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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2016
Segment Reporting [Abstract] |
Financial Information by Segment | The following tables present financial information by segment for the three months ended March 31, 2016 and 2015. Table 22.1 – Business Segment Financial Information
|  | Three Months Ended March 31, 2016
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial |  | Corporate/ Other |  | Total
Interest income |  | $ | 7,869 |  |  | $ | 39,936 |  |  | $ | 9,581 |  |  | $ | 4,942 |  |  | $ | 62,328 |
Interest expense |  | (3,289 | ) |  | (4,953 | ) |  | (2,952 | ) |  | (12,756 | ) |  | (23,950 | )
Net interest income (loss) |  | 4,580 |  |  | 34,983 |  |  | 6,629 |  |  | (7,814 | ) |  | 38,378 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | (289 | ) |  | — |  |  | (289 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 9,280 |  |  | — |  |  | (2,062 | ) |  | — |  |  | 7,218 |
MSR income (loss), net |  | — |  |  | 6,281 |  |  | — |  |  | — |  |  | 6,281 |
Investment fair value changes, net |  | — |  |  | (17,765 | ) |  | (137 | ) |  | (1,636 | ) |  | (19,538 | )
Other income |  | — |  |  | 955 |  |  | — |  |  | — |  |  | 955 |
Realized gains, net |  | — |  |  | 9,246 |  |  | — |  |  | 292 |  |  | 9,538 |
Total non-interest income, net |  | 9,280 |  |  | (1,283 | ) |  | (2,199 | ) |  | (1,344 | ) |  | 4,454 |
Direct operating expenses (1) |  | (5,321 | ) |  | (1,861 | ) |  | (1,602 | ) |  | (21,668 | ) |  | (30,452 | )
Provision for income taxes |  | — |  |  | (28 | ) |  | — |  |  | — |  |  | (28 | )
Segment Contribution |  | $ | 8,539 |  |  | $ | 31,811 |  |  | $ | 2,539 |  |  | $ | (30,826 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 12,063 |
Non-cash amortization income (expense) |  | $ | (43 | ) |  | $ | 8,068 |  |  | $ | (16 | ) |  | $ | (990 | ) |  | $ | 7,019 |
(1) | For the three months ended March 31, 2016, charges associated with the restructuring of our conforming residential mortgage loan operations and commercial operations are presented under the Corporate/Other column. See Note 11 for further discussion of these restructuring charges.
|  | Three Months Ended March 31, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial |  | Corporate/ Other |  | Total
Interest income |  | $ | 15,795 |  |  | $ | 30,012 |  |  | $ | 10,914 |  |  | $ | 7,025 |  |  | $ | 63,746 |
Interest expense |  | (3,778 | ) |  | (2,810 | ) |  | (3,489 | ) |  | (13,884 | ) |  | (23,961 | )
Net interest income (loss) |  | 12,017 |  |  | 27,202 |  |  | 7,425 |  |  | (6,859 | ) |  | 39,785 |
Provision for loan losses |  | — |  |  | — |  |  | (206 | ) |  | — |  |  | (206 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 2,215 |  |  | — |  |  | (292 | ) |  | — |  |  | 1,923 |
MSR income (loss), net |  | — |  |  | (10,924 | ) |  | — |  |  | — |  |  | (10,924 | )
Investment fair value changes, net |  | 2 |  |  | (19 | ) |  | — |  |  | (1,128 | ) |  | (1,145 | )
Other income |  | — |  |  | 809 |  |  | — |  |  | — |  |  | 809 |
Realized gains, net |  | — |  |  | 4,306 |  |  | — |  |  | — |  |  | 4,306 |
Total non-interest income, net |  | 2,217 |  |  | (5,828 | ) |  | (292 | ) |  | (1,128 | ) |  | (5,031 | )
Direct operating expenses |  | (10,903 | ) |  | (1,118 | ) |  | (3,482 | ) |  | (9,560 | ) |  | (25,063 | )
Benefit from income taxes |  | 8 |  |  | 3,510 |  |  | 853 |  |  | 945 |  |  | 5,316 |
Segment Contribution |  | $ | 3,339 |  |  | $ | 23,766 |  |  | $ | 4,298 |  |  | $ | (16,602 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 14,801 |
Non-cash amortization income (expense) |  | $ | (46 | ) |  | $ | 9,838 |  |  | $ | (49 | ) |  | $ | (981 | ) |  | $ | 8,762 |
Schedule of Corporate and Other | The following tables present the components of Corporate/Other for the three months ended March 31, 2016 and 2015. Table 22.2 – Components of Corporate/Other
|  | Three Months Ended March 31,
|  | 2016 |  | 2015
(In Thousands) |  | Legacy VIEs (1) |  | Other |  | Total |  | Legacy VIEs (1) |  | Other |  | Total
Interest income |  | $ | 4,777 |  |  | $ | 165 |  |  | $ | 4,942 |  |  | $ | 7,018 |  |  | $ | 7 |  |  | $ | 7,025 |
Interest expense |  | (3,297 | ) |  | (9,459 | ) |  | (12,756 | ) |  | (4,482 | ) |  | (9,402 | ) |  | (13,884 | )
Net interest income (loss) |  | 1,480 |  |  | (9,294 | ) |  | (7,814 | ) |  | 2,536 |  |  | (9,395 | ) |  | (6,859 | )
Reversal of provision for loan losses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment fair value changes, net |  | (1,580 | ) |  | (56 | ) |  | (1,636 | ) |  | (1,093 | ) |  | (35 | ) |  | (1,128 | )
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | 292 |  |  | 292 |  |  | — |  |  | — |  |  | — |
Total non-interest income, net |  | (1,580 | ) |  | 236 |  |  | (1,344 | ) |  | (1,093 | ) |  | (35 | ) |  | (1,128 | )
Direct operating expenses |  | — |  |  | (21,668 | ) |  | (21,668 | ) |  | — |  |  | (9,560 | ) |  | (9,560 | )
(Provision for) benefit from income taxes |  | — |  |  | — |  |  | — |  |  | — |  |  | 945 |  |  | 945 |
Total |  | $ | (100 | ) |  | $ | (30,726 | ) |  | $ | (30,826 | ) |  | $ | 1,443 |  |  | $ | (18,045 | ) |  | $ | (16,602 | )
Supplemental Information by Segment | The following table presents supplemental information by segment at March 31, 2016 and December 31, 2015. Table 22.3 – Supplemental Segment Information
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial |  | Corporate/ Other |  | Total
March 31, 2016 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 441,076 |  |  | $ | 2,343,953 |  |  | $ | — |  |  | $ | 930,027 |  |  | $ | 3,715,056 |
Commercial loans |  | — |  |  | — |  |  | 363,893 |  |  | — |  |  | 363,893 |
Real estate securities |  | — |  |  | 909,569 |  |  | 10,358 |  |  | — |  |  | 919,927 |
Mortgage servicing rights |  | — |  |  | 126,620 |  |  | — |  |  | — |  |  | 126,620 |
Total assets |  | 472,213 |  |  | 3,552,629 |  |  | 377,452 |  |  | 1,324,586 |  |  | 5,726,880 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,115,738 |  |  | $ | 1,791,195 |  |  | $ | — |  |  | $ | 1,021,870 |  |  | $ | 3,928,803 |
Commercial loans |  | — |  |  | — |  |  | 402,647 |  |  | — |  |  | 402,647 |
Real estate securities |  | 197,007 |  |  | 1,028,171 |  |  | 8,078 |  |  | — |  |  | 1,233,256 |
Mortgage servicing rights |  | — |  |  | 191,976 |  |  | — |  |  | — |  |  | 191,976 |
Total assets |  | 1,347,492 |  |  | 3,140,604 |  |  | 415,716 |  |  | 1,316,235 |  |  | 6,220,047 |

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