Allowance for Loan Losses (Tables)

6 Months Ended

Jun. 30, 2011

Summary of the Activity in the Allowance for Losses on Residential Loans

The following table summarizes the activity in the allowance for loan losses for the three and six months ended June 30, 2011 and 2010.

	Three Months Ended June 30,						Six Months Ended June 30,
(In Thousands)	2011			2010			2011			2010
Balance at beginning of period	$	62,922		$	61,169		$	62,432		$	54,220
Charge-offs, net		(2,197	)		(4,012	)		(4,515	)		(6,539	)
Provision for loan losses		1,581			4,321			4,389			13,797
Balance at End of Period	$	62,306		$	61,478		$	62,306		$	61,478

Residential Loans Held-for-Investment

The following table displays the recorded investment and year of origination for residential loans recorded on our consolidated balance sheets at June 30, 2011 and December 31, 2010.

(In Thousands)	June 30, 2011		December 31, 2010
2003 & Earlier	$	1,851,493	$	1,939,618
2004		1,084,285		1,116,358
2005		131,794		136,481
2006		189,212		191,945
2007		68,687		75,136
2008		—		—
2009		169,817		189,355
2010		303,517		208,779
2011		121,898		—
Total Recorded Investment	$	3,920,703	$	3,857,672

Collectively Evaluated for Impairment

Loans Evaluated for Impairment

The following table summarizes the balances for loans collectively evaluated for impairment at June 30, 2011 and December 31, 2010.

(In Thousands)	June 30, 2011		December 31, 2010
Unpaid principal balance	$	3,870,056	$	3,801,921
Recorded investment		3,908,849		3,844,372
Related allowance		58,558		57,804

Recorded Investment in Impaired Loans Past Due

The following table shows the recorded investment in residential loans collectively evaluated for impairment at June 30, 2011 and December 31, 2010.

(In Thousands)	30 – 59 Days Past Due		60 – 89 Days Past Due		90+ Days Past Due		Current		Total Loans
June 30, 2011	$	54,843	$	20,826	$	131,991	$	3,701,189	$	3,908,849
December 31, 2010		65,708		21,674		133,695		3,623,295		3,844,372

Individually Evaluated for Impairment

Loans Evaluated for Impairment

The following table summarizes the balances for loans individually evaluated for impairment at June 30, 2011 and December 31, 2010.

(In Thousands)	June 30, 2011		December 31, 2010
Unpaid principal balance	$	12,547	$	13,352
Recorded investment		11,854		13,300
Related allowance		3,748		4,628
Average recorded investment for the three months ended		12,199		13,014

Recorded Investment in Impaired Loans Past Due

The following table shows the recorded investment in residential loans individually evaluated for impairment at June 30, 2011 and December 31, 2010.

(In Thousands)	30 – 59 Days Past Due		60 – 89 Days Past Due		90+ Days Past Due		Current		Total Loans
June 30, 2011	$	1,031	$	709	$	804	$	9,310	$	11,854
December 31, 2010		2,604		—		1,046		9,650		13,300