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Note 9 - Losses and LAE (Tables) | 6 Months Ended
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Jun. 30, 2015
Insurance Loss Reserves [Abstract] |
Reserve for Losses and LAE by category [Table Text Block] | The following table shows our reserve for losses and LAE by category at the end of each period indicated:
(In thousands) | June 30, 2015 |  | December 31, 2014
Reserve for losses by category: |  |  |
Prime | $ | 562,918 |  |  | $ | 700,174 |
Alt-A | 256,854 |  |  | 292,293 |
A minus and below | 148,043 |  |  | 179,103 |
IBNR and other | 125,038 |  |  | 223,114 |
LAE | 48,141 |  |  | 56,164 |
Reinsurance recoverable (1) | 11,677 |  |  | 26,665 |
Total primary reserve | 1,152,671 |  |  | 1,477,513 |
Pool | 47,902 |  |  | 75,785 |
IBNR and other | 891 |  |  | 1,775 |
LAE | 2,353 |  |  | 3,542 |
Total pool reserve | 51,146 |  |  | 81,102 |
Total First-lien reserve | 1,203,817 |  |  | 1,558,615 |
Second-lien and other (2) | 975 |  |  | 1,417 |
Total reserve for losses | $ | 1,204,792 |  |  | $ | 1,560,032 |
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(1) | Primarily represents ceded losses on captive transactions and the QSR Transactions.
(2) | Does not include our Second-lien PDR that is included in other liabilities.
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The following table presents information relating to our reserve for losses, including our IBNR reserve and LAE but excluding Second-lien PDR, for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2015 |  | 2014 |  | 2015 |  | 2014
Balance at beginning of period | $ | 1,384,714 |  |  | $ | 1,893,960 |  |  | $ | 1,560,032 |  |  | $ | 2,164,353 |
Less reinsurance recoverables (1) | 13,365 |  |  | 25,751 |  |  | 26,665 |  |  | 38,363 |
Balance at beginning of period, net of reinsurance recoverables | 1,371,349 |  |  | 1,868,209 |  |  | 1,533,367 |  |  | 2,125,990 |
Add losses and LAE incurred in respect of default notices reported and unreported in: |  |  |  |  |  |  |
Current year (2) (3) | 53,617 |  |  | 75,472 |  |  | 134,054 |  |  | 184,321 |
Prior years (3) | (19,835 | ) |  | (11,207 | ) |  | (55,195 | ) |  | (70,896 | )
Total incurred | 33,782 |  |  | 64,265 |  |  | 78,859 |  |  | 113,425 |
Deduct paid claims and LAE related to: |  |  |  |  |  |  |
Current year (2) | 576 |  |  | 803 |  |  | 576 |  |  | 803 |
Prior years | 211,440 |  |  | 239,448 |  |  | 418,535 |  |  | 546,389 |
Total paid | 212,016 |  |  | 240,251 |  |  | 419,111 |  |  | 547,192 |
Balance at end of period, net of reinsurance recoverables | 1,193,115 |  |  | 1,692,223 |  |  | 1,193,115 |  |  | 1,692,223 |
Add reinsurance recoverables (1) | 11,677 |  |  | 22,458 |  |  | 11,677 |  |  | 22,458 |
Balance at end of period | $ | 1,204,792 |  |  | $ | 1,714,681 |  |  | $ | 1,204,792 |  |  | $ | 1,714,681 |
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(1) | Related to ceded losses on captive reinsurance transactions and the QSR Transactions. See Note 7 for additional information.
(2) | Related to underlying defaulted loans with a most recent default notice dated in the year indicated. For example, if a loan had defaulted in a prior year, but then subsequently cured and later re-defaulted in the current year, that default would be considered a current year default.
(3) | Amounts previously reported for losses and LAE incurred in respect of default notices reported and unreported in current year and prior years have been reclassified to correct an error. There was no net change to total incurred losses in any period as a result of these reclassifications. For the three and six months ended June 30, 2014, the amounts previously reported for losses and LAE incurred in respect of default notices reported and unreported in current year have been revised downward by approximately $14.4 million and $48.2 million, respectively, with an equal and offsetting adjustment to the amount previously reported for default notices reported and unreported in prior years. For the years ended December 31, 2014, 2013 and 2012, the amounts previously reported related to losses and LAE incurred from current year default notices should have been lower by approximately $71.8 million, $65.0 million and $75.7 million, respectively, with equal and offsetting adjustments to the incurred loss amounts related to prior years’ default notices.
Rescissions And Denials [Table Text Block] | The following table illustrates the amount of First-lien claims submitted to us for payment that were rescinded or denied, for the periods indicated, net of any Reinstatements of previous Rescissions or Claim Denials within each period. Net (Reinstatements), Rescissions or Claim Denials related to the BofA Settlement Agreement represent such activities, prior to the February 1, 2015 Implementation Date, on loans that subsequently became subject to the BofA Settlement Agreement.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2015 |  | 2014 |  | 2015 |  | 2014
Rescissions, net | $ | 3.4 |  |  | $ | 7.6 |  |  | $ | 7.2 |  |  | $ | 14.0 |
Claim Denials, net | 3.6 |  |  | 6.4 |  |  | 9.2 |  |  | 25.3 |
Net (Reinstatements), Rescissions or Claim Denials related to the BofA Settlement Agreement | (47.1 | ) |  | (2.5 | ) |  | (71.2 | ) |  | 0.5 |
Net First-lien claims submitted for payment that were (reinstated), rescinded or denied (1) | $ | (40.1 | ) |  | $ | 11.5 |  |  | $ | (54.8 | ) |  | $ | 39.8 |
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(1) | Includes an amount related to a small number of submitted claims that were subsequently withdrawn by the insured.

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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