MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	MMA CAPITAL MANAGEMENT, LLC
Entity Central Index Key	1,003,201
Current Fiscal Year End Date	--08-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	mmac
Entity Common Stock, Shares Outstanding		6,709,834
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 58,123	$ 29,619
Restricted cash (includes $22,043 and $24,186 related to CFVs)	51,260	50,189
Bonds available-for-sale (includes $164,233 and $144,611 pledged as collateral)	207,662	222,899
Investments in real estate partnerships (includes $201,301 and $231,204 related to CFVs)	229,063	259,422
Real estate held-for-sale, net	3,560	10,145
Investment in preferred stock (includes $25,000 and $31,371 pledged as collateral)	31,371	31,371
Other assets (includes $91 and $161 pledged as collateral and $10,081 and $11,128 related to CFVs)	44,827	75,246
Total assets	622,306	668,746
LIABILITIES AND EQUITY
Debt (includes $6,712 and $6,712 related to CFVs)	271,197	290,543
Accounts payable and accrued expenses	3,908	5,538
Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs	8,947	9,597
Other liabilities (includes $26,622 and $31,831 related to CFVs)	40,761	41,870
Total liabilities	324,813	347,548
Equity
Noncontrolling interests in CFVs and IHS (net of zero and $575 of subscriptions receivable)	202,214	229,714
Common shareholders' equity:
Common shares, no par value (6,738,834 and 7,162,221 shares issued and outstanding and 68,314 and 66,106 non-employee directors' and employee deferred shares issued at June 30, 2015 and December 31, 2014, respectively)	36,859	35,032
Accumulated other comprehensive income ("AOCI")	58,420	56,452
Total common shareholders' equity	95,279	91,484
Total equity	297,493	321,198
Total liabilities and equity	$ 622,306	$ 668,746

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Restricted cash (includes $22,043 and $24,186 related to CFVs)		$ 51,260	$ 50,189
Bonds available-for-sale, pledged as collateral		164,233	144,611
Investments in real estate partnerships (includes $201,301 and $231,204 related to CFVs)		229,063	259,422
Investment in preferred stock pledged as collateral		25,000	31,371
Other assets, pledged as collateral		91	161
Other assets		44,827	75,246
Debt		271,197	290,543
Other Liabilities		40,761	41,870
Noncontrolling interests in consolidated funds and ventures, subscriptions receivable		$ 0	$ 575
Common stock, no par value		$ 0	$ 0
Common shares, shares issued (in shares)		6,738,834	7,162,221
Common shares, shares outstanding (in shares)		6,738,834	7,162,221
Common shares, non-employee directors' and employee deferred shares (in shares)		68,314	66,106
Consolidated Funds and Ventures [Member]
Restricted cash (includes $22,043 and $24,186 related to CFVs)		$ 22,043	$ 24,186
Investments in real estate partnerships (includes $201,301 and $231,204 related to CFVs)		201,301	231,204
Other assets	[1]	10,081	11,128
Debt		6,712	6,712
Other Liabilities		$ 26,622	$ 31,831
[1]	For more information see Note 15, "Consolidated Funds and Ventures."

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest income
Interest income		$ 4,073	$ 2,845	$ 8,146	$ 8,150
Interest expense
Interest expense		511	945	985	2,148
Net interest income		3,562	1,900	7,161	6,002
Non-interest revenue
Income on preferred stock investment		1,311	1,312	2,608	2,609
Asset management fees and reimbursements		1,245	81	2,475	482
Other income		1,140	823	2,054	1,275
Total non-interest revenue		3,829	7,826	7,337	15,026
Total revenues, net of interest expense		7,391	9,726	14,498	21,028
Operating and other expenses
Interest expense		1,708	3,489	4,904	7,062
Salaries and benefits		3,911	3,096	7,183	6,425
General and administrative		773	894	1,636	1,857
Professional fees		881	983	2,025	2,365
Other expenses		1,722	854	1,829	1,655
Total operating and other expenses		18,009	21,975	35,907	43,672
Net gains on sale of real estate		5,622		5,622
Net gains on bonds		3,792	768	4,375	768
Net gains on derivatives and loans		928	383	1,913	18
Net gains on extinguishment of liabilities			402		402
Net gains transferred into net income from AOCI due to real estate foreclosure					2,003
Net (losses) gains related to CFVs					3,352
Equity in gains (losses) from equity method investments	[1]			(12,254)	(14,720)
Net loss from continuing operations before income taxes		(6,910)	(18,535)	(21,753)	(30,021)
Income tax (expense) benefit		(278)	1,194	(132)	1,748
Net income (loss) from discontinued operations, net of tax		89	(441)	161	14,038
Net loss		(7,099)	(17,782)	(21,724)	(14,235)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests		(14,168)	(15,364)	(28,472)	(25,424)
Net income (loss) to common shareholders		7,069	$ (2,418)	$ 6,748	$ 11,189
Weighted-average common shares outstanding:
Basic (in shares)	[2]		7,792	7,084	7,916
Diluted (in shares)			7,792	7,084	7,916
Bonds [Member]
Interest income
Interest income		3,270	$ 2,629	$ 6,602	$ 7,789
Interest expense
Interest expense		379	759	705	1,764
Loans [Member]
Interest income
Interest income		803	216	1,544	361
Non Bond [Member]
Interest expense
Interest expense		132	186	280	384
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests		14,168	15,364	28,472	25,274
Discontinued Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests					150
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs		133	5,610	200	10,660
Operating and other expenses
Expenses from CFVs		9,014	12,659	18,330	24,308
Net (losses) gains related to CFVs			(657)		4,152
Equity in gains (losses) from equity method investments		(6,654)	(7,038)	(12,347)	(14,466)
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in gains (losses) from equity method investments		$ 20	$ (144)	$ 93	$ (254)
[1]	Majority of the activity was related to CFVs
[2]	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 COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net income (loss) to common shareholders	$ 7,069	$ (2,418)	$ 6,748	$ 11,189
Net loss allocable to noncontrolling interests	(14,168)	(15,364)	(28,472)	(25,424)
Net (loss) income	(7,099)	(17,782)	(21,724)	(14,235)
Bond related changes:
Unrealized net gains	3,005	2,908	5,745	7,814
Reversal of net unrealized gains on sold bonds	(3,395)	(778)	(3,866)	(778)
Reversal of unrealized gains from AOCI to Net Income due to foreclosure				(2,003)
Net change in other comprehensive income due to bonds	(211)	2,130	2,058	5,033
Income tax (benefit) expense	211	(329)		(458)
Foreign currency translation adjustment	42	(89)	(90)	(87)
Other comprehensive income allocable to common shareholders	42	1,712	1,968	4,488
Other comprehensive loss allocable to noncontrolling interests:
Foreign currency translation adjustment		(346)		(1,334)
Comprehensive income (loss) to common shareholders	7,111	(706)	8,716	15,677
Comprehensive loss to noncontrolling interests	(14,168)	(15,710)	(28,472)	(26,758)
Comprehensive (loss) income	$ (7,057)	$ (16,416)	$ (19,756)	$ (11,081)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	AOCI [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2014	$ 35,032	$ 56,452	$ 91,484	$ 229,714	$ 321,198
Balance (in shares) at Dec. 31, 2014	7,228
Net (loss) income	$ 6,748		6,748	(28,472)	(21,724)
Other comprehensive income		1,968	1,968	24	1,992
Contributions				575	575
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(547)		(547)	373	(174)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 294		294		294
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	28
Common share repurchases	$ (4,668)		(4,668)		(4,668)
Common share repurchases (in shares)	(449)
Balance at Jun. 30, 2015	$ 36,859	$ 58,420	$ 95,279	$ 202,214	$ 297,493
Balance (in shares) at Jun. 30, 2015	6,807

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (21,724)	$ (14,235)
Adjustments to reconcile net loss to net cash used in operating activities:
Provisions for credit losses and impairment	[1]	14,753	11,807
Net equity in losses from equity investments in partnerships	[1]	12,254	14,720
Net gains on bonds		(4,375)	(768)
Net gains on real estate		(5,770)	(15,300)
Net gains (losses) on derivatives and loans		(1,913)	(18)
Advances on and originations of loans held for sale		(4,243)
Net gains related to CFVs			(3,352)
Net gains due to initial real estate consolidation and foreclosure			(2,003)
Subordinate debt effective yield amortization and interest accruals		2,163	3,517
Depreciation and other amortization	[1]	1,188	4,774
Foreign currency (gain) loss		(113)	569
Stock-based compensation expense		1,374	1,721
Other		(3,108)	(4,725)
Net cash used in operating activities		(12,877)	(2,993)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment		16,740	8,391
Advances on and originations of loans held for investment		(418)	(6,917)
Investments in property partnerships and real estate	[1]	(1,120)	(20,356)
Proceeds from the sale of real estate and other investments		29,662	37,972
(Increase) decrease in restricted cash and cash of CFVs		(819)	1,225
Capital distributions received from investments in partnerships of CFVs	[1]	6,135	13,149
Net cash provided by investing activities		50,180	30,384
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity		25,585
Repayment of borrowings		(30,004)	(44,256)
Payment of debt issuance costs		(128)
Contributions from holders of noncontrolling interests		575
Distributions paid to holders of noncontrolling interests		(159)	(1,622)
Purchase of treasury stock		(4,668)	(4,648)
Net cash used in financing activities		(8,799)	(50,526)
Net increase (decrease) in cash and cash equivalents		28,504	(23,135)
Cash and cash equivalents at beginning of period		29,619	66,794
Cash and cash equivalents at end of period		58,123	43,659
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid		3,983	7,313
Income taxes paid		139	166
Non-cash investing and financing activities:
Unrealized losses included in other comprehensive income		1,992	3,154
Debt and liabilities extinguished through sales and collections on bonds and loans		16,672	3,598
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures			11,058
Consolidated Funds and Ventures [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Net equity in losses from equity investments in partnerships		12,347	14,466
Net gains related to CFVs			(4,152)
Change in asset management fees payable		$ (5,209)	$ (170)
[1]	Majority of the activity was related to CFVs

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	MMA Capital Management, LLC NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1— description of the business and BASIS OF PRESENTATION MMA Capital Management, LLC, the registrant, was organized in 1996 as a Delaware limited liability company. When used in this Quarterly Report on Form 10-Q for the period ended June 30, 2015 (this “ Report ”), the “ Company , ” “ M MA, ” “ 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. Description of the Business The Company uses its experience and expertise to partner with institutional capital to create attractive and impactful alternative investment opportunities, to manage them well and to report on them effectively. Beginning in 2015, the Company operates through three reportable segments – United States (“ U . S . ”) Operations, International Operations and Corporate Operations. U . S . Operations Our U.S. Operations consists of three business lines: Leveraged Bonds, Low-Income Housing Tax Credits (“ LIHTC s ”) and Other Investments and Obligations. The Leveraged Bonds business line financ es affordable housing and infrastructure in the U . S. This business line manages the vast majority of the Company’s bonds and bond related investments (“ bonds ”) and associated financings. The bond portfolio is comprised primarily of multifamily tax-exempt bonds, but also includes other real estate related bond investments. Our LIHTC business consists primarily of a secured loan receivable from Morrison Grove Management, LLC (“ MGM ”) and an option to purchase MGM beginning in 2019. The Other Investments and Obligations business line includes legacy assets targeted for eventual disposition and serves as our research and development unit for new business opportunities in the U.S., which has resulted in the creation of a renewable energy capital business that operates as MMA Energy Capital, LLC (“ MEC ”). International Operations We manage our International Operations through a wholly owned subsidiary, International Housing Solutions S.à r.l. (“ IHS ”). IHS’s strategy is to raise, invest in, and manage private real estate funds. IHS currently manages three funds: the South Africa Workforce Housing Fund (“ SAWHF ”), which is a multi-investor fund and is fully invested; IHS Residential Partners I, which is a single-investor fund targeted at the emerging middle class in South Africa; and IHS Fund II, which is a multi-investor fund targeting investments in affordable housing , including green housing projects , within South Africa and Sub-Saharan Africa. During the second quarter of 2015, IHS and a South African property management company formed a company in South Africa, IHS Property Management Proprietary Limited (“ IHS PM ”), to provide property management services to the properties of the IHS managed funds and ventures . IHS owns 60% of IHS PM and the third party property manager owns the remaining 40% . Corporate Operations Our Corporate Operations segment is responsible for accounting, reporting, compliance and planning, which are fundamental to our success as a global fund manager and publicly traded company in the U.S. 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 bond s , 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 bond s and real estate investments . Actual results could differ materially from th e se estimates. Basis of Presentation and Significant Accounting Policies The consolidated f inancial s tatements 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 . Equity i nvestments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity , but is not considered the primary beneficiary, are accounted for using the equity method of accounting. New Accounting Guidance Accounting for Debt Issuance Costs On April 7, 2015, the Company adopted ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This guidance provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015 with early adoption allowed. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs are to be presented as a direct reduction from the related debt liability rather than as an asset. As a result of adopting this guidance, the Company reclassified $2.9 million of debt issuance costs at December 31, 2014, from “Other Assets” to “Debt” on the consolidated balance sheet.

BONDS AVAILABLE-FOR-SALE

BONDS AVAILABLE-FOR-SALE	6 Months Ended
	Jun. 30, 2015
Available-For-Sale Securities [Abstract]
BONDS AVAILABLE-FOR-SALE	Note 1— BONDs available-for-sale Bonds Available-for-Sale The Company’s bond portfolio is comprised primarily of mortgage revenue bonds, but also includes other real estate related bond investments. 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 either 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. At June 30, 2015, the Company had $190.9 million (unpaid principal balance (“ UPB ”) of mortgage revenue bonds with a fair value of $169.5 million. Included in this amount were subordinate bonds ($ 10.3 million of UPB and $10. 6 million fair value) where t he payment of debt service occurs only after payment of senior obligations held by third parties that have priority to the cash flow of the underlying collateral. The weighted average pay rate on the Company’s bond portfolio was 5.3% and 5.2% at June 30, 2015 and December 31, 2014, respectively. Weighted average pay rate represents the cash interest payments collected on the bonds as a percentage of the bonds’ average UPB for the preceding 12 months for the population of bonds at June 30, 2015 and December 31, 2014, respectively. The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at June 30, 2015 and December 31, 2014, respectively. June 30, 2015 (in thousands) UPB Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses (2), (3) Fair Value Mortgage revenue bonds $ $ $ $ ) $ Other bonds − Total $ $ $ $ ) $ December 31, 2014 (in thousands) UPB Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses (4), (5) Fair Value Mortgage revenue bonds $ $ $ $ ) $ Other bonds − Total $ $ $ $ ) $ (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. (2) At June 30, 2015, $0.6 million represents the non-credit loss component of unrealized losses associated with bonds that were deemed to be OTTI . (3) Comprised of bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $2.0 million at June 30, 2015, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.1 million at June 30, 2015. (4) At December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired and $0.3 million represents unrealized losses that were not considered other-than-temporarily impaired. (5) Comprised of bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $1.8 million at December 31, 2014, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.0 million at December 31, 2014. See Note 9, “Fair Value Measurements” which describes the factors contributing to the $15.2 million decrease in the Company’s reported bond fair value. 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. At June 30, 2015, seven bonds (amortized cost of $16.3 million and fair value of $24.0 million) were non-amortizing with principal due in full between February 2030 and August 2048. The remaining bonds are amortizing with stated maturity dates between September 2017 and June 2056. Bonds with Prepayment Lockouts, 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 UPB, amortized cost and fair value of bonds that were prepayable without restriction, premium or penalty at June 30, 2015, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented. (in thousands) UPB Amortized Cost Fair Value June 30, 2015 $ $ $ July 1 through December 31, 2015 − − − 2016 − − − 2017 − − − 2018 2019 − − − Thereafter Bonds that may not be prepaid Total $ $ $ Non-Accrual Bonds The fair value of bonds on non-accrual was $ 45.0 million and $43.6 million at June 30, 2015 and December 31, 2014, respectively. During the period in which these bonds were on non-accrual, the Company recognized interest income on a cash basis of $0.5 million and $0.7 million for the three months ended June 30, 2015 and 2014, respectively, and $1.1 million and $3.6 million for the six months ended June 30, 2015 and 2014, respectively. Interest income not recognized during the period in which these bonds were on non-accrual was $1.1 million and $1.7 million for the three months ended June 30, 2015 and 2014, respectively, and $2.2 million and $3.0 million for the six months ended June 30, 2015 and 2014, respectively. Bond Aging Analysis The following table provides the fair value of bonds available-for-sale that were current with respect to principal and interest payments, as well as the fair value of those bonds that were past due with respect to either principal or interest payments at June 30, 2015 and December 31, 2014. (in thousands) June 30, 2015 December 31, 2014 Total current $ $ 30-59 days past due − − 60-89 days past due − − 90 days or greater Total $ $ Bond Sales and Redemptions The Company recorded cash proceeds on sales and redemptions of bonds of $1.4 million and $6.4 million for the six months ended June 30, 2015 and 2014, respectively. The following table provides realized gains recognized on bonds at the time of sale or redemption reported through “Net gains on assets and derivatives.” For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net impairment recognized on bonds held at each period-end $ ) $ − $ ) $ − Gains recognized at time of sale or redemption Total net gains on bonds $ $ $ $

INVESTMENTS IN PREFERRED STOCK

INVESTMENTS IN PREFERRED STOCK	6 Months Ended
	Jun. 30, 2015
INVESTMENT IN PREFERRED STOCK [Abstract]
INVESTMENTS IN PREFERRED STOCK	Note 1— 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 June 30, 2015, 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 pay rate of 14.4% . The Company accounts for the preferred stock using the cost method 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 recognize impairments on the preferred stock for the six months ended June 30, 2015 and 2014. As of June 30, 2015, $25.0 million (principal) of the preferred stock investment was the reference asset for two total return swap (“ TRS ”) agreements with a maturity date of March 31, 2016. See Note 6, “Debt” for more information.

INVESTMENTS IN REAL ESTATE PART

INVESTMENTS IN REAL ESTATE PARTNERSHIPS	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN REAL ESTATE PARTNERSHIPS [Abstract]
INVESTMENT IN REAL ESTATE PARTNERSHIPS	Note 3— INVESTMENTS IN REAL ESTATE PARTNERSHIPS The following table provides the carrying value of investments in real estate partnerships at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Investments in U.S. real estate partnerships $ $ Investments in IHS-managed funds and ventures Investments in Lower Tier Property Partnerships (“ LTPPs ”) related to CFVs (1) Total investments in real estate partnerships $ $ (1) See Note 15, “Consolidated Funds and Ventures” for more information. Investments in U.S. Real Estate Partnerships At June 3 0 , 201 5 , $16.3 million of the reported balance represents the Company’s interest in a real estate venture that was formed during the fourth quarter of 2014. The Company accounts for this investment as an equity investment and does not consolidate the real estate venture because it is not deemed to be the primary beneficiary. The Company made an initial contribution of $8.8 million (representing 80% of the real estate venture’s initial capital). The Company has rights to a preferred return on its capital contribution , as well as rights to share in excess cash flows of the real estate venture. At June 30, 2015, the majority of the remaining balance ($ 6.2 million) represents a 33% 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 Company accounts for its interest as an equity investment and does not consolidate the partnership because the Company is not deemed to be the primary beneficiary. The following table displays the total assets and liabilities held by the U.S. real estate partnerships in which the Company held an equity investment at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Investment in U.S. real estate partnerships: ............................................................. Total assets (primarily real estate) $ $ Total liabilities The following table displays the net loss for the three months ended and six months ended June 30, 2015 and 2014, for the U.S. real estate partnerships: For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net loss $ ) $ ) $ ) $ ) Investments in IHS-managed Funds and V entures At June 30, 2015, the Company held equity co-investments ranging from 2% to 4.25% in three IHS-managed funds and ventures (SAWHF, IHS Residential Partners I and IHS Fund II). IHS provides asset management services to each of these investment vehicles in return for asset management fees. For each investment vehicle, IHS also has rights to investment returns on its equity co-investment as well as carried interest which is contingent upon the investment returns generated by each investment vehicle. The Company accounts for its interest in SAWHF, IHS Residential Partners I and IHS Fund II as equity investments pursuant to the equity method of accounting because the Company is not deemed to be the primary beneficiary of such funds and ventures. At June 30, 2015, the carrying basis of the Company’s investment in SAWHF and IHS Residential Partners I was $3.6 and $1.6 million, respectively. At June 30, 2015, the Company had no equity investment basis in IHS Fund II because no capital had been called. The following table displays the total assets and liabilities held by the three IHS-managed funds and ventures in which the Company held an equity investment at June 30, 2015 and December 31, 2014, respectively: (in thousands) June 30, 2015 December 31, 2014 Total assets $ $ Total liabilities The following table displays the net income (loss) for the three months and six months ended June 30, 2015 for the three IHS-managed funds and ventures. The net income (loss) for the three months and six months ended June 30, 2014 was related only to IHS Residential Partners I because at that time the Company consolidated SAWHF and thus its equity investment in SAWHF was eliminated in consolidation. For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net income (loss) $ $ ) $ $ )

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	Note 1— OTHER ASSETS The following table summarizes other assets at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 20 14 Other assets: Loan s receivable held-for-investment $ $ Loan s receivable held-for-sale − Real estate owned Asset management fees and reimbursements receivable Derivative assets Solar facilities (includes other assets such as cash and other receivables) Accrued interest and dividends receivable Other assets Other assets held by CFVs (1) Total other assets $ $ (1) For more information see Note 15, “Consolidated Funds and Ventures.” Loans Held-for-Investment We report the carrying value of loans that are held for investment (“ HFI ”) at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowance for loan losses. The following table summarizes the amortized cost and allowance for loan losse s for loans that were classified as HFI at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Amortized cost $ $ Allowance for loan losses ) ) ....................................................... Loans held for investment, net $ $ A t June 3 0 , 201 5 and December 31, 2014, loans held for investment had an UPB of $26.4 million and $40.9 million , respectively, as well as deferred fees and other basis adjustments of $0.6 million and $0.7 million, respectively. At June 3 0 , 201 5 and December 31, 201 4 , loans that were specifically impaired had an UPB of $18.4 and were not accruing interest. At June 30, 2015 and December 31, 201 4, no loans that were 90 days or more past due in either principal or interest were still accruing interest . During the second quarter of 2015, the $17.3 million (UPB) bridge loan (“ Bridge Loan ”) to MGM was repaid in full. The book basis of the Bridge Loan was $14.4 million at payoff. The remaining $2.9 million of principal due related to the seller financing provided to MGM, which was off-balance sheet at the time of payoff because the Company was not able to meet sale accounting. As a result of the payoff, the Company recorded a $14.4 million reduction to the Bridge Loan and a $2.9 million increase to Other liabilities. In addition, the previously-issued term loan (“ Term Loan ”) to MGM was restructured into a subordinate loan (“ Subordinate Loan ”). Just prior to the restructuring, the Term Loan had a legal principal balance due of $13.2 million of which $13.0 million was restructured into a Subordinated Loan and the remaining $0.2 million (comprised of capitalized extension fees) was repaid during the third quarter of 2015. The Subordinate Loan, designated as held for investment, has a maturity date of June 30, 2025 and an annual fixed interest rate of 11% with contingent interest up to an additional 13% . The contingent interest will decline to 2% per annum after December 31, 2019 . The Subordinate Loan is non-amortizing; however, $1.5 million can be prepaid prior to December 31, 2019. At June 30, 2015, the Company’s off-balance sheet loan receivable relating to the seller financing provided to MGM was the $13.0 million Subordinate Loan. Interest collected during the three months and six months ended June 30, 2015 on the seller financing w as $0.3 million and $0.6 million , respectively, which was recorded as a deferred gain through “Other liabilities.” At June 30, 2015, the deferred gain recorded on the seller financing was $3.9 million ($2.9 million of principal collected and $1.0 million of interest collected). Loans Held-for-Sale During the second quarter of 2015, MEC entered into five loans for the late stage development and construction of solar projects. While these loans were designated as held for sale, the Company elected the fair value option for these loans and, as a result, such assets are subsequently measured on a fair value basis through earnings. At June 30, 2015, these solar loans had an aggregate UPB and fair value of $4.9 million. At June 30, 2015, there were no solar loans 90 days or more past due, and there were no solar loans on non-accrual status. Interest income on the solar loans was $0.1 million for the three and six months ended June 30, 2015 recognized on an accrual basis through "Interest on loans and short-term investments ". During the third quarter of 2015, the Company sold the five solar loans to Solar Construction Lending, LLC at par, resulting in no gain or loss. On July 21, 2015 the Company announced that one of its wholly owned subsidiaries, MEC, entered into a venture with a third party to provide capital for development and construction of solar power projects throughout the U.S. The venture will operate under the name Solar Construction Lending, LLC and will be administered by MEC. MEC and the third party each have a 50% interest in the venture and each have a capital commitment of $25 million. The Company expects to account for its interest in the venture using the equity method of accounting. Unfunded Loan Commitments Unfunded loan commitments are agreements to fund construction or renovation of properties securing certain loans. At June 30, 2015, there were unfunded loan commitments of $10.3 million on our solar loans which as mentioned above were sold during the third quarter of 2015. There were no unfunded loan commitments at December 31, 2014. Real Estate Owned The following table summarizes the carrying value of the Company’s investments in real estate at June 30, 2015 and December 31, 2014. (in thousands) June 30, 2015 December 31, 20 14 Real estate held-for-sale $ $ Real estate held-for-use Total real estate $ $ During the second quarter of 2015, the Company sold two affordable multifamily properties with a combined carrying basis of $21.1 million. These two sales resulted in a gain on sale of $5.6 million. Asset Management Fees and Reimbursements Receivable At June 30, 2015, the Company had a $3.5 million asset management fees and reimbursements receivable of which $3.2 million was due from IHS-managed funds and ventures. Derivative Assets At June 30, 2015, the Company had $3.4 million in derivative assets related primarily to TRSs. See Note 7, “Derivative Financial Instruments” for more information . Solar Facilities At June 30, 2015, t he Company owned five solar facilities that were classified as held for investment. These facilities generate energy that is sold under long-term power purchase agreements to the owner or lessee of the propert ies on which the projects are built. The useful life of these solar facilities is generally 20 years .

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 1— D EBT As previously discussed in Note 1, “Description of the Business and Basis of Presentation,” the Company made reclassifications to other assets and debt on its previously issued 2014 consolidated balance sheet as a result of early adoption of ASU No. 2015-03. We have reclassified $2.9 million of debt issuance costs at December 31, 2014, from “Other Assets” to “Debt”. The table below summarizes outstanding debt balances and the associated weighted-average interest rate based on amounts due within one year or after one year at June 30, 2015 and December 31, 2014: ( dollars in thousands) June 30, 2015 Weighted-Average Effective Interest Rate at June 30, 2015 December 31, 201 4 Weighted-Average Effective Interest Rate at December 31, 2014 Asset Related Debt (1) Notes payable and other debt – bond related (2) Due within one year $ % $ % Due after one year Notes payable and other debt – non-bond related Due within one year Due after one year Total asset related debt $ $ Other Debt (1 ) Subordinate debentures ( 3 ) Due within one year $ $ Due after one year Notes payable and other debt Due within one year Due after one year Total other debt $ $ Total asset related debt and other debt $ $ Debt related to CFV s Due within one year $ $ Due after one year − − − − Total debt related to CFVs $ $ Total debt $ $ (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 – bond related are unamortized debt issuance costs of $0.2 million and less than $0.1 million at June 30, 2015 and December 31, 2014, respectively. (3) The subordinate debt balances include a net adjustment of $9.4 m illion and $7.2 million at June 30, 2015 and December 31, 2014, respectively. These adjustments are comprised of net premiums due to effective interest adjustments of $12.2 million and $10.1 million at June 30, 2015 and December 31, 2014, respectively, offset by debt issuance costs of $2.8 million at June 30, 2015 and December 31, 2014 . Covenant Compliance and Debt Maturities The following table summarizes principal payment commitments across all debt agreements at June 30, 2015: (in thousands) Asset Related Debt and Other Debt CFVs Related Debt Total Debt 2015 $ $ $ 2016 − 2017 − 2018 − 2019 − Thereafter − Net premium and debt issue costs − ....................................................................... Total $ $ $ During the second quarter of 2015, the Company paid $1.1 million of debt that was due and payable and operating under a forbearance agreement. At June 30, 2015, t he Company wa s not in default under any of its debt arrangements . Asset Related Debt Notes Payable and Other Debt – Bond Related At June 30, 2015, this debt was comprised of TRS financing agreements on bonds available-for-sale. During the second quarter of 2015, the Company entered into a TRS financing agreement with a notional amount of $8.1 million using an existing bond as the reference asset. Under the terms of the TRS agreement, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $7.4 million with a pay rate of 6.60% at June 30, 2015) and the Company is required to pay the counterparty a rate of Securities Industry and Financial Markets Association (“ SIFMA ”) 7-day municipal swap index plus a 100 basis points (“ bps ”) spread. At June 30, 2015, the pay rate was 107 bp s . At June 30, 2015, the aggregate UPB and the weighted average pay rate of the bonds underlying the TRS financing agreements were $94.6 million and 5.8% , respectively and the notional amount of the associated TRS financing agreements was $96.2 million with a weighted average pay rate of 140 bps. Interest expense on notes payable and other debt – bond related totaled $0.7 million and $1.8 million for the six months ended June 30, 2015 and 2014, respectively. 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 June 30, 2015: ( dollars in thousands) Issuer Principal Net Premium and Debt Issuance Costs Carrying Value Interim Principal Payments Maturity Date Coupon MFI $ $ ) $ Amortizing December 2027 and December 2033 8.0 % MFH Amortizing March 30, 2035 3-month LIBOR plus 2.0 % MFH Amortizing April 30, 2035 3-month LIBOR plus 2.0 % MFH Amortizing July 30, 2035 3-month LIBOR plus 2.0 % MFH Amortizing July 30, 2035 3-month LIBOR plus 2.0 % $ $ $ On May 12, 2015, the Company made interim principal payments in the aggregate principal amount of $15.4 million which reduced the UPB of MFH tranches to $96.4 million. On May 21, 2015, the Company entered into a series of agreements with certain third party lenders related to the $96.4 million MFH subordinated debt. These agreements included a reduction to the annual interest rate of 3-month London Interbank Offer Rate (“ LIBOR ”) plus 330 bps to 3-month LIBOR plus 200 bps. In addition, the subordinated debt principal payments changed from a single balloon payment due in 2035 to quarterly principal amortization equal to one-half percent (50 bps) of the then outstanding principal balance and a balloon payment of the remaining outstanding principal balance in 2035. Interest expense on the subordinate debt totaled $4.1 million and $5.1 million for the six months ended June 30, 2015 and 2014, respectively. Notes Payable and Other Debt This debt is mainly comprised of TRS financing arrangements on the Company’s preferred stock investments. Th is debt is non-amortizing and bears an interest rate of 3-month LIBOR plus 400 bps (4.3% at June 30, 201 5 ) , which resets quarterly. Letters of Credit The Company had no letters of credit outstanding at June 30, 2015.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 1— DERIVATIVE FINANCIAL INSTRUMENTS Changes in the fair value of derivatives are recorded through current period earnings in “Net gains on assets and derivatives” on the consolidated statements of operations. Derivative assets are reported through “Other assets” and derivative liabilities are reported through “Other liabilities.” The following table summarizes the Company’s derivative assets and liabilities at June 30, 2015 and December 31, 2014 . Fair Value June 30, 2015 December 31, 2014 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ $ $ $ Interest rate cap − − Interest rate swap − − Total derivative financial instruments $ $ $ $ The following table summarizes the derivative notional amounts at June 30, 2015 and December 31, 2014. Notional (in thousands) June 30, 2015 December 31, 2014 Total return swaps $ $ Interest rate cap Interest rate swap Total derivative financial instruments $ $ The following table summarizes realized and unrealized gains (losses) associated with the Company’s derivative instruments that were recognized for the three months and six months ended June 30, 2015 and 2014. Realized/Unrealized Gains (Losses) for the three months ended June 30, Realized/Unrealized Gains (Losses) for the six months ended June 30, (in thousands) 2015 2014 2015 2014 Total return swaps (1) $ $ $ $ Interest rate cap ) ) ) ) Interest rate swap (2) ) ) ) ) Total $ $ $ $ (1) The cash paid and received on TRSs that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash received was $1.0 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Net cash received was $2.0 million and $0.6 million for the six months ended June 30, 2015 and 2014, respectively. (2) The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash paid was $0.1 million for the three months ended June 30, 2015 and 2014. Net cash paid was $0.2 million for th e six months ended June 30, 2015 and 2014. TRSs During the second quarter of 2015, the Company entered into a TRS agreement with a notional amount of $14.6 million. The underlying bond was $14.6 million (UPB) with a pay rate of 7.76% . The Company is required to pay the counterparty a rate of SIFMA 7-day municipal swap index plus a spread of 425 bps on the TRS. As of June 30, 2015, the Company had 11 bond related TRS agreements accounted for as derivatives. Under the terms of the TRS agreements, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $99.5 million with a weighted average pay rate of 6.2% at June 30, 2015). The Company is required to pay the counterparty a rate of SIFMA 7-day municipal swap index plus a spread on the TRS (notional amount of $100.8 million with a weighted average pay rate of 1.9% at June 30, 2015). Interest rate cap At June 30, 2015 and December 31, 2014, the Company had one interest rate cap contract that terminates on January 2, 2019. The notional amount on the interest rate cap was $45.0 million at June 30, 2015 and December 31, 2014 and provides us with interest rate protection on $45.0 million of our floating rate debt in the event SIFMA 7-day municipal swap index rises to 250 bps or higher . Interest rate swap At June 30, 2015 and December 31, 2014, the Company had one interest rate swap contract. Under the terms of the agreement, the counterparty is required to pay the Company SIFMA 7-day municipal swap index plus 250 bps (pay rate of 257 bps at June 30, 2015) and the Company is required to pay the counterparty a fixed interest rate of 6.5% .

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instruments Disclosure [Text Block]	Note 1— Financial Instruments The following table provides information about financial assets and liabilities not carried at fair value at June 30, 2015 and December 31, 2014. 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 generally accepted accounting principles (“ 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. June 30, 2015 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ......................... Investments in preferred stock $ $ − $ − $ Loans receivable − − Liabilities: Notes payable and other debt, bond related − − Notes payable and other debt, non-bond related − − Notes payable and other debt related to CFVs − − − Subordinate debt issued by MFH − − Subordinate debt issued by MFI − − December 31, 2014 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: ......................... Investments in preferred stock $ $ − $ − $ Loans receivable − − Liabilities: Notes payable and other debt, bond related − − Notes payable and other debt, non-bond related − − Notes payable and other debt related to CFVs − − − Subordinate debt issued by MFH − − Subordinate debt issued by MFI − − Investment in preferred stock – The Company estimates fair value by using the terms and conditions of the preferred stock as compared to other, best available market benchmarks. Loans receivable –The Company estimates fair value by discounting the expected cash flows using current market yields for similar loans. Loans receivable are recorded through “Other assets.” Notes payable and other debt – The Company estimates fair value by 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 – At June 30, 2015, the Company estimates the fair value of the subordinate debt by discounting contractual cash flows using an estimated market rate of interest of 20% . As outlined in the table above, at June 30, 2015 the aggregate fair value was estimated at $49.1 million. At June 30, 2015, the estimated fair value of this debt would be $63.1 million and $40.2 million using a discount rate of 15% and 25% , respectively. The estimated fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the estimated fair values reflected in the table above or that the debt would trade at that price.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 1— F AIR VALUE MEASUREMENTS Recurring Valuations The following tables present assets and liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 . Fair Value Measurement Levels (in thousands) June 30, 2015 Level 1 Level 2 Level 3 Assets: Bonds available-for-sale $ $ − $ − $ Loans receivable − − Derivative assets − Liabilities: Derivative liabilities $ $ − $ − $ Fair Value Measurement Levels (in thousands) December 31 , 2014 Level 1 Level 2 Level 3 Assets: Bonds available-for-sale $ $ − $ − $ Derivative assets − Liabilities: Derivative liabilities $ $ − $ − $ 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 June 30, 2015. (in thousands) Bonds Available-for-sale Loans Receivable Derivative Assets Derivative Liabilities Balance, April 1, 2015 $ $ − $ $ ) Net (losses) gains included in earnings ) − ) Net change in other comprehensive income (1) ) − − − Impact from loan originations − − − Impact from redemptions ) − − − Impact from settlements ) − − − Balance, June 30, 2015 $ $ $ $ ) (1) This amount includes the reversal of $3.4 million of unrealized gains related to bonds that were redeemed, offset by $3.0 million of unrealized net holding gains arising during the period and $0.2 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 redemption and derivative settlement for the three months ended June 30, 2015. (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and ................................. liabilities still held at June 30 2015 $ ) $ ) $ Additional realized gains recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives ” o n 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 June 30, 2014. (in thousands) Bond s Available-for-sale Derivative Assets Derivative Liabilities Balance, April 1 , 201 4 $ $ − $ ) ................... Net ( losses ) gains included in earnings ) ) Net change in other comprehensive income (1) − − Impact from purchases − − Impact from redemptions ) − − ......................................................... Impact from settlements ) − − Balance, June 30, 2014 $ $ $ ) (1) This amount represents $2.9 million of unrealized net holding gains arising during the period, partially offset by $0.8 million of unrealized bond losses 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 recognized at bond redemption and derivative settlement for the three months ended June 30, 2014. (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and li abilities still held at June 30, 2014 $ − $ ) $ Additional realized losses recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Net gains 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 six months ended June 30, 2015. (in thousands) Bond s Available-for-sale Loans Receivable Derivative Assets Derivative Liabilities Balance, January 1, 201 5 $ $ − $ $ ) ................... Net gains (losses) included in earnings ) − ) Net change in other comprehensive income (1) − − − Impact from loan originations − − − Impact from redemptions ) − − − ......................................................... Impact from settlements ) − − − Balance, June 30, 2015 $ $ $ $ ) (1) This amount includes $5.7 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, offset by the reversal of $3.9 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 recognized at derivative settlement for the six months ended June 30, 2015. (1 (in thousands) Net gains on bonds (1) Equity in Losses from LTPP s Net gains on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and ................................. liabilities still held at June 30 2015 $ ) $ ) $ Additional realized gains recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives ” o n 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 six months ended June 30, 2014. (in thousands) Bond s Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1 , 201 4 $ $ − $ ) ................... Net ( losses ) gains included in earnings ) ) Net change in other comprehensive income (1) − − Impact from purchases − − Impact from redemptions ) − − Bonds eliminated due to real estate consolidation and foreclosure ) − − ......................................................... Impact from settlements ) − − Balance, June 30, 2014 $ $ $ ) (1) This amount represents $7.8 million of unrealized net holding gains arising during the period, partially offset by $0.8 million of unrealized bond losses 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 recognized at bond redemption and derivative settlement for the six months ended June 30, 2014. (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and li abilities still held at June 30, 2014 $ − $ ) $ ) Additional realized losses recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Net gains 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 – If a bond is performing and payment of full principal and interest is not deemed at risk, then 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 is based on expected investor yield requirements adjusted for bond attributes such as the expected term of the bond, debt service coverage ratio, geographic location and bond size . The weighted average discount rate for the performing bond portfolio was 5.9 % and 6.2% at June 30, 2015 and December 31, 2014, respectively, for performing bonds still held in the portfolio at June 30, 2015. If observable market quotes are available, the Company will estimate the fair value based on such quoted prices. For non-performing bonds and certain performing bonds where payment of full principal and interest is deemed at risk, 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 weighted average discount rate was 7.9% and 7.8% at June 30, 2015 and December 31, 2014, for the bonds remaining in our portfolio at June 30, 2015. The weighted average capitalization rate was 6.5% and 6.7% at June 30, 2015 and December 31, 2014, respectively, for the bonds remaining in our portfolio at June 30, 2015 . 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 third-party indications of fair value. The discount rates and capitalization rates 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). The lack of liquidity in the bond markets in which the Company transacts, coupled with the significant judgments that are inherent in our valuation methodologies, results in a risk that if the Company needed to sell bonds, the price it is able to realize may be lower than the carrying value ( i.e., the fair value) of such bonds. Loans Receivable – The Company estimates fair value using a discounted cash flow methodology whereby contractual principal and interest payments are discounted at expected investor yield requirements for similar assets. Derivative Financial Instruments – The Company estimates fair value, taking into consideration credit risk, based on internal models and based on third party models using either a Level 2 or a Level 3 approach depending on the nature of the derivative contract. Non-recurring Valuations At June 3 0 , 2015 and December 31, 2014, the Company had no assets that were measured at fair value on a non-recurring basis.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	6 Months Ended
	Jun. 30, 2015
Guarantees And Collateral [Abstract]
Guarantees And Collateral [Text Block]	Note 1— GUARANTEES AND COLLATERAL Guarantees Guarantee obligations are recorded through “Other liabilities.” The following table summarizes guarantees at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 201 4 (in thousands) Maximum Exposure Carrying Amount Maximum Exposure Carrying Amount Indemnification contracts $ $ $ $ Through the indemnification contracts outlined in the table above, the Company guarantees the investor yields on certain third party LIHTC Funds and property performance on certain third party LTPPs . The Company made no cash payments related to these indemnification agreements for the six months ended June 3 0 , 201 5 and 201 4 . 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 the Company will have to make payments under these indemnifications. These guarantees will expire by the end of 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 certain consolidated LIHTC F unds . See Note 15 , “Consolidated Funds and Ventures” for information on these guarantees. Collateral and restricted assets The following table summarizes assets that are either pledged or restricted for the Company’s use at June 30, 2015 and December 31, 2014. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s consolidated balance sheets. June 30, 2015 (in thousands) Restricted Cash Bonds Available- for-sale Investment in Preferred stock Other Assets To tal Assets Pledged Debt and derivatives TRSs $ $ $ $ − $ Other (1) − − CFVs (2) − − ......................................................... Total $ $ $ $ $ December 31, 2014 (in thousands) Restricted Cash Bonds Available- for-sale Investment in Preferred stock Other Assets Total Assets Pledged Debt and derivatives TRSs $ $ $ $ − $ Other (1) − − CFVs (2) − − ......................................................... Total $ $ $ $ $ (1) The Company pledges collateral in connection with various guarantees that it has provided. (2) These are assets held by consolidated LIHTC Funds.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 1— Commitments and Contingencies Operating Lease s As of June 30, 2015, the Company had two non-cancelable operating leases, expiring in 2016 and 2020, respectively. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized rental expense of $ 0.1 million and $ 0.2 million for the three months and six months ended June 30, 2015 and 2014, respectively. The following table summarizes the future minimum rental commitments on the two non-cancelable operating leases at June 30, 2015: (in thousands) 2015 $ 2016 2017 2018 2019 Thereafter Total minimum future rental commitments $ 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. T hese 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 a loss is 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 June 30, 2015. 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 originally filed in 2008. The plaintiffs 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 s ought unspecified damages for themselves and the shareholders of the class they purport ed to represent. T he class action lawsuit was brought in the United States Di strict 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 p laintiffs appealed the Court’s ruling and on March 7, 2014, the United States Court of Appeals for the Fourth Circuit unanimously affirmed the lower Court’s ruling . As a result of these rulings, t he only counts remaining in the class action relate to the Company’s dividend reinvestment plan. The parties have engaged in settlement discussions leading to a settlement agreement. On April 20, 2015, the parties submitted the agreement and related documents to the United States District Court for the Districted of Maryland for approval. The agreement provides for a maximum of $ 826,820 to cover payments to the class as well as the attorneys for the plaintiffs’ counsel. The settlement is a claims-made settlement, in which payments will be made only to those plaintiffs who submit a claim and whose claim is approved, thus the final settlement amount to the class could be less than the amount stated above. Similarly, the court must approve the plaintiffs’ counsel’s attorneys’ fees, thus the final amount could be less than stated. A hearing to approve the settlement is set for September 24, 2015. T he Company does not expect to directly incur any settlement costs, as all costs, including both class payments and plaintiffs’ attorneys’ fees, will be paid directly by its insurance company. As a result, the Company released the litigation reserve of $ 0.5 million during the first quarter of 2015.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2015
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 months and six months ended June 30, 2015 and 2014. For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net income (loss) from continuing operations $ $ ) $ $ ) Net income (loss) from discontinued operations ) Net income (loss) to common shareholders $ $ ) $ $ Basic weighted-average shares ( 1 ) Common stock equivalents ( 2 ) ( 3 ) ( 4 ) − − − − Diluted weighted-average shares (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 June 3 0 , 201 5 , 410,000 stock options were in the money and had a potential dilutive share impact of 321,255 and 317,188 for the three months and six months ended June 30, 2015, respectively . In addition, 19,885 unvested employee deferred shares had a potential dilutive share impact of 9,895 and 15,276 for the three months and six months e nded June 3 0 , 201 5, respectively . For the three months and six months ended June 30, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At June 3 0 , 201 4 , 410,000 stock options were in the money and had a potential dilutive share impact of 296,449 and 286,039 for the three months and six months ended June 30, 2014, respectively . In addition, 41,667 unvested employee deferred shares had a potential dilutive share impact of 20,833 for the three months and six months ended June 3 0 , 201 4 . For the three months and six months ended June 3 0 , 2014, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive. (4) For the three months and six months ended June 30, 2015, the number of options excluded from the calculations of diluted earnings per share wa s 42,221 either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingency vesting requirements. For the three months and six months ended June 3 0 , 201 4 , respectively, the number of options excluded from the calculations of diluted earnings per share was 60,211 either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements . Common Shares Effective September 2 9 , 2014, the Company executed a one-for-five reverse stock split . All share and per share information has been adjusted to reflect the reverse stock split. As of June 30, 2015, the Boar d had authorized total stock repurchase s of up to 2.05 million shares. Between July 1, 2015 and August 6, 2015, the Company repurchased 29,000 shares at an average price of $ 12.46 . As of August 6, 2015, the Company had repurchased 1.8 million shares at an average price of $ 8.74 since the plan’s inception. At its August 6, 201 5 meeting, the Board amended the maximum price at which management is authorized to purchase shares based on an assessment of the economic benefit of such purchases to the Company. Effective after the filing of this Report and until modified by further action of the Board, that price is $ 13.92 per share. Effective May 5 , 2015 , the Company adopted a Tax Benefits Rights Agreement (“ Rights Plan ”). In connection with adopting the Rights Plan, the Company declared a distribution of one right per common share to shareholders of record as of May 15 , 2015. The rights will not trade apart from the current common shares until the distribution date, as defined in the Rights Plan. Under the Rights Plan, should a new investor acquire greater than a 4.9 % stake in the Company, all existing shareholders other than the new 4.9% holder will be provided the opportunity to acquire new shares for a nominal cost, thereby significantly diluting the ownership interest of the acquiring person. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first. Noncontrolling Interests The following table summarizes the noncontrolling interests at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 CFVs (LIHTC Funds) $ $ IHS..... − ) IHS PM − − ................................................................................................................... Total $ $ LIHTC Funds At June 30, 2015 and December 31, 2014, the noncontrolling interest holders were comprised of the limited partners as well as the GP in 11 guaranteed LIHTC Funds. The decline in the noncontrolling interest balance was primarily a result of a $ 23.8 million reduction in the LIHTC Funds’ investment balance due to net operating losses and impairment charges that were recognized during the six months ended June 3 0 , 2015. IHS At December 31, 2014 , 3. 7 % of IHS was held by a third party. During the second quarter of 2015, the Company purchased the remaining interest held by a third party and now has 100 % ownership interest in IHS at June 30, 2015. IHS PM During the second quarter of 2015, IHS formed a company in South Africa, IHS PM, to provide property management services to the properties of the IHS-managed funds and ventures. IHS owns 60 % of IHS PM and the third party property manager owns 40 %. At June 30, 2015, the assets, liabilities and the equity attributable to the noncontrolling interest holder of IHS PM were inconsequential . Accumulated Other Comprehensive Income Allocable to Common Shareholders The following table summarizes the net change in AOCI allocable to common shareholders for the three months ended June 30, 2015. (in thousands) Bonds Available-for-Sale Income Tax Expense Foreign Currency Translation A OCI Balance , April 1, 2015 $ $ ) $ ) $ Unrealized net gains − Reversal of unrealized gains on redeemed bonds ) − − ) Reclassification of unrealized losses to operations due to impairment − − Income tax benefit − − Net change in other comprehensive income ) Balance , June 30 , 201 5 $ $ ) $ ) $ The following table summarizes the net change in AOCI allocable to common shareholders for the three months ended June 30, 2014. (in thousands) Bonds Available-for-Sale Income Tax Expense Foreign Currency Translation A OCI Balance , April 1, 2014 $ $ ) $ ) $ Unrealized net gains − ) Reversal of unrealized gains on redeemed bonds ) − − ) Income tax expense − ) − ) Other (1) ..... − − ) ) Net change in other comprehensive income ) ) Balance , June 30 , 201 4 $ $ ) $ ) $ (1) Transfer of unrealized loss from noncontrolling interest due to IHS share purchase . The following table summarizes the net change in AOCI allocable to common shareholders for the six months ended June 30, 2015. (in thousands) Bonds Available-for-Sale Income Tax Expense Foreign Currency Translation A OCI Balance , January 1, 2015 $ $ ) $ ) $ Unrealized net gains (losses) − ) Reversal of unrealized gains on redeemed bonds ) − − ) Reclassification of unrealized losses to operations due to impairment − − Net change in other comprehensive income − ) Balance , June 30 , 201 5 $ $ ) $ ) $ The following table summarizes the net change in AOCI allocable to common shareholders for the six months ended June 30, 2014. (in thousands) Bonds Available-for-Sale Income Tax Expense Foreign Currency Translation A OCI Balance , January 1, 2014 $ $ − $ ) $ Unrealized net gains (losses) − ) Reversal of unrealized gains on redeemed bonds ) − − ) Reversal of unrealized gains from AOCI to Net Income due to foreclosure ) − − ) Income tax expense − ) − ) Other (1) − − ) ) Net change in other comprehensive income ) ) Balance , June 30 , 201 4 $ $ ) $ ) $ Transfer of unrealized loss from noncontrolling interest due to IHS share purchase .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 1— STOCK-BASED COMPENSATION The Company has stock-based compensation plans (“ Plans ”) for Non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation P lan s ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-B ased Compensation P lan s ”). All share and per share information has been adjusted to reflect the one-for-five reverse stock split to shareholders on September 29, 2014. Total compensation expense recorded for these Plans was as follows for the three months and six months ended June 30, 2015 and 2014: For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Employees’ Stock-Based Compensation Plans $ $ $ $ Non-employee Directors’ Stock-Based Compensation Plans Total $ $ $ $ Employee s’ Stock-Based Compensation Plans As of June 30, 2015, there were 375,134 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders. The Plans that have not been approved by the Company’s shareholders are currently restricted to the issuance of only stock options. As a result, of the 375,134 shares available under the plans, only 10,994 are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options. E mployee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based), 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 these options as, according to Financial Accounting Standards Board’s (“ FASB ”) Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” Because 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 for unvested options granted with specific stock price targets as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes. The following table summarizes option activity under the Employees’ Stock-Based Compensation Plans: ( 2 ) (in thousands, except per option data) Number of Options Weighted- average Exercise Price per Option Weighted- average Remaining Contractual Life per Option (in years) Aggregate Intrinsic Value (1) Period End Liability ( 2 ) Outstanding at January 1 , 20 14 $ 7.3 $ $ Forfeited/Expired in 2014 − Outstanding at December 31, 201 4 6.3 Forfeited/Expired in 2015 − Outstanding at June 30, 2015 5.9 Number of options that were exercisable at: December 31, 201 4 6.1 June 30, 2015 5.8 (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 416,211; 412,100; and 378,173; at June 30, 2015, December 31, 2014 and January 1, 2014, respectively. The value of employee options increased by $0.9 million and $1.2 million during the three months and six months ended June 30, 201 5 due to the increase in market value of our stock price. This increase was recognized as additional compensation expense. Employee Deferred Shares The following table summarizes the deferred shares granted to employees. The grants outstanding at June 30, 2015 have both time and price vesting requirements , with a portion of the shares vest ing over the next 12 months and the remainder of the shares vesting if, over a 30-day period, the average share price is at least $12.50. (in thousands, except per share data) Deferred S hare Grants Weighted - a verage G rant D ate S hare P rice Period End Liability Balance, January 1, 2015 $ $ Granted in 2015 − Issued in 2015 Forfeited in 2015 Balance, June 30, 2015 The Company recognized $ 0.1 million of additional compensation expense related to employee deferred shares during the six months ended June 30, 2015, mainly driven by the increase in MMA’s share price and amortization of existing grants . Non-employee Directors’ Stock-Based Compensation Plans T he Non-employee Directors’ Stock-based Compensation P lan s authorize a total of 1,130,000 shares for issuance, of which 431,114 were available to be issued at June 30, 2015. The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares . On March 12, 2015, the Board adopted an amendment to the Non-employee Director’s Stock-based Compensation Plans providing directors to be paid $60,000 per year, an increase from $50,000 per year for their services; 50% of their compensation is paid in cash and 50% is paid in share based grants. In addition, the Chairman now receives an additional $20,000 per year, the Audit Committee Chair receives an additional $15,000 per year and the other committee chairs receive an additional $10,000 per year . T he table below summarizes director compensation, including cash, vested options and common and deferred shares , for services rendered for the six months ended June 3 0 , 201 5 and 201 4 . The directors are fully vested in the deferred shares at the grant date. Cash Common Shares Granted Deferred S hare s Granted Weighted - a verage G rant D ate S hare P rice Options Vested Directors’ Fees Expense June 30, 2015 $ $ − $ June 30, 2014 −

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups	Note 1— DISCONTINUED OPERATIONS The table below reflects the activity related to the Company’s discontinued operations. The discontinued operations activity reported during the three months ended and six months ended June 30, 2015 relates to operations that were disposed of prior to the Company’s adoption of ASU 2014-08. For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Income from CFVs (primarily rental income) $ − $ − $ − $ Income from REO operations − − Expenses from CFVs (primarily operating expenses) − − − ) Expenses from REO operations − ) − ) Other income Other expense ) ) ) ) Income tax benefit (expense) ) − ) Net income (loss) before disposal activity ) ) Disposal: Net gains related to REO − − Net gains related to CFVs − − Net income (loss) from discontinued operations ) Loss from discontinued operations allocable to noncontrolling interests − − − Net income (loss) to common shareholders from discontinued operations $ $ ) $ $

CONSOLIDATED FUNDS AND VENTURES

CONSOLIDATED FUNDS AND VENTURES	6 Months Ended
	Jun. 30, 2015
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures [Text Block]	Note 14— CONSOLIDATED FUNDS AND VENTURES As previously discussed in our 2014 Form 10-K, the Company no longer consolidates SAWHF or the non-profit entity and its LTPPs as of December 31, 2014. As of December 31, 2014, CFVs was comprised of only LIHTC Funds. LIHTC Funds The Company guarantees the investor yield for 11 LIHTC Funds. At June 30, 2015 and December 31, 2014, the Company’s maximum exposure under these guarantees was estimated to be approximately $558.9 million ; however, the Company does not anticipate any losses under these guarantees. The LIHTC Funds’ primary assets are their investments in LTPPs, which are the owners of the affordable housing properties (see Investments in LTPPs in the Asset Summary below). The LIHTC Funds account for these investments using the equity method of accounting. Asset Summary : The following table summarizes the assets of the consolidated LIHTC Funds at June 30, 2015 and December 31, 2014. (in thousands) June 30, 2015 December 31, 2014 Cash, cash equivalents and restricted cash $ $ Investments in LTPPs Other assets Total assets of consolidated LIHTC Funds $ $ All of the assets of the consolidated LIHTC Funds are restricted for use by the specific owner entity and are not available for the Company’s general use. Investments in L TPPs The LIHTC Funds’ limited partner investments in LTPPs are accounted for under the equity method because the third party GPs in the LTPPs are deemed to be the primary beneficiary. The following table provides the assets and liabilities of the LTPPs at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 201 4 Total assets of the LTPPs (1) $ $ Total liabilities of the LTPPs (1) (1) The assets of the L TPPs 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 LTPPs relate to the guarantee exposure associated with the LIHTC Funds discussed above and the Company’s bonds that represent the primary mortgage debt obligation owed by certain LTPPs of the LIHTC Funds . The fair value of the Company’s reported bond s secured by properties owned by the LTPPs at June 30, 2015 and December 31, 2014 , was $121.9 million and $118.9 million, respectively . Liability Summary : The following table summarizes the liabilities of the consolidated LIHTC Funds at June 30, 2015 and December 31, 2014. (in thousands) June 30, 2015 December 31, 2014 Debt (1) $ $ Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships Asset management fee payable Other liabilities Total liabilities of consolidated LIHTC Funds $ $ (1) At June 30, 2015 and December 31, 2014, this debt had a face amount equal to its carrying value, a weighted average effective interest rate of 5.3% , and was due on demand. Income Statement Summary : The following section provides more information related to the income statement of the CFVs for the three months and six months ended June 30, 2015 and 2014. For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Revenue: Rental and other income from real estate $ − $ $ − $ Interest and other income Total revenue from CFVs Expenses: Depreciation and amortization Interest expense Other operating expenses Foreign currency loss − − Asset impairments Total expenses from CFVs Net gains (losses) related to CFVs: Investment gains − − Derivative losses − ) − ) Net loss on sale of properties − ) − ) Equity in losses from Lower Tier Property Partnerships of CFVs ) ) ) ) Net loss ) ) ) ) Net losses allocable to noncontrolling interests in CFVs (1) Net (loss) income allocable to the common shareholders related to CFVs $ ) $ $ ) $ (1) Excludes $21,004 and $77,326 of net loss allocable to the minority interest holder in IHS for the three months and six months ended June 30, 2014. These amounts are excluded from this presentation because IHS related activity is not included within CFV income statement activity above . There were no losses allocable to the minority interest holder in IHS for the three months and six months ended June 30, 2015. The details of Net (loss) income allocable to the common shareholders related to CFVs for the three months and six months ended June 30, 2015 and 2014 are as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Asset management fees $ − $ $ − $ Interest income − − Guarantee fees Equity in losses from Lower Tier Property Partnerships ) ) ) ) Equity in income from SAWHF − − Other expense − ) − ) Net (loss) income allocable to the common shareholders related to CFVs $ ) $ $ ) $

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 1— SEGMENT INFORMATION Beginning in 2015, the Company operated through three reportable segments: U.S. Operations, International Operations and Corporate Operations . We have revised the presentation for the three months and six months ended June 30, 2014 based on these segments, which had no impact on Net income (loss) to common shareholders. 4,041 For the three months ended June 30, 2015 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ $ − $ − $ Total interest expense ) − ) − − ) Net interest income ) − − Total fee and other income − − ) ( 1 ) Revenue from CFVs − − − − Total non-interest revenue − ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) Operating expenses ) ) ) − − ) Other expenses, net ) ) ) − − ) E xpenses from CFVs − − − ) (1 ) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − − Equity in (losses) income from unconsolidated funds and ventures ) − − − Equity in losses from Lower Tier Property Partnerships of CFVs ) ( 2 ) − − ) (2 ) − ) Income (loss) from continuing operations before income taxes ) ) ) − ) Income tax expense − − ) − − ) Income f rom discontinued operations, net of tax − − − Net income (loss) ) ) ) − ) Income allocable to noncontrolling i nterests: Net losses allocable to noncontrolling interests in CFVs : Related to continuing operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the second quarter of 2015 through an allocation of income (see Note 1 5 , “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U . S . Operations. (2) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $ 1.7 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the three months ended June 30, 2014 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ − $ − $ ) (1) $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − ) Total fee and other income − − ) (2) Revenue from CFVs − − − − Total non-interest revenue − ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses ) ) − (3) ) E xpenses from CFVs − − − ) (5) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − Equity in losses from unconsolidated funds and ventures ) ) − − − ) Net gains related to CFVs − − − ) − ) Equity in ( losses ) gains from Lower Tier Property Partnerships of CFVs ) (6) − ) (6) ) (4) ) Income (l oss ) from continuing operations before income taxes ) ) ) − ) Income tax benefit − − − − Income (loss) from discontinued operations, net of t ax − ) − − ) Net income ( loss ) ) ) ) − ) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations operations − − − Related to discontinued operations operations − − − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ ) (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million wa s reflected in total interest income for U . S . Operations. (2) This amount includes $0.6 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in total fee and other income for International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the second quarter of 2014 through an allocation of income (see Note 15 , “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in the SA WHF ( i.e., 2.7% of the SAWHF’s second quarter of 2014 net income) which was recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.01 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. (6) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $1.0 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the six months ended June 30, 2015 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ $ − $ − $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − − Total fee and other income − ) ( 1 ) Revenue from CFVs − − − − Total non-interest revenue ) Total revenues, net of interest expense ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses, net ) ) ) − − ) E xpenses from CFVs − − − ) (1 ) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − − Equity in (losses) income from unconsolidated funds and ventures ) − − − Equity in losses from Lower Tier Property Partnerships of CFVs ) ( 2 ) − − ) (2 ) − ) Income (loss) from continuing operations before income taxes ) ) ) − ) Income tax expense − − ) − − ) Income f rom discontinued operations, net of tax − − − − Net income (loss) ) ) ) − ) Income allocable to noncontrolling i nterests: Net losses allocable to noncontrolling interests in CFVs : Related to continuing operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the first six months of 2015 through an allocation of income (see Note 1 5 , “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U . S . Operations. (2) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $2.7 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the six months ended June 30, 2014 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ − $ − $ ) (1) $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − ) Total fee and other income − ) (2) Revenue from CFVs − − − − Total non-interest revenue ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses ) ) ) − (3) ) E xpenses from CFVs − − − ) (5) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − Net gains transferred into net income from AOCI due to real estate foreclosure − − − − Equity in losses from unconsolidated funds and ventures ) ) − − − ) Net gains related to CFVs − − − − Equity in ( losses ) gains from Lower Tier Property Partnerships of CFVs ) (6) − ) (6) ) (4) ) Income (l oss ) from continuing operations before income taxes ) ) ) − ) Income tax benefit − − − − Income (loss) from discontinued operations, net of t ax − ) ) − Net income ( loss ) ) ) ) − ) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations operations − − − Related to discontinued operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.9 million wa s reflected in total interest income for U . S . Operations. (2) This amount includes $1.3 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.3 million was reflected in total fee and other income for International Operations. This amount also includes $0.4 million of asset management fees and $0.6 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first six months of 2014 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in the SA WHF (i.e., 2.7% of the SA WHF ’s first quarter of 201 4 net income) which was recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.1 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. (6) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $1.9 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. The total assets by segment at June 30, 2015 and December 31, 2014 are presented in the table below: 5 (in thousands) June 3 0 , 201 5 December 31, 201 4 ASSETS ................................................................................................................................................. U . S . Operations $ $ Corporate Operations ......................................................................................................................... International Operations Total segment assets Other adjustments ) ) Assets of CFVs Total MMA consolidated assets $ $

DESCRIPTION OF THE BUSINESS A24

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policy)	6 Months Ended
	Jun. 30, 2015
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION [Abstract]
Use of Estimates	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 bond s , 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 bond s and real estate investments . Actual results could differ materially from th e se estimates.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The consolidated f inancial s tatements 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 . Equity i nvestments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity , but is not considered the primary beneficiary, are accounted for using the equity method of accounting.
New Accounting Guidance	New Accounting Guidance Accounting for Debt Issuance Costs On April 7, 2015, the Company adopted ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This guidance provides an amendment to the accounting guidance related to the presentation of debt issuance costs and is effective for fiscal years beginning after December 15, 2015 with early adoption allowed. This guidance is applied retrospectively to all prior periods. Under the new guidance, debt issuance costs are to be presented as a direct reduction from the related debt liability rather than as an asset. As a result of adopting this guidance, the Company reclassified $2.9 million of debt issuance costs at December 31, 2014, from “Other Assets” to “Debt” on the consolidated balance sheet.

BONDS AVAILABLE-FOR-SALE (Table

BONDS AVAILABLE-FOR-SALE (Tables)	6 Months Ended
	Jun. 30, 2015
Available-For-Sale Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains at June 30, 2015 and December 31, 2014, respectively. June 30, 2015 (in thousands) UPB Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses (2), (3) Fair Value Mortgage revenue bonds $ $ $ $ ) $ Other bonds − Total $ $ $ $ ) $ December 31, 2014 (in thousands) UPB Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses (4), (5) Fair Value Mortgage revenue bonds $ $ $ $ ) $ Other bonds − Total $ $ $ $ ) $ (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. (2) At June 30, 2015, $0.6 million represents the non-credit loss component of unrealized losses associated with bonds that were deemed to be OTTI . (3) Comprised of bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $2.0 million at June 30, 2015, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.1 million at June 30, 2015. (4) At December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be other-than-temporarily impaired and $0.3 million represents unrealized losses that were not considered other-than-temporarily impaired. Comprised of bonds in a gross unrealized loss position for less than 12 consecutive months that had a fair value of $1.8 million at December 31, 2014, as well as bonds in a gross unrealized loss position for more than 12 consecutive months that had a fair value of $6.0 million at December 31, 2014.
Bonds Prepayable Without Restriction or Penalty	The following table provides the UPB, amortized cost and fair value of bonds that were prepayable without restriction, premium or penalty at June 30, 2015, as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented. (in thousands) UPB Amortized Cost Fair Value June 30, 2015 $ $ $ July 1 through December 31, 2015 − − − 2016 − − − 2017 − − − 2018 2019 − − − Thereafter Bonds that may not be prepaid Total $ $ $
Past Due Analysis of Available-for-sale Securities Bonds, Current	The following table provides the fair value of bonds available-for-sale that were current with respect to principal and interest payments, as well as the fair value of those bonds that were past due with respect to either principal or interest payments at June 30, 2015 and December 31, 2014. (in thousands) June 30, 2015 December 31, 2014 Total current $ $ 30-59 days past due − − 60-89 days past due − − 90 days or greater Total $ $
Gain (Loss) on Investments	The following table provides realized gains recognized on bonds at the time of sale or redemption reported through “Net gains on assets and derivatives.” For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net impairment recognized on bonds held at each period-end $ ) $ − $ ) $ − Gains recognized at time of sale or redemption Total net gains on bonds $ $ $ $

INVESTMENTS IN REAL ESTATE PA26

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule of Real Estate Investment Partnerships	The following table provides the carrying value of investments in real estate partnerships at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Investments in U.S. real estate partnerships $ $ Investments in IHS-managed funds and ventures Investments in Lower Tier Property Partnerships (“ LTPPs ”) related to CFVs (1) Total investments in real estate partnerships $ $ See Note 15, “Consolidated Funds and Ventures” for more information.
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Balance Sheet Accounts Related to Equity Method Investments	The following table displays the total assets and liabilities held by the U.S. real estate partnerships in which the Company held an equity investment at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Investment in U.S. real estate partnerships: Total assets (primarily real estate) $ $ Total liabilities
Schedule of Income Loss in Earnings of Unconsolidated Venture	The following table displays the net loss for the three months ended and six months ended June 30, 2015 and 2014, for the U.S. real estate partnerships: For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Net loss $ ) $ ) $ ) $ )
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Balance Sheet Accounts Related to Equity Method Investments	The following table displays the total assets and liabilities held by the three IHS-managed funds and ventures in which the Company held an equity investment at June 30, 2015 and December 31, 2014, respectively: (in thousands) June 30, 2015 December 31, 2014 Total assets $ $ Total liabilities
Schedule of Income Loss in Earnings of Unconsolidated Venture	The following table displays the net income (loss) for the three months and six months ended June 30, 2015 for the three IHS-managed funds and ventures. The net income (loss) for the three months and six months ended June 30, 2014 was related only to IHS Residential Partners I because at that time the Company consolidated SAWHF and thus its equity investment in SAWHF was eliminated in consolidation.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets [Table Text Block]	(in thousands) June 30, 2015 December 31, 20 14 Other assets: Loan s receivable held-for-investment $ $ Loan s receivable held-for-sale − Real estate owned Asset management fees and reimbursements receivable Derivative assets Solar facilities (includes other assets such as cash and other receivables) Accrued interest and dividends receivable Other assets Other assets held by CFVs (1) Total other assets $ $ (1) For more information see Note 15, “Consolidated Funds and Ventures.”
Equity Method Investments [Table Text Block]	The following table provides the carrying value of investments in real estate partnerships at June 30, 2015 and December 31, 2014: (in thousands) June 30, 2015 December 31, 2014 Investments in U.S. real estate partnerships $ $ Investments in IHS-managed funds and ventures Investments in Lower Tier Property Partnerships (“ LTPPs ”) related to CFVs (1) Total investments in real estate partnerships $ $ See Note 15, “Consolidated Funds and Ventures” for more information.
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands) June 30, 2015 December 31, 2014 Amortized cost $ $ Allowance for loan losses ) ) Loans held for investment, net $ $
Real Estate Owned [Text Block]	(in thousands) June 30, 2015 December 31, 20 14 Real estate held-for-sale $ $ Real estate held-for-use Total real estate $ $

DERIVATIVE FINANCIAL INSTRUME28

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value June 30, 2015 December 31, 2014 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ $ $ $ Interest rate cap − − Interest rate swap − − Total derivative financial instruments $ $ $ $
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Notional (in thousands) June 30, 2015 December 31, 2014 Total return swaps $ $ Interest rate cap Interest rate swap Total derivative financial instruments $ $
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Realized/Unrealized Gains (Losses) for the three months ended June 30, Realized/Unrealized Gains (Losses) for the six months ended June 30, (in thousands) 2015 2014 2015 2014 Total return swaps (1) $ $ $ $ Interest rate cap ) ) ) ) Interest rate swap (2) ) ) ) ) Total $ $ $ $ (1) The cash paid and received on TRSs that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on assets and derivatives.” Net cash received was $1.0 million and $0.6 million for the three months ended June 30, 2015 and 2014, respectively. Net cash received was $2.0 million and $0.6 million for the six months ended June 30, 2015 and 2014, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [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 June 30, 2015. (in thousands) Bonds Available-for-sale Loans Receivable Derivative Assets Derivative Liabilities Balance, April 1, 2015 $ $ − $ $ ) Net (losses) gains included in earnings ) − ) Net change in other comprehensive income (1) ) − − − Impact from loan originations − − − Impact from redemptions ) − − − Impact from settlements ) − − − Balance, June 30, 2015 $ $ $ $ ) (1) This amount includes the reversal of $3.4 million of unrealized gains related to bonds that were redeemed, offset by $3.0 million of unrealized net holding gains arising during the period and $0.2 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 redemption and derivative settlement for the three months ended June 30, 2015. (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and ................................. liabilities still held at June 30 2015 $ ) $ ) $ Additional realized gains recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives ” o n 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 June 30, 2014. (in thousands) Bond s Available-for-sale Derivative Assets Derivative Liabilities Balance, April 1 , 201 4 $ $ − $ ) ................... Net ( losses ) gains included in earnings ) ) Net change in other comprehensive income (1) − − Impact from purchases − − Impact from redemptions ) − − ......................................................... Impact from settlements ) − − Balance, June 30, 2014 $ $ $ ) (1) This amount represents $2.9 million of unrealized net holding gains arising during the period, partially offset by $0.8 million of unrealized bond losses 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 recognized at bond redemption and derivative settlement for the three months ended June 30, 2014. (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and li abilities still held at June 30, 2014 $ − $ ) $ Additional realized losses recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Net gains 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 six months ended June 30, 2015. (in thousands) Bond s Available-for-sale Loans Receivable Derivative Assets Derivative Liabilities Balance, January 1, 201 5 $ $ − $ $ ) ................... Net gains (losses) included in earnings ) − ) Net change in other comprehensive income (1) − − − Impact from loan originations − − − Impact from redemptions ) − − − ......................................................... Impact from settlements ) − − − Balance, June 30, 2015 $ $ $ $ ) (1) This amount includes $5.7 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, offset by the reversal of $3.9 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 recognized at derivative settlement for the six months ended June 30, 2015. (1 (in thousands) Net gains on bonds (1) Equity in Losses from LTPP s Net gains on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and ................................. liabilities still held at June 30 2015 $ ) $ ) $ Additional realized gains recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Other expenses” and “Net gains on assets and derivatives ” o n 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 six months ended June 30, 2014. (in thousands) Bond s Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1 , 201 4 $ $ − $ ) ................... Net ( losses ) gains included in earnings ) ) Net change in other comprehensive income (1) − − Impact from purchases − − Impact from redemptions ) − − Bonds eliminated due to real estate consolidation and foreclosure ) − − ......................................................... Impact from settlements ) − − Balance, June 30, 2014 $ $ $ ) (1) This amount represents $7.8 million of unrealized net holding gains arising during the period, partially offset by $0.8 million of unrealized bond losses 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 recognized at bond redemption and derivative settlement for the six months ended June 30, 2014. (in thousands) Net gains on bonds (1) Equity in losses from LTPPs Net losses on derivatives ( 1 ) Change in unrealized ( losses ) gains related to assets and li abilities still held at June 30, 2014 $ − $ ) $ ) Additional realized losses recognized − ................................................................................................................................. Total gains ( losses ) reported in earnings $ $ ) $ (1) Amounts are reflected through “Net gains on assets and derivatives” on the consolidated statements of operations.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation with Employees and Nonemployees [Table Text Block]	For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Employees’ Stock-Based Compensation Plans $ $ $ $ Non-employee Directors’ Stock-Based Compensation Plans Total $ $ $ $
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	( 2 ) (in thousands, except per option data) Number of Options Weighted- average Exercise Price per Option Weighted- average Remaining Contractual Life per Option (in years) Aggregate Intrinsic Value (1) Period End Liability ( 2 ) Outstanding at January 1 , 20 14 $ 7.3 $ $ Forfeited/Expired in 2014 − Outstanding at December 31, 201 4 6.3 Forfeited/Expired in 2015 − Outstanding at June 30, 2015 5.9 Number of options that were exercisable at: December 31, 201 4 6.1 June 30, 2015 5.8
Schedule of Share Based Compensation Deferred Shares Granted To Employees [Table Text Block]	(in thousands, except per share data) Deferred S hare Grants Weighted - a verage G rant D ate S hare P rice Period End Liability Balance, January 1, 2015 $ $ Granted in 2015 − Issued in 2015 Forfeited in 2015 Balance, June 30, 2015
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block]	Cash Common Shares Granted Deferred S hare s Granted Weighted - a verage G rant D ate S hare P rice Options Vested Directors’ Fees Expense June 30, 2015 $ $ − $ June 30, 2014 −

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Income from CFVs (primarily rental income) $ − $ − $ − $ Income from REO operations − − Expenses from CFVs (primarily operating expenses) − − − ) Expenses from REO operations − ) − ) Other income Other expense ) ) ) ) Income tax benefit (expense) ) − ) Net income (loss) before disposal activity ) ) Disposal: Net gains related to REO − − Net gains related to CFVs − − Net income (loss) from discontinued operations ) Loss from discontinued operations allocable to noncontrolling interests − − − Net income (loss) to common shareholders from discontinued operations $ $ ) $ $

CONSOLIDATED FUNDS AND VENTUR32

CONSOLIDATED FUNDS AND VENTURES (Tables)	6 Months Ended
	Jun. 30, 2015
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	(in thousands) June 30, 2015 December 31, 201 4 Total assets of the LTPPs (1) $ $ Total liabilities of the LTPPs (1)
Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]	For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Revenue: Rental and other income from real estate $ − $ $ − $ Interest and other income Total revenue from CFVs Expenses: Depreciation and amortization Interest expense Other operating expenses Foreign currency loss − − Asset impairments Total expenses from CFVs Net gains (losses) related to CFVs: Investment gains − − Derivative losses − ) − ) Net loss on sale of properties − ) − ) Equity in losses from Lower Tier Property Partnerships of CFVs ) ) ) ) Net loss ) ) ) ) Net losses allocable to noncontrolling interests in CFVs (1) Net (loss) income allocable to the common shareholders related to CFVs $ ) $ $ ) $ (1) Excludes $21,004 and $77,326 of net loss allocable to the minority interest holder in IHS for the three months and six months ended June 30, 2014. These amounts are excluded from this presentation because IHS related activity is not included within CFV income statement activity above . There were no losses allocable to the minority interest holder in IHS for the three months and six months ended June 30, 2015.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	For the three months ended June 30, For the six months ended June 30, (in thousands) 2015 2014 2015 2014 Asset management fees $ − $ $ − $ Interest income − − Guarantee fees Equity in losses from Lower Tier Property Partnerships ) ) ) ) Equity in income from SAWHF − − Other expense − ) − ) Net (loss) income allocable to the common shareholders related to CFVs $ ) $ $ ) $
L I H T C Funds [Member]
Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]	(in thousands) June 30, 2015 December 31, 2014 Cash, cash equivalents and restricted cash $ $ Investments in LTPPs Other assets Total assets of consolidated LIHTC Funds $ $
Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]	(in thousands) June 30, 2015 December 31, 2014 Debt (1) $ $ Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships Asset management fee payable Other liabilities Total liabilities of consolidated LIHTC Funds $ $

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule Of Income Statement By Reporting Segments [Table Text Block]	For the three months ended June 30, 2015 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ $ − $ − $ Total interest expense ) − ) − − ) Net interest income ) − − Total fee and other income − − ) ( 1 ) Revenue from CFVs − − − − Total non-interest revenue − ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) Operating expenses ) ) ) − − ) Other expenses, net ) ) ) − − ) E xpenses from CFVs − − − ) (1 ) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − − Equity in (losses) income from unconsolidated funds and ventures ) − − − Equity in losses from Lower Tier Property Partnerships of CFVs ) ( 2 ) − − ) (2 ) − ) Income (loss) from continuing operations before income taxes ) ) ) − ) Income tax expense − − ) − − ) Income f rom discontinued operations, net of tax − − − Net income (loss) ) ) ) − ) Income allocable to noncontrolling i nterests: Net losses allocable to noncontrolling interests in CFVs : Related to continuing operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the second quarter of 2015 through an allocation of income (see Note 1 5 , “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U . S . Operations. (2) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $ 1.7 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the three months ended June 30, 2014 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ − $ − $ ) (1) $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − ) Total fee and other income − − ) (2) Revenue from CFVs − − − − Total non-interest revenue − ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses ) ) − (3) ) E xpenses from CFVs − − − ) (5) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − Equity in losses from unconsolidated funds and ventures ) ) − − − ) Net gains related to CFVs − − − ) − ) Equity in ( losses ) gains from Lower Tier Property Partnerships of CFVs ) (6) − ) (6) ) (4) ) Income (l oss ) from continuing operations before income taxes ) ) ) − ) Income tax benefit − − − − Income (loss) from discontinued operations, net of t ax − ) − − ) Net income ( loss ) ) ) ) − ) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations operations − − − Related to discontinued operations operations − − − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ ) (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million wa s reflected in total interest income for U . S . Operations. (2) This amount includes $0.6 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in total fee and other income for International Operations. This amount also includes $0.2 million of asset management fees and $0.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the second quarter of 2014 through an allocation of income (see Note 15 , “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in the SA WHF ( i.e., 2.7% of the SAWHF’s second quarter of 2014 net income) which was recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.01 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. (6) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $1.0 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the six months ended June 30, 2015 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ $ − $ − $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − − Total fee and other income − ) ( 1 ) Revenue from CFVs − − − − Total non-interest revenue ) Total revenues, net of interest expense ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses, net ) ) ) − − ) E xpenses from CFVs − − − ) (1 ) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − − Equity in (losses) income from unconsolidated funds and ventures ) − − − Equity in losses from Lower Tier Property Partnerships of CFVs ) ( 2 ) − − ) (2 ) − ) Income (loss) from continuing operations before income taxes ) ) ) − ) Income tax expense − − ) − − ) Income f rom discontinued operations, net of tax − − − − Net income (loss) ) ) ) − ) Income allocable to noncontrolling i nterests: Net losses allocable to noncontrolling interests in CFVs : Related to continuing operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the first six months of 2015 through an allocation of income (see Note 1 5 , “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U . S . Operations. (2) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $2.7 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the six months ended June 30, 2014 (in thousands) U.S. Operations International Operations Corporate CFVs Income Allocation Reclasses MMA Consolidated Total interest income $ $ $ − $ − $ ) (1) $ Total interest expense ) − ) − − ) ................................................................................................... Net interest income ) − ) Total fee and other income − ) (2) Revenue from CFVs − − − − Total non-interest revenue ) Total revenues, net of interest expense ) ) Operating and other expenses: Interest expense ) ) ) − − ) ................................................................................................... Operating expenses ) ) ) − − ) Other expenses ) ) ) − (3) ) E xpenses from CFVs − − − ) (5) ) Total operating and other expenses ) ) ) ) ) Net gains on asset s , derivatives and extinguishment of liabilities − − − Net gains transferred into net income from AOCI due to real estate foreclosure − − − − Equity in losses from unconsolidated funds and ventures ) ) − − − ) Net gains related to CFVs − − − − Equity in ( losses ) gains from Lower Tier Property Partnerships of CFVs ) (6) − ) (6) ) (4) ) Income (l oss ) from continuing operations before income taxes ) ) ) − ) Income tax benefit − − − − Income (loss) from discontinued operations, net of t ax − ) ) − Net income ( loss ) ) ) ) − ) Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations operations − − − Related to discontinued operations operations − − − − Net income (loss) to common shareholders shareholders $ $ ) $ ) $ − $ − $ (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.9 million wa s reflected in total interest income for U . S . Operations. (2) This amount includes $1.3 million of asset management fees recognized by IHS through an income allocation (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.3 million was reflected in total fee and other income for International Operations. This amount also includes $0.4 million of asset management fees and $0.6 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first six months of 2014 through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in the SA WHF (i.e., 2.7% of the SA WHF ’s first quarter of 201 4 net income) which was recognized through an allocation of income (see Note 15, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.1 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA. (6) Represents equity in losses from the Lower Tier Property Partnerships that the Company recognized as an allocation (see Note 15, “Consolidated Funds and Ventures”). The Company is allocated equity in losses in situations where the LIHTC Funds’ equity investment in the LTPP has reached zero, but the Company has a bond investment represented by mortgage debt owned by the LTPP. For purposes of the table above, the Company recognized $1.9 million of losses in U.S. Operations and reduced the CFVs losses by the same amount.
Schedule of Total Assets by Reporting Segments [Table Text Block]	5 (in thousands) June 3 0 , 201 5 December 31, 201 4 ASSETS U . S . Operations $ $ Corporate Operations International Operations Total segment assets Other adjustments ) ) Assets of CFVs Total MMA consolidated assets $ $

DESCRIPTION OF THE BUSINESS A34

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)segmentitem	Dec. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments | segment	3
Minority interest held by third party	4.90%
Adjustments for New Accounting Principle, Early Adoption [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Prior period reclassification adjustment | $	$ 2.9	$ 2.9
Third Party Property Manager [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Minority interest held by third party	40.00%
U.S. Operations Segment [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of business lines	3
International Housing Solutions (IHS) [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	60.00%
Minority interest held by third party		3.70%

BONDS AVAILABLE-FOR-SALE (Narra

BONDS AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Non Accrual Bonds	$ 45,000		$ 45,000		$ 43,600
Non Accrual Bonds Interest Income Cash Basis Method	500	$ 700	1,100	$ 3,600
Interest Income Non Accrual Bonds Not Recognized	1,100	$ 1,700	2,200	3,000
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	2,000		2,000		1,800
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	6,100		6,100		6,000
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	16,300		16,300
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	24,000		24,000
Available For Sale Debt Securities Gross Unrealized Losses Excluding Other Than Temporary Impairments					300
Other Than Temporary Impairment Loss Investments Available for sale Securities					600
Increase Decrease in Fair Value Of Bonds			(15,200)
Proceeds From Sale or Redemption Of Available For Sale Securities			1,400	$ 6,400
Unpaid Principal Balance	230,267		230,267		249,124
Fair Value	$ 207,662		$ 207,662		$ 222,899
Weighted average pay rate on available-for-sale bonds	5.30%		5.30%		5.20%
Mortgage Revenue Bonds [Member]
Unpaid Principal Balance	$ 190,927		$ 190,927		$ 192,068
Fair Value	169,534		169,534		167,184
Collateralized Mortgage Backed Securities [Member]
Subordinate Bond Investments Fair Value	10,600		10,600
Subordinate Bond Investments Unpaid Principal Balance	10,300		10,300
Other Debt Obligations [Member] | Other Bonds [Member]
Unpaid Principal Balance	39,340		39,340		57,056
Fair Value	$ 38,128		$ 38,128		$ 55,715

BONDS AVAILABLE-FOR-SALE (Bonds

BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 230,267	$ 249,124
Amortized Cost	148,370	165,665
Gross Unrealized Gains	59,846	58,092
Gross Unrealized Losses	(554)	(858)
Fair Value	207,662	222,899
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	190,927	192,068
Amortized Cost	123,567	126,897
Gross Unrealized Gains	46,521	41,145
Gross Unrealized Losses	(554)	(858)
Fair Value	169,534	167,184
Other Bonds [Member] | Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	39,340	57,056
Amortized Cost	24,803	38,768
Gross Unrealized Gains	13,325	16,947
Fair Value	$ 38,128	$ 55,715

BONDS AVAILABLE-FOR-SALE (Bon37

BONDS AVAILABLE-FOR-SALE (Bonds Without Prepayment Restrictions) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance, June 30, 2015	$ 44,429
Bonds unpaid principal balance, 2018	10,365
Bonds unpaid principal balance, thereafter	175,202
Bonds unpaid principal balance, may not be prepaid	271
Unpaid principal balance	230,267	$ 249,124
Amortized Cost, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2015
Amortized Cost, June 30, 2015	24,803
Amortized Cost, 2018	7,275
Amortized Cost, Thereafter	116,021
Amortized Cost, Bonds that may not be prepaid	271
Amortized Cost, Total	148,370
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2015
Fair Value, June 30, 2015	40,947
Fair Value, 2018	8,347
Fair Value, Thereafter	158,089
Fair Value, Bonds that may not be prepaid	279
Fair Value, Total	$ 207,662	$ 222,899

BONDS AVAILABLE-FOR-SALE (Bond

BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Available-For-Sale Securities [Abstract]
Total current	$ 162,659	$ 179,315
90 days or greater	45,003	43,584
Total	$ 207,662	$ 222,899

BONDS AVAILABLE-FOR-SALE (Reali

BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Available-For-Sale Securities [Abstract]
Net impairment recognized on bonds held at each period-end	$ (179)		$ (179)
Gains recognized at time of sale or redemption	3,793	$ 768	4,376	$ 768
Total net gains on bonds	$ 3,614	$ 768	$ 4,197	$ 768

INVESTMENTS IN PREFERRED STOCK

INVESTMENTS IN PREFERRED STOCK (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Preferred Stock, Dividend Rate, Percentage	14.40%
Investment in preferred stock, fair value	$ 36,600
Investment in preferred stock	31,371	$ 31,371
TRS Financing Arrangements [Member]
Notes Payable, Current	$ 25,000

INVESTMENTS IN REAL ESTATE PA41

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2014	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 259,422	$ 229,063
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	22,529	$ 22,538
Payments to acquire equity method investments	$ 8,800
Equity method investment, ownership percentage	80.00%	33.00%
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 16,300
U.S. Real Estate Partnerships, Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		6,200
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 5,689	5,224
Equity In Income From SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		3,600
IHS Residential Partners One [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		1,600
IHS Fund Two [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments		$ 0
Minimum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		2.00%
Maximum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		4.25%

INVESTMENTS IN REAL ESTATE PA42

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 229,063	$ 259,422
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	22,538	22,529
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	5,224	5,689
Consolidated Funds and Ventures [Member] | Equity in Losses From Lower Tier Property Partnerships (LTPPs) [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 201,301	$ 231,204

INVESTMENTS IN REAL ESTATE PA43

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)	$ 85,086	$ 83,021
Total liabilities	37,626	34,856
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets (primarily real estate)	276,493	276,007
Total liabilities	$ 111,106	$ 104,863

INVESTMENTS IN REAL ESTATE PA44

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Net loss	$ (546)	$ (310)	$ (395)	$ (496)
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Net loss	$ 1,586		$ 3,332
IHS Residential Partners One [Member]
Schedule of Equity Method Investments [Line Items]
Net loss		$ (995)		$ (894)

OTHER ASSETS (Narrative) (Detai

OTHER ASSETS (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 11, 2015	Jun. 30, 2015	Jun. 30, 2015	Jul. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Loans and Leases Receivable Unpaid Principal Balance		$ 26,400,000	$ 26,400,000			$ 40,900,000
Loans and Leases Receivable, Deferred Income		600,000	600,000			700,000
Impaired Loan Receivable, Unpaid Principal Balance		18,400,000	18,400,000
Equity Method Investments		229,063,000	229,063,000			259,422,000
Interest collected		300,000	600,000
Gains (Losses) on Sales of Other Real Estate		5,622,000	5,622,000
Accrued Fees and Other Revenue Receivable		3,523,000	3,523,000			2,454,000
Derivative Asset, Noncurrent		3,400,000	3,400,000			2,726,000
Loans and Leases Receivable, Deferred Gain		3,900,000	3,900,000
Loans and Leases Receivable, Deferred Gain, Principal			(2,900,000)
Loans and Leases Receivable, Deferred Gain, Interest			1,000,000
Solar Loans [Member]
Loans and Leases Receivable Unpaid Principal Balance		4,900,000	4,900,000
Interest and Fee Income, Loans and Leases			100,000
Solar Loans [Member] | Loan Origination Commitments [Member]
Commitments, Fair Value Disclosure		10,300,000	10,300,000			$ 0
Residential Portfolio Segment [Member]
Proceeds from Sale of Foreclosed Assets		21,100,000
Gains (Losses) on Sales of Other Real Estate		5,600,000
Subordinated Loan [Member]
Interest Rate		$ 11	11
Contingent Interest Rate Decline Per Annum		2.00%
Date Contingent Interest Will Begin Decline		Dec. 31, 2019
Maximum Prepayment Amount Before Start Date of Contingent Interest Decline		$ 1,500,000
Debt Instrument, Maturity Date		Jun. 30, 2025
Seller financing		$ 13,000,000	13,000,000
Term Loan [Member]
Debt Restructured		13,000,000
Legal Principal Balance of Loan Receivable					$ 13,200,000
Maximum [Member] | Subordinated Loan [Member]
Interest Rate		13	13
Bridge Loan [Member]
Debt repaid		14,400,000
Seller financing		2,900,000	2,900,000
Legal Principal Balance of Loan Receivable					$ 17,300,000
IHS Funds and Ventures [Member]
Accrued Fees and Other Revenue Receivable		$ 3,200,000	$ 3,200,000
Subsequent Event [Member] | Term Loan [Member]
Debt repaid	$ 200,000
Subsequent Event [Member] | Solar Construction Lending, LLC [Member]
Equity method investment, ownership percentage				50.00%
Commitments, Fair Value Disclosure				$ 25,000,000

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Other assets:
Loan receivable held-for-investment		$ 8,053	$ 22,392
Loans receivable held-for-sale		4,932
Real estate held-for-sale, net		3,560	10,145
Derivative assets		3,400	2,726
Accrued interest and dividends receivable		2,944	2,672
Asset management fees receivable		3,523	2,454
Other assets		2,756	2,219
Total other assets		44,827	75,246
Consolidated Funds and Ventures [Member]
Other assets:
Total other assets	[1]	10,081	11,128
Real Estate Partnership [Member]
Other assets:
Real estate held-for-sale, net		6,179	28,562
Solar Facilities Investment [Member]
Other assets:
Total other assets		$ 2,959	$ 3,093
[1]	For more information see Note 15, "Consolidated Funds and Ventures."

OTHER ASSETS (Loans Held for In

OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortized cost	$ 25,824	$ 40,163
Allowance for loan losses	(17,771)	(17,771)
Loans held for investment, net	$ 8,053	$ 22,392

OTHER ASSETS (Summary of Invest

OTHER ASSETS (Summary of Investments in Real Estate ) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Real estate held-for-sale	$ 3,560	$ 10,145
Real estate held-for-use	2,619	18,417
Total real estate	$ 6,179	$ 28,562

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Interest expense	$ 511	$ 945	$ 985	$ 2,148
Adjustments for New Accounting Principle, Early Adoption [Member]
Prior period reclassification adjustment			$ 2,900		$ 2,900
Notes Payable and Other Debt [Member]
Debt Instrument, Interest Rate During Period			(4.30%)
Debt Instrument, Basis Spread on Variable Rate			4.00%
Subordinated Loan [Member]
Interest expense			$ 4,100	5,100
Debt Instrument, Maturity Date	Jun. 30, 2025
Repayments of Subordinated Debt			15,400
Long-term Debt, Gross	$ 96,400		$ 96,400
Debt Instrument, Basis Spread on Variable Rate			2.00%		3.30%
Bond Related Debt [Member]
Interest expense			$ 700	$ 1,800
Under Forbearance Agreement [Member]
Repayments of Long-term Debt			$ 1,100
TRS Financing Arrangements [Member]
Debt Instrument, Interest Rate During Period			5.80%
Underlying Bond Notional Amount	96,200		$ 96,200
Long-term Debt, Gross	94,600		$ 94,600
Debt Instrument, Basis Spread on Variable Rate			1.40%
Long [Member] | TRS Financing Arrangement One [Member]
Underlying Bond Notional Amount	$ 7,400		$ 7,400
Underlying Bond Interest Rate	6.60%		6.60%
Short [Member] | TRS Financing Arrangement One [Member]
Debt Instrument, Interest Rate During Period			1.07%
Long-term Debt, Gross	$ 8,100		$ 8,100
Debt Instrument, Basis Spread on Variable Rate			1.00%

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt, Carrying Value	$ 271,197	$ 290,543
Debt, Weighted Average Interest Rate	2.70%	5.00%
Subordinated Loan [Member]
Debt, Carrying Value	$ 134,102
Asset Related Debt [Member]
Debt, Carrying Value	$ 101,094	$ 93,402
Debt, Weighted Average Interest Rate	1.90%	2.00%
Asset Related Debt [Member] | Bond Related Debt [Member] | Due Within One Year [Member]
Debt, Due within one year	$ 1,117	$ 776
Debt, Weighted Average Interest Rate	1.60%	1.40%
Asset Related Debt [Member] | Bond Related Debt [Member] | Due After One Year [Member]
Debt, Due after one year	$ 94,955	$ 86,499
Debt, Weighted Average Interest Rate	1.50%	1.40%
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Due Within One Year [Member]
Debt, Due within one year	$ 1,256	$ 1,753
Debt, Weighted Average Interest Rate	9.80%	9.80%
Asset Related Debt [Member] | Non Bond Related Debt [Member] | Due After One Year [Member]
Debt, Due after one year	$ 3,766	$ 4,374
Debt, Weighted Average Interest Rate	10.00%	10.00%
Other Debt [Member]
Debt, Carrying Value	$ 163,391	$ 190,429
Debt, Weighted Average Interest Rate	3.10%	6.50%
Other Debt [Member] | Due Within One Year [Member]
Debt, Due within one year	$ 25,000	$ 37,811
Debt, Weighted Average Interest Rate	4.30%	4.40%
Other Debt [Member] | Due After One Year [Member]
Debt, Due after one year	$ 4,289	$ 4,637
Debt, Weighted Average Interest Rate	2.70%	2.80%
Other Debt [Member] | Subordinated Loan [Member] | Due Within One Year [Member]
Debt, Due within one year	$ 2,926	$ 14,088
Debt, Weighted Average Interest Rate	3.40%	7.00%
Other Debt [Member] | Subordinated Loan [Member] | Due After One Year [Member]
Debt, Due after one year	$ 131,176	$ 133,893
Debt, Weighted Average Interest Rate	2.90%	7.20%
Debt Related To Consolidated Funds and Ventures [Member]
Debt, Carrying Value	$ 6,712	$ 6,712
Debt, Weighted Average Interest Rate	5.30%	5.30%
Debt Related To Consolidated Funds and Ventures [Member] | Due Within One Year [Member]
Debt, Due within one year	$ 6,712	$ 6,712
Debt, Weighted Average Interest Rate	5.30%	5.30%
Asset Related Debt And Other Debt [Member]
Debt, Carrying Value	$ 264,485	$ 283,831
Debt, Weighted Average Interest Rate	2.70%	5.00%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 9,043
2,016	30,227
2,017	16,374
2,018	68,986
2,019	13,360
Thereafter	123,973
Net premium and debt issue costs	9,234
Total	271,197	$ 290,543
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2,015	2,331
2,016	30,227
2,017	16,374
2,018	68,986
2,019	13,360
Thereafter	123,973
Net premium and debt issue costs	9,234
Total	264,485	283,831
Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
2,015	6,712
Total	$ 6,712	$ 6,712

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Net Premium and Debt Issuance Costs	$ 9,234
Carrying Value	271,197	$ 290,543
Mfi Issuer [Member]
Principal	28,312
Net Premium and Debt Issuance Costs	(168)
Carrying Value	$ 28,144
Interim Principal Payments	Amortizing
Maturity Date	December 2027 and December 2033
Coupon Interest Rate	8
Mfh Issue 1 [Member]
Principal	$ 28,454
Net Premium and Debt Issuance Costs	2,928
Carrying Value	$ 31,382
Interim Principal Payments	Amortizing
Maturity Date	March 30, 2035
Coupon Interest Rate	2
Mfh Issue 2 [Member]
Principal	$ 25,874
Net Premium and Debt Issuance Costs	2,673
Carrying Value	$ 28,547
Interim Principal Payments	Amortizing
Maturity Date	April 30, 2035
Coupon Interest Rate	2
Mfh Issue 3 [Member]
Principal	$ 14,914
Net Premium and Debt Issuance Costs	1,419
Carrying Value	$ 16,333
Interim Principal Payments	Amortizing
Maturity Date	July 30, 2035
Coupon Interest Rate	2
Mfh Issue 4 [Member]
Principal	$ 27,117
Net Premium and Debt Issuance Costs	2,579
Carrying Value	$ 29,696
Interim Principal Payments	Amortizing
Maturity Date	July 30, 2035
Coupon Interest Rate	2
Subordinated Loan [Member]
Principal	$ 124,671
Net Premium and Debt Issuance Costs	9,431
Carrying Value	$ 134,102

DERIVATIVE FINANCIAL INSTRUME53

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative, Notional Amount	$ 153,545	$ 142,933
Total Return Swap [Member]
Derivative, Notional Amount	$ 100,832	90,184
Derivative, Average Variable Interest Rate	4.25%
Underlying Bond Notional Amount	$ 14,600
Derivative, Fixed Interest Rate	7.76%
Total Return Swap [Member] | Long [Member]
Underlying Bond Notional Amount	$ 99,500
Derivative, Fixed Interest Rate	6.20%
Total Return Swap [Member] | Short [Member]
Derivative, Notional Amount	$ 100,800
Derivative, Basis Spread on Variable Rate	1.90%
Interest rate swap [Member]
Derivative, Notional Amount	$ 7,713	7,749
Derivative, Fixed Interest Rate	6.50%
Interest rate swap [Member] | SIFMA 7-day Municipal Swap Index [Member]
Derivative, Basis Spread on Variable Rate	2.50%
Interest rate swap [Member] | SIFMA 7-day Municipal Swap Index, Pay Rate [Member]
Derivative, Variable Interest Rate	2.57%
Interest rate cap [Member]
Derivative, Notional Amount	$ 45,000	$ 45,000
Derivative, Cap Interest Rate	2.50%

DERIVATIVE FINANCIAL INSTRUME54

DERIVATIVE FINANCIAL INSTRUMENTS (Summary of Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 3,400	$ 2,726
Derivative Liability	1,360	753
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	3,333	2,539
Derivative Liability	624	35
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	67	187
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 736	$ 718

DERIVATIVE FINANCIAL INSTRUME55

DERIVATIVE FINANCIAL INSTRUMENTS (Notional Amounts of Derivatives) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 153,545	$ 142,933
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	100,832	90,184
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	45,000	45,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 7,713	$ 7,749

DERIVATIVE FINANCIAL INSTRUME56

DERIVATIVE FINANCIAL INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 928	$ 378	$ 1,913	$ 21
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	1,013	654	2,204	654
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(41)	(173)	(120)	(425)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (44)	$ (103)	$ (171)	$ (208)

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Carrying Amount	$ 229,063	$ 259,422
Loans receivable, Carrying Amount	8,053	22,564
Long Term Debt, Carrying Amount	271,197	290,543
Investments in Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Carrying Amount	31,371	31,371
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	7,146	21,689
Fair Value, Inputs, Level 3 [Member] | Investments in Preferred Stock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in preferred stock, Fair Value	36,613	36,613
Notes Payable and Other Debt [Member] | Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	96,072	87,275
Notes Payable and Other Debt [Member] | Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	96,233	87,325
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	34,311	48,575
Notes Payable and Other Debt [Member] | Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	30,058	44,085
Subordinated Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	134,102
Subordinated Loan [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	105,958	119,441
Subordinated Loan [Member] | MMA Financial Inc 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	28,144	28,540
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	32,648	44,718
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MMA Financial Inc 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Fair Value	16,428	28,714
Consolidated Funds and Ventures [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long Term Debt, Carrying Amount	$ 6,712	$ 6,712

FINANCIAL INSTRUMENTS (Narrativ

FINANCIAL INSTRUMENTS (Narrative) (Details) - Jun. 30, 2015 - Subordinated Debt Obligations [Member] - USD ($) $ in Millions	Total
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 49.1
Fair Value Inputs, Discount Rate	20.00%
Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 40.2
Fair Value Inputs, Discount Rate	15.00%
Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 63.1
Fair Value Inputs, Discount Rate	25.00%

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) arising during the period	$ 3,005	$ 2,908	$ 5,745	$ 7,814
Reversal of net unrealized gains on sold/redeemed bonds	$ 3,395	$ 778	$ 3,866	$ 778
Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Performing Bonds Weighted Average Discount Rate			5.90%		6.20%
Non Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted Average Capitalization Rate Percent			6.50%		6.70%
Non Performing Bonds Discount Rate			7.90%		7.80%

FAIR VALUE MEASUREMENTS (Valuat

FAIR VALUE MEASUREMENTS (Valuation of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Derivative assets	$ 3,400	$ 2,726
Liabilities:
Derivative liabilities	1,360	753
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans receivable	7,146	21,689
Fair Value, Measurements, Recurring [Member]
Assets:
Bonds available-for-sale	207,662	222,899
Loans receivable	4,932
Derivative assets	3,400	2,726
Liabilities:
Derivative liabilities	1,360	753
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets	67	187
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Bonds available-for-sale	207,662	222,899
Loans receivable	4,932
Derivative assets	3,333	2,539
Liabilities:
Derivative liabilities	$ 1,360	$ 753

FAIR VALUE MEASUREMENTS (Activi

FAIR VALUE MEASUREMENTS (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	$ 220,129	$ 184,883	$ 222,899	$ 195,332
Net (losses) gains included in earnings	(1,877)	(959)	(2,846)	(1,907)
Net change in other comprehensive income	(211)	2,130	2,058	7,036
Bonds eliminated due to real estate consolidation and foreclosure				(11,058)
Impact from purchases		3,080		3,080
Impact from redemptions	(9,874)	(5,651)	(9,874)	(5,651)
Impact from settlements	(505)	(1,773)	(4,575)	(5,122)
Balance at ending period	207,662	181,710	207,662	181,710
Loans Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impact from originations	4,932		4,932
Balance at ending period	4,932		4,932
Derivative Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	3,276		2,539
Net (losses) gains included in earnings	57	477	794	477
Balance at ending period	3,333	477	3,333	477
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning period	(1,359)	(653)	(753)	(626)
Net (losses) gains included in earnings	(1)	(474)	(607)	(501)
Balance at ending period	$ (1,360)	$ (1,127)	$ (1,360)	$ (1,127)

FAIR VALUE MEASUREMENTS (Amount

FAIR VALUE MEASUREMENTS (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Ne Gains on Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	$ (179)		$ (179)
Additional realized gains (losses) recognized	3,792	$ 768	4,375	$ 768
Total gains (losses) reported in earnings	3,613	768	4,196	768
Equity in Losses from LTPPs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	(1,698)	(959)	(2,667)	(1,907)
Total gains (losses) reported in earnings	(1,698)	(959)	(2,667)	(1,907)
Net Gains (Losses) on Derivatives [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities	56	3	187	(24)
Additional realized gains (losses) recognized	913	547	1,846	469
Total gains (losses) reported in earnings	$ 969	$ 550	$ 2,033	$ 445

GUARANTEES AND COLLATERAL (Summ

GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - Indemnification Agreement [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Maximum Exposure	$ 13,209	$ 13,209
Carrying Amount	$ 698	$ 864

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014
Cash, cash equivalents and restricted cash	$ 51,260		$ 50,189
Bonds Available-for-Sale	164,233		144,611
Investment in preferred stock, Carrying value	25,000		31,371
Total Return Swap [Member]
Cash, cash equivalents and restricted cash	14,224		11,010
Bonds Available-for-Sale	164,233		144,611
Investment in preferred stock, Carrying value	25,000		31,371
Total Assets Pledged	203,457		186,992
Other Assets [Member]
Cash, cash equivalents and restricted cash	14,993	[1]	14,993
Other Assets	91	[1]	161
Total Assets Pledged	15,084	[1]	15,154
Consolidated Funds and Ventures [Member]
Cash, cash equivalents and restricted cash	22,043		24,186
Other Assets	10,081		11,128
Total Assets Pledged	$ 32,124		$ 35,314
[1]	The Company pledges collateral in connection with various guarantees that it has provided.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Rent Expense, Net	$ 100,000	$ 200,000
Litigation Settlement, Amount	$ 826,820
Estimated Litigation Liability, Current			$ 500,000

COMMITMENTS AND CONTINGENCIES66

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 242
2,016	159
2,017	139
2,018	151
2,019	164
Thereafter	56
Total minimum future rental commitments	$ 911

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 29, 2014	Aug. 06, 2015	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Aug. 06, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock Equivalents Employee Options			410,000			410,000	410,000
Incremental Common Shares Attributable to Call Options and Warrants				321,255	296,449	317,188	286,039
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements				9,895		15,276	20,833
Unvested Employee Deferred Shares						19,885	41,667
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount						42,221	60,211
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			2,050,000			2,050,000
Held By Third Party			4.90%			4.90%
Stockholders' Equity, Reverse Stock Split	executed a one-for-five reverse stock split
Subsequent Event [Member] | Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares		29,000						1,800,000
Treasury Stock Acquired, Average Cost Per Share		$ 12.46						$ 8.74
Treasury Stock To Be Acquired Maximum Costs Per Share		$ 13.92						$ 13.92
L I H T C Funds [Member]
Class of Stock [Line Items]
Investment Balance Declined						$ 23.8
International Housing Solutions (IHS) [Member]
Class of Stock [Line Items]
Held By Third Party									3.70%
Ownership percentage by parent			60.00%			60.00%
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions			100.00%
IHS PM [Member]
Class of Stock [Line Items]
Held By Third Party			40.00%			40.00%
Ownership percentage by parent			60.00%			60.00%

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Net loss from continuing operations			$ 6,980	$ (1,977)	$ 6,587	$ (2,999)
Net income from discontinued operations		$ 89	89	(441)	161	14,188
Net (loss) income to common shareholders		$ 7,069	$ 7,069	$ (2,418)	$ 6,748	$ 11,189
Basic weighted-average shares	[1]		6,955	7,792	7,084	7,916
Common stock equivalents	[2],[3],[4]
Diluted weighted-average shares			6,955	7,792	7,084	7,916
[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 June 30, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 296,449 and 286,039 for the three months and six months ended June 30, 2014, respectively. In addition, 41,667 unvested employee deferred shares had a potential dilutive share impact of 20,833 for the three months and six months ended June 30, 2014. For the three months and six months ended June 30, 2014, the Company had a net loss from continuing operations and thus, any incremental shares would be anti-dilutive.
[3]	At June 30, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 321,255 and 317,188 for the three months and six months ended June 30, 2015, respectively. In addition, 19,885 unvested employee deferred shares had a potential dilutive share impact of 9,895 and 15,276 for the three months and six months ended June 30, 2015, respectively. For the three months and six months ended June 30, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive.
[4]	For the three months and six months ended June 30, 2015, the number of options excluded from the calculations of diluted earnings per share was 42,221 either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingency vesting requirements. For the three months and six months ended June 30, 2014, respectively, the number of options excluded from the calculations of diluted earnings per share was 60,211 either because of their anti-dilutive effect (i.e. options that were not in the money) or because the option had contingent vesting requirements.

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Noncontrolling interests in:
Minority Interest	$ 202,214	$ 229,714
International Housing Solutions Sarl [Member]
Noncontrolling interests in:
Minority Interest		(397)
L I H T C Funds [Member]
Noncontrolling interests in:
Minority Interest		$ 230,111	$ 202,214

EQUITY (AOCI Allocable to Commo

EQUITY (AOCI Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015	Sep. 30, 2014		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity Note [Abstract]
Unrealized Gains (losses) on Bonds Available-for-Sale, Balance at beginning period	$ 59,503	$ 41,901		$ 39,771	$ 57,234	$ 36,868
Unrealized Gains (losses) on Bonds Available-for-Sale, Unrealized gains (losses) arising during the period	3,005			2,908	5,745	7,814
Unrealized Gains (losses) on Bonds Available-for-Sale, Reversal of unrealized gains on sold/redeemed bonds	(3,395)			(778)	(3,866)	(778)
Unrealized Gains (losses) on Bonds Available-for-Sale, reclassification of unrealized losses to operations due to impairment	179				179
Bonds Available-for-Sale, Reversal of unrealized gains from AOCI to Net Income due to foreclosure						(2,003)
Unrealized Gains (losses) on Bonds Available-for-Sale, Net change in other comprehensive income	(211)			2,130	2,058	5,033
Unrealized Gains (losses) on Bonds Available-for-Sale, Balance at ending period	59,292			41,901	59,292	$ 41,901
Income Tax Expense, Balance at beginning period	(361)	(458)		(129)	(150)
Income Tax Expense, Income tax expense	211			(329)		$ (458)
Income Tax Expense, Net change in other comprehensive income	211			(329)		(458)
Income Tax Expense, Balance at ending period	(150)			(458)	(150)	(458)
Foreign Currency Translation, Balance at beginning period	(764)	(296)		(207)	(632)	(209)
Foreign Currency Translation, Unrealized net holding gains (losses) arising during period	42			(9)	(90)	(7)
Foreign Currency Translation, Other		(80)	[1]			(80)
Foreign Currency Translation, Net change in other comprehensive income	42			(89)	(90)	(87)
Foreign Currency Translation, Balance at ending period	(722)			(296)	(722)	(296)
Accumulated Other Comprehensive Income Balance at beginning period	58,378	41,147		39,435	56,452	36,659
Accumulated Other Comprehensive Income Unrealized net holding gains (losses) arising during period	3,047			2,899	5,655	7,807
Accumulated Other Comprehensive Income Reversal of unrealized gains on sold/redeemed bonds	(3,395)			(778)	(3,866)	(778)
Accumulated Other Comprehensive Income, Reversal of unrealized gains from AOCI to Net Income due to foreclosure						(2,003)
Accumulated Other Comprehensive Income, reclassification of unrealized losses to operations due to impairment	179				179
Accumulated Other Comprehensive Income, Income tax expense	211			(329)		(458)
Accumulated Other Comprehensive Income, Other		$ (80)	[1]			(80)
Accumulated Other Comprehensive Income Net change in other comprehensive income	42			1,712	1,968	4,488
Accumulated Other Comprehensive Income Balance at ending period	$ 58,420			$ 41,147	$ 58,420	$ 41,147
[1]	Transfer of unrealized loss from noncontrolling interest due to IHS share purchase.

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	375,134	375,134
Additional Stock based Compesation	$ 900	$ 1,200
Employee Stock Option [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares		416,211	412,100	378,173
Employee Deferred Shares [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	10,994	10,994
Non-Employee Directors' Stock-Based Compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,130,000	1,130,000
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued	431,114	431,114
Rate Of Cash Based Compensation		50.00%
Additional Stock based Compesation		$ 60	$ 50
Audit Committee Chair [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Additional Stock based Compesation		15
Other Committee Chairs [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Additional Stock based Compesation		10
Board Of Directors Chairman [Member] | Non-Employee Directors' Stock-Based Compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Additional Stock based Compesation		$ 20

STOCK-BASED COMPENSATION (Stock

STOCK-BASED COMPENSATION (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employees' Stock-Based Compensation Plans	$ 1,001	$ 711	$ 1,300	$ 1,652
Non-employee Directors' Stock-Based Compensation Plans	74	62	148	138
Total	$ 1,075	$ 773	$ 1,448	$ 1,790

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options Outstanding at beginning of period	416	416
Number of Options Outstanding at end of period	416	416	416
Number of options that were exercisable	380	325
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 3.52	$ 3.52
Weighted average Exercise Price per Option Outstanding at end of period	3.52	3.52	$ 3.52
Weighted average Exercise Price per Option Exercisable	$ 3.68	$ 4
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	5 years 10 months 24 days	6 years 3 months 18 days	7 years 3 months 18 days
Weighted average Remaining Contractual Life per Option (in years) Exercisable	5 years 9 months 18 days	6 years 1 month 6 days
Aggregate Intrinsic Value Outstanding at beginning of period	$ 3,196	$ 1,644
Aggregate Intrinsic Value Outstanding at end of period	4,434	3,196	$ 1,644
Period End Liability Outstanding at beginning of period	3,281	1,785
Period End Liability Outstanding at end of period	$ 4,481	$ 3,281	$ 1,785

STOCK-BASED COMPENSATION (Sum74

STOCK-BASED COMPENSATION (Summary of Deferred Shares Granted to Employees) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Period End Liability Outstanding at beginning of period	$ 3,281
Period End Liability Outstanding at end of period	$ 4,481
Employee Deferred Shares [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Number of Deferred Shares Outstanding at beginning of period	42
Deferred Share Grants, Issued	21
Deferred Share Grants, Forfeited	1
Number of Deferred Shares Outstanding at end of period	20
Weighted-average Grant Date Share Price Outstanding at beginning of period	$ 4.40
Weighted-average Grant Date Share Price, Issued	4.40
Deferred Share Grants, Forfeited, Weighted Avererage Grant Date Share Price	4.40
Weighted-average Grant Date Share Price Outstanding at end of period	$ 4.40
Period End Liability Outstanding at beginning of period	$ 336
Period End Liability Outstanding at end of period	$ 216

STOCK-BASED COMPENSATION (Sum75

STOCK-BASED COMPENSATION (Summary of Director Compensation) (Details) - Non-Employee Directors' Stock-Based Compensation [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash	$ 73,750,000	$ 68,750,000
Common Shares Granted	3,391	5,786
Deferred Share Grants	3,508	3,228
Weighted - average Grant Date Share Price	$ 10.69	$ 7.63
Directors' Fees Expense	$ 147,500	$ 137,500

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income from REO operations			$ 846		$ 1,148
Expenses from REO operations			(661)		(1,112)
Other income	$ 84		85	$ 167	168
Other expense	(1)		(35)	(6)	(63)
Income tax expense	6		(944)		(1,448)
Net income before disposal activity	89		(709)	161	(1,272)
Disposal:
Net gains related to REO			265		15,302
Net income from discontinued operations	89		(441)	161	14,038
Loss from discontinued operations allocable to noncontrolling interests					150
Net income to common shareholders from discontinued operations	$ 89	$ 89	(441)	$ 161	14,188
Consolidated Funds and Ventures [Member]
Income from CFVs (primarily rental income)					279
Expenses from CFVs (primarily operating expenses)					(244)
Disposal:
Net gains related to CFVs			$ 3		$ 8

CONSOLIDATED FUNDS AND VENTUR77

CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Ownership Interests In Consolidated Entitites [Member]
Income (Loss) Attributable To Noncontrolling Interest	$ 14,168	$ 15,343	$ 28,472	$ 25,197
Lower Tier Property Partnerships Real Estate Held For Use [Member]
Bond Investment in Lower Tier Property Partnerships	$ 121,900		$ 121,900		$ 118,900
L I H T C Funds [Member]
Debt, Weighted Average Interest Rate and Cost	5.30%		5.30%
L I H T C Funds [Member] | Ownership Interests In Consolidated Entitites [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 558,900		$ 558,900
Ihs [Member]
Income (Loss) Attributable To Noncontrolling Interest		$ (21,004)		$ (77,326)

CONSOLIDATED FUNDS AND VENTUR78

CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Investment [Line Items]
Cash, cash equivalents and restricted cash	$ 51,260	$ 50,189
Investments in Lower Tier Property Partnerships	229,063	259,422
Other assets	44,827	75,246
Total assets	622,306	668,746	$ 668,746
Ownership Interests In Consolidated Entitites [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	22,043	24,186
Investments in Lower Tier Property Partnerships	201,301	231,204
Other assets	10,081	11,128
Total assets	$ 233,425	$ 266,518

CONSOLIDATED FUNDS AND VENTUR79

CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investment [Line Items]
LIHTC Funds' investment in Lower Tier Property Partnerships	$ 229,063	$ 259,422
Ownership Interests In Consolidated Entitites [Member]
Investment [Line Items]
LIHTC Funds' investment in Lower Tier Property Partnerships	201,301	231,204
Total assets of Lower Tier Property Partnerships	1,243,323	1,273,903
Total liabilities of Lower Tier Property Partnerships	$ 1,025,467	$ 1,035,695

CONSOLIDATED FUNDS AND VENTUR80

CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Liabilities of CFVs:
Debt	$ 271,197	$ 290,543
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,947	9,597
Other liabilities	40,761	41,870
Total liabilities	324,813	347,548
Ownership Interests In Consolidated Entitites [Member]
Liabilities of CFVs:
Debt	6,712	6,712
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,947	9,597
Asset management fee payable	23,546	28,848
Other liabilities	3,076	2,983
Total liabilities	$ 42,281	$ 48,140

CONSOLIDATED FUNDS AND VENTUR81

CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Expenses:
Interest expense		$ 511	$ 945	$ 985	$ 2,148
Net gains (losses) related to CFVs:
Derivative losses		928	378	1,913	21
Equity in losses from Lower Tier Property Partnerships of CFVs	[1]			(12,254)	(14,720)
Net loss		(7,099)	(17,782)	(21,724)	(14,235)
Ownership Interests In Consolidated Entitites [Member]
Revenue:
Rental and other income from real estate			3,427		7,051
Interest and other income		133	2,183	200	3,609
Total revenue from CFVs		133	5,610	200	10,660
Expenses:
Depreciation and amortization		550	2,173	1,102	4,391
Interest expense		90	843	178	1,912
Other operating expenses		1,337	2,884	2,476	5,836
Foreign currency loss			116		526
Asset impairments		7,037	6,643	14,574	11,643
Total expenses from CFVs		9,014	12,659	18,330	24,308
Net gains (losses) related to CFVs:
Investment gains			429		5,296
Derivative losses			(948)		(1,006)
Net loss on sale of properties			(138)		(138)
Equity in losses from Lower Tier Property Partnerships of CFVs		(6,654)	(7,038)	(12,347)	(14,466)
Net loss		(15,535)	(14,744)	(30,477)	(23,962)
Net losses allocable to noncontrolling interests in CFVs		14,168	15,343	28,472	25,197
Net (loss) income allocable to the common shareholders related to CFVs		$ (1,367)	$ 599	$ (2,005)	$ 1,235
[1]	Majority of the activity was related to CFVs

CONSOLIDATED FUNDS AND VENTUR82

CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment [Line Items]
Asset management fees		$ 1,245	$ 81	$ 2,475	$ 482
Interest income		4,073	2,845	8,146	8,150
Equity in income (losses)	[1]			(12,254)	(14,720)
Other expense		1,722	854	1,829	1,655
Ownership Interests In Consolidated Entitites [Member]
Investment [Line Items]
Asset management fees			828		1,670
Interest income			583		926
Guarantee fees		331	331	662	662
Equity in income (losses)		(6,654)	(7,038)	(12,347)	(14,466)
Other expense			(196)		(255)
Net (loss) income allocable to the common shareholders related to CFVs		(1,367)	599	(2,005)	1,235
Ownership Interests In Consolidated Entitites [Member] | Equity in Losses From Lower Tier Property Partnerships (LTPPs) [Member]
Investment [Line Items]
Equity in income (losses)		$ (1,698)	(961)	$ (2,667)	(1,910)
Ownership Interests In Consolidated Entitites [Member] | Equity In Income From SAWHF [Member]
Investment [Line Items]
Equity in income (losses)			$ 14		$ 142
[1]	Majority of the activity was related to CFVs

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Income, Operating	$ 4,073	$ 2,845	$ 8,146	$ 8,150
Asset Management Fees	$ 1,245	$ 81	$ 2,475	482
SAWHF [Member]
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest		2.70%
Equity in (losses) income from Lower Tier Property Partnerships in CFVs		$ 10
L I H T C Funds [Member]
Asset Management Fees		200
Guaranty Fee Income		300		600
Ihs [Member]
Asset Management Fees		$ 600		$ 1,300

SEGMENT INFORMATION (Informatio

SEGMENT INFORMATION (Information for Reportable Segments) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total interest income		$ 4,073		$ 2,845	$ 8,146	$ 8,150
Total interest expense		(511)		(945)	(985)	(2,148)
Net interest income		3,562		1,900	7,161	6,002
Total fee and other income		1,140		823	2,054	1,275
Total non-interest revenue		3,829		7,826	7,337	15,026
Total revenues, net of interest expense		7,391		9,726	14,498	21,028
Operating and other expenses:
Interest expense		(1,708)		(3,489)	(4,904)	(7,062)
Other expenses, net		(1,722)		(854)	(1,829)	(1,655)
Total operating and other expenses		(18,009)		(21,975)	(35,907)	(43,672)
Net gains transferred into net income from AOCI due to real estate foreclosure						2,003
Equity in (losses) income from unconsolidated funds and ventures	[1]				(12,254)	(14,720)
Net gains related to CFVs						3,352
Income (loss) from continuing operations before income taxes		(6,910)		(18,535)	(21,753)	(30,021)
Income tax (expense) benefit		(278)		1,194	(132)	1,748
Income (loss) from discontinued operations, net of tax		89		(441)	161	14,038
Net income (loss)		(7,099)		(17,782)	(21,724)	(14,235)
Net losses allocable to noncontrolling interests in CFVs:		(14,168)		(15,364)	(28,472)	(25,424)
Net income (loss) to common shareholders		7,069	$ 7,069	(2,418)	6,748	11,189
Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:		14,168		15,364	28,472	25,274
Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:						150
U.S. Operations [Member]
Total interest income		4,041		3,417	8,082	9,055
Total interest expense		(379)		(763)	(708)	(1,779)
Net interest income		3,662		2,654	7,374	7,276
Total fee and other income		2,641		2,659	4,695	4,905
Total non-interest revenue		2,641		2,659	4,695	4,905
Total revenues, net of interest expense		6,303		5,313	12,069	12,181
Operating and other expenses:
Interest expense		(281)		(768)	(796)	(1,573)
Operating expenses		(1,948)		(1,726)	(3,560)	(3,617)
Other expenses, net		(435)		(997)	(693)	(1,729)
Total operating and other expenses		(2,664)		(3,491)	(5,049)	(6,919)
Net gains on assets, derivatives and extinguishment of liabilities		10,342		453	11,910	88
Net gains transferred into net income from AOCI due to real estate foreclosure						2,003
Equity in (losses) income from unconsolidated funds and ventures		(42)		(122)	(51)	(184)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(1,698)		(961)	(2,667)	(1,910)
Income (loss) from continuing operations before income taxes		12,241		1,192	16,212	5,259
Income (loss) from discontinued operations, net of tax		83		503	161	15,636
Net income (loss)		12,324		1,695	16,373	20,895
Net income (loss) to common shareholders		12,324		1,695	16,373	20,895
International Operations [Member]
Total interest income		15		11	34	21
Net interest income		15		11	34	21
Total fee and other income		1,386		716	2,616	1,762
Total non-interest revenue		1,386		716	2,616	1,762
Total revenues, net of interest expense		1,401		727	2,650	1,783
Operating and other expenses:
Interest expense		(29)		(38)	(58)	(75)
Operating expenses		(2,210)		(1,710)	(4,292)	(3,415)
Other expenses, net		(284)		20	(30)	(13)
Total operating and other expenses		(2,523)		(1,728)	(4,380)	(3,503)
Equity in (losses) income from unconsolidated funds and ventures		62		(22)	144	(70)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs				14		142
Income (loss) from continuing operations before income taxes		(1,060)		(1,009)	(1,586)	(1,648)
Net income (loss)		(1,060)		(1,009)	(1,586)	(1,648)
Net income (loss) to common shareholders		(1,060)		(988)	(1,586)	(1,570)
International Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:				21		78
Corporate Operations [Member]
Total interest income		17			30
Total interest expense		(132)		(182)	(277)	(369)
Net interest income		(115)		(182)	(247)	(369)
Total fee and other income					488	30
Total non-interest revenue					488	30
Total revenues, net of interest expense		(115)		(182)	241	(339)
Operating and other expenses:
Interest expense		(1,398)		(2,683)	(4,050)	(5,414)
Operating expenses		(1,407)		(1,537)	(2,992)	(3,615)
Other expenses, net		(1,003)		(73)	(1,106)	(168)
Total operating and other expenses		(3,808)		(4,293)	(8,148)	(9,197)
Net gains on assets, derivatives and extinguishment of liabilities				1,100		1,100
Income (loss) from continuing operations before income taxes		(3,923)		(3,375)	(7,907)	(8,436)
Income tax (expense) benefit		(278)		1,194	(132)	1,748
Income (loss) from discontinued operations, net of tax		6		(944)		(1,448)
Net income (loss)		(4,195)		(3,125)	(8,039)	(8,136)
Net income (loss) to common shareholders		(4,195)		(3,125)	(8,039)	(8,136)
Consolidated Funds and Ventures Segment [Member]
Revenue from CFVs		133		5,610	200	10,660
Total non-interest revenue		133		5,610	200	10,660
Total revenues, net of interest expense		133		5,610	200	10,660
Operating and other expenses:
Expenses from CFVs		(9,345)		(14,219)	(18,992)	(27,452)
Total operating and other expenses		(9,345)		(14,219)	(18,992)	(27,452)
Net gains related to CFVs				(657)		4,152
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(4,956)		(6,077)	(9,680)	(12,556)
Income (loss) from continuing operations before income taxes		(14,168)		(15,343)	(28,472)	(25,196)
Income (loss) from discontinued operations, net of tax						(150)
Net income (loss)		(14,168)		(15,343)	(28,472)	(25,346)
Consolidated Funds and Ventures Segment [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:		14,168		15,343	28,472	25,196
Consolidated Funds and Ventures Segment [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:						150
Income Allocation Reclasses [Member]
Total interest income				(583)		(926)
Net interest income				(583)		(926)
Total fee and other income		(331)		(1,159)	(662)	(2,331)
Total non-interest revenue		(331)		(1,159)	(662)	(2,331)
Total revenues, net of interest expense		(331)		(1,742)	(662)	(3,257)
Operating and other expenses:
Other expenses, net				196		255
Expenses from CFVs		331		1,560	662	3,144
Total operating and other expenses		331		1,756	662	3,399
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs				(14)		(142)
Mma Consolidated [Member]
Total interest income		4,073		2,845	8,146	8,150
Total interest expense		(511)		(945)	(985)	(2,148)
Net interest income		3,562		1,900	7,161	6,002
Total fee and other income		3,696		2,216	7,137	4,366
Revenue from CFVs		133		5,610	200	10,660
Total non-interest revenue		3,829		7,826	7,337	15,026
Total revenues, net of interest expense		7,391		9,726	14,498	21,028
Operating and other expenses:
Interest expense		(1,708)		(3,489)	(4,904)	(7,062)
Operating expenses		(5,565)		(4,973)	(10,844)	(10,647)
Other expenses, net		(1,722)		(854)	(1,829)	(1,655)
Expenses from CFVs		(9,014)		(12,659)	(18,330)	(24,308)
Total operating and other expenses		(18,009)		(21,975)	(35,907)	(43,672)
Net gains on assets, derivatives and extinguishment of liabilities		10,342		1,553	11,910	1,188
Net gains transferred into net income from AOCI due to real estate foreclosure						2,003
Equity in (losses) income from unconsolidated funds and ventures		20		(144)	93	(254)
Net gains related to CFVs				(657)		4,152
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(6,654)		(7,038)	(12,347)	(14,466)
Income (loss) from continuing operations before income taxes		(6,910)		(18,535)	(21,753)	(30,021)
Income tax (expense) benefit		(278)		1,194	(132)	1,748
Income (loss) from discontinued operations, net of tax		89		(441)	161	14,038
Net income (loss)		(7,099)		(17,782)	(21,724)	(14,235)
Net income (loss) to common shareholders		7,069		(2,418)	6,748	11,189
Mma Consolidated [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:		$ 14,168		$ 15,364	$ 28,472	25,274
Mma Consolidated [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:						$ 150
[1]	Majority of the activity was related to CFVs

SEGMENT INFORMATION (Total Asse

SEGMENT INFORMATION (Total Assets by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
ASSETS	$ 622,306	$ 668,746	$ 668,746
U.S. Operations [Member]
ASSETS	320,149		362,991
Corporate Operations [Member]
ASSETS	57,864		28,981
International Operations [Member]
ASSETS	11,257		10,645
Segment Assets [Member]
ASSETS	389,270		402,617
Other Adjustments [Member]
ASSETS	(389)		(389)
Consolidated Funds and Ventures Segment [Member]
ASSETS	$ 233,425		$ 266,518