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NOTE 13 OTHER ASSETS | 6 Months Ended
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Jun. 30, 2013
Other Assets [Abstract] |
OTHER ASSETS |
| NOTE 13 | OTHER ASSETS
Other assets consisted of the following at the dates indicated:
|  | June 30, 2013 |  |  | December 31, 2012 |
Loans – restricted for securitization investors, at fair value (1) |  | $ | 76,649 |  |  | $ | — |
Loans held for sale, at lower of cost or fair value (2) |  |  | 33,987 |  |  |  | 82,866 |
Prepaid lender fees and debt issuance costs, net (3) |  |  | 32,912 |  |  |  | 14,389 |
Prepaid income taxes |  |  | 23,112 |  |  |  | 23,112 |
Derivatives, at fair value (4) |  |  | 18,857 |  |  |  | 10,795 |
Investment in unconsolidated entities (5) |  |  | 12,886 |  |  |  | 25,187 |
Real estate, net |  |  | 8,028 |  |  |  | 6,205 |
Interest earning collateral deposits (6) |  |  | 5,668 |  |  |  | 31,710 |
Acquisition deposits (7) |  |  | — |  |  |  | 57,000 |
Prepaid expenses and other |  |  | 19,125 |  |  |  | 22,314 |
|  | $ | 231,224 |  |  | $ | 273,578 |
| (1) | Loans sold into Ginnie Mae guaranteed securitizations that we include in our Consolidated Financial Statements because the transfers of reverse mortgage loans to the trusts did not qualify for sales accounting treatment.
| (2) | The carrying values at June 30, 2013 and December 31, 2012 are net of valuation allowances of $19.4 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 June 30, 2013 includes $14.0 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. 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.
| (3) | These balances relate to match funded liabilities and other secured borrowings.
| (4) | See Note 18 – Derivative Financial Instruments and Hedging Activities for additional information.
| (5) | The balance at December 31, 2012 includes an investment of $13.4 million that represented our 49% equity interest in Correspondent One. As disclosed in Note 4 – 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) | These balances include $1.1 million and $25.8 million of cash collateral held by the counterparties to certain of our derivative agreements at June 30, 2013 and December 31, 2012, respectively.
| (7) | 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 4 – Business Acquisitions for additional information.

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