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NOTE 9 RECEIVABLES
 12 Months Ended
Dec. 31, 2011
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTE 9 RECEIVABLES


Receivables consisted of the following at the dates indicated:


   

Receivables

   

Allowance for
Credit Losses

   

Net

 

December 30, 2011

                 
Servicing (1)   $ 53,852     $ (1,648 )   $ 52,204  
Income taxes receivable     21,518       —       21,518  
Affordable housing (2)     5,568       (5,019 )     549  
Due from Altisource (3)     2,309       —       2,309  
Other receivables (4)     7,884       (1,262 )     6,622  
    $ 91,131     $ (7,929 )   $ 83,202  
                         

December 31, 2010

                       
Servicing (1)   $ 59,436     $ (262 )   $ 59,174  
Income taxes receivable     3,620       —       3,620  
Affordable housing (2)     6,882       (5,866 )     1,016  
Due from Altisource (3)     2,445       —       2,445  
Other receivables     4,586       (1,323 )     3,263  
    $ 76,969     $ (7,451 )   $ 69,518  

(1) The balances at December 31, 2011 and 2010 arise from our Servicing business and primarily include reimbursable expenditures due from investors and amounts to be recovered from the custodial accounts of the trustees.
   
(2) The balances at December 31, 2011 and 2010 primarily represent annual payments to be received through June 2014 for proceeds from sales of investments in affordable housing properties. None of these receivables is delinquent.
   
(3) See Note 28 for additional information regarding our relationship with Altisource and transactions between Ocwen and Altisource.
   
(4) The balance includes the interest rate cap we entered into in 2011 which had a fair value of $3,600 at December 31, 2011. See Note 19 for additional information regarding our derivative financial instruments.

Receivable balances are evaluated individually. The change in the allowance for credit losses for 2011 and the balance of the related receivables at those dates were as follows (the disclosure requirements for the allowance for credit losses do not apply to mortgage banking activities, including the long-term servicing of loans, such as the activities of our Servicing segment):


   

Affordable
Housing

   

Other

   

Total

 
Allowance for credit losses balance at December 31, 2010   $ 5,866     $ 1,323     $ 7,189  
Charge offs     —       (8 )     (8 )
Recoveries     (48 )     (140 )     (188 )
Provision (reversal), net     (799 )     87       (712 )
Allowance for credit losses balance at December 31, 2011   $ 5,019     $ 1,262     $ 6,281  
                         
Receivables balance at December 31, 2011   $ 5,568     $ 7,884     $ 13,452