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Use of Special Purpose Entities and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2013
Use of Special Purpose Entities and Variable Interest Entities  
Summary of key details related to resecuritization transactions
The following table summarizes the key details of the resecuritization transactions the Company has been involved in to date:
 
(Dollars in Thousands)
 
February 2012
 
June 2011
 
February 2011
 
October 2010 (1)

Name of Trust (Consolidated as a VIE)
 
WFMLT Series
2012-RR1
 
CSMC Series
2011-7R
 
CSMC Series
2011-1R
 
DMSI
2010-RS2
Principal value of Non-Agency MBS sold
 
$
433,347

 
$
1,283,422

 
$
1,319,969

 
$
985,228

Face amount of Senior Bonds issued by the VIE and purchased by 3rd party investors
 
$
186,691

 
$
474,866

 
$
488,389

 
$
246,307

Outstanding amount of Senior Bonds at June 30, 2013
 
$
118,545

 
$
152,274

 
$
172,930

 
$
—

Pass-through rate for Senior Bonds issued
 
2.85
%
 
One-month LIBOR plus 125 basis points
 
One-month LIBOR plus 100 basis points
 
One-month LIBOR plus 125 basis points
Face amount of Senior Support Certificates received by the Company (2)
 
$
246,656

 
$
808,556

 
$
831,580

 
$
738,921

Cash received
 
$
186,691

 
$
474,866

 
$
488,389

 
$
246,307

Notional amount acquired of non-rated, interest only senior certificates
 
$
186,691

 
$
474,866

 
$
488,389

 
$
246,307

Expenses incurred (3)
 
$
1,814

 
$
3,230

 
$
3,527

 
$
3,562

 
(1) The principal balance for the DMSI 2010-RS2 Senior Bond was paid off during the quarter ended June 30, 2013.
(2)  Provides credit support for the sequential Senior Non-Agency MBS sold to third-party investors in resecuritization transactions (“Senior Bonds”).
(3)  Amortized to interest expense based upon the actual repayments of the associated beneficial interests.