MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'MUNICIPAL MORTGAGE & EQUITY LLC	'
Entity Central Index Key	'0001003201	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'MMAB	'
Entity Common Stock, Shares Outstanding	'	41,512,514
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents (includes $41,634 at December 31, 2012 in a consolidated subsidiary that had restrictions on distributions)	$45,605	$50,857
Restricted cash (includes $55,945 and $53,957 related to CFVs)	90,949	55,313
Bonds available-for-sale (includes $132,930 and $925,346 pledged as collateral and/or restricted)	196,485	969,394
Investments in Lower Tier Property Partnerships related to CFVs	299,730	333,335
SA Fund investments related to CFVs	157,791	161,433
Real estate held-for-use, net (includes $15,595 and $17,756 pledged as collateral and $103,649 and $111,931 related to CFVs)	121,863	129,687
Real estate held-for-sale related to CFVs	51,836	15,338
Investment in preferred stock	31,371	31,371
Other assets (includes $12,054 and $14,691 pledged as collateral and $23,714 and $17,568 related to CFVs)	44,226	55,024
Total assets	1,039,856	1,801,752
LIABILITIES AND EQUITY	'	'
Debt (includes $96,142 and $55,433 related to CFVs)	461,126	1,042,959
Derivative liabilities	662	3,544
Accounts payable and accrued expenses	7,833	12,498
Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs	13,461	15,881
Other liabilities (includes $10,167 and $6,150 related to CFVs)	17,281	15,145
Total liabilities	500,363	1,090,027
Commitments and contingencies	'	'
Equity:	'	'
Perpetual preferred shareholders’ equity in a subsidiary company, liquidation preference of $159,000 at December 31, 2012	0	155,033
Noncontrolling interests in CFVs and IHS (net of $1,533 of subscriptions receivable)	487,896	511,791
Common shareholders' equity:	'	'
Common shares, no par value (40,902,784 and 40,638,614 shares issued and outstanding and 1,310,226 and 1,873,348 non-employee directors’ and employee deferred shares issued at September 30, 2013 and December 31, 2012, respectively)	15,741	-93,786
Accumulated other comprehensive income	35,856	138,687
Total common shareholders’ equity	51,597	44,901
Total equity	539,493	711,725
Total liabilities and equity	1,039,856	1,801,752
Consolidated Funds and Ventures [Member]	'	'
ASSETS	'	'
Restricted cash (includes $55,945 and $53,957 related to CFVs)	55,945	53,957
Real estate held-for-use, net (includes $15,595 and $17,756 pledged as collateral and $103,649 and $111,931 related to CFVs)	103,649	111,931
Other assets (includes $12,054 and $14,691 pledged as collateral and $23,714 and $17,568 related to CFVs)	23,714	17,568
LIABILITIES AND EQUITY	'	'
Debt (includes $96,142 and $55,433 related to CFVs)	96,142	55,433
Other liabilities (includes $10,167 and $6,150 related to CFVs)	$10,167	$6,150

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Cash and cash equivalents, restrictions on distributions (in dollars)	'	$41,634
Bonds available-for-sale, pledged as collateral (in dollars)	132,930	925,346
Real estate held-for-use, net, pledged as collateral (in dollars)	15,595	17,756
Other assets, pledged as collateral (in dollars)	12,054	14,691
Preferred stock, liquidation preference, value (in dollars)	'	159,000
Noncontrolling interests in consolidated funds and ventures, subscriptions receivable (in dollars)	'	$1,533
Common shares, shares issued (in shares)	40,902,784	40,638,614
Common shares, shares outstanding (in shares)	40,902,784	40,638,614
Common shares, non-employee directors' and employee deferred shares (in shares)	1,310,226	1,873,348

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Interest income	'		'		'		'
Interest income	$4,380		$16,225		$35,177		$50,187
Interest expense	'		'		'		'
Interest expense	2,199	[1]	6,547	[1]	22,213	[1]	20,090	[1]
Net interest income	2,181		9,678		12,964		30,097
Non-interest revenue	'		'		'		'
Income on preferred stock investment	1,326		1,340		3,935		4,429
Other income	809		489		1,866		1,662
Total non-interest revenue	9,610		5,896		22,681		14,549
Total revenues, net of interest expense	11,791		15,574		35,645		44,646
Operating and other expenses	'		'		'		'
Interest expense	3,628	[2]	4,639	[2]	11,374	[2]	14,179	[2]
Salaries and benefits	2,895		2,457		10,045		7,757
General and administrative	1,102		1,286		3,528		3,814
Professional fees	1,375		1,525		6,777		5,163
Impairment on bonds	939		2,282		1,772		3,369
Net loan loss (recovery)	5		-1,363		5		-5,647
Other expenses	1,178		955		4,965		2,950
Total operating and other expenses	25,976		20,820		78,414		52,708
Net gains (losses) on assets and derivatives	76,404		-633		78,509		-1,768
Net (losses) gains on early extinguishment of liabilities	-84		132		36,179		601
Net gains due to initial real estate consolidation and foreclosure	2,411		2,853		10,895		5,404
Net gains (losses) related to CFVs	'		'		32,964		5,407
Equity in losses from Lower Tier Property Partnerships of CFVs	'		'		-20,323		-25,917
Net income (loss) from continuing operations before income taxes	62,015		-13,988		90,417		-24,335
Income tax (expense) benefit	-123		-24		1,309		-65
Income from discontinued operations, net of tax	403		602		6,527		694
Net income (loss)	62,295		-13,410		98,253		-23,706
Net income to common shareholders	73,316		718		112,142		6,974
Basic income per common share:	'		'		'		'
Income from continuing operations (in dollars per share)	$1.73		$0.03		$2.52		$0.13
Income (loss) from discontinued operations (in dollars per share)	$0.01		($0.01)		$0.12		$0.03
Income per common share (in dollars per share)	$1.74		$0.02		$2.64		$0.16
Diluted income per common share:	'		'		'		'
Income from continuing operations (adjusted for liability classified awards) (in dollars per share)	$1.66		$0.03		$2.48		$0.13
Income (loss) from discontinued operations (in dollars per share)	$0.01		($0.01)		$0.12		$0.03
Income per common share (in dollars per share)	$1.67		$0.02		$2.60		$0.16
Weighted-average common shares outstanding:	'		'		'		'
Basic (in shares)	42,290	[3]	42,304	[3]	42,380	[3]	42,207	[3]
Diluted (in shares)	43,916		42,380		43,823		42,414
Bonds [Member]	'		'		'		'
Interest income	'		'		'		'
Interest income	4,214		15,998		34,677		49,467
Interest expense	'		'		'		'
Interest expense	1,975	[1]	5,922	[1]	21,167	[1]	18,208	[1]
Loans [Member]	'		'		'		'
Interest income	'		'		'		'
Interest income	166		227		500		720
Non Bond [Member]	'		'		'		'
Interest expense	'		'		'		'
Interest expense	224	[1]	625	[1]	1,046	[1]	1,882	[1]
Consolidated Funds and Ventures [Member]	'		'		'		'
Non-interest revenue	'		'		'		'
Revenue from CFVs	7,475		4,067		16,880		8,458
Operating and other expenses	'		'		'		'
Expenses from CFVs	14,854		9,039		39,948		21,123
Net gains (losses) related to CFVs	3,812		-4,608		27,732		5,407
Equity in losses from Lower Tier Property Partnerships of CFVs	-6,343		-6,486		-20,129		-25,917
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses	'		'		'		'
Income allocable to noncontrolling interests:	11,186		17,407		18,915		36,884
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses	'		'		'		'
Income allocable to noncontrolling interests:	-129		-995		-1,312		648
Subsidiaries [Member]	'		'		'		'
Operating and other expenses	'		'		'		'
Income allocable to noncontrolling interests:	($36)		($2,284)		($3,714)		($6,852)
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt which does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012
Net income to common shareholders	$73,316		$718	$112,142		$6,974
Net loss allocable to noncontrolling interests	-11,021		-14,128	-13,889		-30,680
Net income (loss)	62,295		-13,410	98,253		-23,706
Other comprehensive (loss) income allocable to common shareholders:	'		'	'		'
Unrealized net holding (losses) gains arising during the period	-5,259		12,803	-16,792		28,489
Reversal of unrealized gains on sold/redeemed bonds	-76,362	[1]	0	-76,960	[1]	-52
Reclassification of unrealized bond losses to operations due to impairment	939		2,282	1,772		3,369
Reclassification of unrealized bond gains to operations due to consolidation of funds and ventures	-2,411	[1]	-2,853	-10,895	[1]	-5,404
Net changes in other comprehensive income due to bonds	-83,093		12,232	-102,875		26,402
Foreign currency translation adjustment	43		-24	44		97
Other comprehensive (loss) income allocable to common shareholders	-83,050		12,208	-102,831		26,499
Other comprehensive loss allocable to noncontrolling interests:	'		'	'		'
Foreign currency translation adjustment for SA Fund and IHS	-2,212		-45	-20,674		-3,758
Comprehensive (loss) income to common shareholders	-9,734		12,926	9,311		33,473
Comprehensive loss to noncontrolling interests	-13,233		-14,173	-34,563		-34,438
Comprehensive loss	($22,967)		($1,247)	($25,252)		($965)
[1]	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Preferred Stock [Member]	Noncontrolling Interest [Member]
In Thousands
Balance at Dec. 31, 2012	$711,725	($93,786)	$138,687	$44,901	$155,033	$511,791
Balance (in shares) at Dec. 31, 2012	'	42,512	'	'	'	'
Net income	98,253	112,142	0	112,142	3,714	-17,603
Other comprehensive income	-123,505	0	-102,831	-102,831	0	-20,674
Distributions	-3,714	0	0	0	-3,714	0
Contributions	8,051	0	0	0	0	8,051
Net change due to consolidation	6,331	0	0	0	0	6,331
Non-employee director deferred shares	81	81	0	81	0	0
Non-employee director deferred shares (in shares)	'	67	'	'	'	'
Non-employee director options	19	19	0	19	0	0
Employee deferred shares (liability classified awards) (in shares)	'	52	'	'	'	'
Mark-to-market activity for liability classified awards previously classified as equity	-19	-19	0	-19	0	0
Employee and non-employee shares cancelled	0	0	0	0	0	0
Employee and non-employee shares cancelled (in shares)	'	-32	'	'	'	'
Common shares repurchases	-516	-516	0	-516	0	0
Common shares repurchases (in shares)	'	-386	'	'	'	'
Preferred shares repurchases	-36,213	842	0	842	-37,055	0
Preferred shares transferred to TEB purchaser	-121,000	-3,022	0	-3,022	-117,978	0
Balance at Sep. 30, 2013	$539,493	$15,741	$35,856	$51,597	$0	$487,896
Balance (in shares) at Sep. 30, 2013	'	42,213	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income (loss)	$98,253	($23,706)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:	'	'
Net gains on sales of bonds and loans	-78,450	-366
Net gains due to real estate consolidation and foreclosure	-10,895	-5,399
Net gains related to CFVs	-32,964	-5,407
Provisions for credit losses and impairment	16,962	8,502
Equity in losses from Lower Tier Property Partnerships of CFVs	20,323	25,917
Subordinate debt effective yield amortization and interest accruals	6,188	8,629
Net gains on early extinguishment of liabilities	-36,179	0
Depreciation and other amortization	15,742	7,274
Foreign currency loss	9,136	1,237
Stock-based compensation expense	2,137	294
Other	-2,322	-1,312
Net cash provided by operating activities	7,931	15,663
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Advances on and purchases of bonds	0	-6,189
Principal payments and sales proceeds received on bonds	15,203	15,721
Advances on and originations of loans held for investment	-278	-450
Principal payments received on loans held for investment	563	2,400
Insurance recoveries on real estate	0	753
Investments in property partnerships and real estate	-20,509	-46,033
Proceeds from the sale of real estate and other investments	39,437	3,222
Proceeds received on redemption of investment in preferred stock	0	5,000
Net proceeds from the sale of a subsidiary company	19,151	0
Increase in restricted cash	-24,784	-11,278
Capital distributions received from investments in partnerships	12,728	8,816
Net cash provided by (used in) investing activities	41,511	-28,038
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from borrowing activity	116,461	35,482
Repayment of borrowings	-136,639	-34,647
Payment of debt issuance costs	-1,202	-889
Contributions from holders of noncontrolling interests	8,051	20,462
Purchase of treasury stock	-516	0
Distributions paid to perpetual preferred shareholders of a subsidiary company	-4,636	-7,050
Redemption of perpetual preferred shares	-36,213	0
Net cash (used in) provided by financing activities	-54,694	13,358
Net (decrease) increase in cash and cash equivalents	-5,252	983
Cash and cash equivalents at beginning of period	50,857	42,116
Cash and cash equivalents at end of period	45,605	43,099
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Interest paid	26,868	31,235
Income taxes paid	254	146
Non-cash investing and financing activities:	'	'
Unrealized (losses) gains included in other comprehensive income	-123,505	22,741
Debt and liabilities extinguished through sales and collections on bonds and loans	4,252	11,400
Increase in real estate assets due to initial consolidation of funds and ventures	43,943	47,058
Decrease in bond assets due to initial consolidation of funds and ventures	37,777	34,108
Increase Decrease In Liabilities Of Equity Method Investment	6,737	0
Increase in real estate assets and decrease in loan investments due to foreclosure	0	7,711
Increase in common equity due to purchase of noncontrolling interests	0	2,203
Decrease in noncontrolling interests due to sale of common equity	0	2,203
Subsidiaries [Member]	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Increase in restricted cash	-14,672	0
Net change in assets and liabilities due to the sale of a subsidiary company:	'	'
Net decrease in interest receivable	4,612	0
Net decrease in interest payable	-1,052	0
Net decrease in bonds available-for-sale	678,983	0
Increase related to new borrowing activities	169,601	0
Net decrease in perpetual preferred shares and related distributions	-122,669	0
Decrease related to borrowings transferred to purchaser	($695,652)	$0

DESCRIPTION_OF_THE_BUSINESS_AN

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	'
	Note 1—description of the business and BASIS OF PRESENTATION
	Municipal Mortgage & Equity, LLC, the registrant, was organized in 1996 as a Delaware limited liability company.  When used in this report, the “Company”, “MuniMae”, “we”, “our” or “us” may refer to the registrant, the registrant and its subsidiaries, or one or more of the registrant’s subsidiaries depending on the context of the disclosure.
	Effective July 10, 2013, we are taxed as a corporation.  However, we have significant loss carryfowards that we expect will be sufficient to offset federal taxable income and gains for the foreseeable future.
	Description of the Business
	The Company operates through two reportable segments: US Operations and International Operations.
	We own and manage a range of real estate related assets.  Our primary holdings include a portfolio of tax-exempt bonds, a substantial portion of which are backed by affordable multifamily rental properties.  We also manage tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties.  Finally, we own a variety of direct investments in multifamily rental properties and land.  Outside of the United States (“US”), we are in the business of raising, investing in and asset managing private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa.
	US Operations
	The Company’s bond portfolio consisted of 45 bonds and interests in bonds totaling $321.4 million (based on the fair value of all bonds, including those that have been eliminated due to consolidation), collateralized by 28 real estate properties at September 30, 2013.  This bond portfolio is comprised primarily of multifamily tax-exempt bonds as well as community development district (“CDD”) bonds.  At September 30, 2013, approximately 55% of this portfolio was unleveraged.
	MuniMae is also the general partner (“GP”) and manager of 13 low income housing tax credit funds (“LIHTC Funds”) which have $852.9 million in capital invested at September 30, 2013, which hold limited partnership interests in 117 affordable multifamily rental properties in the US.  The Company’s ownership interest in the LIHTC Funds is negligible; however, the Company is entitled to asset management fees as well as contingent asset management fees based on several factors including the residual value of the LIHTC Funds’ underlying multifamily rental properties.
	As a result of the third quarter 2013 sale of our common shares of MuniMae TE Bond Subsidiary, LLC (“TEB”) described in Note 2 “Bonds Available-For-Sale,” we significantly reduced our long term interest rate risk; however, we no longer have a substantial portion of the net interest spread generated by TEB. As a result, to cover operating costs and grow shareholder value over the long term, we will need to find and make new investments that generate sufficient returns to achieve these goals.
	International Operations
	Substantially all of the Company’s International Operations take place through a subsidiary, International Housing Solutions S.à r.l. (“IHS”) which is in the business of raising, investing in and asset managing private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa.  At September 30, 2013, the Company’s ownership interest in IHS is approximately 83%.  In addition to earning asset management fees, IHS as the managing member is entitled to special distributions based on returns generated by the funds it sponsors. IHS currently manages a single fund (South Africa Workforce Housing Fund SA I - “SA Fund”), and expects to raise capital for and manage additional funds in the near future.
	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses.  Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”).  Management has also made significant estimates in the determination of impairment on bonds and real estate investments.  Actual results could differ materially from these estimates.
	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company.  All intercompany transactions and balances have been eliminated in consolidation.  Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.  See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2012 Form 10-K, which discusses our consolidation presentation and our significant accounting policies.
	Changes in Presentation
	We have revised the presentation of our consolidated statements of operations so that we now separately present “Net interest income,” which is interest income less interest expense on debt which finances interest-bearing assets.  This presentation change had no impact on “Net (loss) income.”
	Reclassifications
	The Company made reclassifications to discontinued operations on its previously issued consolidated statements of operations for the three months and nine months ended September 30, 2012 as a result of certain discontinued operations occurring subsequent to September 30, 2012.
	Interim Period Presentation
	The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and note disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations.
	The consolidated financial statements are unaudited.  These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows.  These consolidated financial statements should be read in conjunction with the financial statements included in our 2012 Form 10-K.  The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

BONDS_AVAILABLEFORSALE

BONDS AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 2013
Available-For-Sale Securities [Abstract]	'
Available-for-sale Securities Disclosure [Text Block]	'
	Note 2—BONDs available-for-sale
	Sale of the Company’s common shares in TEB
	On July 3, 2013, the Company sold the common shares of TEB to Merrill Lynch Portfolio Management, Inc. (together with its affiliates, the “Purchaser”), an affiliate of Bank of America Merrill Lynch, pursuant to a Share Purchase Agreement, dated as of July 1, 2013 (“Share Purchase Agreement”), by and among the Purchaser, MuniMae TEI Holdings, LLC, the Company and TEB.  Immediately prior to the closing, TEB distributed to the Company, and the Company retained approximately $146.7 million of bonds and bond related investments on an unleveraged basis comprised of TEB’s bonds that were non-performing (i.e., bonds that are 30 days or greater past due in either principal or interest) as well as certain performing bonds with debt service coverage below 1.0x, its participating multifamily bonds, and all but one of its CDD bonds.
	Following TEB’s distribution of the foregoing bonds, the Purchaser paid the Company $78.7 million for the TEB common shares, reflecting (a) the value of the bonds and non-bond related investments remaining in TEB, consisting of fixed rate performing multifamily bonds and interests in such bonds and one CDD bond (aggregate fair value of $848.6 million) as well as cash, restricted cash and accrued interest of approximately $51.5 million, net of (b) TEB’s contractual debt and preferred share obligations of $821.4 million including interest and distributions due and payable of $4.8 million, which will remain the obligation of TEB.  As a result of the transaction, the Company eliminated $816.7 million of debt and preferred equity financing (liquidation preference).  See Note 6, “Debt” and Note 12, “Equity” for more information.
	Even though the Company sold bonds and interests in bonds with a fair value of $848.6 million, the Company derecognized from its balance sheet only $679.0 million of bonds because bonds totaling  $94.4 million did not receive sale accounting and $75.2 million were not reported as bonds on our balance sheet because the Company consolidated the real estate serving as collateral to these bonds.
	On July 3, 2013, the Company also entered into two Total Return Swap (“TRS”) agreements with the Purchaser using the July 3, 2013 fair value of two bond assets of $30.6 million to set the notional amount for the TRS.  Under the terms of the TRS, the Purchaser is required to pay the Company an amount equal to the interest payments received on the two assets, currently a weighted average rate of 6.9%, and the Company  is required to pay the Purchaser a rate of SIFMA (Securities Industry and Financial Markets Association) plus a spread of 150 basis points (“bps”) on the notional amount of the TRS.  The Company also agreed with the Purchaser to pledge $16.3 million of cash as additional collateral against the Company’s new and existing TRS borrowings with the Purchaser.  Because the Company retains the economic risk and rewards associated with these bonds, they do not receive sale accounting (these bonds are included in the $94.4 million described above).  Also included in the $94.4 million of bonds that did not receive sale accounting were $63.8 million of senior certificates in bonds where the Company retained the subordinate certificates and therefore did not receive sale accounting for the sale of the senior interests.
	The following table summarizes the third quarter 2013 impact of the transactions described above.
	(in thousands)
	Increase in MuniMae’s cash (including $16,337 of restricted cash)	$	$78,664
	Reduction in bonds		-678,983		-1
	Reduction in other assets (bond interest receivable)		-4,612		-2
	Reduction in TEB’s cash (including $1,665 of restricted cash)		-44,841		-2
	Net reduction in assets	$	-649,772
	Reduction in senior interests and debt owed to securitization trusts	$	574,652
	Reduction in mandatorily redeemable preferred shares		121,000
	Reduction in perpetual preferred shares ($121,000 liquidation preference)		117,978
	Reduction in accounts payable and accrued expenses and other liabilities (interest and distributions payable)		4,781
	Increase in debt (resulting from bonds and interests in bonds that did not qualify for sale treatment)		-94,410		-1
	Increase in debt (due from CFVs)		-75,191		-1
	Increase in accounts payable and accrued expenses (interest payable resulting from failed sales)		-618		-2
	Increase in accounts payable and accrued expense (interest payable due from CFVs)		-1,442		-2
	Net reduction in liabilities	$	646,750
	Net reduction in common shareholders’ equity	$	-3,022		-3
	(1)    The sum of these amounts total $848.6 million and represents the fair value of the bonds sold on July 3, 2013.
	(2)    Represents the total cash, restricted cash and interest receivable of $51.5 million transferred to the Purchaser as part of the sale of TEB.
	(3)    Represents the difference between the Company’s carrying value of the perpetual preferred shares on June 30, 2013 of $118.0 million as compared to the liquidation preference amount assumed in the sale on July 3, 2013 of $121.0 million.
	In addition to the net $3.0 million reduction to common equity as described above, the bonds transferred to the Purchaser  (that received sale accounting) resulted in a gain on sale of bonds of $75.7 million reported through "net gains (losses) on assets and derivatives" on the Consolidated Statement of Operations.  These gains were offset by a corresponding reduction to "reversal of unrealized gains on sold/redeemed bonds" on the Consolidated Statements of Comprehensive loss resulting in no changes to common equity.
	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at September 30, 2013 and December 31, 2012.
		September 30, 2013
	(in thousands)	Unpaid				Basis			Unrealized			Unrealized		Fair Value
		Principal				Adjustments (1)			Losses			Gains
		Balance
	Mortgage revenue bonds	$	146,587			$	-3,879		$	-37,572		$	16,776	$	121,912
	Other bonds		80,045				-1,921			-22,922			19,371		74,573
	Total	$	226,632	-2		$	-5,800		$	-60,494		$	36,147	$	196,485
		December 31, 2012
	(in thousands)	Unpaid				Basis			Unrealized			Unrealized		Fair Value
		Principal				Adjustments (1)			Losses			Gains
		Balance
	Mortgage revenue bonds	$	898,209			$	-10,314		$	-118,933		$	115,196	$	884,158
	Other bonds		86,113				-2,339			-22,364			23,826		85,236
	Total	$	984,322	-2		$	-12,653		$	-141,297		$	139,022	$	969,394
	(1)     Represents net discounts, deferred costs and fees.
	(2)     The Company had bonds with an unpaid principal balance (“UPB”) of $113.5 million ($124.9 million fair value) and $123.9 million ($125.1 million fair value) at September 30, 2013 and December 31, 2012, respectively, which were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds.  See Note 16, “Consolidated Funds and Ventures” for more information.
	Mortgage Revenue Bonds
	Mortgage revenue bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing; typically however, the only source of recourse on these bonds is the collateral, which is a first mortgage or a subordinate mortgage on the underlying properties.  The Company’s rights under the mortgage revenue bonds are defined by the contractual terms of the underlying mortgage loans, which are pledged to the bond issuer and assigned to a trustee for the benefit of bondholders to secure the payment of debt service (any combination of interest and/or principal as set forth in the trust indenture) on the bonds.
	The payment of debt service on our subordinate bond investments occurs only after payment of senior obligations which have priority to the cash flow of the underlying collateral.  At September 30, 2013, the Company’s subordinate bond investments had an aggregate unpaid principal balance of $9.5 million (or $49.0 million including those bond investments eliminated in consolidation, $15.2 million of which a third party held the related senior interests).
	At September 30, 2013, the Company had no participating bonds (i.e., bonds that allow the Company to receive additional interest from net property cash flows in addition to the base interest rate) on its balance sheet; however, there were participating bonds eliminated in consolidation with an unpaid principal balance of $33.3 million.
	The interest income from the mortgage revenue bonds (including interest income from the participating bonds) is exempt from federal income tax. However, a significant portion of the tax-exempt income generated from the mortgage revenue bonds is subject to the alternative minimum tax (“AMT”) calculation for federal income tax purposes. Prior to July 10, 2013, we were a pass-through entity for federal income tax purposes, meaning our shareholders paid any taxes due on our pass through income, which included any taxes due in respect of bond income subject to AMT. Effective July 10, 2013, we are taxed as a corporation and therefore the Company will now be responsible for AMT related to our mortgage revenue bonds. However, we have significant loss carryfowards that we expect will be sufficient to offset federal taxable income and gains for the foreseeable future.
	Other Bonds
	Other bonds consists primarily of municipal bonds issued by community development districts or other municipal issuers to finance the development of community infrastructure supporting single-family housing and mixed-use and commercial developments such as storm water management systems, roads and utilities.  In some cases these bonds are secured by specific payments or assessments pledged by the issuers or incremental tax revenue generated by the underlying properties.  The income on these bonds is exempt from federal income tax and is generally not included in the AMT calculation.
	Maturity
	Principal payments on bonds are based on amortization tables set forth in the bond documents.  If no principal amortization is required during the bond term, the outstanding principal balance is required to be paid in a lump sum payment at maturity or at such earlier time as may be provided under the bond documents.  The following table summarizes, by contractual maturity, the amortized cost and fair value of bonds available-for-sale at September 30, 2013.
		September 30, 2013
	(in thousands)	Amortized Cost			Fair Value
	Non-Amortizing:
	Due in less than one year	$	–		$	–
	Due between one and five years		–			–
	Due between five and ten years		–			–
	Due after ten years		1,429			1,532
	Amortizing:
	Due at stated maturity dates between December 2013 and June 2056		158,909			194,953
		$	160,338		$	196,485
Bonds with Lockouts, Prepayment Premiums or Penalties
Substantially all of the Company’s bonds include provisions that allow the borrowers to prepay the bonds at a premium or at par after a specified date that is prior to the stated maturity date.  The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at September 30, 2013 as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
	September 30, 2013
(in thousands)	Amortized Cost			Fair Value
Bonds that may be prepaid without restrictions, premiums or penalties at September 30,	$	–		$	–
2013
October 1 through December 31, 2013		1,133			1,400
2014		–			–
2015		–			–
2016		10,183			13,410
2017		5,725			6,488
Thereafter		106,023			128,531
Bonds that may not be prepaid		37,274			46,656
Total	$	160,338		$	196,485
Non-Accrual Bonds
The carrying value of bonds on non-accrual was $70.5 million and $103.8 million at September 30, 2013 and December 31, 2012, respectively (or $103.4 million at September 30, 2013 including those bonds eliminated in consolidation).  During the period in which these bonds were on non-accrual, the Company recognized interest income on a cash basis of $3.2 million and $2.4 million for the nine months ended September 30, 2013 and 2012, respectively (or $3.9 million for the nine months ended September 30, 2013 including those bonds eliminated in consolidation).  Interest income not recognized on the non-accrual bonds was $3.6 million and $3.7 million for the nine months ended September 30, 2013 and 2012, respectively (or $5.5 million for the nine months ended September 30, 2013 including those bonds eliminated in consolidation).
Bond Aging Analysis
The following table provides an aging analysis for the fair value of bonds available-for-sale at September 30, 2013 and December 31, 2012.
(in thousands)	September 30,			December 31,
	2013			2012
Total current	$	117,709		$	850,155
30-59 days past due		–			8,013
60-89 days past due		8,244			7,471
Greater than 90 days		70,532			103,755
Total	$	196,485		$	969,394
Bond Sales and Redemptions
The Company recorded cash proceeds on sales and redemptions of bonds of $10.1 million and $8.2 million for the nine months ended September 30, 2013 and 2012, respectively.
Provided in the table below are unrealized losses and realized gains and losses recorded through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” for bonds sold or redeemed during the three months and nine months ended September 30, 2013 and 2012, as well as for bonds still in the Company’s portfolio at September 30, 2013 and 2012, respectively.
	For the three months						For the nine months
	ended September 30,						ended September 30,
(in thousands)	2013			2012			2013			2012
Bond impairment recognized on bonds held at each period-end	$	-939		$	-2,282		$	-1,242		$	-3,369
Bond impairment recognized on bonds sold/redeemed during each period		–			–			-530			–
Gains recognized at time of sale/redemption		76,362			2			76,960			54
Total net gains (losses) on bonds	$	75,423		$	-2,280		$	75,188		$	-3,315
Unfunded Bond Commitments
Unfunded bond commitments are agreements to fund construction or renovation of properties securing a bond over the construction or renovation period.  Since September 30, 2010 there have been no unfunded bond commitments.

INVESTMENTS_IN_PREFERRED_STOCK

INVESTMENTS IN PREFERRED STOCK	9 Months Ended
	Sep. 30, 2013
Equity [Abstract]	'
Preferred Stock [Text Block]	'
	Note 3—INVESTMENTS IN PREFERRED STOCK
	These investments are  prepayable at any time and are comprised of preferred stock investments in a private national mortgage lender and servicer specializing in affordable and market rate multifamily housing, senior housing and healthcare.  At September 30, 2013, the carrying value of the preferred stock investments was $31.4 million and the UPB and estimated fair value was $36.6 million with a weighted average distribution rate of 14.4%.  These investments were obtained as part of the Company’s sale of its Agency Lending business in May 2009.  As part of the sale, the Company agreed to reimburse the purchaser for potential losses up to a maximum of $30.0 million over the first four years after the sale date.  This reimbursement agreement expired on May 15, 2013 and over the course of the obligation period the Company used $3.4 million of shares to settle loss obligations. The Company accounts for the preferred stock using the historical cost approach and tests for impairment at each balance sheet date.  An impairment loss is recognized if the carrying amount of the preferred stock is not deemed recoverable.  The Company did not have impairments on the preferred stock for the nine months ended September 30, 2013 and 2012.
	The Company was obligated to fund losses on specific loans identified at the sale date that were not part of the $30.0 million loss reimbursement discussed above.  During the first quarter of 2013, the Company paid the purchaser $0.2 million to fully satisfy the guarantee obligation related to the specific loans and over the course of the entire obligation period, the Company paid the purchaser $1.8 million to cover losses on the specific loans.  See Note 10, “Guarantees and Collateral.”
	On March 28, 2013, the Company sold 100% of its interests in the preferred stock investments for $36.6 million plus accrued interest.  Separately, the Company entered into three total return swap agreements with an affiliate of the purchaser of the preferred stock investments.  The notional amount of the TRS was set based on the preferred stock investments as the reference asset.  Under the terms of the TRS, the Company receives an amount equal to the distributions on the preferred stock, a weighted average rate of 14.4% at September 30, 2013, and the Company pays a quarterly rate of 3-month LIBOR plus a spread of 400 bps, 4.25% at September 30, 2013, on the notional amount, currently an aggregate of $36.6 million. The TRS interest payments settle on a “net” basis and the notional amount will decline if and when the preferred stock is redeemed in part or in full. At September 30, 2013 the Company held $12.4 million in a restricted collateral account as security for the TRS.
	The TRS agreements have a termination date of March 31, 2015, and a termination fee equal to 1% of the notional amount. The Company may elect to terminate any or all of the TRS at any time. The counterparty to the TRS has the right to terminate the TRS upon the occurrence of certain events.  Under any termination event, if the fair values of the preferred stock are above par, the Company will receive the premium value above par. If the fair values of the preferred stock are below par, the Company will be required to pay the difference between fair value and par.
	The Company recorded the $36.6 million of proceeds from the transfer of its interest in the preferred stock investments as debt on the consolidated balance sheets secured by the preferred stock as the sale transaction did not meet the criteria for sale accounting.  See Note 6, “Debt.”

REAL_ESTATE

REAL ESTATE	9 Months Ended
	Sep. 30, 2013
Real Estate Held For Use [Abstract]	'
Real Estate Held For Use [Text Block]	'
	Note 4—Real estate
	Real estate held-for-use
	The following table summarizes real estate held-for-use at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	MuniMae’s real estate held-for-use	$	18,214	$	17,756
	Real estate held-for-use related to CFVs(1)		103,649		111,931
	Total real estate held-for-use	$	121,863	$	129,687
	(1)       For more information see Note 16, “Consolidated Funds and Ventures.”
	MuniMae’s real estate held-for-use was comprised of three investments in undeveloped land with a carrying value of $7.9 million at September 30, 2013 and December 31, 2012, and an affordable multifamily property with a carrying value of $10.3 million and $9.9 million, at September 30, 2013 and December 31, 2012, respectively.
	Real estate held-for-sale
	During the third quarter of 2013, the Company foreclosed on a multifamily real estate partnership serving as collateral to one of its bonds.  The fair value of the Company’s bond was $10.4 million at the foreclosure date.  The Company sold the real estate property for $10.7 million in net cash proceeds. Because the bond had unrealized gains recorded through accumulated other comprehensive income, the Company transferred unrealized gains of $2.4 million out of equity and into income through an increase to “Net gains due to real estate consolidation and foreclosure” resulting in no impact to overall common equity.  A gain on sale of real estate of $0.3 million was recorded to “Income (loss) from discontinued operations, net of tax.”
	During the second quarter of 2013, the Company took a deed-in-lieu of foreclosure on a multifamily real estate property serving as collateral to one of its bonds.  The fair value of the Company’s bond was $7.3 million at March 31, 2013 and during the second quarter of 2013, after taking title to the property, the Company sold the real estate property for $7.3 million in net cash proceeds. Because the bond had unrealized gains recorded through accumulated other comprehensive income, the Company transferred unrealized gains of $1.2 million out of equity and into income through an increase to “Net gains due to real estate consolidation and foreclosure” resulting in no impact to overall common shareholders’ equity.
	For information regarding real estate held-for-sale related to CFVs see Note 16, “Consolidated Funds and Ventures.”

OTHER_ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Other Assets Disclosure [Text Block]	'
	Note 5—OTHER ASSETS
	The following table summarizes other assets at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	Other assets:
	Solar facilities (includes other assets such as cash and other receivables)	$	5,640	$	7,960
	Investment in a real estate partnership		6,089		6,266
	Accrued interest receivable		1,461		6,035
	State tax receivables, net		219		2,403
	Debt issuance costs, net		3,705		10,199
	Loans receivable		1,188		1,165
	Other assets		2,210		3,428
	Other assets held by CFVs (1)		23,714		17,568
	Total other assets	$	44,226	$	55,024
	(1)       For more information see Note 16, “Consolidated Funds and Ventures.”
	Solar Facilities
	At September 30, 2013, the Company had a solar investment fund and four solar facilities with a carrying value of $4.9 million.   These facilities generate energy that is sold under long-term power contracts to the owner or lessee of the properties on which the projects are built.  The useful life of these solar facilities is generally twenty years.
	During the second quarter of 2013, the counterparty on a long-term power contract exercised its right to terminate the contract by paying a termination fee of $1.3 million, which represented the carrying amount of the solar facility at March 31, 2013.  At termination, the Company had approximately $0.8 million in non-recourse debt for which the solar facility was serving as collateral.  This debt was fully paid using proceeds from the termination.  The lender and the Company also agreed to $0.3 million in contingent interest in connection with the termination which resulted in a $0.3 million loss which was recognized during the second quarter of 2013.
	The Company has a contingent liability to creditors of its remaining solar facilities who provided non-recourse debt to finance the solar facilities.  The Company entered into agreements with these creditors to provide for contingent interest to be paid to them should the Company recover its investment in the solar facilities.  The total contingent liability associated with these agreements was $1.3 million at September 30, 2013 and should the facilities generate enough cash to pay the contingent interest, the Company will begin to record the associated contingent interest expense.
	Investment in a Real Estate Partnership
	Investment in a real estate partnership represents a 33.3% interest in a partnership that was formed to take a deed-in-lieu of foreclosure on land that was collateral for a loan held by the Company.  The remaining interest in the partnership is held by a third party who had also loaned money to the developer on the same land parcel.  The ownership interests in the partnership were determined based on the relative loan amounts provided by the Company and the third party lender.  This third party interest holder is the primary beneficiary of the partnership.
	The following table displays the total assets and liabilities held by the real estate partnership  in which the Company held an equity investment at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	Investment in a real estate partnership:
	Total assets (primarily real estate)	$	18,800	$	18,820
	Total liabilities		447		–
	The following table displays the net (loss) income for the three months and nine months ended September 30, 2013 and 2012 for the real estate partnership:
		For the three months				For the nine months
		ended September 30,				ended September 30,
	(in thousands)	2013		2012		2013		2012
	Net (loss) income	$	-194	$	-38	$	-583	$	302
	Accrued Interest Receivable
	As part of the TEB sale, the accrued interest related to the bonds transferred ($4.4 million) to the Purchaser was also transferred as part of the sale.
	State Tax Receivables, net
	State tax receivables represent the net refund position as reflected on the Company’s various state tax returns.  A portion of these receivables may be subject to challenge by the relevant tax authority and therefore a liability for uncertain tax positions of $0.7 million and $2.3 million at September 30, 2013 and December 31, 2012, respectively, has been recorded through “Other liabilities.”
	On March 20, 2013, the Company entered into a closing agreement with the Commonwealth of Massachusetts for all years covered by an audit of the Company by the Commonwealth of Massachusetts.  Pursuant to the closing agreement, the Commonwealth of Massachusetts agreed to issue a refund of $1.8 million to the Company.  The Company received the refund on April 8, 2013.  This agreement also resolved $1.6 million of the Company’s uncertain tax positions recorded at December 31, 2012.  As a result, during the first quarter of 2013 the Company recorded a $1.6 million benefit on the consolidated statements of operations for the reduction of the liability for unrecognized tax benefits reflected in “Income tax (expense) benefit” for the nine months ended September 30, 2013.
	Debt issuance costs, net
	As part of the Company’s sale of its common shares in TEB, the Purchaser assumed the debt obligations held by TEB at June 30, 2013 ($695.7 million of unpaid principal on the Company’s balance sheet at June 30, 2013).  As a result, the Company accelerated the recognition of unamortized debt issuance costs associated with this debt and increased its bond-related debt interest expense by $5.5 million during the second quarter of 2013.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	Note 6—DEBT
	The table below summarizes outstanding debt balances, the weighted-average interest rates and term dates at September 30, 2013 and December 31, 2012:
	(dollars in thousands)	September 30,		Weighted-Average		December 31,		Weighted-Average
		2013		Effective Interest		2012		Effective Interest
				Rate at				Rate at
				September 30,				December 31, 2012
				2013
	Asset Related Debt (1)
	Senior interests in and debt owed to securitization trusts
	Due within one year	$	–	–	%	$	–	–	%
	Due after one year		–	–			589,592	2.1
	Mandatorily redeemable preferred shares
	Due within one year		–	–			4,901	7.5
	Due after one year		–	–			83,819	7.4
	Notes payable and other debt – bond related (2)
	Due within one year		21,261	1.8			–	–
	Due after one year		125,043	5.5			57,729	5
	Notes payable and other debt – non-bond related
	Due within one year		1,446	9.2			17,617	9.9
	Due after one year		7,156	9.9			8,290	9.8
	Total asset related debt		154,906	5.2			761,948	3.2
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		742	8.1			529	8.1
	Due after one year		142,157	7.2			193,971	6.9
	Notes payable and other debt
	Due within one year (4)		5,342	10			10,444	13.5
	Due after one year		61,837	5.3			20,634	6.4
	Total other debt		210,078	6.7			225,578	7.2
	Total asset related debt and other debt		364,984	6.1			987,526	4.1
	Debt related to CFVs (5)
	Due within one year		35	6			5,908	10
	Due after one year		96,107	4.5			49,525	2.7
	Total debt related to CFVs		96,142	4.5			55,433	3.5
	Total debt	$	461,126	5.7		$	1,042,959	4.1
	(1)     Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations.  Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
	(2)     Included in notes payable and other debt were unamortized discounts of $1.7 million at December 31, 2012.
	(3)     Included in the subordinate debt balance were $1.3 million of net discounts and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) and $7.1 million of net premiums and effective interest rate payable at September 30, 2013 and December 31, 2012, respectively.
	(4)     This amount includes $3.8 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
	(5)     See Note 16, “Consolidated Funds and Ventures” for more information.
	Covenant Compliance and Debt Maturities
	The following table summarizes principal payment commitments across all debt agreements at September 30, 2013:
	(in thousands)	Asset Related Debt		CFVs
		and Other Debt		Related Debt
	2013	$	4,754	$	133
	2014		25,157		469
	2015		67,007		403
	2016		34,133		435
	2017		3,737		469
	Thereafter		228,985		92,974
	Net discount		1,211		1,259
	Total	$	364,984	$	96,142
	Included in the 2013 principal payments for asset related debt and other debt is $3.8 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies. The Company is not in default under any of its other debt arrangements.
	Asset Related Debt
	Senior Interests in and Debt Owed to Securitization Trusts
	On July 3, 2013, all but $2.5 million of the Company’s unpaid principal of $577.1 million in senior interests in and debt owed to securitization trusts at June 30, 2013, was transferred to the Purchaser of the Company’s common shares in TEB.  During the second quarter of 2013, the Company recognized $4.6 million of unamortized debt issuance costs associated with this debt that was recorded within other assets.  During the third quarter of 2013, the remaining $2.5 million in senior interests and debt owed to securitization trusts was repaid.
	Interest expense on the senior interests in and debt owed to securitization trusts totaled $11.3 million (including $4.6 million related to the acceleration of the unamortized debt issuance costs discussed above) and $9.6 million for the nine months ended September 30, 2013 and 2012, respectively.
	Mandatorily Redeemable Preferred Shares
	All of the Company’s mandatorily redeemable preferred shares were transferred to the Purchaser of the Company’s common shares in TEB at the liquidation amount of $121.0 million.  During the second quarter of 2013, the Company recognized the remaining unamortized issuance discounts ($2.3 million) previously recorded as a net discount against the debt balance in order to carry the debt at its liquidation amount.  In addition, the Company recognized $0.9 million of unamortized debt issuance costs associated with this debt that was recorded within other assets.
	Interest expense on mandatorily redeemable preferred shares totaled $6.5 million (including $3.2 million related to the acceleration of debt issuance costs and issuance discounts discussed above) and $6.4 million for the nine months ended September 30, 2013 and 2012, respectively.
	During the first quarter of 2013, TEB issued $74 million (unpaid principal) of mandatorily redeemable preferred shares with a distribution rate of 5.0%.  Proceeds from this issuance were used to redeem $43.2 million (liquidation preference) of then outstanding mandatorily redeemable preferred shares at a rate of 7.5%.  The Company recorded a loss on debt extinguishment of $1.5 million during the first quarter of 2013, due to the acceleration of unamortized debt issuance costs and issuance discounts related to the redemption.  These losses are reflected in “Net (losses) gains on early extinguishment of liabilities” for the nine months ended September 30, 2013.
	Notes Payable and Other Debt – Bond Related
	This debt is comprised of proceeds received on bond and bond interest transfers that did not qualify for sale accounting treatment because the Company either transferred a participation interest or the Company entered into a performance guarantee at the time of transfer. This debt also includes financing proceeds received on TRS agreements where the related bond did not receive sale accounting treatment.
Other Debt
Subordinate Debt
The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at September 30, 2013:
(dollars in thousands)
Issuer	Principal		Net Premium/		Carrying		Interim		Maturity Date	Coupon Interest Rate
			(Discount)		Value		Principal
							Payments
MFI	$	29,651	$	–	$	29,651		–	Various dates through December 2033	8.00%
MFH		33,286		565		33,851	$4,689 due April 2015		30-Mar-35	0.75% to March 2015, then 3-month LIBOR plus 3.3%
MFH		30,116		331		30,447	$4,242 due May 2015		30-Apr-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
MFH		17,219		150		17,369	$2,305 due May 2015		30-Jul-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
MFH		31,308		273		31,581	$4,191 due May 2015		30-Jul-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
	$	141,580	$	1,319	$	142,899
Interest expense on the subordinate debt totaled $8.2 million and $11.4 million for the nine months ended September 30, 2013 and 2012, respectively.
During March of 2013, the Company repurchased the remaining unpaid principal balance ($45.5 million) of MFH subordinate debt due May 2034 for a cash payment of $17.4 million plus accrued interest. As a result of this transaction, the Company recognized a gain on debt extinguishment of $37.9 million, comprised of the difference between the cash payment of $17.4 million and the carrying value of the repurchased debt of $56.9 million, reduced by the acceleration of $1.6 million of debt issuance costs. The gain on debt extinguishment is recorded in “Net (losses) gains on early extinguishment of liabilities” on the consolidated statements of operations for the first nine months of 2013.
Notes Payable and Other Debt
At September 30, 2013, this debt includes $36.6 million related to the TRS entered into during March of 2013 in connection with the Company’s sale of its preferred stock investment.  See Note 3, “Investment in Preferred Stock” for more information.   The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month LIBOR plus 400 bps (4.25% at September 30, 2013), which resets quarterly.  The Company recorded debt issuance costs of $0.8 million associated with the transaction, of which $0.4 million was paid at inception and $0.4 million is payable at termination.
Letters of Credit
On July 1, 2013, $0.1 million in a letter of credit expired unused and $2.9 million was canceled unused on July 31, 2013.  As a result, the Company had no letters of credit outstanding at September 30, 2013.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	Note 7— DERIVATIVE FINANCIAL INSTRUMENTS
	The following table summarizes the Company’s derivative liabilities fair value balances at September 30, 2013 and December 31, 2012.
		Fair Value
	(in thousands)	September 30,		December 31,
		2013		2012
	Interest rate swaps	$	662	$	3,184
	Other		–		360
	Total derivative financial instruments	$	662	$	3,544
	The following table summarizes the derivative notional amounts at September 30, 2013 and December 31, 2012.
		Notional
	(in thousands)	September 30,		December 31,
		2013		2012
	Interest rate swaps	$	7,837	$	24,885
	The following table summarizes derivative activity for the three months and nine months ended September 30, 2013 and 2012.
		Realized/Unrealized				Realized/Unrealized
		(Losses) Gains For the				(Losses) Gains For the
		three months ended				nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Interest rate swaps(1)	$	-76	$	-655	$	-156	$	-2,336
	Other		–		-3		215		202
	Total	$	-76	$	-658	$	59	$	-2,134
	(1)     The cash paid and received on interest rate swaps is settled on a net basis and recorded through “Net gains (losses) on assets and derivatives.” Net cash interest paid was $0.1 million and $1.0 million for the three months ended September 30, 2013 and 2012, respectively. Net cash paid was $0.7 million and $3.2 million for the nine months ended September 30, 2013 and 2012, respectively.

FINANCIAL_INSTRUMENTS

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2013

Investments, All Other Investments [Abstract]

'

Financial Instruments Disclosure [Text Block]

'

Note 8—Financial Instruments

The following table provides information about financial assets and liabilities not carried at fair value on the consolidated balance sheets.  This table excludes non-financial assets and liabilities.

The fair value estimates are made at a discrete point in time based on relevant market information and information about the financial instruments.  A description of how the Company estimates fair values is provided below.  These estimates are subjective in nature, involve uncertainties and significant judgment and therefore cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement.  The determination of which level an asset or liability gets classified into is based on the following fair value hierarchy:

⋅

Level 1: Quoted prices in active markets for identical instruments.

⋅

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets.

⋅

Level 3: Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable.

September 30, 2013

December 31, 2012

Carrying

Fair Value

Carrying

(in thousands)

Amount

Level 1

Level 2

Level 3

Amount

Fair Value

Assets:

Investments in preferred stock

$

31,371

$

–

$

–

$

36,613

$

31,371

$

35,807

Loans receivable

1,174

–

–

302

1,072

383

Liabilities:

Senior interests in and debt owed to securitization trusts

–

–

–

–

589,592

589,778

Mandatorily redeemable preferred shares

–

–

–

–

88,720

91,517

Notes payable and other debt, bond related

146,304

–

–

145,091

57,729

59,001

Notes payable and other debt, non-bond related

75,781

–

–

67,851

56,985

48,696

Notes payable and other debt related to CFVs

96,142

–

49,745

44,977

55,433

55,580

Subordinate debt issued by MFH

113,248

–

–

42,869

164,500

47,219

Subordinate debt issued by MFI

29,651

–

–

29,651

30,000

30,000

Investment in preferred stock  –The fair value of the preferred stock was determined based on the terms and conditions of the preferred stock as compared to other, best available market benchmarks.  At December 31, 2012, the fair value also included the obligation related to the embedded loss-sharing feature contained in the Series B and C preferred stock agreements.  These loss reimbursement agreements expired on May 15, 2013.

Loans receivable  –The Company estimates fair value by discounting the expected cash flows using current market yields for similar loans.  Loans receivable is recorded through “Other assets.”

Notes payable and other debt   – The fair value was estimated based on discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk.

Subordinate debt – The fair value of the subordinate debt was estimated using best available market benchmarks, taking into account credit risk.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	Note 9—FAIR VALUE MEASUREMENTS
	Recurring Valuations
	The following tables present assets and liabilities that are measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012.
				Fair Value Measurement Levels at September 30, 2013
	(in thousands)	September 30,		Level 1		Level 2		Level 3
		2013
	Assets:
	Bonds available-for-sale	$	196,485	$	–	$	–	$	196,485
	Liabilities:
	Derivative liabilities	$	662	$	–	$	–	$	662
				Fair Value Measurement Levels at December 31, 2012
	(in thousands)	December 31,		Level 1		Level 2		Level 3
		2012
	Assets:
	Bonds available-for-sale	$	969,394	$	–	$	–	$	969,394
	Liabilities:
	Derivative liabilities	$	3,544	$	–	$	2,477	$	1,067
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2013.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, July 1, 2013	$	896,322	$	-694
	Net losses included in earnings		-1,321		32
	Net losses included in other comprehensive income (1)		-80,682		–
	Impact from sales/redemptions		-606,121		–
	Bonds eliminated due to real estate consolidation and foreclosure		-10,168		–
	Impact from settlements		-1,545		–
	Balance, September 30, 2013	$	196,485	$	-662
	(1)     This amount includes $5.2 million of unrealized net holding losses arising during the period, which is then reduced by $0.9 million of unrealized bond losses reclassified into operations.  This amount is then increased by $76.4 million of unrealized gains related to bonds that were redeemed.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the three months ended September 30, 2013.
	(in thousands)	Net gains on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	–	$	–	$	–
	July 1, 2013, but settled during the third quarter of 2013
	Change in unrealized losses related to assets and liabilities still held at		-939		-382		32
	September 30, 2013
	Additional realized gains (losses) recognized		76,362		-		-77
	Total gains (losses) reported in earnings	$	75,423	$	-382	$	-45
	(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	(2)   Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2012.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, July 1, 2012	$	1,006,539	$	-1,192
	Net losses included in earnings		-3,373		-27
	Net gains included in other comprehensive income (1)		15,085		–
	Impact from purchases		–		–
	Impact from sales		–		–
	Bonds eliminated due to real estate consolidation and foreclosure		-21,545		–
	Impact from settlements		-2,419		–
	Balance, September 30, 2012	$	994,287	$	-1,219
	(1)     This amount includes $12.8 million of unrealized net holding gains arising during the period, which is then increased by $2.3 million of unrealized bond losses reclassified into operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at bond sale or redemption and derivative settlement for the three months ended September 30, 2012.
	(in thousands)	Net losses on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	–	$	–	$	–
	July 1, 2012, but settled during the third quarter of 2012
	Change in unrealized losses related to assets and liabilities still held at		-2,282		-1,091		-27
September 30, 2012
Additional realized gains (losses) recognized		2		–		-76
Total losses reported in earnings	$	-2,280	$	-1,091	$	-103
(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
(2)    Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2013.
(in thousands)	Bonds		Derivative
	Available-		Liabilities
	for-sale
Balance, January 1, 2013	$	969,394	$	-1,067
Net losses included in earnings		-4,589		259
Net losses included in other comprehensive income (1)		-91,980		–
Impact from sales/redemptions		-612,154		–
Bonds eliminated due to real estate consolidation and foreclosure		-55,275		–
Impact from settlements		-8,911		146
Balance, September 30, 2013	$	196,485	$	-662
(1)     This amount includes $16.8 million of unrealized net holding losses arising during the period, which is then reduced by $1.8 million of unrealized bond losses reclassified into operations.  This amount is then increased by $77.0 million of unrealized gains related to bonds that were redeemed
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the nine months ended September 30, 2013.
(in thousands)	Net gains on		Equity in Losses		Net losses on
	bonds (1)		from Lower Tier		derivatives (2)
			Property
			Partnerships
Change in realized gains related to assets and liabilities held at	$	-530	$	–	$	–
January 1, 2013, but settled during the first nine months of 2013
Change in unrealized losses related to assets and liabilities still held at		-1,242		-2,817		259
September 30, 2013
Additional realized gains (losses) recognized		76,960		–		-230
Total gains (losses) reported in earnings	$	75,188	$	-2,817	$	29
(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
(2)     Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2012.
(in thousands)	Bonds		Derivative
	Available-		Liabilities
	for-sale
Balance, January 1, 2012	$	1,021,628	$	-1,167
Net losses included in earnings		-6,397		429
Net gains included in other comprehensive income (1)		31,806		–
Impact from purchases		6,189		–
Impact from sales		-8,172		–
Bonds eliminated due to real estate consolidation and foreclosure		-34,108		–
Impact from settlements		-16,659		128
Transfer into Level 3		–		-609
Balance, September 30, 2012	$	994,287	$	-1,219
(1)     This amount includes $28.4 million of unrealized net holding gains arising during the period, which is then increased by $3.4 million of unrealized bond losses reclassified into operations.
The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the nine months ended September 30, 2012.
(in thousands)	Net losses on		Equity in Losses		Net losses on
	bonds (1)		from Lower Tier		derivatives (2)
			Property
			Partnerships
Change in realized gains related to assets and liabilities held at	$	–	$	–	$	–
January 1, 2012, but settled during the first nine months of 2012
Change in unrealized losses related to assets and liabilities still held at		-3,369		-3,028		-180
September 30, 2012
Additional realized gains (losses) recognized		54		–		-228
Total losses reported in earnings	$	-3,315	$	-3,028	$	-408
(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
(2)    Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
The following methods or assumptions were used to estimate the fair value of these recurring financial instruments:
Bonds Available-for-sale – For most of our performing bonds, the Company estimates fair value using a discounted cash flow methodology; specifically, the Company discounts contractual principal and interest payments, adjusted for expected prepayments.  The discount rate for each bond is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratios, geographic location and bond size.  The weighted average discount rate for the performing bond portfolio was 7.36% and 7.45% at September 30, 2013 and December 31, 2012, respectively for performing bonds still held in the portfolio at September 30, 2013.  If observable market quotes are available, the Company will estimate the fair value based on such quoted prices.
For non-performing bonds and certain currently performing bonds where payment of full principal and interest is uncertain, the Company estimates fair value by discounting the property’s expected cash flows and residual proceeds using estimated market discount and capitalization rates, less estimated selling costs.  The discount rate averaged 8.6% and 8.2% at September 30, 2013 and December 31, 2012, respectively for these bonds still in the portfolio at September 30, 2013.  The capitalization rate averaged 6.6% and 6.9% at September 30, 2013 and December 31, 2012, respectively, for these bonds still in the portfolio at September 30, 2013.  However, to the extent available, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available.
The discount rates and capitalization rates as discussed above are significant inputs to bond valuations and are unobservable in the market.  To the extent discount rates and capitalization rates were to increase (decrease) in isolation the corresponding estimated bond values would decrease (increase).
Derivative Financial Instruments – At September 30, 2013, the Company had one interest rate swap contract.  This contract was valued using an internal valuation model, taking into consideration credit risk.
Non-recurring Valuations
At year-end 2012 and September 30, 2013, the only non-recurring instruments were certain loans held-for-sale; however, the Company’s loan portfolio at each period-end was de minimis.

GUARANTEES_AND_COLLATERAL

GUARANTEES AND COLLATERAL	9 Months Ended
	Sep. 30, 2013
Guarantees [Abstract]	'
Guarantees [Text Block]	'
	Note 10—GUARANTEES AND COLLATERAL
	Guarantees
	Guarantee obligations are recorded through “Other liabilities.”
	The following table summarizes guarantees, by type, at September 30, 2013 and December 31, 2012:
			September 30, 2013						December 31, 2012
	(in thousands)		Maximum			Carrying			Maximum			Carrying
			Exposure			Amount			Exposure			Amount
	Indemnification contracts		$	26,178		$	1,281		$	26,178		$	1,531
	Other			–			–			376			34
	Total		$	26,178		$	1,281		$	26,554		$	1,565
	Indemnification Contracts
	The Company entered into indemnification contracts with the purchaser of the tax credit equity (“TCE”) business related to the guarantees of the investor yields on their investment in certain LIHTC Funds and indemnifications related to property performance on certain Lower Tier Property Partnerships.  The Company made no cash payments related to these indemnification agreements for the nine months ended September 30, 2013 or 2012.  The carrying amount represents the amount of unamortized fees received related to these guarantees with no additional amounts recognized as management does not believe it is probable that it will have to make payments under these indemnifications.  However, it is possible that certain performance guarantees could result in the Company having to pay up to $1.5 million between now and 2017.
	The Company’s maximum exposure under its indemnification contracts represents the maximum loss the Company could incur under its guarantee agreements and is not indicative of the likelihood of the expected loss under the guarantee.  The Company also has guarantees associated with the LIHTC Funds that were not sold to the purchaser of the TCE business.  See Note 16, “Consolidated Funds and Ventures” for information on these guarantees.
	Other
	In 2009, the Company entered into a loss sharing agreement with the purchaser of the Agency Lending business which was settled during the first quarter of 2013.  See Note 3, “Investments in Preferred Stock” for information on this guarantee.
	Collateral and restricted assets
	The following table summarizes assets that are either pledged or restricted for the Company’s use at September 30, 2013 and December 31, 2012. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
					September 30, 2013
	(in thousands)		Note		Restricted			Bonds			Real Estate			Real Estate		Investment		Other		Total
			Ref.		Cash			Available-			Held-for-			Held-for-		in Preferred		Assets		Assets
								for-sale			Use			Sale		stock				Pledged
	Notes payable		A		$	–		$	–		$	1,735		$	–	$	–	$	11,728	$	13,463
	Other		B			35,004			132,930			13,860			–		31,371		326		213,491
	CFVs		C			55,945			–			103,649			51,836		–		23,714		235,144
	Total				$	90,949		$	132,930		$	119,244		$	51,836	$	31,371	$	35,768	$	462,098
					December 31, 2012
	(in thousands)		Note		Restricted			Bonds			Real Estate			Other		Total
			Ref.		Cash			Available-			Held-for-			Assets		Assets
								for-sale			Use					Pledged
	Notes payable		A		$	13			–			1,735			14,302		16,050
	Other		B			1,341			59,354			13,402			389		74,486
	CFVs		C			53,957			–			111,931			17,568		183,456
	Senior interests in and debt owed		D			2			865,992			2,619			–		868,613
	to securitization trusts
	Total				$	55,313		$	925,346		$	129,687		$	32,259	$	1,142,605
	A.	The Company pledges bonds, loans, investments in preferred stock, investments in solar facilities and an investment in a mixed-use real estate development as collateral for notes payable.
	B.	The Company pledges collateral in connection with secured borrowings, derivative transactions, other liabilities, guarantee exposure and leases.  The Company may elect to pledge collateral on behalf of the Company’s customers in order to facilitate credit and other collateral requirements.  In addition, cash may be restricted for funding obligations.
	C.	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.
	D.	Includes assets held by bond securitization trusts as well as assets pledged as collateral for bond securitizations.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 11—Commitments and Contingencies
	Operating Leases
	The Company has various operating leases that expire at various dates through 2018. These leases require the Company to pay property taxes, maintenance and other costs.
	The following table summarizes rental expense and rental income from operating leases for the nine months ended September 30, 2013 and 2012:
		Reported through				Reported through
		General and Administrative				Discontinued Operations
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Rental expense	$	-1,537	$	-1,660	$	-492	$	-1,107
	Rental income		976		1,173		492		1,107
	Net rental expense	$	-561	$	-487	$	–	$	–
	The following table summarizes the future minimum rental commitments on non-cancelable operating leases at September 30, 2013:
	(in thousands)
	2013	$	457
	2014		1,182
	2015		1,146
	2016		676
	2017		108
	2018		40
	Total minimum future rental commitments	$	3,609
	At September 30, 2013, the Company expects to receive $1.8 million in future rental payments from non-cancelable subleases, which is not netted against the commitments above.
	Litigation
	From time to time, the Company and its subsidiaries are named as defendants in various litigation matters arising in the ordinary course of business. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief.
	The Company establishes reserves for litigation matters when those matters present loss contingencies that are probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained.
	It is the opinion of the Company’s management that adequate provisions have been made for losses with respect to litigation matters and other claims that existed at September 30, 2013. Management believes the ultimate resolution of these matters is not likely to have a material effect on its financial position, results of operations or cash flows. Assessment of the potential outcomes of these matters involves significant judgment and is subject to change, based on future developments, which could result in significant changes.
	Shareholder Matters
	The Company is a defendant in a purported class action lawsuit and two derivative suits originally filed in 2008. The plaintiffs in the class action lawsuit claim to represent a class of investors in the Company’s shares who allegedly were injured by misstatements in press releases and SEC filings between May 3, 2004, and January 28, 2008.  The plaintiffs seek unspecified damages for themselves and the shareholders of the class they purport to represent.  In the derivative suits, the plaintiffs claim, among other things, that the Company was injured because its directors and certain named officers did not fulfill duties regarding the accuracy of its financial disclosures.  Both the class action and the derivative cases are pending in the United States District Court for the District of Maryland. The Company filed a motion to dismiss the class action and in June 2012, the Court issued a ruling dismissing all of the counts alleging any knowing or intentional wrongdoing by the Company or its affiliates, directors and officers. The only remaining counts relate to the Company’s dividend reinvestment plan. Plaintiffs have appealed the Court’s ruling. As of September 30, 2013, based on the Company’s exposure under the remaining counts, the Company believes it is probable that it will settle this case for at least $0.5 million and as such the Company has a contingent obligation for $0.5 million (reported through “Other liabilities”). If the plaintiffs are successful on appeal, or as a result of an agreed upon settlement, it is possible that the Company could incur additional losses and these additional losses could be significant; however, these losses cannot be estimated at this time. To the extent there are additional losses, the Company expects those losses to be covered by insurance proceeds.
	On September 27, 2013, the Company entered into a settlement agreement with the Securities and Exchange Commission (“SEC”) intended to resolve claims as to filing deficiencies of the Company from 2006 through 2010. Pursuant to the settlement, the SEC issued an order revoking registration of our common shares (“Deregistration Order”) effective September 30, 2013. Once the Deregistration Order was effective, the Company was eligible to re-register its common shares with the SEC. Accordingly the Company filed a Registration Statement on Form 8-A on September 30, 2013 to re-register its common shares under Section 12(g) of the Exchange Act, which was effective immediately upon filing. Therefore, as of the filing of our Form 8-A, the Company’s common shares were once again registered under the Exchange Act with the SEC. As a result of the deregistration, and subsequent re-registration, of the Company’s common shares, the Company believes it has resolved the historical filing deficiencies described in Part I, Item 1A “Risk Factors” of the Company’s 2012 Form 10-K.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	Note 12—Equity
	Common Share Information
	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012.
			For the three months ended						For the nine months ended
			September 30,						September 30,
	(in thousands)		2013			2012			2013			2012
	Net income from continuing operations		$	73,042		$	1,111		$	106,927		$	5,632
	Net income (loss) from discontinued operations			274			-393			5,215			1,342
	Net income to common shareholder		$	73,316		$	718		$	112,142		$	6,974
	Basic weighted-average shares (1)			42,290			42,304			42,380			42,207
	Common stock equivalents (2) (3) (4)			1,626			76			1,443			207
	Diluted weighted-average shares			43,916			42,380			43,823			42,414
		-1	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-2	At September 30, 2013, 2,128,125 stock options were in the money and had a dilutive impact of 1,470,198 shares and 1,373,840 shares for the three months and nine months ended September 30, 2013, respectively.  In addition, 260,417 unvested employee deferred shares had a dilutive impact of 156,251 and 69,826 shares for the three and nine months ended September 30, 2013, respectively.
		-3	At September 30, 2012, 850,000 stock options were in the money and had a dilutive impact of 75,508 shares and 206,967 shares for the three months and nine months ended September 30, 2012, respectively.  There were no unvested employee deferred shares at September 30, 2012.
		-4	For the three months and nine months ended September 30, 2013, the average number of options excluded from the calculations of diluted earnings per share was 302,287 and 456,803, respectively, because of their anti-dilutive effect. For the three months and nine months ended September 30, 2012, the average number of options excluded from the calculations of diluted earnings per share was 1,512,031 and 1,060,535, respectively, because of their anti-dilutive effect.
	On July 10, 2013, the Company converted from a partnership to a corporation for federal and state income tax purposes.  As a result of the conversion, the Company will (i) be a direct corporate taxpayer, (ii) no longer pass through its income and loss to its shareholders for tax purposes, and (iii) no longer issue each shareholder an annual tax statement on Schedule K-1 (although there will be investor K-1s for the partial year January 1, 2013 through July 9, 2013). At the date of the conversion to a corporation, there was no impact to the Company’s earnings.
	During November 2012, our Board of Directors authorized a one year stock repurchase program of up to $1.0 million. The program was terminated and replaced with a new stock repurchase program as authorized by our Board of Directors on August 8, 2013. Specifically, the Board authorized management to enter into an amended and restated stock repurchase program effective subsequent to the Company’s filing of the June 30, 2013 quarterly report on Form 10-Q, and in any event not earlier than August 15, 2013. Pursuant to this authorization the Company amended and restated the plan on August 16, 2013, to provide for the Company to purchase up to four million shares, and up to 800,000 shares in any one calendar month at a price up to 100% of its common shareholders’ equity per share as shown on its most recently filed periodic report. During September 2013  the Board authorized further amendments to the plan to increase the aggregate shares authorized for repurchase to five million shares, to remove the monthly limit  of  800,000  shares and to allow for block trades.  The Company has repurchased 386,236 shares at an average price of $1.31 during the nine months ended September 30, 2013.
	Perpetual Preferred Shareholders’ Equity in a Subsidiary Company
	On July 3, 3013 the perpetual preferred shares were assumed at their liquidation preference amount by the Purchaser of the Company’s common shares in TEB. As a result, the Company recorded a reduction to common shareholders’ equity of $3.0 million representing the difference between the carrying value of the preferred shares of $118.0 million and the liquidation preference amount assumed by the Purchaser of the Company’s common shares in TEB.
	During the second quarter of 2013, TEB repurchased and retired five shares of Series C-1 cumulative perpetual preferred shares (original liquidation preference of $5.0 million) and three shares of Series D Preferred Shares (original liquidation preference of $6.0 million) for $9.5 million.  As a result of the repurchase and retirement, the Company recorded a net increase to common equity of $1.2 million, comprised of the discount on the repurchase of $1.5 million partially offset by unamortized issuance discounts of $0.3 million associated with these shares.
	As discussed in Note 6, “Debt,” during the first quarter of 2013, TEB issued $74 million (liquidation preference) of mandatorily redeemable preferred shares with a distribution rate of 5.0%. Proceeds from this issuance were used to redeem $27.0 million (liquidation preference) of then outstanding perpetual preferred shares with a weighted average distribution rate of 8.5%. The Company recorded a net reduction in common shareholders’ equity of $0.3 million as a result of unamortized issuance discounts and net premiums paid related to the redeemed shares.
	Noncontrolling Interests
	A significant component of equity is comprised of outside investor interests in entities that the Company consolidates. In addition to the preferred shares discussed above, the Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at September 30, 2013 and December 31, 2012:
	(in thousands)		September 30,			December 31,
			2013			2012
	Noncontrolling interests in:
	LIHTC Funds		$	343,962		$	379,407
	SA Fund			130,915			122,641
	Lower Tier Property Partnerships			14,470			10,777
	IHS			-1,451			-1,034
	Total		$	487,896		$	511,791
	Substantially all of these interests represent limited partner interests in partnerships or the equivalent of limited partner interests in limited liability companies. In allocating income between the Company and the noncontrolling interest holders of the consolidated entities, the Company takes into account the legal agreements governing ownership, and other contractual agreements and interests the Company has with the consolidated entities. See Note 16, “Consolidated Funds and Ventures” for further information.
	LIHTC Funds
	The noncontrolling interest in the LIHTC Funds is comprised primarily of the LIHTC Funds’ investment in Lower Tier Property Partnerships as well as operating cash partially offset by the LIHTC Funds’ obligations which primarily consist of unfunded equity commitments to Lower Tier Property Partnerships.  The vast majority of the equity in the LIHTC Funds is held by third parties as the Company’s equity interest is nominal (ranging from 0.01% to 0.04%).  A LIHTC Fund’s investment in Lower Tier Property Partnerships is accounted for under the equity method which means the investment balance is impacted by its share of Lower Tier Property Partnership income or loss.  By design, the Lower Tier Property Partnerships typically generate net losses which are generally driven by depreciation of the rental property.  The investment balance is also impacted by impairment charges as well as investment disposition activity.  The decline in the noncontrolling interest balance was primarily a result of the decline in the LIHTC Funds’ investment balance mainly due to net operating losses and impairment charges recognized in the first nine months of 2013.  During the first nine months of 2013, the Funds’ investment balance declined by $33.6 million and the noncontrolling interest balance declined by $35.4 million.  See Note 16, “Consolidated Funds and Ventures” for further information.
	SA Fund
	The noncontrolling interest in the SA Fund is comprised primarily of the SA Fund’s investment in for-sale and rental properties as well as operating cash partially offset by the SA Fund’s debt obligations.  The vast majority of the equity in the SA Fund is held by third parties as the Company’s equity interest is 2.7%.  The SA Fund’s investments in for-sale and rental properties are accounted for at fair value.  During the first nine months of 2013, the SA Fund’s noncontrolling interest balance increased by $8.3 million, which was due to $7.4 million of capital contributions from third party equity holders and $21.6 million of net operating income partially offset by $20.7 million of foreign currency translation loss adjustments for the nine months ended September 30, 2013.  Because the SA Fund’s functional currency is the South African rand and the Company’s functional currency is the US dollar, the Company translates the SA Fund’s rand balance sheet into a dollar denominated balance sheet as part of consolidating the SA Fund into the Company’s balance sheet. The translation losses recorded for the first nine months of 2013 were a result of the weakening of the South African rand as compared to the US dollar. The Company recorded foreign currency translation losses of $0.6 million through OCI allocable to common shareholders for the nine months ended September 30, 2013.
	Lower Tier Property Partnerships
	At September 30, 2013 and December 31, 2012, two non-profit entities (which are consolidated by the Company) consolidated certain Lower Tier Property Partnerships because they were either the GP or the owner of rental properties.
	These non-profits held 14 and 12 Lower Tier Property Partnerships of which four and one were classified as held for sale at September 30, 2013 and December 31, 2012, respectively. The remaining properties at each period end were classified as held for use.
	IHS
	At September 30, 2013 and December 31, 2012, 17% of IHS was held by third parties.
	Accumulated Other Comprehensive Income
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the three months ended September 30, 2013.
			Unrealized				Foreign			Accumulated
			Gains on				Currency			Other
			Bonds				Translation			Comprehensive
			Available-							Income
			for-Sale
	Balance at July 1, 2013		$	119,239			$	-333		$	118,906
	Unrealized net holding (losses) gains arising during period			-5,259				43			-5,216
	Reversal of unrealized gains on sold/redeemed bonds			-76,362	-1			–			-76,362
	Reclassification of unrealized losses to income			939				–			939
	Reclassification of unrealized gains to operations due to			-2,411	-1			–			-2,411
	consolidation of funds and ventures
	Net current period other comprehensive income			-83,093				43			-83,050
	Balance at September 30, 2013		$	36,146			$	-290		$	35,856
		(1)	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the nine months ended September 30, 2013.
			Unrealized				Foreign			Accumulated
			Gains on				Currency			Other
			Bonds				Translation			Comprehensive
			Available-							Income
for-Sale
Balance at January 1, 2013		$	139,021			$	-334		$	138,687
Unrealized net holding (losses) gains arising during period			-16,792				44			-16,748
Reversal of unrealized gains on sold/redeemed bonds			-76,960	-1			–			-76,960
Reclassification of unrealized losses to income			1,772				–			1,772
Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-10,895	-1			–			-10,895
Net current period other comprehensive income			-102,875				44			-102,831
Balance at September 30, 2013		$	36,146			$	-290		$	35,856
	-1	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Note 13—Stock-Based Compensation
	The Company has stock-based compensation plans (“Plans”) for Non-employee Directors (“Non-employee Directors’ Stock-Based Compensation Plan”) and stock-based incentive compensation plans for employees (“Employees’ Stock-Based Compensation Plan”).
	Total compensation expense recorded for these Plans was as follows for the three months and nine months ended September 30, 2013 and 2012:
		For the three months ended						For the nine months ended
		September 30,						September 30,
	(in thousands)	2013			2012			2013			2012
	Employees’ Stock-Based Compensation Plan	$	279		$	22		$	1,937		$	106
	Non-employee Directors’ Stock-Based Compensation Plan		75			63			200			188
	Total	$	354		$	85		$	2,137		$	294
	Employees’ Stock-Based Compensation Plan
	The Employees’ Stock-Based Compensation Plan has 6,722,033 shares authorized to be issued, of which 1,870,936 shares were available to be issued at September 30, 2013. The Employees’ Stock-Based Compensation Plan authorizes grants of a broad variety of awards; however, the Company primarily has outstanding non-qualified common stock options and restricted shares. Currently only options can be issued from the existing plan because the plan has only been approved by the Company and not its shareholders.
	Employee Common Stock Options
	The Company measures the fair value of options granted with solely time-based vesting using a lattice model for purposes of recognizing compensation expense.  The Company believes the lattice model provides a better estimate of the fair value of time-based options as it uses a range of possible outcomes over an option term and can be adjusted for exercise patterns. The Company measures the fair value of options granted with specific stock price targets using a Monte Carlo simulation for purposes of recognizing compensation expense.  Because the options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company.  The Company believes a Monte Carlo simulation provides a better estimate of the fair value of performance-based options as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different stock price outcomes.
	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plan:
	(in thousands, except per option data)	Number of		Weighted-			Weighted-		Aggregate			Period
		Options		average			average		Intrinsic			End
				Exercise			Remaining		Value (1)			Liability (2)
				Price per			Contractual Life
				Option			per Option
							(in years)
	Outstanding at January 1, 2012 (1)	1,145		$	7.01		7.2		$	–		$	181
	Granted in 2012	1,200			0.36
	Outstanding at December 31, 2012 (1)	2,345			3.61		7.8			58			355
	Forfeited/Expired in 2013	-264			26.5
	Outstanding at September 30, 2013 (1)	2,081			0.7		7.6			2,024			2,076
	Number of options that were exercisable at:
	31-Dec-12	1,333			6.08		6.6
	30-Sep-13	1,436			0.86		7.2
	(1)       Intrinsic value is based on outstanding shares.
	(2)       Only options that were amortized based on a vesting schedule have a liability balance.  These options were 1,812,118; 1,486,345; and   818,556 at September 30, 2013, December 31, 2012 and January 1, 2012, respectively.
	The value of employee options increased by $1.7 million in the first nine months of 2013 and was recognized as additional compensation expense.
	Employee Deferred Shares
	The following table summarizes the deferred shares granted to employees. The deferred shares that were issued to employees in the second quarter of 2013 have time and price vesting requirements. Half of the shares vest in three equal tranches over the next three years. The other half of the deferred shares will vest when certain average stock prices have been met.
	(in thousands, except per	Deferred Share			Weighted-
	share data)	Grants			average Grant
					Date Share Price
	1-Jan-13	29		$	24.98
	Granted in 2013	312			0.88
	30-Sep-13	341			2.92
	The Company recognized $0.2 million of additional compensation expense related to employee deferred shares, mainly driven by new grants executed in the second quarter of 2013.
	Non-employee Directors’ Stock-Based Compensation Plan
	The Non-employee Directors’ Stock-based Compensation Plans authorize a total of 5,650,000 shares for issuance, of which 2,270,735 were available to be issued at September 30, 2013. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares.
	The following table summarizes option activity under the Non-employee Directors’ Stock-based Compensation Plan:
	(in thousands, except per option data)	Number of		Weighted-			Weighted-		Aggregate
		Options		average			average		Intrinsic
				Exercise			Remaining		Value
				Price per			Contractual Life
				Option			per Option
							(in years)
	Outstanding at January 1, 2012	27		$	24.69		1.1		$	–
	Expired/Forfeited in 2012	-10			24.74
	Granted in 2012	78.1			0.36		9.8
	Outstanding at December 31, 2012	95.1			4.7		8.3			–
	Expired/Forfeited in 2013	-17			24.67		–
	Outstanding at September 30, 2013	78.1			0.36		9.2			73
	Number of options that were exercisable at:
	31-Dec-12	17			24.67		0.4
	30-Sep-13	58.6			0.36		9.2
	Stock options awarded in 2012 were valued at $25,000 at the date of issuance and will vest in four equal installments on the last day of each of each quarter during 2013. See the table below which summarizes the director options that vested during the period presented and the deferred shares granted to the directors for services rendered for the nine months ended September 30, 2013 and 2012. The directors are fully vested in the deferred shares at the grant date.
	(in thousands, except per share	Shares		Deferred Share		Weighted-			Options		Directors’ Fees
	data)	Granted		Grants		average Grant			Vested		Expense
						Date Share Price
	30-Sep-13	5		62		$	1.21		59		$	200
30-Sep-12	–		292			0.32		-			188
For the nine months ended September 30, 2013 and 2012, the Company recognized $200,000 and $187,500 in Director fees, of which $100,000 and $93,750 was paid in cash and the balance in deferred shares and vested options. Director fees are reflected in “General and administrative” on the consolidated statements of operations.
The Company appointed a new Director in August 2013.  The Company incurred Director fees for six independent directors for the three months ended September 2013 as well as fees for five independent directors for the six months ended June 30, 2013 and nine months ended September 2012

RELATED_PARTY_TRANSACTIONS_AND

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Note 14—Related Party Transactions And Transactions with Affiliates
	Transactions with The Shelter Group, LLC (“The Shelter Group”)
	Mark Joseph (Chairman of MuniMae’s Board of Directors) has direct and indirect minority ownership interests in The Shelter Group. The Shelter Group provides property management services for certain properties that serve as collateral for the Company’s bonds. During the nine months ended September 30, 2013 and 2012, there were two and three such property management contracts, respectively, securing the Company’s bonds (including those bonds eliminated in consolidation). Fees paid by the properties to The Shelter Group under these contracts were $0.2 million and $0.4 million for the nine months ended September 30, 2013 and 2012, respectively.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	Note 15—discontinued operations
	The table below reflects the activity related to the Company’s discontinued operations.  The revenues, expenses and all other statement of operations activity in discontinued operations, including the gains and losses on dispositions, have been classified as “Income (loss) from discontinued operations, net of tax” and “Net losses (income) allocable to noncontrolling interests from CFVs and IHS – related to discontinued operations” on the consolidated statements of operations.
	Four rental properties with a carrying value of $51.8 million were classified as real estate held-for-sale at September 30, 2013.  The revenues, expenses and all other statement of operations amounts were reclassified to “Income (loss) from discontinued operations, net of tax.”
	During the first quarter of 2013, the same non-profit entity sold a property that was classified as held-for-sale on the consolidated balance sheet at December 31, 2012. The sale generated $20.1 million of net cash proceeds. As a result of the sale, the Company recognized a gain on sale of the real estate of $5.0 million of which $1.4 million was allocable to noncontrolling interests as reflected in the nine months ended September 30, 2013.
		For the three months ended				For the nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Sublease income	$	-	$	369	$	492	$	1,107
	Income from CFVs (primarily rental income)		3,511		5,034		10,968		14,999
	Income from REO operations		-		-		-		57
	Rent expense		-		-369		-492		-1,107
	Expenses from CFVs (primarily operating expenses)		-3,594		-4,545		-10,152		-14,707
	Other income		46		113		44		345
	Net gains on property acquisition		320		-		320		-
	Net income before disposal activity		283		602		1,180		694
	Disposal:
	Net gains related to REO		95		-		95		-
	Net gains related to CFVs		25		-		5,252		-
	Net income from discontinued operations		403		602		6,527		694
	(Income) loss from discontinued operations allocable		-129		-995		-1,312		648
	to noncontrolling interests
	Net income (loss) to common shareholders from	$	274	$	-393	$	5,215	$	1,342
	discontinued operations
	The details of net income to common shareholders from discontinued operations for the three months and nine months ended September 30, 2013 and 2012 are as follows:
		For the three months ended				For the nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Interest income	$	-	$	765	$	1,108	$	2,349
	Other income		399		478		1,268		1,476
	Other expense		-245		-1,636		-1,161		-2,483
	Net gains on disposal of REO		95		-		95		-
	Net gains on redemption of bonds		25		-		3,905		-
	Net income to common shareholders from discontinued	$	274	$	-393	$	5,215	$	1,342
	operations

CONSOLIDATED_FUNDS_AND_VENTURE

CONSOLIDATED FUNDS AND VENTURES	9 Months Ended
	Sep. 30, 2013
Consolidated Funds and Ventures [Abstract]	'
Consolidated Funds and Ventures [Text Block]	'
	Note 16—CONSOLIDATED FUNDS AND VENTURES
	Due to the Company’s minimal equity ownership interests in certain consolidated entities, the assets, liabilities, revenues, expenses, equity in losses from those entities’ unconsolidated Lower Tier Property Partnerships and the losses allocated to the noncontrolling interests of the consolidated entities have been separately identified on the consolidated balance sheets and statements of operations.  Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs and IHS.”
	The total assets, by type of consolidated fund or venture, at September 30, 2013 and December 31, 2012 are summarized as follows:
	(in thousands)			September 30,			December 31,
				2013			2012
	LIHTC Funds		$	343,544		$	381,394
	SA Fund			184,770			175,572
	Consolidated Lower Tier Property Partnerships			162,286			135,674
	Other consolidated entities			2,065			922
	Total assets of CFVs		$	692,665		$	693,562
	The following provides a detailed description of the nature of these entities.
	LIHTC Funds
	In general, the LIHTC Funds invest in limited partnerships that develop or rehabilitate and operate affordable multifamily housing rental properties.  These properties generate tax operating losses and federal and state income tax credits for their investors, enabling them to realize a return on their investment through reductions in income tax expense.  The LIHTC Funds’ primary assets are their investments in Lower Tier Property Partnerships, which are the owners of the affordable housing properties (see Investments in Lower Tier Property Partnerships in the Asset Summary below).  The LIHTC Funds account for these investments using the equity method of accounting.  The Company sold its GP interest in substantially all of the LIHTC Funds through the sale of its TCE business in July 2009.  However, the Company retained its GP interest in certain LIHTC Funds.  The Company continues to consolidate 11 funds at September 30, 2013 and December 31, 2012.  The Company’s GP ownership interests of the funds remaining at September 30, 2013 ranges from 0.01% to 0.04%.  The Company has guarantees associated with these funds.  These guarantees, along with the Company’s ability to direct the activities of the funds, have resulted in the Company being the primary beneficiary for financial reporting purposes.  At September 30, 2013 and December 31, 2012, the Company’s maximum exposure under these guarantees is estimated to be approximately $659.7 million; however, the Company does not anticipate any losses under these guarantees.
	SA Fund
	The Company is the majority owner of the GP of the SA Fund, which is an investment fund formed to invest directly or indirectly in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa (see SA Fund investments in the Asset Summary below).  The SA Fund has $125.8 million in equity commitments from investors, of which $115.3 million has been funded at September 30, 2013.  As a 2.7% limited partner of the SA Fund, the Company’s portion of this equity commitment is $3.4 million.  At September 30, 2013, the Company had funded $3.2 million of this equity commitment.  The SA Fund also has an agreement with Overseas Private Investment Corporation (“OPIC”), an agency of the US, to provide loan financing not to exceed $80.0 million, of which $49.1 million has been funded.  Because the Company is deemed the primary beneficiary of the SA Fund through its majority owned GP interest in the SA Fund, the Company’s 2.7% equity investment is eliminated and the SA Fund is consolidated.  The Company is allocated 2.7% of the SA Fund’s operating activities through an income or loss allocation.
	Consolidated Lower Tier Property Partnerships
	Due to financial or operating issues at a Lower Tier Property Partnership, the Company may assert its rights to assign the GP’s interest in the Lower Tier Property Partnership to affiliates of the Company.  Generally, the Company will take these actions to either preserve the tax status of the Company’s bonds and/or to protect the LIHTC Fund’s interests in the tax credits.  As a result of its ownership interest, controlling financial interest or its designation as the primary beneficiary, the Company consolidates these Lower Tier Property Partnerships.  The Company consolidated 14 and 12 Lower Tier Property Partnerships at September 30, 2013 and December 31, 2012, respectively.  Lower Tier Property Partnerships own and operate affordable multifamily housing rental properties (see real estate held-for-use, net and held-for-sale in the Asset Summary below).
	Other Consolidated Entities
	The Company also has other consolidated entities where it has been deemed to be the primary beneficiary or the Company has a controlling interest.  At September 30, 2013, these entities include two non-profit entities that provide charitable services and programs for the affordable housing market.
	The following section provides more information related to the assets of the CFVs at September 30, 2013 and December 31, 2012.
	Asset Summary:
	(in thousands)			September 30,			December 31,
				2013			2012
	Cash, cash equivalents and restricted cash		$	55,945		$	53,957
	Investments in Lower Tier Property Partnerships			299,730			333,335
	SA Fund investments			157,791			161,433
	Real estate held-for-use, net			103,649			111,931
	Real estate held-for-sale			51,836			15,338
	Other assets			23,714			17,568
	Total assets of CFVs		$	692,665		$	693,562
	Substantially all of the assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use.
	LIHTC Funds’ Investments in Lower Tier Property Partnerships
	The Lower Tier Property Partnerships of the LIHTC Funds are considered variable interest entities; although in most cases it is the third party GP who is the primary beneficiary.  Therefore, substantially all of the LIHTC Funds’ investments in Lower Tier Property Partnerships are accounted for under the equity method.  The following table provides the LIHTC Funds’ investment balances in the unconsolidated Lower Tier Property Partnerships as well as the assets and liabilities of the Lower Tier Property Partnerships at September 30, 2013 and December 31, 2012:
	(in thousands)			September 30,			December 31,
				2013			2012
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	299,730		$	333,335
	Total assets of Lower Tier Property Partnerships (1)		$	1,335,223		$	1,371,880
	Total liabilities of Lower Tier Property Partnerships (1)			1,039,405			1,041,961
		-1	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.
	The Company’s maximum exposure to loss from the LIHTC Funds and the underlying Lower Tier Property Partnerships relate to the guarantee exposure associated with the LIHTC Funds discussed above and the Company’s bonds which represent the primary mortgage debt obligation held by the LIHTC Funds’ underlying Lower Tier Property Partnerships.  The fair value of the Company’s bonds secured by properties owned by the Lower Tier Property Partnerships at September 30, 2013 and December 31, 2012, was $63.6 million and $421.3 million, respectively.
	SA Fund Investments
	The SA Fund was organized under South African law in a similar manner to US investment companies and therefore follows accounting guidance specific to investment companies which requires fair value accounting for investments.  The Company calculates such fair value based on estimates because there are no readily available market values.  In establishing fair values of its investments, the Company considers financial conditions and operating results, local market conditions, market values of comparable companies and real estate, the stage of each investment, and other factors as appropriate, including obtaining appraisals from independent third-party licensed appraisers.
	As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement, see Note 9, “Fair Value Measurements.”  The SA Fund investments are carried at their fair value of $157.8 million and $161.4 million at September 30, 2013 and December 31, 2012, respectively and are considered Level 3 valuations.  As noted in the following table, during the first nine months of 2013, the Fund recorded fair value gains of $20.2 million based on internal fair value estimates; however, these gains were more than offset by $27.2 million of foreign currency translation losses. Because the SA Fund’s functional currency is the South African rand and the Company’s functional currency is the US dollar, the Company translates the SA Fund’s rand balance sheet into a dollar denominated balance sheet as part of consolidating the SA Fund into the Company’s balance sheet.  The translation losses recorded for the first nine months of 2013 were a result of the weakening of the South African rand as compared to the US dollar.
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2013 and 2012:
			For the three months ended
			September 30,
	(in thousands)		2013			2012
	Balance, July 1,		$	156,723		$	126,950
	Net gains (losses) included in earnings			2,882			-4,511
	Net foreign currency translation losses included in other comprehensive			-2,658			-153
	income
	Impact from purchases			8,029			22,713
	Impact from sales			-7,185			-73
	Balance, September 30,		$	157,791		$	144,926
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2013 and 2012.
			For the nine months ended
			September 30,
	(in thousands)		2013			2012
	Balance, January 1,		$	161,433		$	108,329
	Net gains included in earnings			20,178			5,480
	Net foreign currency translation losses included in other comprehensive			-27,226			-3,836
	income
	Impact from purchases			15,699			42,449
Impact from sales			-12,293			-7,496
Balance, September 30,		$	157,791		$	144,926
The SA Fund has committed $171.3 million of capital to the project entities who in turn invest that capital into affordable for-sale and rental properties of which $132.3 million was funded at September 30, 2013.
Lower Tier Property Partnership’s Real estate held-for-use, net
The real estate held-for-use by Lower Tier Property Partnerships, which are consolidated by the Company, was comprised of the following at September 30, 2013 and December 31, 2012:
(in thousands)		September 30,			December 31,
		2013			2012
Building, furniture and fixtures		$	108,036		$	116,320
Accumulated depreciation			-16,274			-15,598
Land			11,887			11,209
Total		$	103,649		$	111,931
Depreciation expense was $6.5 million and $5.8 million for the nine months ended September 30, 2013 and 2012, respectively, of which $2.0 million and $3.7 million was recorded in discontinued operations for the nine months ended September 30, 2013 and 2012, respectively.  Buildings are depreciated over a period of 40 years.  Furniture and fixtures are depreciated over a period of six to seven years.  The Company did not recognize any impairment losses for the nine months ended September 30, 2013 and 2012.
The Lower Tier Property Partnerships which own the real estate held-for-use (affordable multifamily properties) were consolidated by non-profit entities that are in turn consolidated by the Company.  The Company does not have an equity interest in the Lower Tier Property Partnerships or the non-profit entities.  However, the Company provided debt financing to the Lower Tier Property Partnerships.  In consolidation, because the Company consolidates the Lower Tier Property Partnerships, the real estate held by the Lower Tier Property Partnerships is reflected on the Company’s balance sheet.  The Company’s bonds have been eliminated against the related mortgage debt obligations of the Lower Tier Property Partnerships.  The Company’s maximum loss exposure is the fair value of its bonds.  At September 30, 2013, the fair value of these bonds was $50.5 million, including $2.7 million of net unrealized gains occurring since consolidation that have not been reflected in the Company’s common shareholders’ equity given that the Company is required to consolidate and account for the real estate, which prohibits an increase in value from its original cost basis until the real estate is sold.
The decrease in real estate held-for-use was primarily due to four rental properties, with a carrying value of $51.8 million at September 30, 2013, converting to real estate held-for-sale during the quarter. The decrease was partially offset by the consolidation of five rental properties during the second quarter of 2013, with a carrying value of $42.9 million at September 30, 2013.
Lower Tier Property Partnership’s Real estate held-for-sale
The real estate held-for-sale by Lower Tier Property Partnerships, which are consolidated by the Company, was comprised of the following at September 30, 2013 and December 31, 2012:
(in thousands)	September 30,			December 31,
	2013			2012
Cash	$	4,216		$	318
Building, furniture and fixtures		48,133			14,740
Accumulated depreciation		-5,786			-959
Land		5,111			1,215
Other assets		162			24
Total	$	51,836		$	15,338
The Company had four and one rental properties classified as held-for-sale and reported through discontinued operations at September 30, 2013 and December 31, 2012, respectively. The properties are no longer depreciated and are carried at the lower of the property’s fair value less costs to sell or its current carry value. See Note 15, “Discontinued Operations,” for information on these properties.
The Lower Tier Property Partnerships which own real estate held-for-sale (affordable multifamily properties) were consolidated by a non-profit that is in turn consolidated by the Company. As of September 30, 2013, the Company does not have any equity in the Lower Tier Property Partnerships or the non-profit. However, the Company provided debt financing to the Lower Tier Property Partnerships. In consolidation, because the Company consolidates the Lower Tier Property Partnership, the real estate held by the Lower Tier Property Partnership is reflected on the Company’s balance sheet. The Company’s bonds have been eliminated against the related mortgage debt obligations of the Lower Tier Property Partnerships. The Company’s maximum loss exposure is the fair value of its bonds. At September 30, 2013, the fair value of our debt financing was $83.7 million, including $33.1 million of net unrealized gains occurring since consolidation that have not been reflected in the Company’s common shareholders’ equity given that the Company is required to consolidate and account for the real estate, which prohibits an increase in value from its original cost basis until the real estate is sold.
If the four rental properties are sold at the estimated fair value of $83.7 million, then the Company’s common equity will increase by $33.1 million.
Liability Summary:
The following section provides more information related to the liabilities of the CFVs at September 30, 2013 and December 31, 2012.
(in thousands)		September 30,				December 31,
		2013				2012
Liabilities of CFVs:
Debt		$	96,142		$	55,433
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			13,461			15,881
Other liabilities			10,167			6,150
Total liabilities of CFVs		$	119,770		$	77,464
Debt
At September 30, 2013 and December 31, 2012, the debt of the CFVs had the following terms:
		September 30, 2013
(in thousands)		Carrying			Face Amount		Weighted-average		Maturity Dates
		Amount					Effective Interest
							Rates
SA Fund		$	49,621		$	49,621	2.6	%	Apr-18
Lower Tier Property Partnerships			46,521			46,648	6.4		Various dates through March 2049
		December 31, 2012
(in thousands)		Carrying			Face Amount		Weighted-average		Maturity Dates
		Amount					Effective Interest
							Rates
SA Fund		$	49,352		$	49,352	2.6	%	Apr-18
Lower Tier Property Partnerships			6,081			7,289	10.4		Various dates through October 2021
SA Fund
The SA Fund has an agreement with OPIC to provide loan financing not to exceed $80.0 million.  The SA Fund has drawn a total of $49.1 million of debt against this financing arrangement as of September 30, 2013.  This debt is an obligation of the SA Fund and there is no recourse to the Company.
This debt is denominated in US dollars; however, the SA Fund’s functional currency is the South African rand.  Therefore, the SA Fund is exposed to foreign currency risk.  In order to hedge this risk, from an economic standpoint, the SA Fund has entered into certain foreign exchange derivative contracts.  As required, these derivative instruments are carried at fair value.  The SA Fund does not designate these derivatives as accounting hedges and therefore, changes in fair value are recognized through the consolidated statements of operations.  The change of value in the debt obligation due to currency fluctuation is also recognized through the consolidated statements of operations.
As required by GAAP, assets and liabilities are classified into levels based on the lowest level of input that is significant to the fair value measurement, see Note 9, “Fair Value Measurements.”  The SA Fund derivative assets are carried at their fair value of $7.2 million and $1.0 million at September 30, 2013 and December 31, 2012, respectively based on Level 2 valuations.
At September 30, 2013 the SA Fund had $3.4 million of cash pledged as collateral for the foreign exchange derivative contracts.
Lower Tier Property Partnerships
During the third quarter of 2013, the Company sold 10 bonds and bond interests to the Purchaser of TEB. For these bonds, our consolidated balance sheet reflected real estate instead of bond investments because a non-profit that we consolidate was deemed to be the primary beneficiary of Lower Tier Property Partnerships that held the real estate serving as collateral to the bonds. Therefore, upon the sale of TEB, the cash proceeds received on the 10 bonds and bond interests were recorded as debt owed by the Lower Tier Property Partnerships of $75.2 million. Subsequent to the TEB sale and during third quarter of 2013, we repurchased four of these bond interests thereby causing the outstanding debt obligation to decline by $28.9 million.
Other
The following section provides more information related to the income statement of the CFVs for the three months and nine months ended September 30, 2013 and 2012.
Income Statement Summary:
		For the three months ended					For the nine months ended
		September 30,					September 30,
(in thousands)		2013			2012		2013		2012
Revenue:
Rental and other income from real estate		$	3,736		$	1,800	$	9,096	$	3,715
Interest and other income			3,739			2,267		7,784		4,743
Total revenue from CFVs			7,475			4,067		16,880		8,458
Expenses:
Depreciation and amortization			2,386			1,525		6,169		4,056
Interest expense			1,253			441		2,228		1,237
Other operating expenses			3,696			1,923		8,602		4,580
Foreign currency loss			840			330		8,390		1,148
Asset impairments			6,679			4,820		14,559		10,102
Total expenses from CFVs			14,854			9,039		39,948		21,123
Net gains (losses) related to CFVs:
Investment gains (losses)			3,554			-4,511		20,849		5,479
Derivative gains (losses)			258			-97		6,883		98
Net loss on sale of properties			–			–		–		-170
Equity in losses from Lower Tier Property Partnerships of CFVs			-6,343			-6,486		-20,129		-25,917
Net loss			-9,910			-16,066		-15,465		-33,175
Net losses allocable to noncontrolling interests in CFVs (1)			11,046			17,268		18,426		36,526
Net income allocable to the common shareholders related to CFVs		$	1,136		$	1,202	$	2,961	$	3,351
(1)       Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.
The details of Net income allocable to the common shareholders related to CFVs for the three months and nine months ended September 30, 2013 and 2012 are as follows:
		For the three months ended					For the nine months ended
		September 30,					September 30,
(in thousands)		2013			2012		2013		2012
Interest income		$	274		$	1,169	$	1,779	$	1,789
Asset management fees			888			937		2,629		3,521
Guarantee fees			331			331		993		1,042
Equity in losses from Lower Tier Property Partnerships			-383			-1,092		-2,821		-3,031
Equity in income (loss) from SA Fund			151			-99		643		165
Other expense			-125			-44		-262		-135
Net income allocable to the common shareholders		$	1,136		$	1,202	$	2,961	$	3,351

SEGMENT_INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	Note 17—segment Information
	The Company currently operates through two reportable segments: US Operations and International Operations.
	US Operations
	The Company owns and manages a portfolio of tax-exempt bonds, a substantial majority of which are backed by affordable multifamily rental properties.  The Company also manages low income housing tax credit equity funds for third party investors which invest in similar affordable multifamily rental properties.
	International Operations
	Outside of the US, we are in the business of raising, investing in and asset managing private real estate funds which invest in affordable for-sale and rental housing in South Africa and, to a lesser extent, Sub-Saharan Africa.  The Company’s International Operations take place through a subsidiary, IHS.
	The following tables reflect the results of the business segments for the three months and nine months ended September 30, 2013 and 2012.  The segment results have been adjusted to include revenues and expenses related to transactions between CFVs and the two reportable segments that are eliminated in consolidation and are provided for through an allocation of income.
	Consolidated Funds and Ventures
	CFVs are entities for which the Company is deemed to be the primary beneficiary.  The Company earns revenue from these CFVs mainly through asset management fees, interest income (mostly relating to interest on bonds) and guarantee fees.
		For the three months ended September 30, 2013
	(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
		Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
								Reclasses
	Total interest income	$	4,644	$	10	$	3,739	$	-274	A	$	-3,739	$	4,380
	Total interest expense		2,199		–		1,527		-274	A		-1,253		2,199
	Net interest income		2,445		10		2,212		–			-2,486		2,181
	Total fee and other income		2,651		703		3,736		-1,219	B		-3,736		2,135
	Revenue from CFVs		–		–		–		–			7,475		7,475
	Total non-interest revenue		2,651		703		3,736		-1,219			3,739		9,610
	Total revenues, net of interest		5,096		713		5,948		-1,219			1,253		11,791
	expense
	Operating and other expenses:
	Interest expense		3,593		35		–		–			–		3,628
	Operating expenses		4,016		1,356		4,915		-1,219	B		-3,696		5,372
	Impairment on bonds and		939		5		–		–			–		944
	provision for loan losses
	Other expenses		1,463		72		9,905		-357	C, D		-9,905		1,178
	Expenses from CFVs		–		–		–		–			14,854		14,854
	Total operating and other		10,011		1,468		14,820		-1,576			1,253		25,976
	expenses
	Net gains on assets, derivatives		76,304		16		3,812		–			-3,812		76,320
	and extinguishment of
	liabilities
	Net gains due to real estate		2,411		–		–		–			–		2,411
	consolidation and foreclosure
	Net gains related to CFVs		–		–		–		–			3,812		3,812
	Equity in losses from Lower Tier		–		–		-6,111		-232	C		–		-6,343
	Property Partnerships
	Income (loss) from continuing		73,800		-739		-11,171		125			–		62,015
	operations before income taxes
	Income tax benefit		-123		–		–		–			–		-123
	Income from discontinued		274		–		129		–			–		403
	operations, net of tax
	Net income (loss)		73,951		-739		-11,042		125			–		62,295
	Income allocable to
	noncontrolling interests:
	Income allocable to perpetual		-36		–		–		–			–		-36
	preferred shareholders of a
	subsidiary company
	Net losses (income) allocable to
	noncontrolling interests in
	CFVs:
	Related to continuing		–		140		11,171		-125	D		–		11,186
	operations
	Related to discontinued		–		–		-129		–			–		-129
	operations
	Net income (loss) to common	$	73,915	$	-599	$	–	$	–		$	–	$	73,316
	shareholders
		For the three months ended September 30, 2012
	(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
		Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
								Reclasses
	Total interest income	$	17,387	$	7	$	2,267	$	-1,169	A	$	-2,267	$	16,225
Total interest expense		6,547		–		1,610		-1,169	A		-441		6,547
Net interest income		10,840		7		657		–			-1,826		9,678
Total fee and other income		2,336		761		1,800		-1,268	B		-1,800		1,829
Revenue from CFVs		–		–		–		–			4,067		4,067
Total non-interest revenue		2,336		761		1,800		-1,268			2,267		5,896
Total revenues, net of interest		13,176		768		2,457		-1,268			441		15,574
expense
Operating and other expenses:
Interest expense		4,607		32		–		–			–		4,639
Operating expenses		3,722		1,546		3,191		-1,268	B		-1,923		5,268
Impairment on bonds and		919		–		–		–			–		919
provision for loan losses
Other expenses		2,038		152		6,675		-1,235	C,D		-6,675		955
Expenses from CFVs		–		–		–		–			9,039		9,039
Total operating and other		11,286		1,730		9,866		-2,503			441		20,820
expenses
Net losses on assets, derivatives		-501		–		-4,608		–			4,608		-501
and extinguishment of
liabilities
Net gains due to real estate		2,853		–		–		–			–		2,853
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			-4,608		-4,608
Equity in losses from Lower Tier		–		–		-5,295		-1,191	C		–		-6,486
Property Partnerships
Income (loss) from continuing		4,242		-962		-17,312		44			–		-13,988
operations before income taxes
Income tax expense		-24		–		–		–			–		-24
Income from discontinued		-393		–		995		–			–		602
operations, net of tax
Net income (loss)		3,825		-962		-16,317		44					-13,410
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-2,284		–		–		–			–		-2,284
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		139		17,312		-44	D		–		17,407
operations
Related to discontinued		–		–		-995		–			–		-995
operations
Net income (loss) to common	$	1,541	$	-823	$	–	$	–		$	–	$	718
shareholders
	For the nine months ended September 30, 2013
(in thousands)		US	International		CFVs		Income		Note		CFVs	MMA
		Operations	Operations				Allocation		Ref.		Adjustments	Consolidated
							Reclasses
Total interest income	$	36,931	$	25	$	7,784	$	-1,779	A	$	-7,784	$	35,177
Total interest expense		22,213		–		4,007		-1,779	A		-2,228		22,213
Net interest income		14,718		25		3,777		–			-5,556		12,964
Total fee and other income		7,203		2,220		9,096		-3,622	B		-9,096		5,801
Revenue from CFVs		–		–		–		–			16,880		16,880
Total non-interest revenue		7,203		2,220		9,096		-3,622			7,784		22,681
Total revenues, net of interest		21,921		2,245		12,873		-3,622			2,228		35,645
expense
Operating and other expenses:
Interest expense		11,273		101		–		–			–		11,374
Operating expenses		15,843		4,507		12,224		-3,622	B		-8,602		20,350
Impairment on bonds and		1,772		5		–		–			–		1,777
provision for loan losses
Other expenses		7,265		140		29,118		-2,440	C,D		-29,118		4,965
Expenses from CFVs		–		–		–		–			39,948		39,948
Total operating and other		36,153		4,753		41,342		-6,062			2,228		78,414
expenses
Net gains on assets, derivatives		114,672		16		27,732		–			-27,732		114,688
and extinguishment of
liabilities
Net gains due to real estate		10,895		–		–		–			–		10,895
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			27,732		27,732
Equity in losses from Lower Tier		–		–		-17,951		-2,178	C		–		-20,129
Property Partnerships
Income (loss) from continuing		111,335		-2,492		-18,688		262			–		90,417
operations before income taxes
Income tax benefit		1,309		–		–		–			–		1,309
Income from discontinued		5,215		–		1,312		–			–		6,527
operations, net of tax
Net income (loss)		117,859		-2,492		-17,376		262					98,253
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-3,714		–		–		–			–		-3,714
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		489		18,688		-262	D		–		18,915
operations
Related to discontinued		–		–		-1,312		–			–		-1,312
operations
Net income (loss) to common	$	114,145	$	-2,003	$	–	$	–		$	–	$	112,142
shareholders
	For the nine months ended September 30, 2012
(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
	Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
							Reclasses
Total interest income	$	51,946	$	30	$	4,743	$	-1,789	A	$	-4,743	$	50,187
Total interest expense		20,090		–		3,026		-1,789	A		-1,237		20,090
Net interest income		31,856		30		1,717		–			-3,506		30,097
Total fee and other income		7,690		2,964		3,715		-4,563	B		-3,715		6,091
Revenue from CFVs		–		–		–		–			8,458		8,458
Total non-interest revenue		7,690		2,964		3,715		-4,563			4,743		14,549
Total revenues, net of interest		39,546		2,994		5,432		-4,563			1,237		44,646
expense
Operating and other expenses:
Interest expense		14,074		105		–		–			–		14,179
Operating expenses		11,948		4,786		9,143		-4,563	B		-4,580		16,734
Impairment on bonds and		-2,278		–		–		–			–		-2,278
recovery of loan losses
Other expenses		5,993		-42		15,306		-3,001	C,D		-15,306		2,950
Expenses from CFVs		–		–		–		–			21,123		21,123
Total operating and other		29,737		4,849		24,449		-7,564			1,237		52,708
expenses
Net losses on assets, derivatives		-1,167		–		5,407		–			-5,407		-1,167
and extinguishment of
liabilities
Net gains due to real estate		5,404		–		–		–			–		5,404
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			5,407		5,407
Equity in losses from Lower Tier		–		–		-23,051		-2,866	C		–		-25,917
Property Partnerships
Income (loss) from continuing		14,046		-1,855		-36,661		135			–		-24,335
operations before income taxes
Income tax expense		-65		–		–		–			–		-65
Income (loss) from discontinued		1,342		–		-648		–			–		694
operations, net of tax
Net income (loss)		15,323		-1,855		-37,309		135			–		-23,706
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-6,852		–		–		–			–		-6,852
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		358		36,661		-135	D		–		36,884
operations
Related to discontinued		–		–		648		–			–		648
operations
Net income (loss) to common	$	8,471	$	-1,497	$	–	$	–		$	–	$	6,974
shareholders
A.   Primarily related to interest on bonds that the Company earned by holding the bond but which is eliminated because the Company consolidates two non-profits and the associated Lower Tier Property Partnerships and its related real estate.  These Lower Tier Property Partnerships each have a mortgage debt obligation that collateralizes a bond.
B.    Primarily related to asset management fees earned by the Company for asset management services provided to the SA Fund and LIHTC Funds.
C.    Primarily relates to equity in losses from the Lower Tier Property Partnerships associated with the Company’s LIHTC Funds for which the Company has provided bond financing to the Lower Tier Property Partnerships.
D.    Includes losses recorded by the Company related to guarantees provided by the Company associated with third party debt obligations of certain Lower Tier Property Partnerships.
The total assets by segment at September 30, 2013 and December 31, 2012 are presented in the table below:
(in thousands)	September 30,		December 31,
	2013		2012
ASSETS
US Operations	$	474,884	$	1,236,288
International Operations		5,286		4,644
Total segment assets		480,170		1,240,932
Bonds eliminated in consolidation		-92,429		-114,529
Net unrealized mark-to-market gains not recorded in consolidation		-32,336		-10,585
Other adjustments		-8,214		-7,628
Assets of CFVs		692,665		693,562
Total MMA consolidated assets	$	1,039,856	$	1,801,752

DESCRIPTION_OF_THE_BUSINESS_AN1

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses.  Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“CFVs”).  Management has also made significant estimates in the determination of impairment on bonds and real estate investments.  Actual results could differ materially from these estimates.
Basis of Accounting, Policy [Policy Text Block]	'
	Basis of Presentation and Significant Accounting Policies
	The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company.  All intercompany transactions and balances have been eliminated in consolidation.  Investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity are accounted for using the equity method of accounting.  See Note 1, “Description of Business and Basis of Presentation” to the consolidated financial statements in our 2012 Form 10-K, which discusses our consolidation presentation and our significant accounting policies.
Changes in Presentation [Policy Text Block]	'
	Changes in Presentation
	We have revised the presentation of our consolidated statements of operations so that we now separately present “Net interest income,” which is interest income less interest expense on debt which finances interest-bearing assets.  This presentation change had no impact on “Net (loss) income.”
Reclassification, Policy [Policy Text Block]	'
	Reclassifications
	The Company made reclassifications to discontinued operations on its previously issued consolidated statements of operations for the three months and nine months ended September 30, 2012 as a result of certain discontinued operations occurring subsequent to September 30, 2012.
Interim Period Presentation [Policy Text Block]	'
	Interim Period Presentation
	The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and note disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to those rules and regulations.
	The consolidated financial statements are unaudited.  These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows.  These consolidated financial statements should be read in conjunction with the financial statements included in our 2012 Form 10-K.  The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

BONDS_AVAILABLEFORSALE_Tables

BONDS AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 2013
Available-For-Sale Securities [Abstract]	'
Schedule of Closed Block Assets and Liabilities [Table Text Block]	'
	The following table summarizes the third quarter 2013 impact of the transactions described above.
	(in thousands)
	Increase in MuniMae’s cash (including $16,337 of restricted cash)	$	$78,664
	Reduction in bonds		-678,983		-1
	Reduction in other assets (bond interest receivable)		-4,612		-2
	Reduction in TEB’s cash (including $1,665 of restricted cash)		-44,841		-2
	Net reduction in assets	$	-649,772
	Reduction in senior interests and debt owed to securitization trusts	$	574,652
	Reduction in mandatorily redeemable preferred shares		121,000
	Reduction in perpetual preferred shares ($121,000 liquidation preference)		117,978
	Reduction in accounts payable and accrued expenses and other liabilities (interest and distributions payable)		4,781
	Increase in debt (resulting from bonds and interests in bonds that did not qualify for sale treatment)		-94,410		-1
	Increase in debt (due from CFVs)		-75,191		-1
	Increase in accounts payable and accrued expenses (interest payable resulting from failed sales)		-618		-2
	Increase in accounts payable and accrued expense (interest payable due from CFVs)		-1,442		-2
	Net reduction in liabilities	$	646,750
	Net reduction in common shareholders’ equity	$	-3,022		-3
	(1)    The sum of these amounts total $848.6 million and represents the fair value of the bonds sold on July 3, 2013.
	(2)    Represents the total cash, restricted cash and interest receivable of $51.5 million transferred to the Purchaser as part of the sale of TEB.
	(3)    Represents the difference between the Company’s carrying value of the perpetual preferred shares on June 30, 2013 of $118.0 million as compared to the liquidation preference amount assumed in the sale on July 3, 2013 of $121.0 million.
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'
	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at September 30, 2013 and December 31, 2012.
		September 30, 2013
	(in thousands)	Unpaid				Basis			Unrealized			Unrealized		Fair Value
		Principal				Adjustments (1)			Losses			Gains
		Balance
	Mortgage revenue bonds	$	146,587			$	-3,879		$	-37,572		$	16,776	$	121,912
	Other bonds		80,045				-1,921			-22,922			19,371		74,573
	Total	$	226,632	-2		$	-5,800		$	-60,494		$	36,147	$	196,485
		December 31, 2012
	(in thousands)	Unpaid				Basis			Unrealized			Unrealized		Fair Value
		Principal				Adjustments (1)			Losses			Gains
		Balance
	Mortgage revenue bonds	$	898,209			$	-10,314		$	-118,933		$	115,196	$	884,158
	Other bonds		86,113				-2,339			-22,364			23,826		85,236
	Total	$	984,322	-2		$	-12,653		$	-141,297		$	139,022	$	969,394
	(1)     Represents net discounts, deferred costs and fees.
	(2)     The Company had bonds with an unpaid principal balance of $113.5 million ($124.9 million fair value) and $123.9 million ($125.1 million fair value) at September 30, 2013 and December 31, 2012, respectively, which were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds.  See Note 16, “Consolidated Funds and Ventures” for more information.
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	'
	The following table summarizes, by contractual maturity, the amortized cost and fair value of bonds available-for-sale at September 30, 2013.
		September 30, 2013
	(in thousands)	Amortized Cost			Fair Value
	Non-Amortizing:
	Due in less than one year	$	–		$	–
	Due between one and five years		–			–
	Due between five and ten years		–			–
	Due after ten years		1,429			1,532
	Amortizing:
	Due at stated maturity dates between December 2013 and June 2056		158,909			194,953
		$	160,338		$	196,485
Bonds Prepayable Without Restriction or Penalty [Table Text Block]	'
	The following table provides the amount of bonds that were prepayable without restriction, premium or penalty at September 30, 2013 as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.
		September 30, 2013
	(in thousands)	Amortized Cost			Fair Value
	Bonds that may be prepaid without restrictions, premiums or penalties at September 30,	$	–		$	–
	2013
	October 1 through December 31, 2013		1,133			1,400
	2014		–			–
	2015		–			–
	2016		10,183			13,410
	2017		5,725			6,488
	Thereafter		106,023			128,531
	Bonds that may not be prepaid		37,274			46,656
	Total	$	160,338		$	196,485
Past Due Analysis of Available-for-sale Securities Bonds, Current [Table Text Block]	'
	The following table provides an aging analysis for the fair value of bonds available-for-sale at September 30, 2013 and December 31, 2012.
	(in thousands)	September 30,			December 31,
		2013			2012
	Total current	$	117,709		$	850,155
	30-59 days past due		-			8,013
	60-89 days past due		8,244			7,471
	Greater than 90 days		70,532			103,755
	Total	$	196,485		$	969,394
Gain (Loss) on Investments [Table Text Block]	'
	Provided in the table below are unrealized losses and realized gains and losses recorded through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” for bonds sold or redeemed during the three months and nine months ended September 30, 2013 and 2012, as well as for bonds still in the Company’s portfolio at September 30, 2013 and 2012, respectively.
		For the three months						For the nine months
		ended September 30,						ended September 30,
	(in thousands)	2013			2012			2013			2012
	Bond impairment recognized on bonds held at each period-end	$	-939		$	-2,282		$	-1,242		$	-3,369
	Bond impairment recognized on bonds sold/redeemed during each period		-			-			-530			-
	Gains recognized at time of sale/redemption		76,362			2			76,960			54
	Total net gains (losses) on bonds	$	75,423		$	-2,280		$	75,188		$	-3,315

REAL_ESTATE_Tables

REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate Held For Use [Abstract]	'
Schedule of Real Estate Held-for-use [Table Text Block]	'
	The following table summarizes real estate held-for-use at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	MuniMae’s real estate held-for-use	$	18,214	$	17,756
	Real estate held-for-use related to CFVs(1)		103,649		111,931
	Total real estate held-for-use	$	121,863	$	129,687
	(1)       For more information see Note 16, “Consolidated Funds and Ventures.”

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Schedule of Other Assets [Table Text Block]	'
	The following table summarizes other assets at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	Other assets:
	Solar facilities (includes other assets such as cash and other receivables)	$	5,640	$	7,960
	Investment in a real estate partnership		6,089		6,266
	Accrued interest receivable		1,461		6,035
	State tax receivables, net		219		2,403
	Debt issuance costs, net		3,705		10,199
	Loans receivable		1,188		1,165
	Other assets		2,210		3,428
	Other assets held by CFVs (1)		23,714		17,568
	Total other assets	$	44,226	$	55,024
	(1)       For more information see Note 16, “Consolidated Funds and Ventures.”
Schedule of Equity Method Investments [Table Text Block]	'
	The following table displays the total assets and liabilities held by the real estate partnership  in which the Company held an equity investment at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,		December 31,
		2013		2012
	Investment in a real estate partnership:
	Total assets (primarily real estate)	$	18,800	$	18,820
	Total liabilities		447		–
Schedule of Income (Loss) in Earnings of Unconsolidated Venture [Table Text Block]	'
	The following table displays the net (loss) income for the three months and nine months ended September 30, 2013 and 2012 for the real estate partnership:
		For the three months				For the nine months
		ended September 30,				ended September 30,
	(in thousands)	2013		2012		2013		2012
	Net (loss) income	$	-194	$	-38	$	-583	$	302

DEBT_Tables

DEBT (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
	The table below summarizes outstanding debt balances, the weighted-average interest rates and term dates at September 30, 2013 and December 31, 2012:
	(dollars in thousands)	September 30,		Weighted-Average		December 31,		Weighted-Average
		2013		Effective Interest		2012		Effective Interest
				Rate at				Rate at
				September 30,				December 31, 2012
				2013
	Asset Related Debt (1)
	Senior interests in and debt owed to securitization trusts
	Due within one year	$	-	-	%	$	-	-	%
	Due after one year		-	-			589,592	2.1
	Mandatorily redeemable preferred shares
	Due within one year		-	-			4,901	7.5
	Due after one year		-	-			83,819	7.4
	Notes payable and other debt – bond related (2)
	Due within one year		21,261	1.8			-	-
	Due after one year		125,043	5.5			57,729	5
	Notes payable and other debt – non-bond related
	Due within one year		1,446	9.2			17,617	9.9
	Due after one year		7,156	9.9			8,290	9.8
	Total asset related debt		154,906	5.2			761,948	3.2
	Other Debt (1)
	Subordinate debentures (3)
	Due within one year		742	8.1			529	8.1
	Due after one year		142,157	7.2			193,971	6.9
	Notes payable and other debt
	Due within one year (4)		5,342	10			10,444	13.5
	Due after one year		61,837	5.3			20,634	6.4
	Total other debt		210,078	6.7			225,578	7.2
	Total asset related debt and other debt		364,984	6.1			987,526	4.1
	Debt related to CFVs (5)
	Due within one year		35	6			5,908	10
	Due after one year		96,107	4.5			49,525	2.7
	Total debt related to CFVs		96,142	4.5			55,433	3.5
	Total debt	$	461,126	5.7		$	1,042,959	4.1
	(1)     Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations.  Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
	(2)     Included in notes payable and other debt were unamortized discounts of $1.7 million at December 31, 2012.
	(3)     Included in the subordinate debt balance were $1.3 million of net discounts and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) and $7.1 million of net premiums and effective interest rate payable at September 30, 2013 and December 31, 2012, respectively.
	(4)     This amount includes $3.8 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
	(5)     See Note 16, “Consolidated Funds and Ventures” for more information.
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	The following table summarizes principal payment commitments across all debt agreements at September 30, 2013:
	(in thousands)	Asset Related Debt		CFVs
		and Other Debt		Related Debt
	2013	$	4,754	$	133
	2014		25,157		469
	2015		67,007		403
	2016		34,133		435
	2017		3,737		469
	Thereafter		228,985		92,974
	Net discount		1,211		1,259
	Total	$	364,984	$	96,142
Schedule of Redeemable Preferred Stock Issued for Debt Instrument [Table Text Block]	'
	The table below provides a summary of the key terms of the subordinate debt issued by MMA Financial Inc. (“MFI”) and MMA Financial Holdings, Inc. (“MFH”) and held by third parties at September 30, 2013:
	(dollars in thousands)
	Issuer	Principal		Net Premium/		Carrying		Interim		Maturity Date	Coupon Interest Rate
				(Discount)		Value		Principal
								Payments
	MFI	$	29,651	$	-	$	29,651		-	Various dates through December 2033	8.00%
	MFH		33,286		565		33,851	$4,689 due April 2015		30-Mar-35	0.75% to March 2015, then 3-month LIBOR plus 3.3%
	MFH		30,116		331		30,447	$4,242 due May 2015		30-Apr-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
	MFH		17,219		150		17,369	$2,305 due May 2015		30-Jul-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
	MFH		31,308		273		31,581	$4,191 due May 2015		30-Jul-35	0.75% to April 2015, then 3-month LIBOR plus 3.3%
		$	141,580	$	1,319	$	142,899

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	'
	The following table summarizes the Company’s derivative liabilities fair value balances at September 30, 2013 and December 31, 2012.
		Fair Value
	(in thousands)	September 30,		December 31,
		2013		2012
	Interest rate swaps	$	662	$	3,184
	Other		–		360
	Total derivative financial instruments	$	662	$	3,544
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	'
	The following table summarizes the derivative notional amounts at September 30, 2013 and December 31, 2012.
		Notional
	(in thousands)	September 30,		December 31,
		2013		2012
	Interest rate swaps	$	7,837	$	24,885
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]	'
	The following table summarizes derivative activity for the three months and nine months ended September 30, 2013 and 2012.
		Realized/Unrealized				Realized/Unrealized
		(Losses) Gains For the				(Losses) Gains For the
		three months ended				nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Interest rate swaps(1)	$	-76	$	-655	$	-156	$	-2,336
	Other		–		-3		215		202
	Total	$	-76	$	-658	$	59	$	-2,134
	(1)     The cash paid and received on interest rate swaps is settled on a net basis and recorded through “Net gains (losses) on assets and derivatives.” Net cash interest paid was $0.1 million and $1.0 million for the three months ended September 30, 2013 and 2012, respectively. Net cash paid was $0.7 million and $3.2 million for the nine months ended September 30, 2013 and 2012, respectively.

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, All Other Investments [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
		September 30, 2013								December 31, 2012
		Carrying		Fair Value						Carrying
	(in thousands)	Amount		Level 1		Level 2		Level 3		Amount		Fair Value
	Assets:
	Investments in preferred stock	$	31,371	$	-	$	-	$	36,613	$	31,371	$	35,807
	Loans receivable		1,174		-		-		302		1,072		383
	Liabilities:
	Senior interests in and debt owed to securitization trusts		-		-		-		-		589,592		589,778
	Mandatorily redeemable preferred shares		-		-		-		-		88,720		91,517
	Notes payable and other debt, bond related		146,304		-		-		145,091		57,729		59,001
	Notes payable and other debt, non-bond related		75,781		-		-		67,851		56,985		48,696
	Notes payable and other debt related to CFVs		96,142		-		49,745		44,977		55,433		55,580
	Subordinate debt issued by MFH		113,248		-		-		42,869		164,500		47,219
	Subordinate debt issued by MFI		29,651		-		-		29,651		30,000		30,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	'
	The following tables present assets and liabilities that are measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012.
				Fair Value Measurement Levels at September 30, 2013
	(in thousands)	September 30,		Level 1		Level 2		Level 3
		2013
	Assets:
	Bonds available-for-sale	$	196,485	$	–	$	–	$	196,485
	Liabilities:
	Derivative liabilities	$	662	$	–	$	–	$	662
				Fair Value Measurement Levels at December 31, 2012
	(in thousands)	December 31,		Level 1		Level 2		Level 3
		2012
	Assets:
	Bonds available-for-sale	$	969,394	$	–	$	–	$	969,394
	Liabilities:
	Derivative liabilities	$	3,544	$	–	$	2,477	$	1,067
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	'
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2013.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, July 1, 2013	$	896,322	$	-694
	Net losses included in earnings		-1,321		32
	Net losses included in other comprehensive income (1)		-80,682		-
	Impact from sales/redemptions		-606,121		-
	Bonds eliminated due to real estate consolidation and foreclosure		-10,168		-
	Impact from settlements		-1,545		-
	Balance, September 30, 2013	$	196,485	$	-662
	(1)     This amount includes $5.2 million of unrealized net holding losses arising during the period, which is then reduced by $0.9 million of unrealized bond losses reclassified into operations.  This amount is then increased by $76.4 million of unrealized gains related to bonds that were redeemed.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2012.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, July 1, 2012	$	1,006,539	$	-1,192
	Net losses included in earnings		-3,373		-27
	Net gains included in other comprehensive income (1)		15,085		–
	Impact from purchases		–		–
	Impact from sales		–		–
	Bonds eliminated due to real estate consolidation and foreclosure		-21,545		–
	Impact from settlements		-2,419		–
	Balance, September 30, 2012	$	994,287	$	-1,219
	(1)     This amount includes $12.8 million of unrealized net holding gains arising during the period, which is then increased by $2.3 million of unrealized bond losses reclassified into operations.
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2013.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, January 1, 2013	$	969,394	$	-1,067
	Net losses included in earnings		-4,589		259
	Net losses included in other comprehensive income (1)		-91,980		–
	Impact from sales/redemptions		-612,154		–
	Bonds eliminated due to real estate consolidation and foreclosure		-55,275		–
	Impact from settlements		-8,911		146
	Balance, September 30, 2013	$	196,485	$	-662
	(1)     This amount includes $16.8 million of unrealized net holding losses arising during the period, which is then reduced by $1.8 million of unrealized bond losses reclassified into operations.  This amount is then increased by $77.0 million of unrealized gains related to bonds that were redeemed
	The following table presents activity for assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2012.
	(in thousands)	Bonds		Derivative
		Available-		Liabilities
		for-sale
	Balance, January 1, 2012	$	1,021,628	$	-1,167
	Net losses included in earnings		-6,397		429
	Net gains included in other comprehensive income (1)		31,806		-
	Impact from purchases		6,189		-
	Impact from sales		-8,172		-
	Bonds eliminated due to real estate consolidation and foreclosure		-34,108		-
	Impact from settlements		-16,659		128
	Transfer into Level 3		-		-609
	Balance, September 30, 2012	$	994,287	$	-1,219
	(1)     This amount includes $28.4 million of unrealized net holding gains arising during the period, which is then increased by $3.4 million of unrealized bond losses reclassified into operations.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block]	'
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the three months ended September 30, 2013.
	(in thousands)	Net gains on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	–	$	–	$	–
	July 1, 2013, but settled during the third quarter of 2013
	Change in unrealized losses related to assets and liabilities still held at		-939		-382		32
	September 30, 2013
	Additional realized gains (losses) recognized		76,362		-		-77
	Total gains (losses) reported in earnings	$	75,423	$	-382	$	-45
	(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	(2)   Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized losses recognized at bond sale or redemption and derivative settlement for the three months ended September 30, 2012.
	(in thousands)	Net losses on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	-	$	-	$	-
	July 1, 2012, but settled during the third quarter of 2012
	Change in unrealized losses related to assets and liabilities still held at		-2,282		-1,091		-27
	September 30, 2012
	Additional realized gains (losses) recognized		2		-		-76
	Total losses reported in earnings	$	-2,280	$	-1,091	$	-103
	(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	(2)    Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the nine months ended September 30, 2013.
	(in thousands)	Net gains on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	-530	$	–	$	–
	January 1, 2013, but settled during the first nine months of 2013
	Change in unrealized losses related to assets and liabilities still held at		-1,242		-2,817		259
	September 30, 2013
	Additional realized gains (losses) recognized		76,960		–		-230
	Total gains (losses) reported in earnings	$	75,188	$	-2,817	$	29
	(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	(2)     Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional realized (losses) gains recognized at bond sale or redemption and derivative settlement for the nine months ended September 30, 2012.
	(in thousands)	Net losses on		Equity in Losses		Net losses on
		bonds (1)		from Lower Tier		derivatives (2)
				Property
				Partnerships
	Change in realized gains related to assets and liabilities held at	$	–	$	–	$	–
	January 1, 2012, but settled during the first nine months of 2012
	Change in unrealized losses related to assets and liabilities still held at		-3,369		-3,028		-180
	September 30, 2012
	Additional realized gains (losses) recognized		54		–		-228
	Total losses reported in earnings	$	-3,315	$	-3,028	$	-408
	(1)     Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	(2)    Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

GUARANTEES_AND_COLLATERAL_Tabl

GUARANTEES AND COLLATERAL (Tables)	9 Months Ended
	Sep. 30, 2013
Guarantees [Abstract]	'
Schedule of Guarantor Obligations [Table Text Block]	'
	The following table summarizes guarantees, by type, at September 30, 2013 and December 31, 2012:
			September 30, 2013						December 31, 2012
	(in thousands)		Maximum			Carrying			Maximum			Carrying
			Exposure			Amount			Exposure			Amount
	Indemnification contracts		$	26,178		$	1,281		$	26,178		$	1,531
	Other			–			–			376			34
	Total		$	26,178		$	1,281		$	26,554		$	1,565
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]	'
	The following table summarizes assets that are either pledged or restricted for the Company’s use at September 30, 2013 and December 31, 2012. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets.
					September 30, 2013
	(in thousands)		Note		Restricted			Bonds			Real Estate			Real Estate		Investment		Other		Total
			Ref.		Cash			Available-			Held-for-			Held-for-		in Preferred		Assets		Assets
								for-sale			Use			Sale		stock				Pledged
	Notes payable		A		$	–		$	–		$	1,735		$	–	$	–	$	11,728	$	13,463
	Other		B			35,004			132,930			13,860			–		31,371		326		213,491
	CFVs		C			55,945			–			103,649			51,836		–		23,714		235,144
	Total				$	90,949		$	132,930		$	119,244		$	51,836	$	31,371	$	35,768	$	462,098
					December 31, 2012
	(in thousands)		Note		Restricted			Bonds			Real Estate			Other		Total
			Ref.		Cash			Available-			Held-for-			Assets		Assets
								for-sale			Use					Pledged
	Notes payable		A		$	13			–			1,735			14,302		16,050
	Other		B			1,341			59,354			13,402			389		74,486
	CFVs		C			53,957			–			111,931			17,568		183,456
	Senior interests in and debt owed		D			2			865,992			2,619			–		868,613
	to securitization trusts
	Total				$	55,313		$	925,346		$	129,687		$	32,259	$	1,142,605
	A.	The Company pledges bonds, loans, investments in preferred stock, investments in solar facilities and an investment in a mixed-use real estate development as collateral for notes payable.
	B.	The Company pledges collateral in connection with secured borrowings, derivative transactions, other liabilities, guarantee exposure and leases.  The Company may elect to pledge collateral on behalf of the Company’s customers in order to facilitate credit and other collateral requirements.  In addition, cash may be restricted for funding obligations.
	C.	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.
	D.	Includes assets held by bond securitization trusts as well as assets pledged as collateral for bond securitizations.

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Operating Lease Rental Expense and Income [Table Text Block]	'
	The following table summarizes rental expense and rental income from operating leases for the nine months ended September 30, 2013 and 2012:
		Reported through				Reported through
		General and Administrative				Discontinued Operations
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Rental expense	$	-1,537	$	-1,660	$	-492	$	-1,107
	Rental income		976		1,173		492		1,107
	Net rental expense	$	-561	$	-487	$	–	$	–
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	The following table summarizes the future minimum rental commitments on non-cancelable operating leases at September 30, 2013:
	(in thousands)
	2013	$	457
	2014		1,182
	2015		1,146
	2016		676
	2017		108
	2018		40
	Total minimum future rental commitments	$	3,609

EQUITY_Tables

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table provides a summary of net income to common shareholders as well as information pertaining to weighted average shares used in the per share calculations as presented on the consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012.
			For the three months ended					For the nine months ended
			September 30,					September 30,
	(in thousands)		2013			2012		2013		2012
	Net income from continuing operations		$	73,042		$	1,111	$	106,927	$	5,632
	Net income (loss) from discontinued operations			274			-393		5,215		1,342
	Net income to common shareholder		$	73,316		$	718	$	112,142	$	6,974
	Basic weighted-average shares (1)			42,290			42,304		42,380		42,207
	Common stock equivalents (2) (3) (4)			1,626			76		1,443		207
	Diluted weighted-average shares			43,916			42,380		43,823		42,414
		-1	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
		-2	At September 30, 2013, 2,128,125 stock options were in the money and had a dilutive impact of 1,470,198 shares and 1,373,840 shares for the three months and nine months ended September 30, 2013, respectively.  In addition, 260,417 unvested employee deferred shares had a dilutive impact of 156,251 and 69,826 shares for the three and nine months ended September 30, 2013, respectively.
		-3	At September 30, 2012, 850,000 stock options were in the money and had a dilutive impact of 75,508 shares and 206,967 shares for the three months and nine months ended September 30, 2012, respectively.  There were no unvested employee deferred shares at September 30, 2012.
		-4	For the three months and nine months ended September 30, 2013, the average number of options excluded from the calculations of diluted earnings per share was 302,287 and 456,803, respectively, because of their anti-dilutive effect. For the three months and nine months ended September 30, 2012, the average number of options excluded from the calculations of diluted earnings per share was 1,512,031 and 1,060,535, respectively, because of their anti-dilutive effect.
Non Controlling Interest [Table Text Block]	'
	A significant component of equity is comprised of outside investor interests in entities that the Company consolidates. In addition to the preferred shares discussed above, the Company reported the following noncontrolling interests within equity in entities that the Company did not wholly own at September 30, 2013 and December 31, 2012:
	(in thousands)		September 30,			December 31,
			2013			2012
	Noncontrolling interests in:
	LIHTC Funds		$	343,962		$	379,407
	SA Fund			130,915			122,641
	Lower Tier Property Partnerships			14,470			10,777
	IHS			-1,451			-1,034
	Total		$	487,896		$	511,791
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the three months ended September 30, 2013.
			Unrealized			Foreign		Accumulated
			Gains on			Currency		Other
			Bonds			Translation		Comprehensive
			Available-					Income
			for-Sale
	Balance at July 1, 2013		$	119,239		$	-333	$	118,906
	Unrealized net holding (losses) gains arising during period			-5,259			43		-5,216
	Reversal of unrealized gains on sold/redeemed bonds			-76,362	-1		-		-76,362
	Reclassification of unrealized losses to income			939			-		939
	Reclassification of unrealized gains to operations due to			-2,411	-1		-		-2,411
	consolidation of funds and ventures
	Net current period other comprehensive income			-83,093			43		-83,050
	Balance at September 30, 2013		$	36,146		$	-290	$	35,856
		(1)	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
	The following table summarizes the net change in accumulated other comprehensive income and amounts reclassified out of accumulated other comprehensive income for the nine months ended September 30, 2013.
			Unrealized			Foreign		Accumulated
			Gains on			Currency		Other
			Bonds			Translation		Comprehensive
			Available-					Income
			for-Sale
	Balance at January 1, 2013		$	139,021		$	-334	$	138,687
	Unrealized net holding (losses) gains arising during period			-16,792			44		-16,748
	Reversal of unrealized gains on sold/redeemed bonds			-76,960	-1		-		-76,960
	Reclassification of unrealized losses to income			1,772			-		1,772
	Reclassification of unrealized gains to operations due to consolidation of funds and ventures			-10,895	-1		-		-10,895
	Net current period other comprehensive income			-102,875			44		-102,831
	Balance at September 30, 2013		$	36,146		$	-290	$	35,856
		-1	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation with Employees and Nonemployees [Table Text Block]	'
	Total compensation expense recorded for these Plans was as follows for the three months and nine months ended September 30, 2013 and 2012:
		For the three months ended						For the nine months ended
		September 30,						September 30,
	(in thousands)	2013			2012			2013			2012
	Employees’ Stock-Based Compensation Plan	$	279		$	22		$	1,937		$	106
	Non-employee Directors’ Stock-Based Compensation Plan		75			63			200			188
	Total	$	354		$	85		$	2,137		$	294
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
	The following table summarizes option activity under the Employees’ Stock-Based Compensation Plan:
	(in thousands, except per option data)	Number of		Weighted-			Weighted-		Aggregate			Period
		Options		average			average		Intrinsic			End
				Exercise			Remaining		Value (1)			Liability (2)
				Price per			Contractual Life
				Option			per Option
							(in years)
	Outstanding at January 1, 2012 (1)	1,145		$	7.01		7.2		$	–		$	181
	Granted in 2012	1,200			0.36
	Outstanding at December 31, 2012 (1)	2,345			3.61		7.8			58			355
	Forfeited/Expired in 2013	-264			26.5
	Outstanding at September 30, 2013 (1)	2,081			0.7		7.6			2,024			2,076
	Number of options that were exercisable at:
	31-Dec-12	1,333			6.08		6.6
	30-Sep-13	1,436			0.86		7.2
	(1)       Intrinsic value is based on outstanding shares.
	(2)       Only options that were amortized based on a vesting schedule have a liability balance.  These options were 1,812,118; 1,486,345; and   818,556 at September 30, 2013, December 31, 2012 and January 1, 2012, respectively.
Schedule of Share Based Compensation Deferred Shares Granted To Employees [Table Text Block]	'
	The following table summarizes the deferred shares granted to employees. The deferred shares that were issued to employees in the second quarter of 2013 have time and price vesting requirements. Half of the shares vest in three equal tranches over the next three years. The other half of the deferred shares will vest when certain average stock prices have been met.
	(in thousands, except per share data)	Deferred Share			Weighted-
		Grants			average Grant
					Date Share Price
	1-Jan-13	29		$	24.98
	Granted in 2013	312			0.88
	30-Sep-13	341			2.92
Schedule of Share-based Goods and Nonemployee Services Transaction by Supplier [Table Text Block]	'
	The following table summarizes option activity under the Non-employee Directors’ Stock-based Compensation Plan:
	(in thousands, except per option	Number of		Weighted-			Weighted-		Aggregate
	data)	Options		average			average		Intrinsic
				Exercise			Remaining		Value
				Price per			Contractual Life
				Option			per Option
							(in years)
	Outstanding at January 1, 2012	27		$	24.69		1.1		$	-
	Expired/Forfeited in 2012	-10			24.74
	Granted in 2012	78.1			0.36		9.8
	Outstanding at December 31, 2012	95.1			4.7		8.3			-
	Expired/Forfeited in 2013	-17			24.67		-
	Outstanding at September 30, 2013	78.1			0.36		9.2			64
	Number of options that were exercisable at:
	31-Dec-12	17			24.67		0.4
	30-Sep-13	58.6			0.36		9.2
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	'
	See the table below which summarizes the director options that vested during the period presented and the deferred shares granted to the directors for services rendered for the nine months ended September 30, 2013 and 2012. The directors are fully vested in the deferred shares at the grant date.
	(in thousands, except per share	Shares		Deferred Share		Weighted-			Options		Directors’ Fees
	data)	Granted		Grants		average Grant			Vested		Expense
						Date Share Price
	30-Sep-13	5		62		$	1.21		59		$	200
	30-Sep-12	-		292			0.32		-			188

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]	'
		For the three months ended				For the nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Sublease income	$	-	$	369	$	492	$	1,107
	Income from CFVs (primarily rental income)		3,511		5,034		10,968		14,999
	Income from REO operations		-		-		-		57
	Rent expense		-		-369		-492		-1,107
	Expenses from CFVs (primarily operating expenses)		-3,594		-4,545		-10,152		-14,707
	Other income		46		113		44		345
	Net gains on property acquisition		320		-		320		-
	Net income before disposal activity		283		602		1,180		694
	Disposal:
	Net gains related to REO		95		-		95		-
	Net gains related to CFVs		25		-		5,252		-
	Net income from discontinued operations		403		602		6,527		694
	(Income) loss from discontinued operations allocable		-129		-995		-1,312		648
	to noncontrolling interests
	Net income (loss) to common shareholders from	$	274	$	-393	$	5,215	$	1,342
	discontinued operations
Schedule of Discontinued Operations for Net Income to Common Shareholders [Table Text Block]	'
	The details of net income to common shareholders from discontinued operations for the three months and nine months ended September 30, 2013 and 2012 are as follows:
		For the three months ended				For the nine months ended
		September 30,				September 30,
	(in thousands)	2013		2012		2013		2012
	Interest income	$	-	$	765	$	1,108	$	2,349
	Other income		399		478		1,268		1,476
	Other expense		-245		-1,636		-1,161		-2,483
	Net gains on disposal of REO		95		-		95		-
	Net gains on redemption of bonds		25		-		3,905		-
	Net income to common shareholders from discontinued	$	274	$	-393	$	5,215	$	1,342
	operations

CONSOLIDATED_FUNDS_AND_VENTURE1

CONSOLIDATED FUNDS AND VENTURES (Tables)	9 Months Ended
	Sep. 30, 2013
Consolidated Funds and Ventures [Abstract]	'
Schedule of Total Assets by Type of Consolidated Fund or Venture [Table Text Block]	'
	The total assets, by type of consolidated fund or venture, at September 30, 2013 and December 31, 2012 are summarized as follows:
	(in thousands)			September 30,			December 31,
				2013			2012
	LIHTC Funds		$	343,544		$	381,394
	SA Fund			184,770			175,572
	Consolidated Lower Tier Property Partnerships			162,286			135,674
	Other consolidated entities			2,065			922
	Total assets of CFVs		$	692,665		$	693,562
Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]	'
	The following section provides more information related to the assets of the CFVs at September 30, 2013 and December 31, 2012.
	Asset Summary:
	(in thousands)			September 30,			December 31,
				2013			2012
	Cash, cash equivalents and restricted cash		$	55,945		$	53,957
	Investments in Lower Tier Property Partnerships			299,730			333,335
	SA Fund investments			157,791			161,433
	Real estate held-for-use, net			103,649			111,931
	Real estate held-for-sale			51,836			15,338
	Other assets			23,714			17,568
	Total assets of CFVs		$	692,665		$	693,562
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	'
	The following table provides the LIHTC Funds’ investment balances in the unconsolidated Lower Tier Property Partnerships as well as the assets and liabilities of the Lower Tier Property Partnerships at September 30, 2013 and December 31, 2012:
	(in thousands)			September 30,			December 31,
				2013			2012
	LIHTC Funds’ investment in Lower Tier Property Partnerships		$	299,730		$	333,335
	Total assets of Lower Tier Property Partnerships (1)		$	1,335,223		$	1,371,880
	Total liabilities of Lower Tier Property Partnerships (1)			1,039,405			1,041,961
		-1	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.
SA Fund Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation [Table Text Block]	'
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the three months ended September 30, 2013 and 2012:
			For the three months ended
			September 30,
	(in thousands)		2013			2012
	Balance, July 1,		$	156,723		$	126,950
	Net gains (losses) included in earnings			2,882			-4,511
	Net foreign currency translation losses included in other comprehensive			-2,658			-153
	income
	Impact from purchases			8,029			22,713
	Impact from sales			-7,185			-73
	Balance, September 30,		$	157,791		$	144,926
	The following table presents the activity for the SA Fund investments at fair value on a recurring basis using Level 3 inputs for the nine months ended September 30, 2013 and 2012.
			For the nine months ended
			September 30,
	(in thousands)		2013			2012
	Balance, January 1,		$	161,433		$	108,329
	Net gains included in earnings			20,178			5,480
	Net foreign currency translation losses included in other comprehensive			-27,226			-3,836
	income
	Impact from purchases			15,699			42,449
	Impact from sales			-12,293			-7,496
	Balance, September 30,		$	157,791		$	144,926
Real Estate Held for Use, Net [Table Text Block]	'
	The real estate held-for-use by Lower Tier Property Partnerships, which are consolidated by the Company, was comprised of the following at September 30, 2013 and December 31, 2012:
	(in thousands)		September 30,			December 31,
			2013			2012
	Building, furniture and fixtures		$	108,036		$	116,320
	Accumulated depreciation			-16,274			-15,598
	Land			11,887			11,209
	Total		$	103,649		$	111,931
Real Estate Held For Sale Net [Table Text Block]	'
	The real estate held-for-sale by Lower Tier Property Partnerships, which are consolidated by the Company, was comprised of the following at September 30, 2013 and December 31, 2012:
	(in thousands)	September 30,			December 31,
		2013			2012
	Cash	$	4,216		$	318
	Building, furniture and fixtures		48,133			14,740
	Accumulated depreciation		-5,786			-959
	Land		5,111			1,215
	Other assets		162			24
	Total	$	51,836		$	15,338
Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]	'
	The following section provides more information related to the liabilities of the CFVs at September 30, 2013 and December 31, 2012.
	(in thousands)		September 30,				December 31,
			2013				2012
	Liabilities of CFVs:
	Debt		$	96,142		$	55,433
	Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships			13,461			15,881
	Other liabilities			10,167			6,150
	Total liabilities of CFVs		$	119,770		$	77,464
Schedule of Long-term Debt of Consolidated Funds and Ventures [Table Text Block]	'
	At September 30, 2013 and December 31, 2012, the debt of the CFVs had the following terms:
			September 30, 2013
	(in thousands)		Carrying			Face Amount		Weighted-average		Maturity Dates
			Amount					Effective Interest
								Rates
	SA Fund		$	49,621		$	49,621	2.6	%	Apr-18
	Lower Tier Property Partnerships			46,521			46,648	6.4		Various dates through March 2049
			December 31, 2012
	(in thousands)		Carrying			Face Amount		Weighted-average		Maturity Dates
			Amount					Effective Interest
								Rates
	SA Fund		$	49,352		$	49,352	2.6	%	Apr-18
	Lower Tier Property Partnerships			6,081			7,289	10.4		Various dates through October 2021
Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]	'
	The following section provides more information related to the income statement of the CFVs for the three months and nine months ended September 30, 2013 and 2012.
	Income Statement Summary:
			For the three months ended					For the nine months ended
			September 30,					September 30,
	(in thousands)		2013			2012		2013		2012
	Revenue:
	Rental and other income from real estate		$	3,736		$	1,800	$	9,096	$	3,715
	Interest and other income			3,739			2,267		7,784		4,743
	Total revenue from CFVs			7,475			4,067		16,880		8,458
	Expenses:
	Depreciation and amortization			2,386			1,525		6,169		4,056
	Interest expense			1,253			441		2,228		1,237
	Other operating expenses			3,696			1,923		8,602		4,580
	Foreign currency loss			840			330		8,390		1,148
	Asset impairments			6,679			4,820		14,559		10,102
	Total expenses from CFVs			14,854			9,039		39,948		21,123
	Net gains (losses) related to CFVs:
	Investment gains (losses)			3,554			-4,511		20,849		5,479
	Derivative gains (losses)			258			-97		6,883		98
	Net loss on sale of properties			–			–		–		-170
	Equity in losses from Lower Tier Property Partnerships of CFVs			-6,343			-6,486		-20,129		-25,917
	Net loss			-9,910			-16,066		-15,465		-33,175
	Net losses allocable to noncontrolling interests in CFVs (1)			11,046			17,268		18,426		36,526
	Net income allocable to the common shareholders related to CFVs		$	1,136		$	1,202	$	2,961	$	3,351
	(1)       Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	'
	The details of Net income allocable to the common shareholders related to CFVs for the three months and nine months ended September 30, 2013 and 2012 are as follows:
			For the three months ended					For the nine months ended
			September 30,					September 30,
	(in thousands)		2013			2012		2013		2012
	Interest income		$	274		$	1,169	$	1,779	$	1,789
	Asset management fees			888			937		2,629		3,521
	Guarantee fees			331			331		993		1,042
	Equity in losses from Lower Tier Property Partnerships			-383			-1,092		-2,821		-3,031
	Equity in income (loss) from SA Fund			151			-99		643		165
	Other expense			-125			-44		-262		-135
	Net income allocable to the common shareholders		$	1,136		$	1,202	$	2,961	$	3,351

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule Of Income Statement By Reporting Segments [Table Text Block]	'
	CFVs are entities for which the Company is deemed to be the primary beneficiary.  The Company earns revenue from these CFVs mainly through asset management fees, interest income (mostly relating to interest on bonds) and guarantee fees.
		For the three months ended September 30, 2013
	(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
		Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
								Reclasses
	Total interest income	$	4,644	$	10	$	3,739	$	-274	A	$	-3,739	$	4,380
	Total interest expense		2,199		–		1,527		-274	A		-1,253		2,199
	Net interest income		2,445		10		2,212		–			-2,486		2,181
	Total fee and other income		2,651		703		3,736		-1,219	B		-3,736		2,135
	Revenue from CFVs		–		–		–		–			7,475		7,475
	Total non-interest revenue		2,651		703		3,736		-1,219			3,739		9,610
	Total revenues, net of interest		5,096		713		5,948		-1,219			1,253		11,791
	expense
	Operating and other expenses:
	Interest expense		3,593		35		–		–			–		3,628
	Operating expenses		4,016		1,356		4,915		-1,219	B		-3,696		5,372
	Impairment on bonds and		939		5		–		–			–		944
	provision for loan losses
	Other expenses		1,463		72		9,905		-357	C, D		-9,905		1,178
	Expenses from CFVs		–		–		–		–			14,854		14,854
	Total operating and other		10,011		1,468		14,820		-1,576			1,253		25,976
	expenses
	Net gains on assets, derivatives		76,304		16		3,812		–			-3,812		76,320
	and extinguishment of
	liabilities
	Net gains due to real estate		2,411		–		–		–			–		2,411
	consolidation and foreclosure
	Net gains related to CFVs		–		–		–		–			3,812		3,812
	Equity in losses from Lower Tier		–		–		-6,111		-232	C		–		-6,343
	Property Partnerships
	Income (loss) from continuing		73,800		-739		-11,171		125			–		62,015
	operations before income taxes
	Income tax benefit		-123		–		–		–			–		-123
	Income from discontinued		274		–		129		–			–		403
	operations, net of tax
	Net income (loss)		73,951		-739		-11,042		125			–		62,295
	Income allocable to
	noncontrolling interests:
	Income allocable to perpetual		-36		–		–		–			–		-36
	preferred shareholders of a
	subsidiary company
	Net losses (income) allocable to
	noncontrolling interests in
	CFVs:
	Related to continuing		–		140		11,171		-125	D		–		11,186
	operations
	Related to discontinued		–		–		-129		–			–		-129
	operations
	Net income (loss) to common	$	73,915	$	-599	$	–	$	–		$	–	$	73,316
	shareholders
		For the three months ended September 30, 2012
	(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
		Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
								Reclasses
	Total interest income	$	17,387	$	7	$	2,267	$	-1,169	A	$	-2,267	$	16,225
	Total interest expense		6,547		–		1,610		-1,169	A		-441		6,547
	Net interest income		10,840		7		657		–			-1,826		9,678
	Total fee and other income		2,336		761		1,800		-1,268	B		-1,800		1,829
	Revenue from CFVs		–		–		–		–			4,067		4,067
	Total non-interest revenue		2,336		761		1,800		-1,268			2,267		5,896
	Total revenues, net of interest		13,176		768		2,457		-1,268			441		15,574
	expense
	Operating and other expenses:
Interest expense		4,607		32		–		–			–		4,639
Operating expenses		3,722		1,546		3,191		-1,268	B		-1,923		5,268
Impairment on bonds and		919		–		–		–			–		919
provision for loan losses
Other expenses		2,038		152		6,675		-1,235	C,D		-6,675		955
Expenses from CFVs		–		–		–		–			9,039		9,039
Total operating and other		11,286		1,730		9,866		-2,503			441		20,820
expenses
Net losses on assets, derivatives		-501		–		-4,608		–			4,608		-501
and extinguishment of
liabilities
Net gains due to real estate		2,853		–		–		–			–		2,853
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			-4,608		-4,608
Equity in losses from Lower Tier		–		–		-5,295		-1,191	C		–		-6,486
Property Partnerships
Income (loss) from continuing		4,242		-962		-17,312		44			–		-13,988
operations before income taxes
Income tax expense		-24		–		–		–			–		-24
Income from discontinued		-393		–		995		–			–		602
operations, net of tax
Net income (loss)		3,825		-962		-16,317		44					-13,410
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-2,284		–		–		–			–		-2,284
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		139		17,312		-44	D		–		17,407
operations
Related to discontinued		–		–		-995		–			–		-995
operations
Net income (loss) to common	$	1,541	$	-823	$	–	$	–		$	–	$	718
shareholders
	For the nine months ended September 30, 2013
(in thousands)		US	International		CFVs		Income		Note		CFVs	MMA
		Operations	Operations				Allocation		Ref.		Adjustments	Consolidated
							Reclasses
Total interest income	$	36,931	$	25	$	7,784	$	-1,779	A	$	-7,784	$	35,177
Total interest expense		22,213		–		4,007		-1,779	A		-2,228		22,213
Net interest income		14,718		25		3,777		–			-5,556		12,964
Total fee and other income		7,203		2,220		9,096		-3,622	B		-9,096		5,801
Revenue from CFVs		–		–		–		–			16,880		16,880
Total non-interest revenue		7,203		2,220		9,096		-3,622			7,784		22,681
Total revenues, net of interest		21,921		2,245		12,873		-3,622			2,228		35,645
expense
Operating and other expenses:
Interest expense		11,273		101		–		–			–		11,374
Operating expenses		15,843		4,507		12,224		-3,622	B		-8,602		20,350
Impairment on bonds and		1,772		5		–		–			–		1,777
provision for loan losses
Other expenses		7,265		140		29,118		-2,440	C,D		-29,118		4,965
Expenses from CFVs		–		–		–		–			39,948		39,948
Total operating and other		36,153		4,753		41,342		-6,062			2,228		78,414
expenses
Net gains on assets, derivatives		114,672		16		27,732		–			-27,732		114,688
and extinguishment of
liabilities
Net gains due to real estate		10,895		–		–		–			–		10,895
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			27,732		27,732
Equity in losses from Lower Tier		–		–		-17,951		-2,178	C		–		-20,129
Property Partnerships
Income (loss) from continuing		111,335		-2,492		-18,688		262			–		90,417
operations before income taxes
Income tax benefit		1,309		–		–		–			–		1,309
Income from discontinued		5,215		–		1,312		–			–		6,527
operations, net of tax
Net income (loss)		117,859		-2,492		-17,376		262					98,253
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-3,714		–		–		–			–		-3,714
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		489		18,688		-262	D		–		18,915
operations
Related to discontinued		–		–		-1,312		–			–		-1,312
operations
Net income (loss) to common	$	114,145	$	-2,003	$	–	$	–		$	–	$	112,142
shareholders
	For the nine months ended September 30, 2012
(in thousands)	US		International		CFVs		Income		Note	CFVs		MMA
	Operations		Operations				Allocation		Ref.	Adjustments		Consolidated
							Reclasses
Total interest income	$	51,946	$	30	$	4,743	$	-1,789	A	$	-4,743	$	50,187
Total interest expense		20,090		–		3,026		-1,789	A		-1,237		20,090
Net interest income		31,856		30		1,717		–			-3,506		30,097
Total fee and other income		7,690		2,964		3,715		-4,563	B		-3,715		6,091
Revenue from CFVs		–		–		–		–			8,458		8,458
Total non-interest revenue		7,690		2,964		3,715		-4,563			4,743		14,549
Total revenues, net of interest		39,546		2,994		5,432		-4,563			1,237		44,646
expense
Operating and other expenses:
Interest expense		14,074		105		–		–			–		14,179
Operating expenses		11,948		4,786		9,143		-4,563	B		-4,580		16,734
Impairment on bonds and		-2,278		–		–		–			–		-2,278
recovery of loan losses
Other expenses		5,993		-42		15,306		-3,001	C,D		-15,306		2,950
Expenses from CFVs		–		–		–		–			21,123		21,123
Total operating and other		29,737		4,849		24,449		-7,564			1,237		52,708
expenses
Net losses on assets, derivatives		-1,167		–		5,407		–			-5,407		-1,167
and extinguishment of
liabilities
Net gains due to real estate		5,404		–		–		–			–		5,404
consolidation and foreclosure
Net gains related to CFVs		–		–		–		–			5,407		5,407
Equity in losses from Lower Tier		–		–		-23,051		-2,866	C		–		-25,917
Property Partnerships
Income (loss) from continuing		14,046		-1,855		-36,661		135			–		-24,335
operations before income taxes
Income tax expense		-65		–		–		–			–		-65
Income (loss) from discontinued		1,342		–		-648		–			–		694
operations, net of tax
Net income (loss)		15,323		-1,855		-37,309		135			–		-23,706
Income allocable to
noncontrolling interests:
Income allocable to perpetual		-6,852		–		–		–			–		-6,852
preferred shareholders of a
subsidiary company
Net losses (income) allocable
to noncontrolling interests in
CFVs:
Related to continuing		–		358		36,661		-135	D		–		36,884
operations
Related to discontinued		–		–		648		–			–		648
operations
Net income (loss) to common	$	8,471	$	-1,497	$	–	$	–		$	–	$	6,974
shareholders
A.   Primarily related to interest on bonds that the Company earned by holding the bond but which is eliminated because the Company consolidates two non-profits and the associated Lower Tier Property Partnerships and its related real estate.  These Lower Tier Property Partnerships each have a mortgage debt obligation that collateralizes a bond.
B.    Primarily related to asset management fees earned by the Company for asset management services provided to the SA Fund and LIHTC Funds.
C.    Primarily relates to equity in losses from the Lower Tier Property Partnerships associated with the Company’s LIHTC Funds for which the Company has provided bond financing to the Lower Tier Property Partnerships.
D.    Includes losses recorded by the Company related to guarantees provided by the Company associated with third party debt obligations of certain Lower Tier Property Partnerships.
Schedule of Total Assets by Reporting Segments [Table Text Block]	'
	The total assets by segment at September 30, 2013 and December 31, 2012 are presented in the table below:
	(in thousands)	September 30,		December 31,
		2013		2012
	ASSETS
	US Operations	$	474,884	$	1,236,288
	International Operations		5,286		4,644
	Total segment assets		480,170		1,240,932
	Bonds eliminated in consolidation		-92,429		-114,529
	Net unrealized mark-to-market gains not recorded in consolidation		-32,336		-10,585
	Other adjustments		-8,214		-7,628
	Assets of CFVs		692,665		693,562
	Total MMA consolidated assets	$	1,039,856	$	1,801,752

DESCRIPTION_OF_THE_BUSINESS_AN2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Investment Tax Credit	$852.90
Bond Investment Unleveraged	55.00%
Bonds [Member]	'
Bond Investment Fair Value	$321.40
International Housing Solutions Sarl [Member]	'
Noncontrolling Interest, Ownership Percentage by Parent	83.00%

BONDS_AVAILABLEFORSALE_Details

BONDS AVAILABLE-FOR-SALE (Details) (USD $)	1 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Jul. 03, 2013	Sep. 30, 2013
Net reduction in assets	'	($649,772)
Net reduction in liabilities	'	646,750
Net reduction in common shareholders’ equity	'	-3,022	[1]
Failed Sales [Member]	'	'
Increase (Decrease) in accounts payable and accrued expenses	'	-618	[2]
Munimae Te Bond Subsidiary L L C [Member]	'	'
Increase (Decrease) in cash	'	78,664
Bonds [Member]	'	'
Reduction in debt instrument	'	-678,983	[3]
Interest Receivable [Member]	'	'
Reduction in other assets	'	-4,612	[2]
TE Bond Subsidiary LLC [Member]	'	'
Increase (Decrease) in cash	'	-44,841	[2]
Senior Interests And Debt Owed To Securitization Trusts [Member]	'	'
Reduction in debt instrument	'	574,652
Mandatorily Redeemable Preferred Stock [Member]	'	'
Reduction in mandatorily redeemable preferred shares	'	121,000
Perpetual Preferred Stock [Member]	'	'
Reduction in preferred shares	'	117,978
Debt Securities Payable [Member]	'	'
Increase (Decrease) in accounts payable and accrued expenses	'	4,781
Failed Sales Of Bonds And Interests [Member]	'	'
Reduction in debt instrument	63,800	-94,410	[3]
Consolidated Funds and Ventures Segment [Member]	'	'
Reduction in debt instrument	'	-75,191	[3]
Increase (Decrease) in accounts payable and accrued expenses	'	($1,442)	[2]
[1]	Represents the difference between the Company’s carrying value of the perpetual preferred shares on June 30, 2013 of $118.0 million as compared to the liquidation preference amount assumed in the sale on July 3, 2013 of $121.0 million.
[2]	Represents the total cash, restricted cash and interest receivable of $51.5 million transferred to the Purchaser as part of the sale of TEB.
[3]	The sum of these amounts total $848.6 million and represents the fair value of the bonds sold on July 3, 2013.

BONDS_AVAILABLEFORSALE_Details1

BONDS AVAILABLE-FOR-SALE (Details 1) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Unpaid Principal Balance	$226,632	[1]	$984,322	[1]
Basis Adjustments	-5,800	[2]	-12,653	[2]
Unrealized Losses	-60,494		-141,297
Unrealized Gains	36,147		139,022
Fair Value	196,485		969,394
Mortgage Revenue Bonds [Member]	'		'
Unpaid Principal Balance	146,587		898,209
Basis Adjustments	-3,879	[2]	-10,314	[2]
Unrealized Losses	-37,572		-118,933
Unrealized Gains	16,776		115,196
Fair Value	121,912		884,158
All Other Corporate Bonds [Member]	'		'
Unpaid Principal Balance	80,045		86,113
Basis Adjustments	-1,921	[2]	-2,339	[2]
Unrealized Losses	-22,922		-22,364
Unrealized Gains	19,371		23,826
Fair Value	$74,573		$85,236
[1]	The Company had bonds with an unpaid principal balance (“UPB”) of $113.5 million ($124.9 million fair value) and $123.9 million ($125.1 million fair value) at September 30, 2013 and December 31, 2012, respectively, which were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds. See Note 16, “Consolidated Funds and Ventures” for more information.
[2]	Represents net discounts, deferred costs and fees.

BONDS_AVAILABLEFORSALE_Details2

BONDS AVAILABLE-FOR-SALE (Details 2) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Amortized Cost - Non-Amortizing:	'	'
Amortized Cost, Due in less than one year	$0	'
Amortized Cost, Due between one and five years	0	'
Amortized Cost, Due between five and ten years	0	'
Amortized Cost, Due after ten years	1,429	'
Amortized Cost - Amortizing:	'	'
Amortized Cost, Due at stated maturity dates between December 2013 and June 2056	158,909	'
Amortized Cost, Total	160,338	'
Fair Value - Non-Amortizing:	'	'
Fair Value, Due in less than one year	0	'
Fair Value, Due between one and five years	0	'
Fair Value, Due between five and ten years	0	'
Fair Value, Due after ten years	1,532	'
Fair Value - Amortizing:	'	'
Fair Value, Due at stated maturity dates between December 2013 and June 2056	194,953	'
Fair Value, Total	$196,485	$969,394

BONDS_AVAILABLEFORSALE_Details3

BONDS AVAILABLE-FOR-SALE (Details 3) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Amortized Cost, Bonds that may be prepaid without restrictions, premiums or penalties at September 30, 2013	'	'
Amortized Cost, at September 30, 2013	$0	'
Amortized Cost, October 1 through December 31, 2013	1,133	'
Amortized Cost, 2014	0	'
Amortized Cost, 2015	0	'
Amortized Cost, 2016	10,183	'
Amortized Cost, 2017	5,725	'
Amortized Cost, Thereafter	106,023	'
Amortized Cost, Bonds that may not be prepaid	37,274	'
Amortized Cost, Total	160,338	'
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties at September 30, 2013	'	'
Fair Value, at September 30, 2013	0	'
Fair Value, October 1 through December 31, 2013	1,400	'
Fair Value, 2014	0	'
Fair Value, 2015	0	'
Fair Value, 2016	13,410	'
Fair Value, 2017	6,488	'
Fair Value, Thereafter	128,531	'
Fair Value, Bonds that may not be prepaid	46,656	'
Fair Value, Total	$196,485	$969,394

BONDS_AVAILABLEFORSALE_Details4

BONDS AVAILABLE-FOR-SALE (Details 4) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Total current	$117,709	$850,155
30-59 days past due	0	8,013
60-89 days past due	8,244	7,471
Greater than 90 days	70,532	103,755
Fair Value, Total	$196,485	$969,394

BONDS_AVAILABLEFORSALE_Details5

BONDS AVAILABLE-FOR-SALE (Details 5) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Bond impairment recognized on bonds held at each period-end	($939)	($2,282)	($1,772)	($3,369)
Bond impairment recognized on bonds sold/redeemed during each period	0	0	530	0
Gains recognized at time of redemption	76,362	2	76,960	54
Total net losses on bonds	$75,423	($2,280)	$75,188	($3,315)

BONDS_AVAILABLEFORSALE_Details6

BONDS AVAILABLE-FOR-SALE (Details Textual) (USD $)

6 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Jul. 03, 2013

Dec. 31, 2012

Jul. 03, 2013

Jul. 03, 2013

Sep. 30, 2013

Sep. 30, 2013

Jul. 03, 2013

Sep. 30, 2013

Sep. 30, 2013

Total Return Swap [Member]

Munimae Te Bond Subsidiary L L C [Member]

Munimae Te Bond Subsidiary L L C [Member]

TE Bond Subsidiary LLC [Member]

Failed Sales Of Bonds And Interests [Member]

Failed Sales Of Bonds And Interests [Member]

Participating Bonds [Member]

Debt Instrument And Related Investments On Unleveraged Basis Held

'

'

'

'

'

'

$146,700,000

'

'

'

'

'

Unpaid Principal Balance of Bond Investment Eliminated Due to Consolidation

'

113,500,000

'

'

123,900,000

'

'

'

'

'

'

33,300,000

Available-for-sale Securities, Debt Securities

'

124,900,000

'

'

125,100,000

'

'

'

'

'

'

'

Non Accrual Bonds

'

70,500,000

'

'

103,800,000

'

'

103,400,000

'

'

'

'

Non Accrual Bonds Interest Income Cash Basis Method

'

3,200,000

2,400,000

'

'

'

'

3,900,000

'

'

'

'

Interest Income Non Accrual Bonds Not Recognized

'

3,600,000

3,700,000

'

'

'

'

5,500,000

'

'

'

'

Repayments of Debt from Sales and Redemptions of Bonds

'

10,100,000

8,200,000

'

'

'

'

'

'

'

'

'

Subordinate Bond Investments Un Paid Principal Balance

'

9,500,000

'

'

'

'

'

'

'

'

'

'

Subordinate Bond Investments Eliminated in consolidation

'

49,000,000

'

'

'

'

'

'

'

'

'

'

Subordinate Bond Investments Held By third Party

'

15,200,000

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Fair Value Disclosure

'

'

'

848,600,000

'

30,600,000

'

'

'

'

'

'

Restricted Cash And Accrued Interest

'

'

'

'

'

'

'

'

51,500,000

'

'

'

Elimination Of Debt Instrument And Preferred Equity Financing

'

'

'

'

'

'

'

'

816,700,000

'

'

'

Contractual Obligation, Total

118,000,000

'

'

'

'

'

'

'

821,400,000

'

'

'

Preferred Stock, Liquidation Preference, Value

'

'

'

121,000,000

159,000,000

'

'

'

'

'

'

'

Increase in Restricted Cash

'

16,337,000

'

'

'

'

'

'

'

'

'

'

Decrease in Restricted Cash

1,665,000

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date, Description

'

'bonds that are 30 days or greater past due in either principal or interest

'

'

'

'

'

'

'

'

'

'

Debt, Weighted Average Interest Rate

'

'

'

'

'

6.90%

'

'

'

'

'

'

Debt Instrument Notional Amount Description

'

'

'

'

'

'the Company is required to pay the Purchaser a rate of SIFMA (Securities Industry and Financial Markets Association) plus a spread of 150 basis points ("bps") on the notional amount of the TRS.

'

'

'

'

'

'

Debt Instrument, Collateral Amount

'

'

'

'

'

16,300,000

'

'

'

'

'

'

Debt Instrument, Increase (Decrease), Net, Total

'

'

'

'

'

'

'

'

'

63,800,000

-94,410,000

[1]

'

Gain on sale of securities

'

$75,700,000

'

'

'

'

'

'

'

'

'

'

[1]

The sum of these amounts total $848.6 million and represents the fair value of the bonds sold on July 3, 2013.

INVESTMENTS_IN_PREFERRED_STOCK1

INVESTMENTS IN PREFERRED STOCK (Details Textual) (USD $)	1 Months Ended	9 Months Ended		1 Months Ended	3 Months Ended		9 Months Ended	3 Months Ended
	31-May-09	Sep. 30, 2013	Dec. 31, 2012	31-May-09	Mar. 31, 2013	Mar. 31, 2013	Sep. 30, 2013	Mar. 31, 2013
				Maximum [Member]	Guarantee Obligation to Specific Loans [Member]	Cover Losses on Specific Loans [Member]	Total Return Swaps [Member]	Mma Mortgage Investment Corporation [Member]
Preferred Stock, Dividend Rate, Percentage	'	14.40%	'	'	'	'	'	'
Maximum Exposure of Reimbursements Under Loss Sharing Arrangements	'	'	'	$30,000,000	'	'	'	'
Loss Sharing Arrangements, Expiration Date	'	'	'	15-May-13	'	'	'	'
Reimbursements Loss Sharing Obligation	3,400,000	'	'	'	'	'	'	'
Investment in preferred stock, Carrying value	'	31,371,000	31,371,000	'	'	'	'	'
Investment in preferred stock, Estimated fair value	'	36,600,000	35,807,000	'	'	'	'	'
Payments of Loan Costs	'	'	'	'	200,000	1,800,000	'	'
Common Stockholders Equity, Percentage	'	'	'	'	'	'	'	100.00%
Debt Conversion, Converted Instrument, Amount	'	'	'	'	'	'	'	36,600,000
Derivative, Average Fixed Interest Rate	'	'	'	'	'	'	14.40%	'
Derivative, Description of Variable Rate Basis	'	'	'	'	'	'	'Company pays a quarterly rate of 3-month LIBOR plus a spread of 400 bps, 4.25% at September 30, 2013	'
Derivative Notional Amount	'	'	'	'	'	'	12,400,000	'
Derivative, Maturity Date	'	'	'	'	'	'	31-Mar-15	'
Termination Fee Percentage	'	'	'	'	'	'	1.00%	'
Proceeds from Convertible Debt	'	'	'	'	'	'	$36,600,000	'

REAL_ESTATE_Details

REAL ESTATE (Details ) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate held-for-use	$121,863		$129,687
MuniMae’s [Member]	'		'
Real estate held-for-use	18,214		17,756
Consolidated Funds and Ventures [Member]	'		'
Real estate held-for-use	$103,649	[1]	$111,931	[1]
[1]	For more information see Note 16, “Consolidated Funds and Ventures.”

REAL_ESTATE_Details_Textual

REAL ESTATE (Details Textual) (USD $)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Mar. 31, 2013
Inventory, Real Estate, Other	$121,863,000	'	'	$121,863,000	'	$129,687,000	'
Fair Value Of Bond Investments In Real Estate	10,400,000	'	'	10,400,000	'	'	7,300,000
Proceeds from Sale of Real Estate	10,700,000	7,300,000	'	'	'	'	'
Available-for-sale Securities, Gross Unrealized Gain, Total	'	'	'	36,147,000	'	139,022,000	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total	274,000	'	-393,000	5,215,000	1,342,000	'	'
Undeveloped Land [Member]	'	'	'	'	'	'	'
Inventory, Real Estate, Other	7,900,000	'	'	7,900,000	'	7,900,000	'
Number of Investments	3	'	'	3	'	3	'
Multifamily Property [Member]	'	'	'	'	'	'	'
Inventory, Real Estate, Other	10,300,000	'	'	10,300,000	'	9,900,000	'
Real estate held-for-sale [Member]	'	'	'	'	'	'	'
Available-for-sale Securities, Gross Unrealized Gain, Total	2,400,000	1,200,000	'	'	'	'	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total	$300,000	'	'	'	'	'	'

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Other assets:	'		'
Solar facilities (includes other assets such as cash and other receivables)	$5,640		$7,960
Accrued interest receivable	1,461		6,035
State tax receivables, net	219		2,403
Debt issuance costs, net	3,705		10,199
Loans receivable	1,188		1,165
Other assets	2,210		3,428
Total other assets	44,226		55,024
Real Estate Partnership [Member]	'		'
Other assets:	'		'
Investment in a real estate partnership	6,089		6,266
Consolidated Funds and Ventures [Member]	'		'
Other assets:	'		'
Other assets	$23,714	[1]	$17,568	[1]
[1]	For more information see Note 16, “Consolidated Funds and Ventures.”

OTHER_ASSETS_Details_1

OTHER ASSETS (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment in a real estate partnership:	'	'
Total liabilities	$447	$0
Primary Real Estate [Member]	'	'
Investment in a real estate partnership:	'	'
Total assets (primarily real estate)	$18,800	$18,820

OTHER_ASSETS_Details_2

OTHER ASSETS (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net (loss) income	($194)	($38)	($583)	$302

OTHER_ASSETS_Details_Textual

OTHER ASSETS (Details Textual) (USD $)	3 Months Ended	9 Months Ended			3 Months Ended		9 Months Ended
	Jun. 30, 2013	Sep. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Jun. 30, 2013
					Commonwealth of Massachusetts [Member]	Commonwealth of Massachusetts [Member]	Solar Fund [Member]	Solar Fund [Member]
Termination Fee	'	'	'	'	'	'	'	$1,300,000
Non-Recourse Debt	'	'	'	'	'	'	800,000	'
Contingent Interest Related To Termination	'	'	'	'	'	'	'	300,000
Contingent Liability	'	500,000	'	'	'	'	1,300,000	'
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	'	33.30%	'	'	'	'	'	'
Proceeds from Income Tax Refunds	'	'	'	'	1,800,000	'	'	'
Liability for Uncertain Tax Positions, Current	'	700,000	'	2,300,000	'	1,600,000	'	'
Debt Instrument, Unpaid Principal Balance	695,700,000	'	'	'	'	'	'	'
Unrecognized Tax Benefits	'	'	1,600,000	'	'	'	'	'
Interest and Debt Expense	5,500,000	'	'	'	'	'	'	'
Investments	'	$157,791,000	'	$161,433,000	'	'	$4,900,000	'
Property, Plant and Equipment, Useful Life	'	'	'	'	'	'	'20 years	'

DEBT_Details

DEBT (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Debt, Carrying Value	$461,126		$1,042,959
Debt, Weighted Average Effective Interest Rate	5.70%		4.10%
Senior Interest in and Debt Owed to Securitization Trusts [Member]	'		'
Debt, Carrying Value	0		589,592
Mandatorily Redeemable Preferred Shares [Member]	'		'
Debt, Carrying Value	0		88,720
Subordinated Debt [Member]	'		'
Debt, Carrying Value	142,899		'
Asset Related Debt [Member]	'		'
Debt, Carrying Value	154,906	[1]	761,948	[1]
Debt, Weighted Average Effective Interest Rate	5.20%	[1]	3.20%	[1]
Asset Related Debt [Member] | Senior Interest in and Debt Owed to Securitization Trusts [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	0	[1]	0	[1]
Debt, Weighted Average Effective Interest Rate	0.00%	[1]	0.00%	[1]
Asset Related Debt [Member] | Senior Interest in and Debt Owed to Securitization Trusts [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	0	[1]	589,592	[1]
Debt, Weighted Average Effective Interest Rate	0.00%	[1]	2.10%	[1]
Asset Related Debt [Member] | Mandatorily Redeemable Preferred Shares [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	0	[1]	4,901	[1]
Debt, Weighted Average Effective Interest Rate	0.00%	[1]	7.50%	[1]
Asset Related Debt [Member] | Mandatorily Redeemable Preferred Shares [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	0	[1]	83,819	[1]
Debt, Weighted Average Effective Interest Rate	0.00%	[1]	7.40%	[1]
Asset Related Debt [Member] | Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	21,261	[1],[2]	0	[1],[2]
Debt, Weighted Average Effective Interest Rate	1.80%	[1],[2]	0.00%	[1],[2]
Asset Related Debt [Member] | Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	125,043	[1],[2]	57,729	[1],[2]
Debt, Weighted Average Effective Interest Rate	5.50%	[1],[2]	5.00%	[1],[2]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	1,446	[1]	17,617	[1]
Debt, Weighted Average Effective Interest Rate	9.20%	[1]	9.90%	[1]
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	7,156	[1]	8,290	[1]
Debt, Weighted Average Effective Interest Rate	9.90%	[1]	9.80%	[1]
Other Debt [Member]	'		'
Debt, Carrying Value	210,078	[1]	225,578	[1]
Debt, Weighted Average Effective Interest Rate	6.70%	[1]	7.20%	[1]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	5,342	[1],[3]	10,444	[1],[3]
Debt, Weighted Average Effective Interest Rate	10.00%	[1],[3]	13.50%	[1],[3]
Other Debt [Member] | Notes Payable and Other Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	61,837	[1]	20,634	[1]
Debt, Weighted Average Effective Interest Rate	5.30%	[1]	6.40%	[1]
Other Debt [Member] | Subordinated Debt [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	742	[1],[4]	529	[1],[4]
Debt, Weighted Average Effective Interest Rate	8.10%	[1],[4]	8.10%	[1],[4]
Other Debt [Member] | Subordinated Debt [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	142,157	[1],[4]	193,971	[1],[4]
Debt, Weighted Average Effective Interest Rate	7.20%	[1],[4]	6.90%	[1],[4]
Debt Related to Consolidated Funds and Ventures [Member]	'		'
Debt, Carrying Value	96,142	[5]	55,433	[5]
Debt, Weighted Average Effective Interest Rate	4.50%	[5]	3.50%	[5]
Debt Related to Consolidated Funds and Ventures [Member] | Due Within One Year [Member]	'		'
Outstanding Debt Balances, Current	35	[5]	5,908	[5]
Debt, Weighted Average Effective Interest Rate	6.00%	[5]	10.00%	[5]
Debt Related to Consolidated Funds and Ventures [Member] | Due After One Year [Member]	'		'
Long Term Debt, Excluding Current Maturities	96,107	[5]	49,525	[5]
Debt, Weighted Average Effective Interest Rate	4.50%	[5]	2.70%	[5]
Asset Related Debt And Other Debt [Member]	'		'
Debt, Carrying Value	$364,984	[1]	$987,526	[1]
Debt, Weighted Average Effective Interest Rate	6.10%	[1]	4.10%	[1]
[1]	Asset related debt is debt which finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the consolidated statements of operations. Other debt is debt which does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the consolidated statements of operations.
[2]	Included in notes payable and other debt were unamortized discounts of $1.7 million at December 31, 2012.
[3]	This amount includes $3.8 million of debt that has come due and remains payable; however, the Company has a forbearance agreement with the lender such that it is not pursuing any remedies.
[4]	Included in the subordinate debt balance were $1.3 million of net discounts and effective interest rate payable (i.e., the difference between the current pay rate and the effective interest rate) and $7.1 million of net premiums and effective interest rate payable at September 30, 2013 and December 31, 2012, respectively.
[5]	See Note 16, “Consolidated Funds and Ventures” for more information.

DEBT_Details_1

DEBT (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Total	$461,126	$1,042,959
Asset Related Debt And Other Debt [Member]	'	'
2013	4,754	'
2014	25,157	'
2015	67,007	'
2016	34,133	'
2017	3,737	'
Thereafter	228,985	'
Net Discount	1,211	'
Total	364,984	'
Consolidated Funds and Ventures [Member]	'	'
2013	133	'
2014	469	'
2015	403	'
2016	435	'
2017	469	'
Thereafter	92,974	'
Net Discount	1,259	'
Total	$96,142	$55,433

DEBT_Details_2

DEBT (Details 2) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Carrying Amount	$461,126	$1,042,959
Maturity Date	'bonds that are 30 days or greater past due in either principal or interest	'
Subordinated Debt [Member]	'	'
Principal	141,580	'
Net Premium/ (Discount)	1,319	'
Carrying Amount	142,899	'
Subordinated Debt [Member] | MFI issuer [Member]	'	'
Principal	29,651	'
Carrying Amount	29,651	'
Interim Principal Payment	'0	'
Maturity Date	'Various dates through December 2033	'
Coupon Interest Rate	'8.0%	'
Subordinated Debt [Member] | MFH Issuer 1 [Member]	'	'
Principal	33,286	'
Net Premium/ (Discount)	565	'
Carrying Amount	33,851	'
Interim Principal Payment	'$4,689 due April 2015	'
Maturity Date	'March 30, 2035	'
Coupon Interest Rate	'0.75% to March 2015, then 3-month LIBOR plus 3.3%	'
Subordinated Debt [Member] | MFH Issuer 2 [Member]	'	'
Principal	30,116	'
Net Premium/ (Discount)	331	'
Carrying Amount	30,447	'
Interim Principal Payment	'$4,242 due May 2015	'
Maturity Date	'April 30, 2035	'
Coupon Interest Rate	'0.75% to April 2015, then 3-month LIBOR plus 3.3%	'
Subordinated Debt [Member] | MFH Issuer 3 [Member]	'	'
Principal	17,219	'
Net Premium/ (Discount)	150	'
Carrying Amount	17,369	'
Interim Principal Payment	'$2,305 due May 2015	'
Maturity Date	'July 30, 2035	'
Coupon Interest Rate	'0.75% to April 2015, then 3-month LIBOR plus 3.3%	'
Subordinated Debt [Member] | MFH Issuer 4 [Member]	'	'
Principal	31,308	'
Net Premium/ (Discount)	273	'
Carrying Amount	$31,581	'
Interim Principal Payment	'$4,191 due May 2015	'
Maturity Date	'July 30, 2035	'
Coupon Interest Rate	'0.75% to April 2015, then 3-month LIBOR plus 3.3%	'

DEBT_Details_Textual

DEBT (Details Textual) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jul. 03, 2013

Jun. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Jul. 03, 2013

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2012

Mar. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2012

Mar. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Standby Letters of Credit [Member]

Standby Letters of Credit [Member]

Mma Realty Capital Llc [Member]

Senior Interest in and Debt Owed to Securitization Trusts [Member]

Senior Interest in and Debt Owed to Securitization Trusts [Member]

Senior Interest in and Debt Owed to Securitization Trusts [Member]

Senior Interest in and Debt Owed to Securitization Trusts [Member]

Mandatorily Redeemable Preferred Shares [Member]

Mandatorily Redeemable Preferred Shares [Member]

Mandatorily Redeemable Preferred Shares [Member]

Mandatorily Redeemable Preferred Shares [Member]

Mandatorily Redeemable Preferred Shares [Member]

Notes Payable and Other Debt [Member]

Notes Payable and Other Debt [Member]

Notes Payable and Other Debt [Member]

Notes Payable and Other Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Subordinated Debt [Member]

Bond Related Debt [Member]

Bond Related Debt [Member]

Bond Related Debt [Member]

Non Bond Related Debt [Member]

Mature July 2013 [Member]

TE Bond Subsidiary LLC [Member]

TE Bond Subsidiary LLC [Member]

Paid at Inception [Member]

Payable at Termination [Member]

MFH Issuer [Member]

Senior Interest in and Debt Owed to Securitization Trusts [Member]

Mandatorily Redeemable Preferred Shares [Member]

Notes Payable and Other Debt [Member]

Notes Payable and Other Debt [Member]

Debt Instrument, Unamortized Discount

'

'

'

'

'

$900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,300,000

$1,700,000

'

Debt Instrument, Debt Default, Amount

'

'

'

'

'

'

'

'

'

3,800,000

'

'

'

'

'

'

'

'

'

3,800,000

3,800,000

'

'

'

'

'

'

'

'

'

'

Net Discount and Effective Interest Rate Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

1,300,000

'

'

'

'

'

Net Premiums and Effective Interest Rate Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,100,000

'

7,100,000

'

'

'

'

'

Debt Instrument, Interest Rate During Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.25%

Long-term Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

56,900,000

'

'

'

'

Interest expense

2,199,000

[1]

6,547,000

[1]

22,213,000

[1]

20,090,000

[1]

'

'

'

'

'

'

'

11,300,000

9,600,000

'

'

6,500,000

6,400,000

'

'

'

'

'

'

8,200,000

11,400,000

'

'

'

'

'

'

Preferred Stock, Liquidation Preference, Value

'

'

'

'

121,000,000

'

159,000,000

'

'

'

'

'

'

'

43,200,000

'

'

'

121,000,000

'

'

'

'

'

'

'

'

'

'

'

36,600,000

Preferred Stock, Dividend Rate, Percentage

'

'

14.40%

'

'

'

'

'

'

'

'

'

'

'

7.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Quarterly Distribution Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Unpaid Principal Balance

'

'

'

'

'

695,700,000

'

'

'

'

'

'

'

'

'

'

'

74,000,000

'

'

'

'

'

'

'

'

45,500,000

577,100,000

'

'

'

Subordinated Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,400,000

'

'

'

'

Gains (Losses) on Extinguishment of Debt

'

'

36,179,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

37,900,000

'

'

'

'

Debt Instrument, Description of Variable Rate Basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'The debt is non-amortizing, matures on March 31, 2015 and bears an interest rate of 3-month LIBOR plus 400 bps

Debt Issuance Cost

'

'

'

'

'

'

'

'

'

'

4,600,000

'

'

'

'

'

'

'

'

'

'

400,000

400,000

'

'

'

1,600,000

'

'

'

800,000

Line of Credit Facility, Collateral Fees, Amount

'

'

'

'

'

'

'

100,000

2,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Amount Outstanding

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Not Assumed By Purchaser

'

'

'

'

'

'

'

'

'

'

'

2,500,000

'

2,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acceleration Of Debt issuance Cost

'

'

'

'

'

'

'

'

'

'

'

$4,600,000

'

'

'

$3,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value Liabilities	$662	$3,544
Interest Rate Swap [Member]	'	'
Fair Value Liabilities	662	3,184
Other Contract [Member]	'	'
Fair Value Liabilities	$0	$360

DERIVATIVE_FINANCIAL_INSTRUMEN3

DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) (Interest Rate Swap [Member], USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Interest Rate Swap [Member]	'	'
Derivative Notional Amount	$7,837	$24,885

DERIVATIVE_FINANCIAL_INSTRUMEN4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Realized/Unrealized (Losses) Gains	($76)		($658)		$59		($2,134)
Interest Rate Swap [Member]	'		'		'		'
Realized/Unrealized (Losses) Gains	-76	[1]	-655	[1]	-156	[1]	-2,336	[1]
Other Contract [Member]	'		'		'		'
Realized/Unrealized (Losses) Gains	$0		($3)		$215		$202
[1]	The cash paid and received on interest rate swaps is settled on a net basis and recorded through “Net gains (losses) on assets and derivatives.” Net cash interest paid was $0.1 million and $1.0 million for the three months ended September 30, 2013 and 2012, respectively. Net cash paid was $0.7 million and $3.2 million for the nine months ended September 30, 2013 and 2012, respectively.

DERIVATIVE_FINANCIAL_INSTRUMEN5

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net Interest Payments on Derivatives	$0.10	$1	$0.70	$3.20

FINANCIAL_INSTRUMENTS_Details

FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in preferred stock, Carrying Amount	$31,371	$31,371
Investments in preferred stock, Fair Value	36,600	35,807
Loans receivable, Carrying Amount	1,174	1,072
Loans receivable, Fair Value	'	383
Long Term Debt, Carrying Amount	461,126	1,042,959
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Investments in preferred stock, Fair Value	0	'
Loans receivable, Fair Value	0	'
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Investments in preferred stock, Fair Value	0	'
Loans receivable, Fair Value	0	'
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Investments in preferred stock, Fair Value	36,613	'
Loans receivable, Fair Value	302	'
Senior Interest in and Debt Owed to Securitization Trusts [Member]	'	'
Long Term Debt, Carrying Amount	0	589,592
Long Term Debt, Fair Value	'	589,778
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Long Term Debt, Fair Value	0	'
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Long Term Debt, Fair Value	0	'
Senior Interest in and Debt Owed to Securitization Trusts [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Long Term Debt, Fair Value	0	'
Mandatorily Redeemable Preferred Shares [Member]	'	'
Long Term Debt, Carrying Amount	0	88,720
Long Term Debt, Fair Value	'	91,517
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Long Term Debt, Fair Value	0	'
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Long Term Debt, Fair Value	0	'
Mandatorily Redeemable Preferred Shares [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Long Term Debt, Fair Value	0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member]	'	'
Long Term Debt, Carrying Amount	146,304	57,729
Long Term Debt, Fair Value	'	59,001
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Long Term Debt, Fair Value	0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Long Term Debt, Fair Value	0	'
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Long Term Debt, Fair Value	145,091	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member]	'	'
Long Term Debt, Carrying Amount	75,781	56,985
Long Term Debt, Fair Value	'	48,696
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Long Term Debt, Fair Value	0	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Long Term Debt, Fair Value	0	'
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Long Term Debt, Fair Value	67,851	'
Subordinated Debt [Member]	'	'
Long Term Debt, Carrying Amount	142,899	'
Subordinated Debt [Member] | Mma Financial Holdings, Inc [Member]	'	'
Long Term Debt, Carrying Amount	113,248	164,500
Long Term Debt, Fair Value	'	47,219
Subordinated Debt [Member] | MMA Financial Inc [Member]	'	'
Long Term Debt, Carrying Amount	29,651	30,000
Long Term Debt, Fair Value	'	30,000
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | Mma Financial Holdings, Inc [Member]	'	'
Long Term Debt, Fair Value	0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 1 [Member] | MMA Financial Inc [Member]	'	'
Long Term Debt, Fair Value	0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | Mma Financial Holdings, Inc [Member]	'	'
Long Term Debt, Fair Value	0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | MMA Financial Inc [Member]	'	'
Long Term Debt, Fair Value	0	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | Mma Financial Holdings, Inc [Member]	'	'
Long Term Debt, Fair Value	42,869	'
Subordinated Debt [Member] | Fair Value, Inputs, Level 3 [Member] | MMA Financial Inc [Member]	'	'
Long Term Debt, Fair Value	29,651	'
Liabilities of consolidated funds and ventures, Notes payable [Member]	'	'
Long Term Debt, Carrying Amount	96,142	55,433
Long Term Debt, Fair Value	'	55,580
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Long Term Debt, Fair Value	0	'
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Long Term Debt, Fair Value	49,745	'
Liabilities of consolidated funds and ventures, Notes payable [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Long Term Debt, Fair Value	$44,977	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Bonds available-for-sale	$196,485	$969,394
Liabilities:	'	'
Derivative liabilities	662	3,544
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	0	0
Liabilities:	'	'
Derivative liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	0	0
Liabilities:	'	'
Derivative liabilities	0	2,477
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Assets:	'	'
Bonds available-for-sale	196,485	969,394
Liabilities:	'	'
Derivative liabilities	$662	$1,067

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 1) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Available-for-sale Securities [Member]	'		'		'		'
Bonds Available-for-Sale, Beginning Balance	$896,322		$1,006,539		$969,394		$1,021,628
Bonds Available-for-Sale , Net losses included in earnings	-1,321		-3,373		-4,589		-6,397
Bonds Available-for-Sale, Net gains (losses) included in other comprehensive lncome	-80,682	[1]	15,085	[2]	-91,980	[3]	31,806	[4]
Bonds Available-for Sale, Impact from purchases	'		0		'		6,189
Bonds Available-for Sale, Impact from sales/redemptions	-606,121		0		-612,154		-8,172
Bonds Available-for Sale, Bonds eliminated due to real estate consolidation and foreclosure	10,168		21,545		55,275		34,108
Bonds Available-for Sale, Impact from settlements	-1,545		-2,419		-8,911		-16,659
Bonds Available-for Sale, Transfer into Level 3	'		'		'		0
Bonds Available-for-Sale, Ending Balance	196,485		994,287		196,485		994,287
Derivative Financial Instruments, Liabilities [Member]	'		'		'		'
Derivative Liabilities, Beginning Balance	-694		-1,192		-1,067		-1,167
Derivative Liabilities, Net losses included in earnings	32		-27		259		429
Derivative Liabilities, Net gains (losses) included in other comprehensive lncome	0	[1]	0	[2]	0	[3]	0	[4]
Derivative Liabilities, Impact from purchases	'		0		'		0
Derivative Liabilities, Impact from sales/redemptions	0		0		0		0
Derivative Liabilities, Bonds eliminated due to real estate consolidation and foreclosure	0		0		0		0
Derivative Liabilities, Impact from settlements	0		0		146		128
Derivative Liabilities, Transfer into Level 3	'		'		'		-609
Derivative Liabilities, Ending Balance	($662)		($1,219)		($662)		($1,219)
[1]	This amount includes $5.2 million of unrealized net holding losses arising during the period, which is then reduced by $0.9 million of unrealized bond losses reclassified into operations. This amount is then increased by $76.4 million of unrealized gains related to bonds that were redeemed.
[2]	This amount includes $12.8 million of unrealized net holding gains arising during the period, which is then increased by $2.3 million of unrealized bond losses reclassified into operations.
[3]	This amount includes $16.8 million of unrealized net holding losses arising during the period, which is then reduced by $1.8 million of unrealized bond losses reclassified into operations. This amount is then increased by $77.0 million of unrealized gains related to bonds that were redeemed
[4]	This amount includes $28.4 million of unrealized net holding gains arising during the period, which is then increased by $3.4 million of unrealized bond losses reclassified into operations.

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details 2) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Net (Losses) gains on bonds [Member]	'		'		'		'
Change in realized gains related to assets and liabilities	$0	[1]	$0	[1]	($530)	[1]	$0	[1]
Change in unrealized losses related to assets and liabilities	-939	[1]	-2,282	[1]	-1,242	[1]	-3,369	[1]
Additional realized gains (losses) recognized	76,362	[1]	2	[1]	76,960	[1]	54	[1]
Total (losses) gains reported in earnings	75,423	[1]	-2,280	[1]	75,188	[1]	-3,315	[1]
Equity in Losses from Lower Tier Property Partnerships [Member]	'		'		'		'
Change in realized gains related to assets and liabilities	0		0		0		0
Change in unrealized losses related to assets and liabilities	-382		-1,091		-2,817		-3,028
Additional realized gains (losses) recognized	0		0		0		0
Total (losses) gains reported in earnings	-382		-1,091		-2,817		-3,028
Net losses on derivatives [Member]	'		'		'		'
Change in realized gains related to assets and liabilities	0	[2]	0	[2]	0	[2]	0	[2]
Change in unrealized losses related to assets and liabilities	32	[2]	-27	[2]	259	[2]	-180	[2]
Additional realized gains (losses) recognized	-77	[2]	-76	[2]	-230	[2]	-228	[2]
Total (losses) gains reported in earnings	($45)		($103)		$29		($408)
[1]	Amounts are reflected through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.
[2]	Amounts are reflected through “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

FAIR_VALUE_MEASUREMENTS_Detail3

FAIR VALUE MEASUREMENTS (Details Textual) (USD $)	3 Months Ended			9 Months Ended				9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2012
								Performing Bond Portfolio [Member]	Performing Bond Portfolio [Member]	Non Performing Bond Portfolio [Member]	Non Performing Bond Portfolio [Member]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	($5,259)		$12,803	($16,792)		$28,489	'	'	'	'	'
Other Comprehensive Income (Loss), Reclassification Adjustment for Write-down of Securities Included in Net Income, Net of Tax	939		2,282	1,772		3,369	'	'	'	'	'
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax	$76,362	[1]	$0	$76,960	[1]	$52	'	'	'	'	'
Weighted Average Discount Rate, Percent	'		'	'		'	'	7.36%	7.45%	8.60%	8.20%
Capitalized Interest Rate	6.60%		'	6.60%		'	6.90%	'	'	'	'
[1]	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

GUARANTEES_AND_COLLATERAL_Deta

GUARANTEES AND COLLATERAL (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Maximum Exposure	$26,178	$26,554
Carrying Amount	1,281	1,565
Indemnification Agreement [Member]	'	'
Maximum Exposure	26,178	26,178
Carrying Amount	1,281	1,531
Other guarantees [Member]	'	'
Maximum Exposure	0	376
Carrying Amount	$0	$34

GUARANTEES_AND_COLLATERAL_Deta1

GUARANTEES AND COLLATERAL (Details 1) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Restricted Cash	$90,949		$55,313
Bonds Available-for-Sale	132,930		925,346
Real estate held-for-use	121,863		129,687
Real Estate Held-For-Sale	51,836		15,338
Investment in Preferred stock	31,371		'
Other Assets	35,768		32,259
Total Assets Pledged	462,098		1,142,605
Notes Payable, Other Payables [Member]	'		'
Restricted Cash	0	[1]	13	[1]
Bonds Available-for-Sale	0	[1]	0	[1]
Real estate held-for-use	1,735	[1]	1,735	[1]
Real Estate Held-For-Sale	0		'
Investment in Preferred stock	0	[1]	'
Other Assets	11,728	[1]	14,302	[1]
Total Assets Pledged	13,463	[1]	16,050	[1]
Other Assets [Member]	'		'
Restricted Cash	35,004	[2]	1,341	[2]
Bonds Available-for-Sale	132,930	[2]	59,354	[2]
Real estate held-for-use	13,860	[2]	13,402	[2]
Real Estate Held-For-Sale	0		'
Investment in Preferred stock	31,371	[2]	'
Other Assets	326	[2]	389	[2]
Total Assets Pledged	213,491	[2]	74,486	[2]
Consolidated Funds and Ventures [Member]	'		'
Restricted Cash	55,945	[3],[4]	53,957	[3]
Bonds Available-for-Sale	0	[3],[4]	0	[3]
Real estate held-for-use	103,649	[3],[4]	111,931	[3]
Real Estate Held-For-Sale	51,836	[3]	'
Investment in Preferred stock	0	[3],[4]	'
Other Assets	23,714	[3],[4]	17,568	[3]
Total Assets Pledged	235,144	[3],[4]	183,456	[3]
Senior Interests in and Debt Owed to Securitization Trusts [Member]	'		'
Restricted Cash	'		2	[5]
Bonds Available-for-Sale	'		865,992	[5]
Real estate held-for-use	'		2,619	[5]
Other Assets	'		0	[5]
Total Assets Pledged	'		$868,613	[5]
[1]	The Company pledges bonds, loans, investments in preferred stock, investments in solar facilities and an investment in a mixed-use real estate development as collateral for notes payable.
[2]	The Company pledges collateral in connection with secured borrowings, derivative transactions, other liabilities, guarantee exposure and leases. The Company may elect to pledge collateral on behalf of the Company’s customers in order to facilitate credit and other collateral requirements. In addition, cash may be restricted for funding obligations.
[3]	These are assets held by CFVs. The real estate serves as collateral to bonds eliminated in consolidation.
[4]	These are assets held by non-profit entities which are consolidated by the Company. The real estate serves as collateral to bonds eliminated in consolidation.
[5]	Includes assets held by bond securitization trusts as well as assets pledged as collateral for bond securitizations.

GUARANTEES_AND_COLLATERAL_Deta2

GUARANTEES AND COLLATERAL (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Liabilities Indemnification Agreements Payables	$1.50

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
General and Administrative Expense [Member]	'	'
Rental expense	($1,537)	($1,660)
Rental income	976	1,173
Net rental expense	-561	-487
Discontinued Operations [Member]	'	'
Rental expense	-492	-1,107
Rental income	492	1,107
Net rental expense	$0	$0

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 1) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
2013	$457
2014	1,182
2015	1,146
2016	676
2017	108
2018	40
Total minimum future rental commitments	$3,609

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
Lease Expiration Period	'2018
Operating Leases Future Minimum Payments Due Excluded From Payment Calculation	$1.80
Contingent Liability	$0.50

EQUITY_Details

EQUITY (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Net income from continuing operations	$73,042		$1,111		$106,927		$5,632
Net income (loss) from discontinued operations	274		-393		5,215		1,342
Net income to common shareholder	$73,316		$718		$112,142		$6,974
Basic weighted-average shares	42,290	[1]	42,304	[1]	42,380	[1]	42,207	[1]
Common stock equivalents	1,626	[2],[3],[4]	76	[2],[3],[4]	1,443	[2],[3],[4]	207	[2],[3],[4]
Diluted weighted-average shares	43,916		42,380		43,823		42,414
[1]	Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.
[2]	At September 30, 2013, 2,128,125 stock options were in the money and had a dilutive impact of 1,470,198 shares and 1,373,840 shares for the three months and nine months ended September 30, 2013, respectively. In addition, 260,417 unvested employee deferred shares had a dilutive impact of 156,251 and 69,826 shares for the three and nine months ended September 30, 2013, respectively.
[3]	At September 30, 2012, 850,000 stock options were in the money and had a dilutive impact of 75,508 shares and 206,967 shares for the three months and nine months ended September 30, 2012, respectively. There were no unvested employee deferred shares at September 30, 2012.
[4]	For the three months and nine months ended September 30, 2013, the average number of options excluded from the calculations of diluted earnings per share was 302,287 and 456,803, respectively, because of their anti-dilutive effect. For the three months and nine months ended September 30, 2012, the average number of options excluded from the calculations of diluted earnings per share was 1,512,031 and 1,060,535, respectively, because of their anti-dilutive effect.

EQUITY_Details_1

EQUITY (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Noncontrolling interests in:	'	'
Minority Interest	$487,896	$511,791
LIHTC Funds [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	343,962	379,407
SA Fund [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	130,915	122,641
Lower Tier Property Partnerships [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	14,470	10,777
Other Consolidated Entities [Member]	'	'
Noncontrolling interests in:	'	'
Minority Interest	($1,451)	($1,034)

EQUITY_Details_2

EQUITY (Details 2) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012
Unrealized Gains on Bonds Available-for-Sale, Balance at begining period	$119,239		'	$139,021		'
Unrealized Gains on Bonds Available-for-Sale, Unrealized net holding (losses) gains arising during period	-5,259		'	-16,792		'
Unrealized Gains on Bonds Available-for-Sale, Reversal of unrealized gains on sold/redeemed bonds	-76,362	[1]	0	-76,960	[1]	-52
Unrealized Gains on Bonds Available-for-Sale, Reclassification of unrealized losses to income	939		2,282	1,772		3,369
Unrealized Gains on Bonds Available-for-Sale, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	2,411	[1]	2,853	10,895	[1]	5,404
Unrealized Gains on Bonds Available-for-Sale, Net current period other comprehensive income	-83,093		'	-102,875		'
Unrealized Gains on Bonds Available-for-Sale, Balance at ending period	36,146		'	36,146		'
Foreign Currency Translation, Balance at begining period	-333		'	-334		'
Foreign Currency Translation, Unrealized net holding (losses) gains arising during period	43		'	44		'
Foreign Currency Translation, Reversal of unrealized gains on sold/redeemed bonds	0		'	0		'
Foreign Currency Translation, Reclassification of unrealized losses to income	0		'	0		'
Foreign Currency Translation, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	0		'	0		'
Foreign Currency Translation, Net current period other comprehensive income	43		-24	44		97
Foreign Currency Translation, Balance at ending period	-290		'	-290		'
Accumulated Other Comprehensive Income, Balance at beginning period	118,906		'	138,687		'
Accumulated Other Comprehensive Income, Unrealized net holding (losses) gains arising during period	-5,216		'	-16,748		'
Number of Options Expired/Forfeited	-76,362		'	-76,960		'
Accumulated Other Comprehensive Income, Reclassification of unrealized losses to income	939		'	1,772		'
Accumulated Other Comprehensive Income, Reclassification of unrealized gains to operations due to consolidation of funds and ventures	-2,411		'	-10,895		'
Accumulated Other Comprehensive Income, Net current period other comprehensive income	-83,050		12,208	-102,831		26,499
Accumulated Other Comprehensive Income, Balance at ending period	$35,856		'	$35,856		'
[1]	Realized gains on bond redemptions included in “Net gains (losses) on assets and derivatives” on the consolidated statements of operations.

EQUITY_Details_Textual

EQUITY (Details Textual) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

Aug. 08, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 26, 2013

Aug. 16, 2013

Jul. 03, 2013

Dec. 31, 2012

Mar. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Jul. 03, 2013

Sep. 30, 2013

Sep. 30, 2013

Mar. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Mandatorily Redeemable Preferred Shares [Member]

Perpetual Preferred Stock [Member]

Board of Directors Chairman [Member]

LIHTC Funds [Member]

Sa Fund [Member]

IHS [Member]

IHS [Member]

TE Bond Subsidiary LLC [Member]

Maximum [Member]

Minimum [Member]

MuniMae TE Bond Subsidiary, LLC [Member]

MuniMae TE Bond Subsidiary, LLC [Member]

MuniMae TE Bond Subsidiary, LLC [Member]

MuniMae TE Bond Subsidiary, LLC [Member]

LIHTC Funds [Member]

LIHTC Funds [Member]

Mandatorily Redeemable Preferred Shares [Member]

Second Quarter of 2013 [Member]

Second Quarter of 2013 [Member]

Second Quarter of 2013 [Member]

Series D Perpetual Preferred Share [Member]

Series C-1 Cumulative Perpetual Preferred Shares [Member]

Common Stock Equivalents Employee Options

'

'

'

2,128,125

850,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares Attributable to Call Options and Warrants

'

1,470,198

75,508

1,373,840

206,967

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements

'

156,251

'

69,826

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unvested Employee Deferred Shares

'

'

'

260,417

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

'

302,287

1,512,031

456,803

1,060,535

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchased During Period, Value

'

'

'

'

'

'

'

'

'

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchase Program, Number of Shares Authorized to be Repurchased

'

'

'

'

'

5,000,000

4,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased

'

386,236

'

386,236

'

800,000

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Issuance, Per Share Amount

'

'

'

$1.31

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity, Fair Value Adjustment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,000,000

'

'

'

'

'

'

Preferred Stock, Liquidation Preference, Value (in dollars)

'

'

'

'

'

'

'

121,000,000

159,000,000

43,200,000

27,000,000

'

'

'

'

'

118,000,000

'

'

74,000,000

9,500,000

6,000,000

5,000,000

Preferred Stock, Dividend Rate, Percentage

'

'

'

14.40%

'

'

'

'

'

7.50%

8.50%

'

'

'

'

'

'

'

'

5.00%

'

'

'

Stockholders Equity, Period Increase (Decrease)

'

'

'

-3,022,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000

'

'

Proceeds from Issuance of Preferred Stock and Preference Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000

'

'

Preferred Stock Redemption Discount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

'

'

'

'

'

'

'

'

'

'

'

'

'

2.70%

17.00%

17.00%

'

0.04%

0.01%

'

'

'

'

Decline in LIHTC Funds' Investment Balance

'

'

'

'

'

'

'

'

'

'

'

'

33,600,000

'

'

'

'

'

'

'

'

'

'

Noncontrolling Interest, Period Increase (Decrease)

'

'

'

'

'

'

'

'

'

'

'

'

35,400,000

8,300,000

'

'

'

'

'

'

'

'

'

Proceeds from Noncontrolling Interests

'

'

'

8,051,000

'

'

'

'

'

'

'

'

'

7,400,000

'

'

'

'

'

'

'

'

'

Operating Income (Loss)

'

'

'

'

'

'

'

'

'

'

'

'

'

21,600,000

'

'

'

'

'

'

'

'

'

Translation Adjustment Functional to Reporting Currency, Loss (Gain), Reclassified to Earnings, Net of Tax

'

'

'

'

'

'

'

'

'

'

'

'

'

20,700,000

'

'

'

'

'

'

'

'

'

Foreign Currency Transaction Gain (Loss), before Tax

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

'

'

'

'

'

'

'

'

'

Reduction Due To Unamortized Issuance Discounts And Net Premiums Paid

'

'

'

'

'

'

'

'

'

'

$300,000

'

'

'

'

'

'

'

'

'

'

'

'

Stock Repurchase Program, Shares Authorized To Be Repurchased

'the Company to purchase up to four million shares, and up to 800,000 shares in any one calendar month at a price up to 100% of its common shareholders equity per share as shown on its most recently filed periodic report.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Represents the difference between the Company’s carrying value of the perpetual preferred shares on June 30, 2013 of $118.0 million as compared to the liquidation preference amount assumed in the sale on July 3, 2013 of $121.0 million.

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Employees’ Stock-Based Compensation Plan	$279	$22	$1,937	$106
Non-employee Directors’ Stock-Based Compensation Plan	75	63	200	188
Total	$354	$85	$2,137	$294

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 1) (Employee Stock Option [Member], USD $)	9 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Employee Stock Option [Member]	'		'
Number of Options Outstanding at beginning of period	2,345	[1]	1,145	[1]
Number of Options Granted	'		1,200
Number of Options Forfeited/Expired	-264		'
Number of Options Outstanding at end of period	2,081	[1]	2,345	[1]
Number of options that were exercisable	1,436		1,333
Weighted average Exercise Price per Option Outstanding at beginning of period	$3.61	[1]	$7.01	[1]
Weighted average Exercise Price per Option Granted	'		$0.36
Weighted average Exercise Price per Option Forfeited/Expired	$26.50		'
Weighted average Exercise Price per Option Outstanding at end of period	$0.70	[1]	$3.61	[1]
Weighted average Exercise Price per Option Exercisable	$0.86		$6.08
Weighted Average Remaining Contractual Life per Option (in years) Outstanding at beginning of period	'		'7 years 2 months 12 days	[1]
Weighted Average Remaining Contractual Life per Option (in years) Outstanding at end of period	'7 years 7 months 6 days	[1]	'7 years 9 months 18 days	[1]
Weighted average Remaining Contractual Life per Option (in years) Exercisable	'7 years 2 months 12 days		'6 years 7 months 6 days
Aggregate Intrinsic Value Outstanding at beginning of period	$58	[1]	$0	[1]
Aggregate Intrinsic Value Outstanding at end of period	2,024	[1]	58	[1]
Period End Liability Outstanding at beginning of period	355	[1],[2]	181	[1],[2]
Period End Liability Outstanding at end of period	$2,076	[1],[2]	$355	[1],[2]
[1]	Intrinsic value is based on outstanding shares.
[2]	Only options that were amortized based on a vesting schedule have a liability balance. These options were 1,812,118; 1,486,345; and 818,556 at September 30, 2013, December 31, 2012 and January 1, 2012, respectively.

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 2) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Deferred Share Grants, Granted	5	0
Employee Deferred Shares [Member]	'	'
Number of Options Outstanding at beginning of period	29	'
Deferred Share Grants, Granted	312	'
Number of Options Outstanding at end of period	341	'
Weighted average Exercise Price per Option Outstanding at beginning of period	24.98	'
Weighted-average Grant Date Share Price, Granted	0.88	'
Weighted average Exercise Price per Option Outstanding at end of period	2.92	'

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 3) (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Number of Options Outstanding at beginning of period	95,100	27,000
Number of Options Expired/Forfeited	-17,000	-10,000
Number of Options Granted	'	78,100
Number of Options Outstanding at end of period	78,100	95,100
Number of options that were exercisable	58,600	17,000
Weighted average Exercise Price per Option Outstanding at beginning of period	$4.70	$24.69
Weighted average Exercise Price per Option Expired/Forfeited	$24.67	$24.74
Weighted average Exercise Price per Option Granted	'	$0.36
Weighted average Exercise Price per Option Outstanding at end of period	$0.36	$4.70
Weighted average exercise price per Option exercisable	$0.36	$24.67
Weighted- average Remaining Contractual Life per Option (in years) Outstanding at beginning of period	'8 years 3 months 18 days	'1 year 1 month 6 days
Weighted- average Remaining Contractual Life per Option (in years) Granted	'	'9 years 9 months 18 days
Weighted-average Remaining Contractual Life per Option (in years) Outstanding at end of period	'9 years 2 months 12 days	'8 years 3 months 18 days
Weighted average Remaining Contractual Life per Option exercisable	'9 years 2 months 12 days	'4 months 24 days
Aggregate Intrinsic Value Outstanding at beginning of period	$0	$0
Aggregate Intrinsic Value Outstanding at end of period	$73	$0

STOCKBASED_COMPENSATION_Detail4

STOCK-BASED COMPENSATION (Details 4) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Shares Granted	5	0
Deferred Share Grants	62	292
Weighted - average Grant Date Share Price	$1.21	$0.32
Options Vested	59	0
Directors’Fees Expense	$200	$188

STOCKBASED_COMPENSATION_Detail5

STOCK-BASED COMPENSATION (Details Textual) (USD $)	6 Months Ended	9 Months Ended
	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Jan. 02, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	'	6,722,033	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	'	1,870,936	'	'	'
Share based Compensation Arrangement by Share based Payment Award, Options, Vested Number	'	1,812,118	'	1,486,345	818,556
Employee Benefits and Share-based Compensation	'	$1,700,000	'	'	'
Deferred Compensation Arrangement with Individual, Compensation Expense	200,000	'	'	'	'
Non Employee Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares, Authorized	'	5,650,000	'	'	'
Share-based Compensation Plans and Nonemployee Services Transaction, Shares Issued	'	2,270,735	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	'	25,000	'	'	'
Noninterest Expense Directors Fees	'	200,000	188,000	'	'
Payments for Fees	'	$100,000	$93,750	'	'

RELATED_PARTY_TRANSACTIONS_AND1

RELATED PARTY TRANSACTIONS AND TRANSACTIONS WITH AFFILIATES (Details Textual) (Shelter Group [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Shelter Group [Member]	'	'
Revenue from Related Parties	$0.20	$0.40

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Sublease income	$0	$369	$492	$1,107
Income from REO operations	0	0	0	57
Rent expense	0	-369	-492	-1,107
Other income	46	113	44	345
Net gains on property acquisition	320	0	320	0
Net income before disposal activity	283	602	1,180	694
Disposal:	'	'	'	'
Net gains related to REO	95	0	95	0
Net income from discontinued operations	403	602	6,527	694
(Income) loss from discontinued operations allocable to noncontrolling interests	-129	-995	-1,312	648
Net income (loss) to common shareholders fromdiscontinued operations	274	-393	5,215	1,342
Consolidated Funds and Ventures [Member]	'	'	'	'
Income from CFVs (primarily rental income)	3,511	5,034	10,968	14,999
Expenses from CFVs (primarily operating expenses)	-3,594	-4,545	-10,152	-14,707
Disposal:	'	'	'	'
Net gains related to CFVs	$25	$0	$5,252	$0

DISCONTINUED_OPERATIONS_Detail1

DISCONTINUED OPERATIONS (Details 1) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest income	$0	$765	$1,108	$2,349
Other income	399	478	1,268	1,476
Other expense	245	1,636	1,161	2,483
Net gains on disposal of REO	95	0	95	0
Net gains on redemption of bonds	25	0	3,905	0
Net income (loss) to common shareholders fromdiscontinued operations	$274	($393)	$5,215	$1,342

DISCONTINUED_OPERATIONS_Detail2

DISCONTINUED OPERATIONS (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Disposal Group, Including Discontinued Operation, Cash Flows of Disposal Group	'	'	'The sale generated $20.1 million of net cash proceeds.	'
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	$95,000	$0	$95,000	$0
Loss from discontinued operations allocable to noncontrolling interests	-129,000	-995,000	-1,312,000	648,000
Rental Properties	51,800,000	'	51,800,000	'
Real Estate [Member]	'	'	'	'
Gain (Loss) on Disposition of Real Estate, Discontinued Operations	'	'	5,000,000	'
Loss from discontinued operations allocable to noncontrolling interests	'	'	$1,400,000	'

CONSOLIDATED_FUNDS_AND_VENTURE2

CONSOLIDATED FUNDS AND VENTURES (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Total assets of consolidated funds and ventures	$1,039,856	$1,801,752
LIHTC Funds [Member]	'	'
Total assets of consolidated funds and ventures	343,544	381,394
SA Fund [Member]	'	'
Total assets of consolidated funds and ventures	184,770	175,572
Lower Tier Property Partnerships [Member]	'	'
Total assets of consolidated funds and ventures	162,286	135,674
Other Consolidated Entities [Member]	'	'
Total assets of consolidated funds and ventures	2,065	922
Consolidated Funds and Ventures [Member]	'	'
Total assets of consolidated funds and ventures	$692,665	$693,562

CONSOLIDATED_FUNDS_AND_VENTURE3

CONSOLIDATED FUNDS AND VENTURES (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in Lower Tier Property Partnerships	$299,730	$333,335
SA Fund investments	157,791	161,433
Real estate held-for-use, net	121,863	129,687
Real estate held-for-sale	51,836	15,338
Other assets	44,226	55,024
Total assets of CFVs	1,039,856	1,801,752
Consolidated Funds and Ventures [Member]	'	'
Cash, cash equivalents and restricted cash	55,945	53,957
Investments in Lower Tier Property Partnerships	299,730	333,335
SA Fund investments	157,791	161,433
Real estate held-for-use, net	103,649	111,931
Real estate held-for-sale	51,836	15,338
Other assets	23,714	17,568
Total assets of CFVs	$692,665	$693,562

CONSOLIDATED_FUNDS_AND_VENTURE4

CONSOLIDATED FUNDS AND VENTURES (Details 2) (USD $)	Sep. 30, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
LIHTC Funds' investment in Lower Tier Property Partnerships	$299,730		$333,335
Total liabilities of Lower Tier Property Partnerships	447		0
Consolidated Funds and Ventures [Member]	'		'
LIHTC Funds' investment in Lower Tier Property Partnerships	299,730		333,335
Total assets of Lower Tier Property Partnerships	1,335,223	[1]	1,371,880	[1]
Total liabilities of Lower Tier Property Partnerships	$1,039,405	[1]	$1,041,961	[1]
[1]	The assets of the Lower Tier Property Partnerships are primarily real estate and the liabilities are predominantly mortgage debt.

CONSOLIDATED_FUNDS_AND_VENTURE5

CONSOLIDATED FUNDS AND VENTURES (Details 3) (Consolidated Funds and Ventures [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Bonds Available-for-Sale, Beginning Balance	$156,723	$126,950	$161,433	$108,329
Net gains (losses) included in earnings	2,882	-4,511	20,178	5,480
Impact from purchases	8,029	22,713	15,699	42,449
Impact from sales	-7,185	-73	-12,293	-7,496
Bonds Available-for-Sale, Ending Balance	157,791	144,926	157,791	144,926
Foreign Currency Gain (Loss) [Member]	'	'	'	'
Net foreign currency translation losses included in other comprehensive income	($2,658)	($153)	($27,226)	($3,836)

CONSOLIDATED_FUNDS_AND_VENTURE6

CONSOLIDATED FUNDS AND VENTURES (Details 4) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Building, furniture and fixtures	$108,036	$116,320
Accumulated depreciation	-16,274	-15,598
Land	11,887	11,209
Total	$103,649	$111,931

CONSOLIDATED_FUNDS_AND_VENTURE7

CONSOLIDATED FUNDS AND VENTURES (Details 5) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Land	$11,887	$11,209
Total	51,836	15,338
Consolidated Fund And Ventures [Member]	'	'
Cash	4,216	318
Building, furniture and fixtures	48,133	14,740
Accumulated depreciation	-5,786	-959
Land	5,111	1,215
Other assets	162	24
Total	$51,836	$15,338

CONSOLIDATED_FUNDS_AND_VENTURE8

CONSOLIDATED FUNDS AND VENTURES (Details 6) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Liabilities of CFVs:	'	'
Debt	$461,126	$1,042,959
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	13,461	15,881
Other liabilities	17,281	15,145
Total liabilities of CFVs	500,363	1,090,027
Consolidated Funds and Ventures [Member]	'	'
Liabilities of CFVs:	'	'
Debt	96,142	55,433
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	13,461	15,881
Other liabilities	10,167	6,150
Total liabilities of CFVs	$119,770	$77,464

CONSOLIDATED_FUNDS_AND_VENTURE9

CONSOLIDATED FUNDS AND VENTURES (Details 7) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Debt, Carrying Amount	$461,126	$1,042,959
Maturity Date, Description	'bonds that are 30 days or greater past due in either principal or interest	'
Consolidated Funds and Ventures [Member]	'	'
Debt, Carrying Amount	96,142	55,433
Consolidated Funds and Ventures [Member] | SA Fund [Member]	'	'
Debt, Carrying Amount	49,621	49,352
Face Amount	49,621	49,352
Weighted-average Effective Interest Rates	2.60%	2.60%
Maturity Date, Description	'April 2018	'April 2018
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]	'	'
Debt, Carrying Amount	46,521	6,081
Face Amount	$46,648	$7,289
Weighted-average Effective Interest Rates	6.40%	10.40%
Maturity Date, Description	'Various dates through March 2049	'Various dates through October 2021

Recovered_Sheet1

CONSOLIDATED FUNDS AND VENTURES (Details 8) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Expenses:	'		'		'		'
Interest expense	$2,199	[1]	$6,547	[1]	$22,213	[1]	$20,090	[1]
Net gains (losses) related to CFVs:	'		'		'		'
Equity in losses from Lower Tier Property Partnerships of CFVs	'		'		-20,323		-25,917
Net loss	62,295		-13,410		98,253		-23,706
Consolidated Funds and Ventures [Member]	'		'		'		'
Revenue:	'		'		'		'
Rental and other income from real estate	3,736		1,800		9,096		3,715
Interest and other income	3,739		2,267		7,784		4,743
Total revenue from CFVs	7,475		4,067		16,880		8,458
Expenses:	'		'		'		'
Depreciation and amortization	2,386		1,525		6,169		4,056
Interest expense	1,253		441		2,228		1,237
Other operating expenses	3,696		1,923		8,602		4,580
Foreign currency loss	840		330		8,390		1,148
Asset impairments	6,679		4,820		14,559		10,102
Total expenses from CFVs	14,854		9,039		39,948		21,123
Net gains (losses) related to CFVs:	'		'		'		'
Investment gains (losses)	3,554		-4,511		20,849		5,479
Derivative gains (losses)	258		-97		6,883		98
Net loss on sale of properties	0		0		0		-170
Equity in losses from Lower Tier Property Partnerships of CFVs	-6,343		-6,486		-20,129		-25,917
Net loss	-9,910		-16,066		-15,465		-33,175
Net losses allocable to noncontrolling interests in CFVs	11,046	[2]	17,268	[2]	18,426	[2]	36,526	[2]
Net income allocable to the common shareholders related to CFVs	$1,136		$1,202		$2,961		$3,351
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Net losses allocable to noncontrolling interests in CFVs have been adjusted to exclude noncontrolling interests related to IHS because the Company’s equity interest in IHS is substantial. The Company has little to no equity interest in the other CFVs including the two non-profits, the LTPPs, the LIHTC Funds and the SA Fund.

Recovered_Sheet2

CONSOLIDATED FUNDS AND VENTURES (Details 9) (Consolidated Funds and Ventures [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income allocable to the common shareholders related to consolidated funds and ventures	$1,136	$1,202	$2,961	$3,351
Interest Income [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	274	1,169	1,779	1,789
Asset Management Fees [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	888	937	2,629	3,521
Guarantee Fees [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	331	331	993	1,042
Equity In Losses From Lower Tier Property Partnerships [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	-383	-1,092	-2,821	-3,031
Equity In Income From SA Fund [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	151	-99	643	165
Other Expense [Member]	'	'	'	'
Net income allocable to the common shareholders related to consolidated funds and ventures	($125)	($44)	($262)	($135)

Recovered_Sheet3

CONSOLIDATED FUNDS AND VENTURES (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Jul. 03, 2013	Dec. 31, 2012
	Number		Number			Number
Number of Consolidated Funds	11	'	11	'	'	11
Guarantor Obligations, Maximum Exposure, Undiscounted	$26,178,000	'	$26,178,000	'	'	$26,554,000
Bond Investment in Lower Tier Property Partnerships	63,600,000	'	63,600,000	'	'	421,300,000
Depreciation	6,500,000	5,800,000	2,000,000	3,700,000	'	'
Real Estate, Investments Held-for-sale, Fair Value	83,700,000	'	83,700,000	'	'	'
Unrealized Mark to Market Gains in Real Estate Investments Held-for-sale	'	'	33,100,000	'	'	'
Investment in Funds Formed to Invest in Housing Development Projects and Housing Sector Companies	157,800,000	'	157,800,000	'	'	161,400,000
Foreign Currency Transaction Gain (Loss), Realized	0	'	0	'	'	'
Rental Properties	51,800,000	'	51,800,000	'	'	'
Debt Instrument, Fair Value Disclosure	'	'	'	'	848,600,000	'
Lower Tier Property Partnerships Real Estate Held For Use [Member]	'	'	'	'	'	'
Sale Of Number Of Bonds	'	'	10	'	'	'
Long-term Debt, Gross	75,200,000	'	75,200,000	'	'	'
Rental Properties	51,800,000	'	51,800,000	'	'	'
Debt Instrument, Fair Value Disclosure	50,500,000	'	50,500,000	'	'	'
Available-for-sale Debt Securities Gross Unrealized Gain	'	'	2,700,000	'	'	'
Lower Tier Property Partnerships Real Estate Held For Use [Member] | TE Bond Subsidiary LLC [Member]	'	'	'	'	'	'
Debt Instrument, Increase (Decrease), Net, Total	'	'	28,900,000	'	'	'
Lower Tier Property Partnerships Real Estate Held For Use [Member] | Consolidated Properties [Member]	'	'	'	'	'	'
Rental Properties	42,900,000	'	42,900,000	'	'	'
SA Fund [Member]	'	'	'	'	'	'
General Partners Contributed Capital Funded	115,300,000	'	115,300,000	'	'	'
General Partners Contributed Capital	125,800,000	'	125,800,000	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	'	'	2.70%	'	'	'
Capital Contributed to Sale and Rental Properties	171,300,000	'	171,300,000	'	'	'
Capital Contributed to Sale and Rental Properties Funded	132,300,000	'	132,300,000	'	'	'
Maximum Amount of Debt Allowed	80,000,000	'	80,000,000	'	'	'
Proceeds from Issuance of Long-term Debt	'	'	49,100,000	'	'	'
Derivative, Collateral, Right to Reclaim Cash	3,400,000	'	3,400,000	'	'	'
Unrealized Gain (Loss) on Investments, Total	'	'	20,200,000	'	'	'
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax	'	'	27,200,000	'	'	'
LIHTC Funds [Member]	'	'	'	'	'	'
Guarantor Obligations, Maximum Exposure, Undiscounted	659,700,000	'	659,700,000	'	'	659,700,000
Limited Partner of SA Fund [Member]	'	'	'	'	'	'
General Partners Contributed Capital Funded	3,200,000	'	3,200,000	'	'	'
Solar Fund [Member]	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'20 years	'	'	'
Overseas Private Investment Corporation [Member]	'	'	'	'	'	'
General Partners Contributed Capital Funded	49,100,000	'	49,100,000	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	'	'	2.70%	'	'	'
Fair Value, Inputs, Level 2 [Member] | SA Fund [Member]	'	'	'	'	'	'
Derivative assets	$7,200,000	'	$7,200,000	'	'	$1,000,000
Real Estate Investment [Member] | Building [Member]	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'40 years	'	'	'
Minimum [Member] | LIHTC Funds [Member]	'	'	'	'	'	'
General Partner Ownership Interests of Funds Remaining	0.01%	'	0.01%	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	'	'	0.01%	'	'	'
Minimum [Member] | Real Estate Investment [Member] | Furniture and Fixtures [Member]	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'6 years	'	'	'
Maximum [Member] | LIHTC Funds [Member]	'	'	'	'	'	'
General Partner Ownership Interests of Funds Remaining	0.04%	'	0.04%	'	'	'
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	'	'	0.04%	'	'	'
Maximum [Member] | Real Estate Investment [Member] | Furniture and Fixtures [Member]	'	'	'	'	'	'
Property, Plant and Equipment, Useful Life	'	'	'7 years	'	'	'

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Total interest income	$4,380		$16,225		$35,177		$50,187
Total interest expense	2,199	[1]	6,547	[1]	22,213	[1]	20,090	[1]
Net interest income	2,181		9,678		12,964		30,097
Total fee and other income	809		489		1,866		1,662
Total non-interest revenue	9,610		5,896		22,681		14,549
Total revenues, net of interest expense	11,791		15,574		35,645		44,646
Operating and other expenses:	'		'		'		'
Interest expense	3,628	[2]	4,639	[2]	11,374	[2]	14,179	[2]
Other expenses	1,178		955		4,965		2,950
Total operating and other expenses	25,976		20,820		78,414		52,708
Net gains due to real estate consolidation and foreclosure	2,411		2,853		10,895		5,404
Net gains (losses) related to CFVs	'		'		32,964		5,407
Equity in losses from Lower Tier Property Partnerships	'		'		-20,323		-25,917
Income (loss) from continuing operations before income taxes	62,015		-13,988		90,417		-24,335
Income tax (expense) benefit	-123		-24		1,309		-65
Income from discontinued operations, net of tax	403		602		6,527		694
Net income (loss)	62,295		-13,410		98,253		-23,706
Net income (loss) to common shareholders	73,316		718		112,142		6,974
US Operations [Member]	'		'		'		'
Total interest income	4,644	[3]	17,387	[3]	36,931		51,946	[3]
Total interest expense	2,199	[3]	6,547	[3]	22,213	[3]	20,090	[3]
Net interest income	2,445		10,840		14,718		31,856
Total fee and other income	2,651	[4]	2,336	[4]	7,203	[4]	7,690	[4]
Revenue from CFVs	0		0		0		0
Total non-interest revenue	2,651		2,336		7,203		7,690
Total revenues, net of interest expense	5,096		13,176		21,921		39,546
Operating and other expenses:	'		'		'		'
Interest expense	3,593		4,607		11,273		14,074
Operating expenses	4,016	[4]	3,722	[4]	15,843	[4]	11,948	[4]
Impairment on bonds and provision for loan losses	939		919		1,772		-2,278
Other expenses	1,463	[5],[6]	2,038	[5],[6]	7,265	[5],[6]	5,993	[5],[6]
Expenses from CFVs	0		0		0		0
Total operating and other expenses	10,011		11,286		36,153		29,737
Net gains on assets, derivatives and extinguishment of liabilities	76,304		-501		114,672		-1,167
Net gains due to real estate consolidation and foreclosure	2,411		2,853		10,895		5,404
Net gains (losses) related to CFVs	0		0		0		0
Equity in losses from Lower Tier Property Partnerships	0	[5]	0	[5]	0	[5]	0	[5]
Income (loss) from continuing operations before income taxes	73,800		4,242		111,335		14,046
Income tax (expense) benefit	-123		-24		1,309		-65
Income from discontinued operations, net of tax	274		-393		5,215		1,342
Net income (loss)	73,951		3,825		117,859		15,323
(Income) loss allocable to noncontrolling interests	-36		-2,284		-3,714		-6,852
Net income (loss) to common shareholders	73,915		1,541		114,145		8,471
US Operations [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0	[6]	0	[6]	0	[6]	0	[6]
US Operations [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0		0		0		0
International Operations [Member]	'		'		'		'
Total interest income	10	[3]	7	[3]	25	[3]	30	[3]
Total interest expense	0	[3]	0	[3]	0	[3]	0	[3]
Net interest income	10		7		25		30
Total fee and other income	703	[4]	761	[4]	2,220	[4]	2,964	[4]
Revenue from CFVs	0		0		0		0
Total non-interest revenue	703		761		2,220		2,964
Total revenues, net of interest expense	713		768		2,245		2,994
Operating and other expenses:	'		'		'		'
Interest expense	35		32		101		105
Operating expenses	1,356	[4]	1,546	[4]	4,507	[4]	4,786	[4]
Impairment on bonds and provision for loan losses	5		0		5		0
Other expenses	72	[5],[6]	152	[5],[6]	140	[5],[6]	-42	[5],[6]
Expenses from CFVs	0		0		0		0
Total operating and other expenses	1,468		1,730		4,753		4,849
Net gains on assets, derivatives and extinguishment of liabilities	16		0		16		0
Net gains due to real estate consolidation and foreclosure	0		0		0		0
Net gains (losses) related to CFVs	0		0		0		0
Equity in losses from Lower Tier Property Partnerships	0	[5]	0	[5]	0	[5]	0	[5]
Income (loss) from continuing operations before income taxes	-739		-962		-2,492		-1,855
Income tax (expense) benefit	0		0		0		0
Income from discontinued operations, net of tax	0		0		0		0
Net income (loss)	-739		-962		-2,492		-1,855
(Income) loss allocable to noncontrolling interests	0		0		0		0
Net income (loss) to common shareholders	-599		-823		-2,003		-1,497
International Operations [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	140	[6]	139	[6]	489	[6]	358	[6]
International Operations [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0		0		0		0
Consolidated Funds and Ventures [Member]	'		'		'		'
Total interest income	3,739	[3]	2,267	[3]	7,784	[3]	4,743	[3]
Total interest expense	1,527	[3]	1,610	[3]	4,007	[3]	3,026	[3]
Net interest income	2,212		657		3,777		1,717
Total fee and other income	3,736	[4]	1,800	[4]	9,096	[4]	3,715	[4]
Revenue from CFVs	0		0		0		0
Total non-interest revenue	3,736		1,800		9,096		3,715
Total revenues, net of interest expense	5,948		2,457		12,873		5,432
Operating and other expenses:	'		'		'		'
Interest expense	0		0		0		0
Operating expenses	4,915	[4]	3,191	[4]	12,224	[4]	9,143	[4]
Impairment on bonds and provision for loan losses	0		0		0		0
Other expenses	9,905	[5],[6]	6,675	[5],[6]	29,118	[5],[6]	15,306	[5],[6]
Expenses from CFVs	0		0		0		0
Total operating and other expenses	14,820		9,866		41,342		24,449
Net gains on assets, derivatives and extinguishment of liabilities	3,812		-4,608		27,732		5,407
Net gains due to real estate consolidation and foreclosure	0		0		0		0
Net gains (losses) related to CFVs	0		0		0		0
Equity in losses from Lower Tier Property Partnerships	-6,111	[5]	-5,295	[5]	-17,951		-23,051	[5]
Income (loss) from continuing operations before income taxes	-11,171		-17,312		-18,688		-36,661
Income tax (expense) benefit	0		0		0		0
Income from discontinued operations, net of tax	129		995		1,312		-648
Net income (loss)	-11,042		-16,317		-17,376		-37,309
(Income) loss allocable to noncontrolling interests	0		0		0		0
Net income (loss) to common shareholders	0		0		0		0
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	11,171	[6]	17,312	[6]	18,688	[6]	36,661	[6]
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	-129		-995		-1,312		648
Income Allocation Reclasses [Member]	'		'		'		'
Total interest income	-274	[3]	-1,169	[3]	-1,779	[3]	-1,789	[3]
Total interest expense	-274	[3]	-1,169	[3]	-1,779	[3]	-1,789	[3]
Net interest income	0		0		0		0
Total fee and other income	-1,219	[4]	-1,268	[4]	-3,622	[4]	-4,563	[4]
Revenue from CFVs	0		0		0		0
Total non-interest revenue	-1,219		-1,268		-3,622		-4,563
Total revenues, net of interest expense	-1,219		-1,268		-3,622		-4,563
Operating and other expenses:	'		'		'		'
Interest expense	0		0		0		0
Operating expenses	-1,219	[4]	-1,268	[4]	-3,622	[4]	-4,563	[4]
Impairment on bonds and provision for loan losses	0		0		0		0
Other expenses	-357	[5],[6]	-1,235	[5],[6]	-2,440	[5],[6]	-3,001	[5],[6]
Expenses from CFVs	0		0		0		0
Total operating and other expenses	-1,576		-2,503		-6,062		-7,564
Net gains on assets, derivatives and extinguishment of liabilities	0		0		0		0
Net gains due to real estate consolidation and foreclosure	0		0		0		0
Net gains (losses) related to CFVs	0		0		0		0
Equity in losses from Lower Tier Property Partnerships	-232	[5]	-1,191	[5]	-2,178	[5]	-2,866	[5]
Income (loss) from continuing operations before income taxes	125		44		262		135
Income tax (expense) benefit	0		0		0		0
Income from discontinued operations, net of tax	0		0		0		0
Net income (loss)	125		44		262		135
(Income) loss allocable to noncontrolling interests	0		0		0		0
Net income (loss) to common shareholders	0		0		0		0
Income Allocation Reclasses [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	-125	[6]	-44	[6]	-262	[6]	-135	[6]
Income Allocation Reclasses [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0		0		0		0
CFVs Adjustments [Member]	'		'		'		'
Total interest income	-3,739	[3]	-2,267	[3]	-7,784		-4,743	[3]
Total interest expense	-1,253	[3]	-441	[3]	-2,228	[3]	-1,237	[3]
Net interest income	-2,486		-1,826		-5,556		-3,506
Total fee and other income	-3,736	[4]	-1,800	[4]	-9,096	[4]	-3,715	[4]
Revenue from CFVs	7,475		4,067		16,880		8,458
Total non-interest revenue	3,739		2,267		7,784		4,743
Total revenues, net of interest expense	1,253		441		2,228		1,237
Operating and other expenses:	'		'		'		'
Interest expense	0		0		0		0
Operating expenses	-3,696	[4]	-1,923	[4]	-8,602	[4]	-4,580	[4]
Impairment on bonds and provision for loan losses	0		0		0		0
Other expenses	-9,905	[5],[6]	-6,675	[5],[6]	-29,118	[5],[6]	-15,306	[5],[6]
Expenses from CFVs	14,854		9,039		39,948		21,123
Total operating and other expenses	1,253		441		2,228		1,237
Net gains on assets, derivatives and extinguishment of liabilities	-3,812		4,608		-27,732		-5,407
Net gains due to real estate consolidation and foreclosure	0		0		0		0
Net gains (losses) related to CFVs	3,812		-4,608		27,732		5,407
Equity in losses from Lower Tier Property Partnerships	0	[5]	0	[5]	0	[5]	0	[5]
Income (loss) from continuing operations before income taxes	0		0		0		0
Income tax (expense) benefit	0		0		0		0
Income from discontinued operations, net of tax	0		0		0		0
Net income (loss)	0		0		0		0
(Income) loss allocable to noncontrolling interests	0		0		0		0
Net income (loss) to common shareholders	0		0		0		0
CFVs Adjustments [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0	[6]	0	[6]	0	[6]	0	[6]
CFVs Adjustments [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	0		0		0		0
MMA Consolidated [Member]	'		'		'		'
Total interest income	4,380	[3]	16,225	[3]	35,177	[3]	50,187	[3]
Total interest expense	2,199	[3]	6,547	[3]	22,213	[3]	20,090	[3]
Net interest income	2,181		9,678		12,964		30,097
Total fee and other income	2,135	[4]	1,829	[4]	5,801	[4]	6,091	[4]
Revenue from CFVs	7,475		4,067		16,880		8,458
Total non-interest revenue	9,610		5,896		22,681		14,549
Total revenues, net of interest expense	11,791		15,574		35,645		44,646
Operating and other expenses:	'		'		'		'
Interest expense	3,628		4,639		11,374		14,179
Operating expenses	5,372	[4]	5,268	[4]	20,350	[4]	16,734	[4]
Impairment on bonds and provision for loan losses	944		919		1,777		-2,278
Other expenses	1,178	[5],[6]	955	[5],[6]	4,965	[5],[6]	2,950	[5],[6]
Expenses from CFVs	14,854		9,039		39,948		21,123
Total operating and other expenses	25,976		20,820		78,414		52,708
Net gains on assets, derivatives and extinguishment of liabilities	76,320		-501		114,688		-1,167
Net gains due to real estate consolidation and foreclosure	2,411		2,853		10,895		5,404
Net gains (losses) related to CFVs	3,812		-4,608		27,732		5,407
Equity in losses from Lower Tier Property Partnerships	-6,343	[5]	-6,486	[5]	-20,129	[5]	-25,917	[5]
Income (loss) from continuing operations before income taxes	62,015		-13,988		90,417		-24,335
Income tax (expense) benefit	-123		-24		1,309		-65
Income from discontinued operations, net of tax	403		602		6,527		694
Net income (loss)	62,295		-13,410		98,253		-23,706
(Income) loss allocable to noncontrolling interests	-36		-2,284		-3,714		-6,852
Net income (loss) to common shareholders	73,316		718		112,142		6,974
MMA Consolidated [Member] | Continuing Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	11,186	[6]	17,407	[6]	18,915	[6]	36,884	[6]
MMA Consolidated [Member] | Discontinued Operations [Member]	'		'		'		'
Operating and other expenses:	'		'		'		'
(Income) loss allocable to noncontrolling interests	($129)		($995)		($1,312)		$648
[1]	Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”
[2]	Represents interest expense related to debt which does not finance interest-bearing assets. See Note 6, “Debt.”
[3]	Primarily related to interest on bonds that the Company earned by holding the bond but which is eliminated because the Company consolidates two non-profits and the associated Lower Tier Property Partnerships and its related real estate. These Lower Tier Property Partnerships each have a mortgage debt obligation that collateralizes a bond.
[4]	Primarily related to asset management fees earned by the Company for asset management services provided to the SA Fund and LIHTC Funds.
[5]	Primarily relates to equity in losses from the Lower Tier Property Partnerships associated with the Company’s LIHTC Funds for which the Company has provided bond financing to the Lower Tier Property Partnerships.
[6]	Includes losses recorded by the Company related to guarantees provided by the Company associated with third party debt obligations of certain Lower Tier Property Partnerships.

SEGMENT_INFORMATION_Details_1

SEGMENT INFORMATION (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS	$1,039,856	$1,801,752
Total Segment [Member]	'	'
ASSETS	480,170	1,240,932
US Operations [Member]	'	'
ASSETS	474,884	1,236,288
International Operations [Member]	'	'
ASSETS	5,286	4,644
Bonds Eliminated in Consolidation [Member]	'	'
ASSETS	-92,429	-114,529
Net unrealized mark to market gains not recorded in consolidation [Member]	'	'
ASSETS	-32,336	-10,585
Other adjustments [Member]	'	'
ASSETS	-8,214	-7,628
Consolidated Funds and Ventures [Member]	'	'
ASSETS	$692,665	$693,562