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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
Fair Value Disclosures [Abstract]  
Schedule of carrying and estimated fair values of financial instruments

 

        June 30, 2013     December 31, 2012  
    Level   Carrying
Value		     Fair
Value		     Carrying
Value		     Fair
Value		  
Financial assets:                                    
Loans held for sale, at fair value (1)   2   $ 361,144     $ 361,144     $ 426,480     $ 426,480  
Loans held for sale, at lower of cost or fair value (2)   3     33,987       33,987       82,866       82,866  
Loans – restricted for securitization investors, at fair value (1)   3     76,649       76,649       —       —  
Advances and match funded advances (3)   3     3,405,795       3,405,795       3,233,707       3,233,707  
Receivables, net (3)   3     225,011       225,011       167,459       167,459  
                                     
Financial liabilities:                                    
Match funded liabilities (3)   3   $ 2,391,832     $ 2,391,832     $ 2,532,745     $ 2,533,278  
Other borrowings:                                    
Secured borrowings – owed to securitization investors, at fair value (1)   3     73,641       73,641       —       —  
Other (3)   3     2,098,437       2,082,458       1,096,679       1,101,504  
Total Other borrowings         2,172,078       2,156,099       1,096,679       1,101,504  
                                     
Derivative financial instruments (1):                                    
Interest rate lock commitments (IRLCs)   2   $ (7,064 )   $ (7,064 )   $ 5,781     $ 5,781  
Interest rate swaps   3     —       —       (10,836 )     (10,836 )
Forward MBS trades   1     18,681       18,681       (1,719 )     (1,719 )
U.S. Treasury futures   1     —       —       (1,258 )     (1,258 )
Interest rate caps   3     176       176       168       168  
                                     
MSRs, at fair value (1)   3   $ 97,163     $ 97,163     $ 85,213     $ 85,213  
(1) Measured at fair value on a recurring basis.
(2) Measured at fair value on a non-recurring basis.
(3) Financial instruments disclosed, but not carried, at fair value.
Schedule of reconciliation of the changes in fair value of Level 3 assets

 

    Loans –
restricted for
securitization
investors		     Secured
borrowings –
owed to
securitization
investors		     Derivative
Financial
Instruments		     MSRs at
Fair 
Value		     Total  
                               
Three Months Ended June 30, 2013:                                        
Beginning balance   $ —     $ —     $ (18,635 )   $ 84,534     $ 65,899  
                                         
Purchases, issuances, sales and settlements:                                        
Purchases     10,251       (10,179 )     —       —       72  
Issuances     63,029       (65,938 )     —       —       (2,909 )
Sales     —       —       24,156       —       24,156  
Settlements     (871 )     867       (1,375 )     —       (1,379 )
      72,409       (75,250 )     22,781       —       19,940  
                                         
Total realized and unrealized gains and (losses) (1):                                        
Included in Other, net     4,240       1,609       1,469       12,629       19,947  
Included in Other comprehensive income (loss)     —       —       (5,439 )     —       (5,439 )
      4,240       1,609       (3,970 )     12,629       14,508  
                                         
Transfers in and / or out of Level 3     —       —       —       —       —  
Ending balance   $ 76,649     $ (73,641 )   $ 176     $ 97,163     $ 100,347  
                                         
Three Months Ended June 30, 2012:                                        
Beginning balance   $ —     $ —     $ (12,806 )   $ —     $ (12,806 )
                                         
Purchases, issuances, sales and settlements:                                        
Settlements     —       —       65       —       65  
      —       —       65       —       65  
                                         
Total realized and unrealized gains and (losses) (1):                                        
Included in Other, net     —       —       1,843       —       1,843  
Included in Other comprehensive income (loss)     —       —       (4,007 )     —       (4,007 )
      —       —       (2,164 )     —       (2,164 )
                                         
Transfers in and / or out of Level 3     —       —       —       —       —  
Ending balance   $ —     $ —     $ (14,905 )   $ —     $ (14,905 )
 
    Loans –
restricted for
securitization
investors		     Secured
borrowings –
owed to
securitization
investors		     Derivative
Financial
Instruments		     MSRs at
Fair
Value		     Total  
                               
Six Months Ended June 30, 2013:                                        
Beginning balance   $ —     $ —     $ (10,668 )   $ 85,213     $ 74,545  
                                         
Purchases, issuances, sales and settlements:                                        
Purchases     10,251       (10,179 )     —       —       72  
Issuances     63,029       (65,938 )     —       —       (2,909 )
Sales     —       —       24,156       —       24,156  
Settlements     (871 )     867       (1,066 )     —       (1,070 )
      72,409       (75,250 )     23,090       —       20,249  
                                         
Total realized and unrealized gains and (losses) (1):                                        
Included in Other, net     4,240       1,609       117       11,950       17,916  
Included in Other comprehensive income (loss)     —       —       (12,363 )     —       (12,363 )
      4,240       1,609       (12,246 )     11,950       5,553  
                                         
Transfers in and / or out of Level 3     —       —       —       —       —  
Ending balance   $ 76,649     $ (73,641 )   $ 176     $ 97,163     $ 100,347  
                                         
Six Months Ended June 30, 2012:                                        
Beginning balance   $ —     $ —     $ (16,676 )   $ —     $ (16,676 )
                                         
Purchases, issuances, sales and settlements:                                        
Settlements     —       —       2,422       —       2,422  
      —       —       2,422       —       2,422  
                                         
Total realized and unrealized gains and (losses) (1):                                        
Included in Other, net     —       —       5,248       —       5,248  
Included in Other comprehensive income (loss)     —       —       (5,899 )     —       (5,899 )
      —       —       (651 )     —       (651 )
                                         
Transfers in and / or out of Level 3     —       —       —       —       —  
Ending balance   $ —     $ —     $ (14,905 )   $ —     $ (14,905 )
(1) Total net gains (losses) attributable to derivative financial instruments held at June 30, 2013 were $0.1 million for the three months ended June 30, 2013. For derivative financial instruments held at June 30, 2012, total net gains (losses) were $(2.2) million and $(6.4) million for the three and six months ended June 30, 2012, respectively.