Note 7 - Use of Special Purpose Entities and Variable Interest Entities (Details) - Assets and Liabilities of Consolidated VIEs (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2013
Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts $ 92,578 $ 71,159
Residential mortgage loans held in securitization trusts (net) 163,237 187,229
Multi-family loans held in securitization trusts, at fair value 8,111,022 5,442,906
Receivables and other assets 135,286 86,031
Total assets 9,898,675 [1] 7,160,401 [1]
Securitized debt 304,964 117,591
Accrued expenses and other liabilities 54,466 34,645
Total liabilities 9,418,009 [1] 6,838,395 [1]
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net)    [2]    [3]
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Collateralized Recourse Financing [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net)    [4]    [5]
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Residential Distressed Mortgage Loan Securitization [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net) 254,721 60,459
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Financing VIE [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net) 254,721  
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Non-Financings, Multi-Family CMBS [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net)      [6]
Residential Distressed Mortgage Loans Held in Securitization Trust [Member] | Financing and Non-Financing VIEs [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net)   60,459
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net) 254,721 60,459
Residential Collateralized Debt Obligations [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations    [2]    [3]
Residential Collateralized Debt Obligations [Member] | Collateralized Recourse Financing [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations    [4]    [5]
Residential Collateralized Debt Obligations [Member] | Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 158,410 180,979
Residential Collateralized Debt Obligations [Member] | Financing VIE [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 158,410  
Residential Collateralized Debt Obligations [Member] | Non-Financings, Multi-Family CMBS [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations      [6]
Residential Collateralized Debt Obligations [Member] | Financing and Non-Financing VIEs [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations   180,979
Residential Collateralized Debt Obligations [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 158,410 180,979
Multi-Family Collateralized Debt Obligations [Member] | Multi-Family Collateralized Mortgage Backed Securities [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 1,195,637 [2] 1,306,760 [3]
Multi-Family Collateralized Debt Obligations [Member] | Collateralized Recourse Financing [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 6,675,383 [4] 2,547,015 [5]
Multi-Family Collateralized Debt Obligations [Member] | Financing VIE [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 7,871,020  
Multi-Family Collateralized Debt Obligations [Member] | Non-Financings, Multi-Family CMBS [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations   1,465,798 [6]
Multi-Family Collateralized Debt Obligations [Member] | Financing and Non-Financing VIEs [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations   5,319,573
Multi-Family Collateralized Debt Obligations [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized debt obligations 7,871,020 5,319,573
Multi-Family Collateralized Mortgage Backed Securities [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts 29,289 [2] 22,611 [3]
Residential mortgage loans held in securitization trusts (net)    [2]    [3]
Multi-family loans held in securitization trusts, at fair value 1,234,084 [2] 1,335,862 [3]
Receivables and other assets 5,241 [2] 5,372 [3]
Total assets 1,268,614 [2] 1,363,845 [3]
Securitized debt 27,240 [2],[7],[8] 26,891 [3],[7],[8]
Accrued expenses and other liabilities 4,640 [2] 4,706 [3]
Total liabilities 1,227,517 [2] 1,338,357 [3]
Collateralized Recourse Financing [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts 63,289 [4] 48,548 [5]
Residential mortgage loans held in securitization trusts (net)    [4]    [5]
Multi-family loans held in securitization trusts, at fair value 6,876,938 [4] 2,610,276 [5]
Receivables and other assets 27,198 [4] 11,797 [5]
Total assets 6,967,425 [4] 2,670,621 [5]
Securitized debt 107,853 [4],[7],[9] 52,000 [5],[7],[9]
Accrued expenses and other liabilities 25,315 [4] 10,609 [5]
Total liabilities 6,808,551 [4] 2,609,624 [5]
Residential Distressed Mortgage Loan Securitization [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Receivables and other assets 10,072 3,187
Total assets 264,793 63,646
Securitized debt 169,871 [10],[7] 38,700 [10],[7]
Accrued expenses and other liabilities 981 259
Total liabilities 170,852 38,959
Residential Mortgage Loans Held in Securitization Trusts, Net [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Residential mortgage loans held in securitization trusts (net) 163,237 187,229
Receivables and other assets 1,760 1,425
Total assets 164,997 188,654
Accrued expenses and other liabilities 15 15
Total liabilities 158,425 180,994
Financing VIE [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts 92,578  
Residential mortgage loans held in securitization trusts (net) 163,237  
Multi-family loans held in securitization trusts, at fair value 8,111,022  
Receivables and other assets 44,271  
Total assets 8,665,829  
Securitized debt 304,964 117,591
Accrued expenses and other liabilities 30,951  
Total liabilities 8,365,345  
Non-Financings, Multi-Family CMBS [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts      [6]
Residential mortgage loans held in securitization trusts (net)      [6]
Multi-family loans held in securitization trusts, at fair value   1,496,768 [6]
Receivables and other assets   3,035 [6]
Total assets   1,499,803 [6]
Securitized debt      [6]
Accrued expenses and other liabilities   2,918 [6]
Total liabilities   1,468,716 [6]
Financing and Non-Financing VIEs [Member]
    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investment securities available for sale, at fair value held in securitization trusts   71,159
Residential mortgage loans held in securitization trusts (net)   187,229
Multi-family loans held in securitization trusts, at fair value   5,442,906
Receivables and other assets   24,816
Total assets   5,786,569
Securitized debt   117,591
Accrued expenses and other liabilities   18,507
Total liabilities   $ 5,636,650
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company is the primary beneficiary of these VIEs. As of December 31, 2013 and December 31, 2012, assets of consolidated VIEs totaled $8,665,829 and $5,786,569, respectively, and the liabilities of consolidated VIEs totaled $8,365,345 and $5,636,650, respectively. See Note 7 for further discussion.
[2] The Company classified the multi-family CMBS issued by two K-Series securitizations and held by this Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[3] The Company classified the multi-family CMBS issued by two K-Series securitizations and held by the Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated one K-Series securitization that issued certain of the multi-family CMBS owned by the Company, including its assets, liabilities, income and expenses, in its financial statements, as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in this particular K-Series securitization (see Note 6).
[4] The multi-family CMBS serving as collateral under the collateralized recourse financings are comprised of securities issued from seven separate Freddie Mac-sponsored multi-family K-Series securitizations. The Financing VIE classified the multi-family CMBS issued by the two K-Series securitizations and held by the Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated five of the K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[5] The multi-family CMBS serving as collateral under the collateralized recourse financing are comprised of securities issued from four separate Freddie Mac-sponsored multifamily K-Series securitizations. The Financing VIE classified the multi-family CMBS issued by two K-Series securitizations and held by the Financing VIE as available for sale securities as the purpose is not to trade these securities. The Financing VIE consolidated two of the K-Series securitizations, including their assets, liabilities, income and expenses, in its financial statements as based on a number of factors, the Company determined that it was the primary beneficiary and has a controlling financial interest in such K-Series securitizations (see Note 6).
[6] One of the four Freddie Mac-sponsored multi-family K-Series securitizations included in the Consolidated K-Series was not subject to any Financing VIE as of December 31, 2012.
[7] Classified as securitized debt in the liability section of the Company's accompanying consolidated balance sheets.
[8] The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
[9] The Company entered into CMBS Master Repurchase Agreements with a three-year term for the purpose of financing a portion of its multi-family CMBS portfolio. In connection with these transactions, the Company agreed to guarantee the due and punctual payment of its wholly-owned subsidiary's obligations under the CMBS Master Repurchase Agreements.
[10] The Company engaged in these transactions for the purpose of financing distressed residential mortgage loans acquired by the Company. The distressed residential mortgage loans serving as collateral for the financings are comprised of performing, re-performing and to a lesser extent non-performing, fixed and adjustable-rate, fully-amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties. Two of the four securitization transactions provide for a revolving period of one to two years from the date of the respective financing ("Revolving Period") where no principal payments will be made on the note. All cash proceeds generated by the distressed residential mortgage loans and received by the respective securitization trust during the Revolving Period, after payment of interest on the note, reserve amounts and certain other transaction expenses, will be available for the purchase by the trust of additional mortgage loans that satisfy certain eligibility criteria.