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Securitized Mortage Loans, Net | 9 Months Ended
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Sep. 30, 2011
SECURITIZED MORTGAGE LOANS, NET [Abstract] |
Securitized Mortgage Loans, Net | SECURITIZED MORTGAGE LOANS, NET All of the Company's securitized mortgage loans are pledged as collateral for its associated securitization financing bonds, which are discussed further in Note 9. Please also refer to Note 6 for disclosures related to impaired securitized mortgage loans and the related allowance for loans losses. The following table summarizes the components of securitized mortgage loans as of September 30, 2011 and December 31, 2010:
| September 30, 2011 |  | December 31, 2010
| Commercial |  | Single-family |  | Total |  | Commercial |  | Single-family |  | Total
Principal/par value | $ | 70,559 |  |  | $ | 48,866 |  |  | $ | 119,425 |  |  | $ | 99,432 |  |  | $ | 54,181 |  |  | $ | 153,613 |
FHBT(1) | 1,162 |  |  | — |  |  | 1,162 |  |  | 3,455 |  |  | — |  |  | 3,455 |
Unamortized premium, net | — |  |  | 793 |  |  | 793 |  |  | — |  |  | 884 |  |  | 884 |
Unamortized discount, net | (299 | ) |  | — |  |  | (299 | ) |  | (520 | ) |  | — |  |  | (520 | )
Amortized cost | 71,422 |  |  | 49,659 |  |  | 121,081 |  |  | 102,367 |  |  | 55,065 |  |  | 157,432 |
Allowance for loan losses | (2,173 | ) |  | (208 | ) |  | (2,381 | ) |  | (4,200 | ) |  | (270 | ) |  | (4,470 | )
| $ | 69,249 |  |  | $ | 49,451 |  |  | $ | 118,700 |  |  | $ | 98,167 |  |  | $ | 54,795 |  |  | $ | 152,962 |
(1) | Funds held by trustees includes $905 and $3,306 as of September 30, 2011 and December 31, 2010, respectively, of cash and cash equivalents held by the trust for defeased commercial mortgage loans. These funds were paid by the borrower to the securitization trust pursuant to the contractual terms of the mortgage loan and represent replacement collateral for defeased loans. In accordance with the underlying agreements, cash payments are made by the securitization trust using these defeased amounts until the funds held for that particular defeased mortgage loan equal the scheduled principal balance of the original loan. At that point a final distribution is made to the trust as payment in full of the principal amount due on the loan.
The balance of the Company's securitized commercial mortgage loans has decreased since December 31, 2010 primarily due to principal payments, including amounts received on defeased loans, of $27,401. The Company's securitized commercial mortgage loans were originated principally in 1996 and 1997 and are collateralized by first deeds of trust on income producing properties. Approximately 78% of these securitized commercial mortgage loans are secured by multifamily properties. As of September 30, 2011 and December 31, 2010, the loan-to-value ratio based on original appraisal was 43% and 45%, respectively. The unpaid principal balance of the securitized commercial mortgage loans identified as seriously delinquent (60 or more days past due) and therefore on nonaccrual status is $15,121 as of September 30, 2011 compared to $14,089 as of December 31, 2010. The balance of the Company's securitized single-family mortgage loans have decreased since December 31, 2010 due to principal payments on the loans of $5,254, of which 53% were unscheduled. These single-family mortgage loans are secured by first deeds of trust on residential real estate and were originated principally from 1992 to 1997. As of September 30, 2011 and December 31, 2010, the current loan-to-value ratio based on original appraisal was approximately 46% and 48%, respectively. The unpaid principal balance of the Company's securitized single-family mortgage loans identified as seriously delinquent as of September 30, 2011 is $3,549. The Company continues accruing interest on any seriously delinquent securitized single-family mortgage loan so long as the primary servicer continues to advance the interest and/or principal due on the loan.

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- Definition The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph k Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524 + Details
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