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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income (loss) $ (241,430) $ (25,693) $ 80,206
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Provision for loan losses 81,740 46,412 331,487
Impairment of assets 38,077 22,386 22,403
Depreciation and amortization 70,786 63,928 70,770
Payments for withholding taxes upon vesting of stock-based compensation (12,589) (6,273) (639)
Non-cash expense for stock-based compensation 15,293 29,702 19,355
Amortization of discounts/premiums and deferred financing costs on debt 31,981 32,345 (18,926)
Amortization of discounts/premiums and deferred interest on loans (47,279) (62,194) (102,261)
Earnings from equity method investments (103,009) (95,091) (51,908)
Distributions from operations of equity method investments 105,586 85,766 32,651
Deferred operating lease income (11,812) (9,390) (9,976)
Deferred income taxes 0 (13,729) 4,473
Income from sales of residential property (63,472) (5,721) 0
Gain from discontinued operations (27,257) (25,110) (270,382)
(Gain) loss on early extinguishment of debt, net 22,405 (97,742) (110,075)
Repayments and repurchases of debt - debt discount(1) (74,712) [1] (5,748) [1] (1,461) [1]
Other operating activities, net 9,427 6,492 9,749
Changes in assets and liabilities:      
Changes in accrued interest and operating lease income receivable, net 1,337 4,793 14,259
Changes in deferred expenses and other assets, net 9,231 10,580 (1,781)
Changes in accounts payable, accrued expenses and other liabilities 11,725 5,710 (63,827)
Cash flows from operating activities (183,972) (38,577) (45,883)
Cash flows from investing activities:      
Investment originations and fundings (49,393) (110,333) (456,678)
Repayments of and principal collections on loans 710,697 1,208,403 1,519,653
Net proceeds from sales of loans 56,998 95,859 700,098
Net proceeds from sales of real estate assets 562,705 215,930 1,823,181
Net proceeds from repayments and sales of securities 0 0 213,344
Contributions to unconsolidated entities (10,640) (41,820) (23,520)
Distributions from unconsolidated entities 78,238 188,467 11,441
Capital expenditures on real estate assets (83,070) (64,169) (42,863)
Changes in restricted cash held in connection with investing activities (5,127) (20,042) (2,068)
Other investing activities, net (1,321) (1,038) (3,765)
Cash flows from investing activities 1,259,087 1,471,257 3,738,823
Cash flows from financing activities:      
Borrowings under secured credit facilities 2,652,265 2,913,250 36,294
Repayments under secured credit facilities (2,681,112) (1,489,970) (36,812)
Repayments under unsecured credit facilities (244,046) (506,600) 0
Borrowings under secured term loans 82,500 124,575 0
Repayments under secured term loans (111,260) (1,684,231) (2,132,899)
Borrowings under unsecured notes 764,029 0 0
Repayments under unsecured notes (697,842) (374,775) (374,249)
Repurchases and redemptions of secured and unsecured notes (873,873) (408,678) (857,346)
Payments for deferred financing costs (21,662) (35,545) 0
Preferred dividends paid (42,320) (42,320) (42,320)
Purchase of treasury stock (4,628) (78,849) (7,476)
Changes in restricted cash held in connection with debt obligations 0 199 12,064
Other financing activities, net 2,352 2,225 (9,963)
Cash flows from financing activities (1,175,597) (1,580,719) (3,412,707)
Changes in cash and cash equivalents (100,482) (148,039) 280,233
Cash and cash equivalents at beginning of period 356,826 504,865 224,632
Cash and cash equivalents at end of period $ 256,344 $ 356,826 $ 504,865
[1] Represents the portion of debt repayments and repurchases made during the period related to the original issue discount ("OID"). Although these amounts do not reflect contractual interest payments made during the period, the OID is considered an operating cash flow in accordance with GAAP.