Marketable Securities (Notes)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Mortgage Securities [Table Text Block]

Marketable Securities

The following table presents certain information on the Company's portfolio of available-for-sale securities as of December 31, 2014 and 2013 (dollars in thousands):

	As of December 31, 2014
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Marketable securities, current
Corporate notes and bonds	$	24,462	$	—	$	(26	)	$	24,436
Commercial paper	1,998		—		—			1,998
Mortgage securities	682		2,699		—			3,381
Total	$	27,142	$	2,699	$	(26	)	$	29,815
Marketable securities, non-current
Corporate notes and bonds	$	15,066	$	—	$	(52	)	$	15,014
Agency securities	1,000		—		(2		)	998
Total	$	16,066	$	—	$	(54	)	$	16,012
	As of December 31, 2013
Description of Securities	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Marketable securities, current
Mortgage securities	$	625	$	3,103	$	—		$	3,728

Prior to 2008, the Company originated, purchased, securitized, sold, invested in and serviced residential nonconforming mortgage loans and mortgage securities. As a result of those activities, we acquired mortgage securities that continue to be a source of our earnings and cash flow. As of December 31, 2014 and 2013, these mortgage securities consisted entirely of the Company's investment in the residual securities issued by securitization trusts sponsored by the Company. Residual securities consist of interest-only, prepayment penalty and overcollateralization bonds.

There were no other-than-temporary impairments relating to available-for-sale securities for 2014 and 2013. The average remaining maturities of the Company’s short-term and long-term available-for-sale investments as of December 31, 2014 were approximately six and nineteen months, respectively. Maturities of mortgage securities owned by the Company depend on repayment characteristics and experience of the underlying financial instruments. See Note 10 to the consolidated financial statements for details on the Company's fair value methodology.

The following table relates to the securitizations where the Company retained an interest in the assets issued by the securitization trust (dollars in thousands):

	Size/Principal Outstanding (A)		Assets on Balance Sheet (B)		Liabilities on Balance Sheet		Maximum Exposure to Loss(C)		Year to Date Loss on Sale		Year to Date Cash Flows
December 31, 2014	$	4,062,068	$	3,381	$	—	$	3,381	$	—	$	7,136
December 31, 2013	4,811,987		3,728		—		3,728		—		5,448

(A) Size/Principal Outstanding reflects the estimated principal of the underlying assets held by the securitization trust.

(B) Assets on balance sheet are securities issued by the entity and are recorded in the current marketable securities line item of the consolidated balance sheets.

(C) The maximum exposure to loss includes the assets held by the Company. The maximum exposure to loss assumes a total loss on the referenced assets held by the securitization trust.