Short-Term Debt

6 Months Ended

Jun. 30, 2013

Short-Term Debt

Note 11. Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At June 30, 2013, we had outstanding agreements with 11 counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q. The table below summarizes the facilities that are available to us and the balances of short-term debt at June 30, 2013 and December 31, 2012, by the type of collateral securing the debt.

	June 30, 2013
(Dollars in Thousands)	Number of Facilities		Outstanding		Limit		Maturity
Collateral Type
Residential loans		4	$	1,082,726	$	1,350,000		7/2013 - 1/2014
Real estate securities		7		363,235		-		7/2013 - 8/2013
Total		11	$	1,445,961

	December 31, 2012
(Dollars in Thousands)	Number of Facilities		Outstanding		Limit		Maturity
Collateral Type
Residential loans		4	$	179,982	$	800,000		1/2013 - 11/2013
Real estate securities		7		371,936		-		1/2013 - 3/2013
Total		11	$	551,918

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2013, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date. The fair value of residential loans and real estate securities pledged as collateral was $1.20 billion and $455 million, respectively, at June 30, 2013. For the three and six months ended June 30, 2013, the average balance of short-term debt was $1.05 billion and $954 million, respectively. For the three and six months ended June 30, 2012, the average balance of short-term debt was $474 million and $418 million, respectively. At both June 30, 2013 and December 31, 2012, accrued interest payable on short-term debt was $1 million.

Characteristics of Short-Term Debt

The table below summarizes short-term debt by weighted average interest rates and by collateral type at June 30, 2013 and December 31, 2012.

	June 30, 2013						December 31, 2012
(Dollars in Thousands)	Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity		Amount Borrowed		Weighted Average Interest Rate		Weighted Average Days Until Maturity
Collateral Type
Residential loan collateral	$	1,082,726		1.76%		120	$	179,982		1.76%		212
Real estate securities collateral		363,235		1.76%		22		371,936		1.83%		23
Total Short-Term Debt	$	1,445,961		1.76%		95	$	551,918		1.81%		84

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at June 30, 2013 and December 31, 2012.

(In Thousands)	June 30, 2013		December 31, 2012
Within 30 days	$	663,659	$	362,279
31 to 90 days		5,726		48,848
Over 90 days		776,576		140,791
Total Short-Term Debt	$	1,445,961	$	551,918