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Use of Special Purpose Entities and Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2014
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
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 Bonds issued by the VIE and purchased by 3rd party investors (1)
 
$
186,691

 
$
474,866

 
$
488,389

 
$
373,577

Outstanding amount of Senior Bonds at June 30, 2014
 
$
76,597

 
$
5,503

 
$
50,159

 
$
81,789

Pass-through rate for Senior Bonds issued
 
2.85
%
 
One-month LIBOR plus 125 basis points
 
One-month LIBOR plus 100 basis points
 
Weighted Average Coupon Rate
Face amount of Senior Support Certificates received by the Company (2)
 
$
220,524

 
$
762,810

 
$
781,744

 
$
487,460

Cash received
 
$
186,691

 
$
474,866

 
$
488,389

 
$
375,621

Notional amount acquired of non-rated, interest only senior certificates (1)
 
$
186,691

 
$
474,866

 
$
488,389

 
$

Unamortized deferred costs
 
$
659

 
$
38

 
$
469

 
$
183

 
(1) Amount disclosed reflects principal balance on the DMSI 2010-RS A1, A2 and A3 bonds. The DMSI 2010-RS2 A2 and A3 bond was sold to third party investors during 2013. The principal balance for the DMSI 2010-RS2 A1 Bond and associated interest only Senior certificate was paid off during the three months 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”).