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NOTE 13 OTHER ASSETS | 3 Months Ended
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Mar. 31, 2013
Other Assets [Abstract] |
OTHER ASSETS |
Note 13 | Other Assets
Other assets consisted of the following:
|  | March 31, 2013 |  |  | December 31, 2012 |
Loans held for sale, at lower of cost or fair value (1) |  | $ | 62,615 |  |  | $ | 82,866 |
Prepaid lender fees and debt issuance costs, net (2) |  |  | 37,123 |  |  |  | 14,389 |
Acquisition deposits (3) |  |  | 31,149 |  |  |  | 57,000 |
Interest earning collateral deposits (4) |  |  | 30,648 |  |  |  | 31,710 |
Prepaid income taxes |  |  | 23,112 |  |  |  | 23,112 |
Investment in unconsolidated entities (5) |  |  | 12,353 |  |  |  | 25,187 |
Real estate, net |  |  | 8,533 |  |  |  | 6,205 |
Derivatives, at fair value (6) |  |  | 6,646 |  |  |  | 10,795 |
Prepaid expenses and other |  |  | 26,628 |  |  |  | 21,414 |
|  | $ | 238,807 |  |  | $ | 272,678 |
| (1) | The carrying values at March 31, 2013 and December 31, 2012 are net of valuation allowances of $21.9 million and $14.7 million, respectively. The balances include non-performing subprime single-family residential loans that we do not intend to hold to maturity. The balance at December 31, 2012 includes non-performing mortgage loans with a carrying value of $65.4 million that we acquired in December 2012 and sold to Altisource Residential, LP in February 2013 for an insignificant gain. The balance at March 31, 2013 includes $42.0 million of loans that we were required to repurchase from Ginnie Mae guaranteed securitizations following the ResCap Acquisition in connection with loan modifications and loan resolutions.
| (2) | These balances relate to match funded liabilities and other secured borrowings.
| (3) | The balance at March 31, 2013 represents funds we transferred prior to the closing of our acquisition of Genworth Financial Home Equity Access, Inc. on April 1, 2013. See Note 25 – Subsequent Events for additional information regarding this acquisition. The balance at December 31, 2012 represents an earnest money cash deposit we made in connection with the ResCap Acquisition. This deposit was subsequently applied towards the purchase price upon closing of the transaction on February 15, 2013. See Note 3 – Business Acquisitions for additional information.
| (4) | These balances include $25.7 million and $25.8 million of cash collateral held by the counterparties to certain of our derivative agreements at March 31, 2013 and December 31, 2012, respectively.
| (5) | The balance at December 31, 2012 includes an investment of $13.4 million that represents our 49% equity interest in Correspondent One S.A. (Correspondent One), an entity formed with Altisource in March 2011. As disclosed in Note 3 – Business Acquisitions, we increased our ownership to 100% on March 31, 2013. Effective on that date, we began including the accounts of Correspondent One in our consolidated financial statements and have eliminated our current investment in consolidation.
| (6) | See Note 18 – Derivative Financial Instruments for additional information.

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