INVESTMENTS IN REAL ESTATE SECURITIES - Holdings in an Unrealized Loss Position (Details 1) (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Securities
Dec. 31, 2012
Securities
Outstanding face amount $ 2,186,996 [1]  
Other Than Temporary Impairment (2,071) 0
Amortized cost basis 1,969,975  
Weighted average rating BBB+ [2]  
Weighted average coupon 2.28%  
Weighted average yield 2.66%  
Weighted average life (years) 5 years 8 months 12 days [3]  
Securities in an Unrealized Loss Position Less than Twelve Months
    
Outstanding face amount 878,993 15,747
Before Impairment - Amortized Cost Basis 827,517  
Other Than Temporary Impairment (1,470) [4]  
Amortized cost basis 826,047 9,945
Gross unrealized losses - less than twelve months (7,542) (330)
Carrying value - less than twelve months   9,615
Total fair value 818,505  
Number of securities, less than twelve months 78 4
Weighted average rating A- [5] CC
Weighted average coupon 2.54% 1.46%
Weighted average yield 2.07% 5.91%
Weighted average life (years) 5 years 6 months 7 years 2 months 12 days
Securities in an Unrealized Loss Position Greater than Twelve Months
    
Outstanding face amount 48,078  
Before Impairment - Amortized Cost Basis 51,930  
Other Than Temporary Impairment (601) [4]  
Amortized cost basis 51,329  
Gross unrealized losses - twelve months or more (296)  
Total fair value 51,033  
Number of securities, greater than twelve months 7  
Weighted average rating AAA [5]  
Weighted average coupon 3.36%  
Weighted average yield 1.28%  
Weighted average life (years) 3 years 3 months 18 days  
Securities in a Loss Position
    
Outstanding face amount 927,071 15,747
Before Impairment - Amortized Cost Basis 879,447  
Other Than Temporary Impairment (2,071) [4]  
Amortized cost basis 877,376 9,945
Total gross unrealized losses (7,838) (330)
Carrying value - less than twelve months   9,615
Total fair value $ 869,538  
Number of securities 85 4
Weighted average rating A- [5] CC
Weighted average coupon 2.58% 1.46%
Weighted average yield 2.03% 5.91%
Weighted average life (years) 5 years 4 months 24 days 7 years 2 months 12 days
[1] The total outstanding face amount was $6.6 million for fixed rate securities and $2.2 billion for floating rate securities.
[2] Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. This excludes the ratings of two non-agency bonds with a face amount of $6.3 million for which New Residential was unable to obtain rating information. For each security rated by multiple rating agencies, the lowest rating is used. New Residential used an implied AAA rating for the Agency ARM RMBS. Ratings provided were determined by third party rating agencies, represent the most recent credit ratings available as of the reporting date and may not be current.
[3] The weighted average life is based on the timing of expected principal reduction on the assets.
[4] This amount represents other-than-temporary impairment recorded on securities that are in an unrealized loss position as of December 31, 2013.
[5] The rating of securities in an unrealized loss position for less than twelve months excludes the rating of one bond for which New Residential was unable to obtain rating information.