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Note 12 OTHER ASSETS (Detail) - (Table 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Loans held for sale, at lower of cost or fair value (1) $ 82,866 [1] $ 20,633 [1]
Asset purchase price deposit (2) 57,000 [2]    [2]
Interest earning collateral deposits (3) 31,710 [3] 27,191 [3]
Investment in unconsolidated entities (4) 25,187 [4] 23,507 [4]
Prepaid income taxes (5) 23,112 [5]    [5]
Prepaid lender fees and debt issuance costs, net (6) 14,389 [6] 27,113 [6]
Derivatives, at fair value (7) 10,795 [7]    [7]
Real estate, net 6,205 3,368
Loans – restricted for securitization investors (8)    [8] 58,560 [8]
Prepaid expenses and other 21,414 13,078
$ 272,678 $ 173,450
[1] These loans primarily represent non-performing subprime single-family residential loans that we do not intend to hold to maturity. The balances at December 31, 2012 and 2011 are net of valuation allowances of $14,659 and $14,257, respectively. In December 2012, we acquired non-performing mortgage loans with an aggregate UPB of $124,341 for cash consideration of $65,356. We sold these loans to Altisource Residential, LP in February 2013 for an insignificant gain.
[2] In connection with the entry into an agreement on November 2, 2012 to acquire MSRs and related servicing advances from Residential Capital, LLC , OLS made an earnest money cash deposit of $57,000. This deposit was subsequently applied towards the purchase price upon closing of the transaction on February 15, 2013. See Note 31 for additional information regarding this transaction.
[3] These balances include $25,829 and $19,623 of cash collateral held by the counterparties to certain of our derivative agreements at December 31, 2012 and 2011, respectively.
[4] The balance at December 31, 2012 includes an investment of $5,544 in Powerlink that we acquired in the Homeward Acquisition. See Note 2.
[5] See Note 22 for additional information.
[6] These balances relate to match funded liabilities and other secured borrowings of the Servicing segment. We amortize these costs to the earlier of the scheduled amortization date, contractual maturity date or prepayment date of the debt.
[7] See Note 19 for additional information regarding derivatives.
[8] Loans - restricted for securitization investors were held by four securitization trusts that we included in our consolidated financial statements until December 2012 when we sold our interests in the trusts, as more fully described in Note 1-Securitizations of Residential Mortgage Loans. We reported loans held by the consolidated securitization trusts at cost, less an allowance for loan losses of $2,702 at December 31, 2011.