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Non Recourse Collateralized Financings | 9 Months Ended
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Sep. 30, 2011
NON RECOURSE COLLATERIZED FINANCING [Abstract] |
Non recourse collateralized financing | NON-RECOURSE COLLATERIZED FINANCING The following table summarizes information about the Company’s non-recourse collateralized financing for the periods indicated:
|  | September 30, 2011
| Interest Rate | Weighted Average Life Remaining | Balance Outstanding |  | Value of Collateral
Securitization financing: |  | (in years) |  |  |
Secured by non-Agency CMBS | 6.2% fixed | 2.1 | 15,000 |  |  | 16,673 |
Secured by single-family mortgage loans | 1-month LIBOR plus 0.30% | 3.3 | 19,316 |  |  | 20,213 |
TALF financing:(1) |  |  |  |  |  |  |
Secured by non-Agency CMBS | 2.7% fixed | 1.4 | 50,486 |  |  | 64,718 |
Unamortized net bond premium and deferred costs |  |  | (789 | ) |  | n/a |
|  |  | $ | 84,013 |  |  | $ | 101,604 |
|  | December 31, 2010
| Interest Rate | Weighted Average Life Remaining (in years) | Balance Outstanding |  | Value of Collateral
Securitization financing: |  |  |  |  |
Secured by commercial mortgage loans | 7.2% fixed | 3.7 | $ | 23,669 |  |  | $ | 43,440 |
Secured by non-Agency CMBS | 6.2% fixed | 3.4 | 15,000 |  |  | 16,754 |
Secured by single-family mortgage loans | 1-month LIBOR plus 0.30% | 3.4 | 21,183 |  |  | 21,889 |
TALF financing:(1) |  |  |  |  |  |  |
Secured by non-Agency CMBS | 2.7% fixed | 2.2 | 50,713 |  |  | 64,097 |
Unamortized net bond premium and deferred costs |  |  | (3,460 | ) |  | n/a |
|  |  | $ | 107,105 |  |  | $ | 146,180 |
(1) | Financing provided by the Federal Reserve Bank of New York under its Term Asset-Backed Securities Loan Facility (“TALF”).
The Company has redeemed securitization bonds in the past, and in certain instances, the Company has kept the bond outstanding and used it as collateral for additional repurchase agreement borrowings. These additional borrowings may have been used to either finance the bond redemption or to purchase additional investments. Although these bonds are legally outstanding, the balances are eliminated in consolidation because the issuing trust is included in the Company’s consolidated financial statements. The following table summarizes information regarding all of the Company’s redeemed bonds that have an outstanding balance as of September 30, 2011:
Collateral Type | Par Value Outstanding |  | Fair Value |  | Repurchase Agreement Balance
Single-family mortgage loans | $ | 22,297 |  |  | $ | 19,728 |  |  | $ | 17,386 |
Commercial mortgage loans | 52,835 |  |  | 29,260 |  |  | 24,999 |
| $ | 75,132 |  |  | $ | 48,988 |  |  | $ | 42,385 |

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- Definition NON-RECOURSE COLLATERIZED FINANCING [Abstract] + Details
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=6951925&loc=SL6953791-111525 + Details
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