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Other Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Summary of Other Assets
Other assets at June 30, 2016 and December 31, 2015, are summarized in the following table.
Table 11.1 – Components of Other Assets
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Margin receivable
 
$
104,108

 
$
83,191

Pledged collateral
 
44,095

 
53,600

FHLBC stock
 
43,393

 
34,437

Investment receivable
 
19,004

 
3,870

Guarantee asset
 
3,320

 
5,697

REO
 
6,493

 
4,896

Fixed assets and leasehold improvements (1)
 
3,542

 
4,117

Prepaid expenses
 
1,660

 
3,640

Other
 
9,509

 
4,438

Total Other Assets
 
$
235,124

 
$
197,886

(1)
Fixed assets and leasehold improvements have a basis of $6 million and accumulated depreciation of $2 million at June 30, 2016.
Summary of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities at June 30, 2016 and December 31, 2015 are summarized in the following table.
Table 11.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands)
 
June 30, 2016
 
December 31, 2015
Guarantee obligations
 
$
24,022

 
$
22,704

Margin payable
 
19,592

 
6,415

Residential loan and MSR repurchase reserve
 
6,690

 
6,403

Accrued compensation
 
6,690

 
17,527

Accrued operating expenses
 
5,841

 
1,845

Restructuring liabilities
 
4,159

 
—

Legal reserve
 
2,000

 
2,000

Current accounts payable
 
1,331

 
4,764

Other
 
3,013

 
8,239

Total Other Liabilities
 
$
73,338

 
$
69,897
Restructuring and Related Costs
The following table presents our restructuring activities and the associated liabilities during the three and six months ended June 30, 2016.
Table 11.3 – Activities of Restructuring Liabilities
 
 
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2016
(In Thousands)
 
Termination Benefits
 
Contract Termination Costs
 
Total Restructuring Liabilities
 
Termination Benefits
 
Contract Termination Costs
 
Total Restructuring Liabilities
Beginning balance
 
$
3,926

 
$
1,319

 
$
5,245

 
$
—

 
$
—

 
$
—

Costs incurred and expensed
 
55

 
(173
)
 
(118
)
 
8,793

 
1,748

 
10,541

Costs paid/settled
 
(594
)
 
(374
)
 
(968
)
 
(1,920
)
 
(976
)
 
(2,896
)
Adjustments (1)
 
—

 
—

 
—

 
(3,486
)
 
—

 
(3,486
)
Ending Balance
 
$
3,387

 
$
772

 
$
4,159

 
$
3,387

 
$
772

 
$
4,159

(1)
Amount represents equity compensation expense recorded during the three and six months ended June 30, 2016 related to equity awards that were accelerated, and will be distributed in future periods.