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Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2012

Assets Remeasured At Fair Value On Recurring Basis


	(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Gains

As of April 30, 2012:
Mortgage-backed securities	$	366,683		$	—		$	366,683		$	—		$	5,499
Municipal bonds		5,669			—			5,669			—			425

	$	372,352		$	—		$	372,352		$	—		$	5,924

As a percentage of total assets		8.0	%		—	%		8.0	%		—	%
As of April 30, 2011:
Mortgage-backed securities	$	158,177		$	—		$	158,177		$	—		$	207
Municipal bonds		8,740			—			8,740			—			405

	$	166,917		$	—		$	166,917		$	—		$	612

As a percentage of total assets		3.2	%		—	%		3.2	%		—	%

Assets Remeasured At Fair Value On Non-Recurring Basis


	(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Losses
As of April 30, 2012:
REO	$	15,870		$	—		$	—		$	15,870		$	(693	)
Impaired mortgage loans held for investment		99,974			—			—			99,974			(10,235	)

	$	115,844		$	—		$	—		$	115,844		$	(10,928	)

As a percentage of total assets		2.5	%		—	%		—	%		2.5	%
As of April 30, 2011:
REO	$	12,366		$	—		$	—		$	12,366		$	(1,920	)

Impaired mortgage loans held for investment		90,628			—			—			90,628			(11,390	)

	$	102,994		$	—		$	—		$	102,994		$	(13,310	)
As a percentage of total assets		1.9	%		—	%		—	%		1.9	%

Quantitative Information About Level 3 Fair Value Measurements

(in 000s)

Fair Value at
April 30, 2012

Valuation
Technique

Unobservable Input

Range
(Weighted Average)

REO

14,972

Third party

Cost to list/sell

5% - 25% (6%)

pricing

Loss severity

0% - 93% (44%)

Impaired mortgage loans

64,197

Collateral-

Cost to list/sell

0% - 30% (7%)

held for investment – TDRs

based

Time to sell (months)

24 (24)

Collateral depreciation

(30%) -100% (47%)

Loss severity

0% - 100% (55%)

Impaired mortgage loans

99,040

Discounted

Aged default performance

32% - 54% (43%)

held for investment – non TDRs

cash flow

Loss severity

0% - 21% (4%)

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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