Note 12. Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At June 30, 2014, we had outstanding agreements with 15 counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q.

The table below summarizes the facilities that are available to us and the balances of short-term debt at June 30, 2014 and December 31, 2013 by the type of collateral securing the debt.


	June 30, 2014
(Dollars in Thousands)	Number of Facilities		Outstanding		Limit		Maturity
Collateral Type
Residential loans		5	$	852,267	$	1,400,000		7/2014-4/2015
Commercial loans		1		12,413		100,000		4/2015
Real estate securities		9		853,750		-		7/2014-9/2014

Total		15	$	1,718,430


	December 31, 2013
(Dollars in Thousands)	Number of Facilities		Outstanding		Limit		Maturity
Collateral Type
Residential loans		5	$	184,789	$	1,400,000		1/2014 - 12/2014
Commercial loans		1		-		100,000		4/2014
Real estate securities		7		677,974		-		1/2014 - 2/2014

Total		13	$	862,763

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2014, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date. The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $954 million, $17 million, and $1.03 billion, respectively, at June 30, 2014. For the three and six months ended June 30, 2014, the average balance of short-term debt was $1.3 billion and $1.2 billion, respectively. At June 30, 2014 and December 31, 2013, accrued interest payable on short-term debt was $1.4 million and less than $1 million, respectively.

We also maintain a $10 million committed line of credit with one financial institution, which is secured by our pledge of certain mortgage-backed securities we own. At both June 30, 2014 and December 31, 2013, we had no outstanding borrowings on this facility.

Characteristics of Short-Term Debt

The table below summarizes short-term debt by weighted average interest rates and by collateral type at June 30, 2014 and December 31, 2013.


	June 30, 2014						December 31, 2013
(Dollars in Thousands)	Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity		Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity
Collateral Type
Residential loan collateral	$	852,267		1.72%		138	$	184,789		1.71%		228
Commercial loan collateral		12,413		2.40%		300		-		-		-
Real estate securities collateral		853,750		1.31%		16		677,974		1.34%		15

Total Short-Term Debt	$	1,718,430		1.52%		78	$	862,763		1.42%		61

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at June 30, 2014 and December 31, 2013.


(In Thousands)	June 30, 2014		December 31, 2013
Within 30 days	$	1,069,160	$	659,262
31 to 90 days		186,227		54,434
Over 90 days		463,043		149,067

Total Short-Term Debt	$	1,718,430	$	862,763