OTHER THAN TEMPORARY IMPAIRMENT LOSS ON SECURITIES OTHER THAN TEMPORARY IMPAIRMENT LOSS ON SECURITIES

3 Months Ended

Mar. 31, 2016

Other than Temporary Impairment Loss on Securities [Abstract]

OTHER THAN TEMPORARY IMPAIRMENT LOSS ON SECURITIES

OTHER THAN TEMPORARY IMPAIRMENT LOSS ON SECURITIES

During March 2015, we purchased 1.6 million shares of HLSS common stock in the open market for $30.0 million (1,613,125shares at an average price per share of $18.58).  This investment was classified as available for sale.  On April 6, 2015, HLSS completed the sale of substantially all of its assets to New Residential Investment Corp. (“NRZ”) and adopted a plan of complete liquidation and dissolution.  Based on HLSS’ sale of substantially all of its assets to NRZ, we determined that our investment in HLSS was other than temporarily impaired.  Accordingly, we recognized an other than temporary impairment loss on HLSS equity securities of $3.3 million in the accompanying condensed consolidated statements of operations and comprehensive income during the three months ended March 31, 2015. This amount reflected the difference between the cost and fair value of the HLSS equity securities as of March 31, 2015 (based on 1,613,125 shares at $16.54 per share) (no comparative amount in 2016).