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Loans Held for Investment (Tables)
 6 Months Ended
Jun. 30, 2019
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Summary of changes in carrying value of securitized loans held for investment carried at fair value
The following table provides a summary of the changes in the carrying value of Loans held for investment at fair value at June 30, 2019 and December 31, 2018:

 
For the Six Months Ended
For the Year Ended
 
June 30, 2019
December 31, 2018
 
(dollars in thousands)
Balance, beginning of period
$
12,572,581

$
13,678,263

Purchases
1,137,244

1,671,330

Principal paydowns
(806,677
)
(1,859,155
)
Sales and settlements
(784,373
)
(807,364
)
Net periodic accretion (amortization)
(43,896
)
(83,393
)
Realized gains (losses) on sales and settlements
—

101

Change in fair value
226,384

(27,201
)
Balance, end of period
$
12,301,263

$
12,572,581
Schedule of percentage of securitized loans held for investment carried at fair value by year originated
The loan portfolio for all residential mortgages were originated during the following periods:
Origination Year
June 30, 2019
December 31, 2018

2002 and prior
7.4
%
7.3
%
2003
6.5
%
6.6
%
2004
14.1
%
13.6
%
2005
19.7
%
19.5
%
2006
22.9
%
22.7
%
2007
19.5
%
19.5
%
2008
5.9
%
6.2
%
2009
0.9
%
1.0
%
2010 and later
3.1
%
3.6
%
Total
100.0
%
100.0
%
Schedule of securitized loans held for investment types and characteristics of underlying collateral
The following table summarizes the outstanding principal balance of the residential loan portfolio which are 30 days delinquent and greater as reported by the servicer at June 30, 2019 and December 31, 2018.

 
30 Days Delinquent
60 Days Delinquent
90+ Days Delinquent
Bankruptcy
Foreclosure
REO
Total
Unpaid Principal/Notional
 
(dollars in thousands)
 
June 30, 2019
$712,046
$240,389
$278,915
$275,163
$306,417
$56,232
$1,869,162
$11,941,767
% of Unpaid Principal Balance
6.0%
2.0%
2.3%
2.3%
2.6%
0.5%
15.7%

 
 
 
 
 
 
 
 
 
December 31, 2018
$855,423
$278,953
$342,944
$266,034
$292,307
$47,055
$2,082,716
$12,432,582
% of Unpaid Principal Balance
6.9%
2.2%
2.8%
2.1%
2.4%
0.4%
16.8%
Seasoned Subprime Residential Mortgage Loans  
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Schedule of securitized loans held for investment carried at fair value key characteristics of underlying collateral
The following table presents a summary of key characteristics of the residential loan portfolio at June 30, 2019 and December 31, 2018:
 
June 30, 2019
December 31, 2018
Number of loans
 
133,994

 
140,345

Weighted average maturity (years)
 
18.3

 
18.6

Weighted average loan to value (1)
 
87.4
%
 
87.5
%
Weighted average FICO (1)
 
629

 
629

Weighted average loan balance (in thousands)
 
$
89

 
$
89

Weighted average percentage owner occupied
 
87.8
%
 
90.1
%
Weighted average percentage single family residence
 
86.0
%
 
86.3
%
Weighted average geographic concentration of top five states
CA
9.6
%
CA
9.0
%
 
FL
7.3
%
FL
7.3
%
 
NY
6.0
%
OH
5.9
%
 
OH
5.8
%
NY
5.7
%
 
PA
5.6
%
PA
5.6
%
(1) As provided by the Trustee.