight: bold;">Total Other Assets</td>
<td style="border-bottom: white 3px double; text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 3px double; text-align: left; vertical-align: text-bottom;">$</td>
<td style="border-bottom: black 3px double; text-align: right; vertical-align: text-bottom;">45,312</td>
<td style="border-bottom: white 3px double; text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td>
<td style="border-bottom: white 3px double; text-align: center; vertical-align: text-bottom;"> </td>
<td style="border-bottom: black 3px double; text-align: left; vertical-align: text-bottom;">$</td>
<td style="border-bottom: black 3px double; text-align: right; vertical-align: text-bottom;">26,142</td>
<td style="border-bottom: white 3px double; text-align: left; white-space: nowrap; vertical-align: text-bottom;"> </td></tr></table></div>
<p style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 20px; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: 10pt/12pt serif; padding-top: 3pt;">REO consists of foreclosed properties received in full satisfaction of defaulted real estate loans. The carrying value of REO at June 30, 2010, was $12 million, of which $9 million related to transfers into REO during the first half of 2010, offset by $12 million of REO liquidations, and $2 million of negative market valuation adjustments. The carrying value of REO as of December 31, 2009, was $17 million, of which $29 million related to transfers into REO during 2009, offset by $24 million of REO liquidations, $3 million of negative valuation changes, and $4 million of REO derecognized as a result of our deconsolidation of certain Sequoia entities. </p>
<p style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 20px; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: 10pt/12pt serif; padding-top: 3pt;">At June 30, 2010, there were 61 REO properties recorded on our balance sheet, of which 59 were owned at Sequoia and two were owned at Redwood. At December 31, 2009, there were 79 REO properties recorded on our balance sheet, of which 78 were owned at Sequoia and one was owned at Redwood. Properties located in Colorado and Nevada accounted for 40% of our REO outstanding at June 30, 2010. </p>
<p style="text-align: left; padding-bottom: 3pt; text-transform: none; text-indent: 20px; margin: 0pt; padding-left: 4px; padding-right: 0pt; font: 10pt/12pt serif; padding-top: 3pt;">Derivative margin posted, net, was $25 million at June 30, 2010, resulting from margin calls from our swap counterparties requiring Redwood to post collateral.</p></div> </div>
Note 11. Other Assets
Other assets as of June 30, 2010 and December 31, 2009, are summarized in the following table.
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Note disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables, and so forth. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.
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