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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Detail) - (Table 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Financial assets:    
Loans held for sale, at lower of cost or fair value $ 62,615 [1] $ 82,866 [1]
Financial liabilities:    
Match funded liabilities 174,645 [2] 106,376 [2]
Carrying Value
    
Financial assets:    
Loans held for sale, at fair value 295,514 [3] 426,480 [3]
Loans held for sale, at lower of cost or fair value 62,615 [4] 82,866 [4]
Advances and match funded advances 3,966,255 [5] 3,233,707 [5]
Receivables, net 155,558 [5] 167,459 [5]
Financial liabilities:    
Match funded liabilities 2,982,984 [5] 2,532,745 [5]
Other borrowings 1,987,894 [5] 1,096,679 [5]
Derivative financial instruments :    
Interest rate lock commitments (IRLCs) 4,652 [3] 5,781 [3]
Interest rate swaps (18,758) [3] (10,836) [3]
Forward MBS trades (1,108) [3] (1,719) [3]
U.S. Treasury futures    [3] (1,258) [3]
Interest rate caps 123 [3] 168 [3]
MSRs, at fair value 84,534 [3] 85,213 [3]
Fair Value
    
Financial assets:    
Loans held for sale, at fair value 295,514 [3] 426,480 [3]
Loans held for sale, at lower of cost or fair value 62,615 [4] 82,866 [4]
Advances and match funded advances 3,966,255 [5] 3,233,707 [5]
Receivables, net 155,558 [5] 167,459 [5]
Financial liabilities:    
Match funded liabilities 2,982,984 [5] 2,533,278 [5]
Other borrowings 1,989,104 [5] 1,101,504 [5]
Derivative financial instruments :    
Interest rate lock commitments (IRLCs) 4,652 [3] 5,781 [3]
Interest rate swaps (18,758) [3] (10,836) [3]
Forward MBS trades (1,108) [3] (1,719) [3]
U.S. Treasury futures    [3] (1,258) [3]
Interest rate caps 123 [3] 168 [3]
MSRs, at fair value $ 84,534 [3] $ 85,213 [3]
[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] Includes $59.3 million of accrued expenses attributable to the ResCap Acquisition including $49.0 million of accruals for compensatory fees for foreclosures that may ultimately exceed investor timelines.
[3] Measured at fair value on a recurring basis.
[4] Measured at fair value on a non-recurring basis.
[5] Financial instruments disclosed, but not carried, at fair value.