MMA Capital (Trading Symbol(s) MMAC MMAC) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 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	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	mmac
Entity Common Stock, Shares Outstanding		6,552,179
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 56,894	$ 29,619
Restricted cash (includes $21,283 and $24,186 related to CFVs)	30,477	50,189
Bonds available-for-sale (includes $177,318 and $144,611 pledged as collateral)	218,058	222,899
Investments in partnerships (includes $189,295 and $231,204 related to CFVs)	239,880	259,422
Investment in preferred stock (includes $25,000 and $31,371 pledged as collateral)	31,371	31,371
Other assets (includes $12,076 and $161 pledged as collateral and $9,539 and $11,128 related to CFVs)	47,856	75,246
Total assets	624,536	668,746
LIABILITIES AND EQUITY
Debt (includes $6,712 and $6,712 related to CFVs)	275,522	290,543
Accounts payable and accrued expenses	5,276	5,538
Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs	8,229	9,597
Other liabilities (includes $27,601 and $31,831 related to CFVs)	42,301	41,870
Total liabilities	$ 331,328	$ 347,548
Commitments and contingencies
Equity
Noncontrolling interests in CFVs, IHS and IHS PM (net of zero and $575 of subscriptions receivable)	$ 188,328	$ 229,714
Common shareholders’ equity:
Common shares, no par value (6,607,051 and 7,162,221 shares issued and outstanding and 71,137 and 66,106 non-employee directors' and employee deferred shares issued at September 30, 2015 and December 31, 2014, respectively)	38,575	35,032
Accumulated other comprehensive income	66,305	56,452
Total common shareholders’ equity	104,880	91,484
Total equity	293,208	321,198
Total liabilities and equity	$ 624,536	$ 668,746

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Restricted cash (includes $21,283 and $24,186 related to CFVs)	$ 30,477	$ 50,189
Bonds available-for-sale, pledged as collateral	177,318	144,611
Investments in partnerships (includes $189,295 and $231,204 related to CFVs)	239,880	259,422
Investment in preferred stock pledged as collateral	25,000	31,371
Other assets, pledged as collateral	12,076	161
Other assets	47,856	75,246
Debt	275,522	290,543
Other Liabilities	42,301	41,870
Stockholders' Equity Note, Subscriptions Receivable	$ 0	$ 575
Common stock, no par value	$ 0	$ 0
Common shares, shares issued (in shares)	6,607,051	7,162,221
Common shares, shares outstanding (in shares)	6,607,051	7,162,221
Common shares, non-employee directors' and employee deferred shares (in shares)	71,137	66,106
Consolidated Funds and Ventures [Member]
Restricted cash (includes $21,283 and $24,186 related to CFVs)	$ 21,283	$ 24,186
Investments in partnerships (includes $189,295 and $231,204 related to CFVs)	189,295	231,204
Other assets	9,539	11,128
Debt	6,712	6,712
Other Liabilities	$ 27,601	$ 31,831

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income
Interest on bonds	$ 3,131	$ 5,240	$ 9,733	$ 13,029
Interest on loans and short-term investments	396	208	1,940	569
Total interest income	3,527	5,448	11,673	13,598
Interest expense
Bond related debt	318	347	1,023	2,111
Non-bond related debt	305	179	585	563
Total interest expense	623	526	1,608	2,674
Net interest income	2,904	4,922	10,065	10,924
Non-interest revenue
Income on preferred stock investment	1,326	1,326	3,934	3,935
Asset management fees and reimbursements	1,924	1,794	4,920	2,657
Other income	656	692	2,189	1,586
Revenue from CFVs	209	3,841	409	14,501
Total non-interest revenue	4,115	7,653	11,452	22,679
Total revenues, net of interest expense	7,019	12,575	21,517	33,603
Operating and other expenses
Interest expense	1,300	3,400	6,204	10,462
Salaries and benefits	4,232	2,973	11,415	9,398
General and administrative	719	737	2,355	2,594
Professional fees	718	1,507	2,743	3,872
Other expenses	2,267	1,940	4,096	3,595
Expenses from CFVs	10,890	17,296	29,220	41,604
Total operating and other expenses	20,126	27,853	56,033	71,525
Net gains on sale of real estate	4,296	(18)	9,918	(18)
Net gains on bonds	626	7,450	5,001	8,218
Net gains on derivatives and loans	1,523	1,761	3,436	1,779
Net gains on extinguishment of liabilities		1,476		1,878
Net gains transferred into net income from AOCI due to real estate foreclosure				2,003
Net (losses) gains related to CFVs		12,627		16,779
Equity in gains (losses) from equity method investments		(182)	(15,892)	(19,248)
Net loss from continuing operations before income taxes	(10,300)	3,490	(32,053)	(26,531)
Income tax expense	(146)	(1,919)	(278)	(171)
Net income (loss) from discontinued operations, net of tax	83	3,903	244	17,941
Net loss	(10,363)	5,474	(32,087)	(8,761)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	(13,780)	(7,138)	(42,252)	(32,562)
Net income (loss) to common shareholders	$ 3,417	$ 12,612	$ 10,165	$ 23,801
Basic (loss) income per common share:
Loss from continuing operations (in dollars per share)	$ 0.50	$ 1.17	$ 1.42	$ 0.74
Income from discontinued operations (in dollars per share)	0.01	0.52	0.04	2.33
(Loss) income per common share (in dollars per share)	0.51	1.69	1.46	3.07
Diluted (loss) income per common share:
Loss from continuing operations (in dollars per share)	0.48	1.12	1.42	0.74
Income from discontinued operations (in dollars per share)	0.01	0.50	0.04	2.33
(Loss) income per common share (in dollars per share)	$ 0.49	$ 1.62	$ 1.46	$ 3.07
Weighted-average common shares outstanding:
Basic (in shares)	6,746	7,454	6,970	7,760
Diluted (in shares)	7,091	7,772	6,970	7,760
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	$ 13,780	$ 7,138	$ 42,252	$ 32,412
Discontinued Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests				150
Consolidated Funds and Ventures [Member]
Interest expense
Total interest expense	89	715	267	2,628
Operating and other expenses
Total operating and other expenses	10,890	17,296	29,220	41,604
Net (losses) gains related to CFVs		12,627		16,779
Equity in gains (losses) from equity method investments	(3,919)	(4,346)	(16,266)	(18,812)
Net loss	(14,600)	(5,174)	(45,077)	(29,136)
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in gains (losses) from equity method investments	$ 281	$ (182)	$ 374	$ (436)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net income (loss) to common shareholders	$ 3,417	$ 12,612	$ 10,165	$ 23,801
Net loss allocable to noncontrolling interests	(13,780)	(7,138)	(42,252)	(32,562)
Net (loss) income	(10,363)	5,474	(32,087)	(8,761)
Bond related changes:
Unrealized net gains	8,332	3,370	14,077	11,184
Reversal of net unrealized (gains) losses on sold or reedeemed bonds	386	(6,450)	(3,480)	(7,228)
Reclassification of unrealized losses to operations due to impairment		(113)	(179)	(113)
Reversal of unrealized gains from AOCI to Net Income due to foreclosure				(2,003)
Net change in other comprehensive income due to bonds	8,718	(2,967)	10,776	2,066
Income tax (benefit) expense		458
Foreign currency translation adjustment	(833)	(134)	(923)	(221)
Other comprehensive income allocable to common shareholders	7,885	(2,643)	9,853	1,845
Other comprehensive loss allocable to noncontrolling interests:
Foreign currency translation adjustment		(8,032)	24	(9,366)
Comprehensive income (loss) to common shareholders	11,302	9,969	20,018	25,646
Comprehensive loss to noncontrolling interests	(13,780)	(15,170)	(42,228)	(41,928)
Comprehensive (loss) income	$ (2,478)	$ (5,201)	$ (22,210)	$ (16,282)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 9 months ended Sep. 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	$ 10,165		10,165	(42,252)	(32,087)
Other comprehensive income		9,853	9,853	24	9,877
Contributions				575	575
Distributions				(106)	(106)
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	$ 472		472		472
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	41
Common share repurchases	$ (6,547)		(6,547)		(6,547)
Common share repurchases (in shares)	(591)
Balance at Sep. 30, 2015	$ 38,575	$ 66,305	$ 104,880	$ 188,328	$ 293,208
Balance (in shares) at Sep. 30, 2015	6,678

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (32,087)	$ (8,761)
Adjustments to reconcile net loss to net cash used in operating activities:
Net equity in losses from equity investments in partnerships	15,892	19,248
Net gains on bonds	(5,001)	(8,218)
Net gains on real estate	(10,075)	(17,653)
Net gains (losses) on derivatives and loans	(657)	(349)
Advances on and originations of loans held for sale	(6,752)
Net gains due to initial real estate consolidation and foreclosure		(2,003)
Subordinate debt effective yield amortization and interest accruals	2,122	5,321
Depreciation and other amortization	1,847	7,310
Foreign currency loss	365	3,525
Stock-based compensation expense	1,702	1,808
Change in asset management fees payable related to CFVs	(4,448)
Other	64	(5,824)
Net cash used in operating activities	(11,791)	(1,028)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment	29,255	9,587
Advances on and originations of loans held for investment	(1,045)	(8,125)
Advances on and purchases of bonds	(15,123)	(8,380)
Investments in property partnerships and real estate	(27,002)	(24,537)
Proceeds from the sale of real estate and other investments	37,533	61,195
Decrease in restricted cash and cash of CFVs	19,907	21,216
Capital distributions received from investments in property partnerships	6,410	13,922
Net cash provided by investing activities	49,935	64,878
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	32,743
Repayment of borrowings	(37,232)	(75,478)
Purchase of treasury stock	(6,547)	(6,938)
Other	167	(1,621)
Net cash used in financing activities	(10,869)	(84,037)
Net increase (decrease) in cash and cash equivalents	27,275	(20,187)
Cash and cash equivalents at beginning of period	29,619	66,794
Cash and cash equivalents at end of period	56,894	46,607
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	6,091	10,171
Income taxes paid	224	302
Non-cash investing and financing activities:
Unrealized gains (losses) included in other comprehensive income	9,877	(7,521)
Debt and liabilities extinguished through sales and collections on bonds and loans	17,140	22,552
Increase in debt through loan fundings	4,886
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures		11,058
Decrease in common equity and increase in noncontrolling equity due to purchase of noncontrolling interest	397	2,849
Consolidated Funds and Ventures [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	(45,077)	(29,136)
Adjustments to reconcile net loss to net cash used in operating activities:
Net equity in losses from equity investments in partnerships	$ 16,266	18,812
Net gains related to CFVs		$ (15,987)

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 CONSOL ID ATED 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 September 30, 2015 (this “ Report ”), the “ Company, ” “ MMA, ” “ 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 (“ LIHTCs ”) and Other Investments and Obligations. The Leveraged Bonds business line finances 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 subordinate 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 finance 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 IHS- managed funds. 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 bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“ CFVs ”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. Basis of Presentation and Significant Accounting Policies The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments 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 Consolidation In February 2015, the Financial Accounting Standards Board (“ FASB ”) issued ASU No. 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis, ” which amends current guidance related to the consolidation of legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance removed the specialized consolidation model surrounding limited partnerships and similar entities and amended the requirements that such entities must meet to qualify as voting interest entities. In addition, the guidance eliminated certain of the conditions for evaluating whether fees paid to a decision maker or service provider represented a variable interest. The new guidance is effective for us on January 1, 2016 with early adoption permitted. The Company is currently evaluating the potential impact of the new guidance on our consolidated financial statements. 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 related to a note shall be reported in the Consolidated Balance Sheets as a direct d eduction from the face amount of that note. In this regard, debt issuance costs shall not be classified separately from related debt obligations as a deferred charge. Therefore, as a result of adopting this guidance, the Company reclassified in its Consolidated Balance Sheets $2.9 million of debt issuance costs at December 31, 2014, from “Other Assets” to “Debt , ” thereby decreas ing the carrying value of our recognized debt obligations for presentational purposes.

BONDS AVAILABLE-FOR-SALE

BONDS AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 2015
Available-For-Sale Securities [Abstract]
BONDS AVAILABLE-FOR-SALE	NOTE 2 — BONDS AVAILABLE-FOR-SALE Bonds Available-for-Sale The Company’s bond portfolio is comprised primarily of multifamily tax-exempt bonds, but also includes other real estate related bond investments. M ultifamily tax-exempt 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 investments in other real estate related bonds include municipal bonds that are issued to finance the development of community infrastructure that supports mixed-use and commercial developments and that are secured by incremental tax revenues generated from the development . Investments in other real estate related bonds also include senior investments in a trust collateralized by a pool of tax-exempt municipal bonds that finance a variety of non-profit projects such as hospitals, healthcare facilities, charter schools and airports, as well as a subordinate investment in a collateralized mortgage backed security that finances multifamily housing. The weighted average pay rate on the Company’s bond portfolio was 5.5% and 5.2% at September 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 unpaid principal balance (“ UPB ”) for the preceding 12 months for the population of bonds at September 30, 2015 and December 31, 2014, respectively. The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair FV as a % (in thousands) UPB Cost (1) Gains Losses Value of UPB Multifamily tax-exempt bonds $ $ $ $ ─ $ Other real estate related bond investments ─ Total $ $ $ $ ─ $ At December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair FV as a % (in thousands) UPB Cost (1) Gains Losses (2), (3) Value of UPB Multifamily tax-exempt bonds $ $ $ $ $ Other real estate related bond investments ─ 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 December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be OTTI and $0.3 million represents unrealized losses that were not considered OTTI. (3) 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 factors that contribut ed to the $4.8 million decrease in the reported fair value of the Company’s bond portfolio during the nine months ended September 30, 2015 . Maturity Principal payments on the Company’s investments in bonds are based on contractual terms that are set forth in the offering documents for such investments . If principal payments are not required to be made prior to the contractual maturity of a bond , its UPB is required to be paid in a lump sum payment at contractual maturity or at such earlier time as may be provided under the offering documents. At September 30, 2015, six bonds ( that have a combined amortized cost of $15.0 million and combined fair value of $24.9 million) were non-amortizing with principal due in full between November 2044 and August 2048 . The remaining bonds are amortizing with stated maturity dates between September 2017 and June 2056 . Bonds with Prepayment Features The contractual terms of substantially all of the Company’s investments in bonds include provisions that permit the bonds to be prepaid at par after a specified date that is prior to the stated maturity date. The following table provides information about the UPB, amortized cost and fair value of the Company’s investments in bonds that were prepayable at par at September 30, 2015, as well as stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par: (in thousands) UPB Amortized Cost Fair Value September 30, 2015 $ $ $ October 1 through December 31, 2015 ─ ─ ─ 2016 ─ ─ ─ 2017 ─ ─ ─ 2018 2019 ─ ─ ─ Thereafter Bonds that may not be prepaid Total $ $ $ Non-Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $ 40.5 million and $43.6 million at September 30, 2015 and December 31, 2014, respectively. During the period in which such bonds were on non-accrual status , the Company recognized interest income on a cash basis of $0.4 million and $3.4 million for the three months ended September 30, 2015 and 2014, respectively, and $1.2 million and $4.6 million for the nine months ended September 30, 2015 and 2014, respectively. Interest income not recognized during the period in which these investments in bonds were on non-accrual status was $0.4 million and $0.9 million for the three months ended September 30, 2015 and 2014, respectively, and $1.3 million and $2.3 million for the nine months ended September 30, 2015 and 2014, respectively. Bond Aging Analysis The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as the fair value of bonds that were past due with respect to principal or interest payments: At At September 30, December 31, (in thousands) 2015 2014 Total current $ $ 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater Total $ $ Bond Sales and Redemptions The Company recognized cash proceeds in connection with sales and redemptions of its investments in bonds of $10.9 million and $7.4 million for the nine months ended September 30, 2015 and 2014, respectively. The following table provides information about net realized gains that were recognized in connection with the Company’s investments in bonds at the time of their sale or redemption (in the Consolidated Statements of Operations as a component of “Other expenses” and “Net gains on bond s” ): For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net impairment recognized on bonds held at each period-end $ ─ $ $ ─ $ Net impairment recognized on bonds sold/redeemed during each period ─ ─ ─ Gains recognized at time of sale or redemption Total net gains on bonds $ $ $ $

INVESTMENTS IN PREFERRED STOCK

INVESTMENTS IN PREFERRED STOCK	9 Months Ended
	Sep. 30, 2015
INVESTMENT IN PREFERRED STOCK [Abstract]
INVESTMENTS IN PREFERRED STOCK	NOTE 3—INVESTMENTS IN PREFERRED STOCK The Company’s investments in preferred stock are prepayable at any time and represent an interest in a private national mortgage lender and servicer that specializes in affordable and market rate multifamily housing, senior housing and healthcare. At September 30, 2015, the carrying value of the Company’s investments in preferred stock 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 account s for its investment in preferred stock using the cost method of accounting and tests such investment for impairment at each balance sheet date. The Company did not recognize any impairment losses associated with its investment in preferred stock for the nine months ended September 30, 2015 and 2014. As of September 30, 2015, a significant portion of our investment in preferred stock ($25.0 million) was the referenced asset in two total return swap agreements that expire on March 31, 2016. On October 30, 2015, the Company’s investments in preferred stock were fully redeemed by the issuer at a par value of $36.6 million and, as a result, the Company terminated the two aforementioned total return swaps and will recognize a gain of $5.2 million during the fourth quarter of 2015. Refer to Note 6, “Debt,” for more information.

INVESTMENTS IN REAL ESTATE PART

INVESTMENTS IN REAL ESTATE PARTNERSHIPS	9 Months Ended
	Sep. 30, 2015
INVESTMENTS IN REAL ESTATE PARTNERSHIPS [Abstract]
INVESTMENT IN REAL ESTATE PARTNERSHIPS	NOTE 4— INVESTMENTS IN PARTNERSHIPS The following table provides information about the carrying value of the Company’s investments in partnerships. At At September 30, December 31, (in thousands) 2015 2014 Investments in U.S. real estate partnerships $ $ Investments in IHS-managed funds Investment in a solar joint venture ─ Investments in Lower Tier Property Partnerships (“ LTPPs ”) related to CFVs (1) Total investments in partnerships $ $ (1) See Note 15, “Consolidated Funds and Ventures,” for more information. Investments in U.S. Real Estate Partnerships At September 30, 2015, $16.3 million of the reported carrying value of investments in U.S. real estate partnerships pertains to an equity investment made by the Company in a real estate venture that was formed during the fourth quarter of 2014. The Company accounts for this investment using the equity method of accounting . The Company made an initial contribution of $8.8 million , which represent ed 80% of the real estate venture’s initial capital. The Company has rights to a preferred return on its capital contribution, as well as rights to share in excess cash flows of the real estate venture. At September 30, 2015, the majority of the remaining balance ($ 6.1 million) of investments in U.S. real estate partnerships pertains to an equity investment that represents a 33% ownership 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 this investment using the equity method of accounting . The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ Total liabilities The following table provides information about the net loss recognized by the Company in connection with its equity investment in U.S. real estate partnerships: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net loss $ $ $ $ Investments in IHS-managed Funds At September 30, 2015, the Company held equity co-investments in three IHS-managed funds (SAWHF, IHS Residential Partners I and IHS Fund II) that rang e from a 1.8% to a 4.25% ownership interest in such funds . 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 has rights to an allocation of profits from such funds (the latter of which is often referred to 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 using the equity method of accounting. At September 30, 2015, the carrying basis of the Company’s equity investment in SAWHF , IHS Residential Partners I and IHS Fund II was $1.5 million, $1.5 million and $39,118 , respective ly. The Company recognizes an impairment loss for equity method investments when evidence demonstrates that the loss is other-than-temporary. During the third quarter of 2015, the Company assessed that its co-investment in SAWHF was other-than-temporarily impaired and recognized a loss of $1.6 million in its Consolidated Statements of Operations as a component of “Other expenses” as a result of adjusting the carrying value of such investment to its fair value. The following table provides information about the carrying value of total assets (primarily real estate) and liabilities of the three IHS-managed funds in which the Company held an equity investment: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ Total liabilities The table that follows below provides information about the net (loss) income recognized by the Company in connection with its equity investments in the three IHS-managed funds. However, the net loss that was recognized for the three months and nine months ended September 30, 2014 was related only to IHS Residential Partners I since, during such reporting periods, no capital had been called for IHS Fund II and SAWHF was consolidated by the Company for reporting purposes (such that its equity investment in SAWHF was eliminated for reporting purposes in consolidation). For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net (loss) income $ $ $ $ Investment in a Solar Joint Venture On July 15, 2015, the Company entered into a joint venture with a third party to provide capital for the development and construction of solar power projects throughout the U.S. (hereinafter, the “ Solar Joint Venture ”). The Company is primarily responsible for the day-to-day management and operation of the Solar Joint Venture and day-to-day oversight of its investments. In return for providing this service, the Company receives an administrative member cost reimbursement fee that is recognized in the Consolidated Statements of Operations as a component of “Asset management fees and reimbursements.” The Company’s initial capital commitment was $25.0 million, which represented a 50% ownership interest in the Solar Joint Venture. As of September 30, 2015, the Company had contributed $25.0 million in capital to the Solar Joint Venture. The Company accounts for its investment in the Solar Joint Venture using the equity method of accounting. On October 28, 2015, the Operating Agreement of the Solar Joint Venture was amended to increase the capital commitment for each member to $50.0 million. The following table provides information about the carrying amount of total assets (primarily cash and solar construction and development loans) and liabilities of the Solar Joint Venture in which the Company held an equity investment at September 30, 2015: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ ─ Total liabilities ─ The following table displays the net income recognized by the Company in connection with its equity investment in the Solar Joint Venture: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net income $ $ ─ $ $ ─

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Other Assets	NOTE 5—OTHER ASSETS The following table provides information related to the carrying value of the Company’s other assets: At At September 30, December 31, (in thousands) 2015 2014 Other assets: Loans held for investment $ $ Loans 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) See Note 15, “Consolidated Funds and Ventures,” for more information. 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 provides information about the amortized cost and allowance for loan losses that was recognized in the Company’s Consolidated Balance Sheets related to loans tha t it classified as HFI: At At September 30, December 31, (in thousands) 2015 2014 Amortized cost $ $ Allowance for loan losses Loans held for investment, net $ $ At September 30, 2015 and December 31, 2014, HFI loans had an UPB of $9.5 million and $40.9 million, respectively, as well as deferred fees and other basis adjustments of $0.3 million and $0.7 million, respectively. At September 30, 2015 and December 31, 2014, HFI loans that were specifically impaired had an UPB of $1.1 million and $18.4 million, respectively, and were not accruing interest. The carrying value for HFI loans on non-accrual status was $0.3 million at September 30, 2015 and December 31, 2014. At September 30, 2015 and December 31, 2014, no HFI loans that were 90 days or more past due related to scheduled principal or interest payments were still accruing interest. At September 30, 2015, the Company had a $13.0 million subordinate loan receivable relating to the seller financing previously provided to MGM. This loan is not recognized for financial statement purposes because the conveyance of the Company’s LIHTC business to MGM was not reported as a sale. Interest collected during the three months and nine months ended September 30, 2015 on the seller financing was $0.4 million and $1.0 million, respectively, which was recorded as a deferred gain through “Other liabilities.” At September 30, 2015, the cumulative amount of the deferred gain on the seller financing, which is recognized in the Consolidated Balance Sheets as a component of “Other Liabilities,” was $4.3 million ( $2.9 million of principal collected and $1.4 million of interest collected). Loans Held for Sale At September 30, 2015, loans held for sale (“ HFS ”) primarily included five solar loans. These loans were conveyed to the Solar Joint Venture during the third quarter of 2015 at par value, thereby generating cash proceeds of $7.2 million. However, such conveyance was treated as a secured borrowing for reporting purposes. See Note 6, “Debt” for more information . At September 30, 2015, there were no solar loans that were 90 days or more past due, and there were no solar loans that were placed on non-accrual status. The Company recognized i nterest income on its solar loans of $0.2 million and $0.3 million for the three and nine months ended September 30, 2015 , respectively. Unfunded Loan Commitments The Company had no unfunded loan commitments at September 30, 2015 and December 31, 2014. Real Estate Owned The following table provides information about the carrying value of the Company’s real estate owned: At At September 30, December 31, (in thousands) 2015 2014 Real estate held for sale $ ─ $ Real estate held for use Total real estate $ $ During the third quarter of 2015, the Company sold undeveloped land that was classified as HFS and recognized a gain on sale of $4.3 million in its Consolidated Statements of Operations . Asset Management Fees and Reimbursements Receivable At September 30, 2015, the Company had $ 3.0 million of recognized asset management fees and reimbursements receivable s recognized in its Consolidated Balance Sheets, of which $2.7 million was due from IHS-managed funds and ventures. Derivative Assets At September 30, 2015, the Company had $3.6 million of recognized derivative assets. See Note 7, “Derivative Financial Instruments , ” for more information. Solar Facilities At September 30, 2015, the Company owned five solar facilities that were classified as HFS and had a carrying value of $2.5 million . These facilities generate energy that is sold under long-term power purchase agreements to the owner or lessee of the properties on which the projects are built.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	NOTE 6—DEBT The table below provides information about the carrying values and weighted-average interest rate s of the Company’s debt obligations that were outstanding : At At September 30, 2015 December 31, 2014 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate 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 debt (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 CFVs Due within one year $ $ Due after one year ─ ─ ─ ─ Total debt related to CFVs $ $ Total debt $ $ (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is recognized 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 were unamortized debt issuance costs of $0.1 million and less than $0.1 million at September 30, 2015 and December 31, 2014, respectively. (3) The subordinate debt balances include a net adjustment of $9.3 m illion and $7.2 million at September 30, 2015 and December 31, 2014, respectively. These adjustments were comprised of net premiums due to effective interest adjustments of $12.0 million and $10.1 million at September 30, 2015 and December 31, 2014, respectively, offset by debt issuance costs of $2.7 million and $2.8 million at September 30, 2015 and December 31, 2014, respectively. Covenant Compliance and Debt Maturities The following table provides information about scheduled principal payment s associated with the Company’s debt agreements that were outstanding at September 30, 2015: Asset Related Debt CFVs (in thousands) and Other Debt Related Debt Total Debt 2015 $ $ $ 2016 ─ 2017 ─ 2018 ─ 2019 ─ Thereafter ─ Net premium and debt issue costs ─ Total $ $ $ At September 30, 2015, the Company was not in default under any of its debt obligations . Asset Related Debt Notes Payable and Other Debt – Bond Related These debt obligations pertain to bonds that are classified as available-for-sale and that were financed by the Company through total return swaps. That is, in such transactions, the Company conveyed its interest in investments in bonds to a counterparty in exchange for cash consideration while simultaneously executing total return swaps with the same counterparty for purposes of retaining the economic risks and returns of such investments. The conveyance of the Company’s interest in bonds was treated for reporting purposes as a secured borrowing while total return swaps that were executed simultaneously with such conveyance did not receive financial statement recognition since such derivative instruments caused the conveyance of the Company’s interest in these bonds not to qualify for sale accounting treatment. Under the terms of the total return swaps, the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $80.4 million with a weighted average pay rate of 5.7% at September 30, 2015). 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 spread on the total return swaps (notional amount of $89.6 million with a weighted average pay rate of 1.3% at September 30, 2015). The Company uses this pay rate on executed total return swaps to accrue interest on its secured borrowing obligations to its counterparty. Interest expense on notes payable and other debt – bond related totaled $1.0 million and $2.1 million for the nine months ended September 30, 2015 and 2014, respectively. Notes Payable and Other Debt – Non-Bond Related At September 30, 2015, notes payable and other debt – non-bond related consisted primarily of the debt obligation that the Company recognized in connection with a conveyance of five solar loans to the Solar Joint Venture during the third quarter of 2015 that did not qualify for sale accounting treatment. Interest expense on notes payable and other debt – non-bond related totaled $0.6 million for the nine months ended September 30, 2015 and 2014. Other Debt Subordinate Debt The table below provides information about the key terms of the subordinate debt that was issued by MMA Financial Inc. (“ MFI ”) and MMA Financial Holdings, Inc. (“ MFH ”) and that was outstanding at September 30, 2015: (dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFI $ $ $ Amortizing December 2027 and December 2033 8.00% 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% $ $ $ Interest expense on the subordinate debt totaled $5.0 million and $7.7 million for the nine months ended September 30, 2015 and 2014, respectively. Notes Payable and Other Debt This debt primarily relates to the Company’s investments in preferred stock that it financed using total return swaps (i.e., consistent with the approach described above for Notes Payable and Other Debt – Bond Related). This debt is non-amortizing and, reflective of payment terms in corresponding total return swaps, b o r e an interest rate of 3-month London Interbank Offer Rate (“ LIBOR ”) plus 400 basis points (“ bps ”) ( 4.3% at September 30, 2015) that resets on a quarterly basis . As discussed in Note 3, “Investments in Preferred Stock,” this debt was repaid on October 30, 2015 as a result of the preferred stock redemption and t here was no gain or loss recognized by the Company in connection with the repayment of such debt. Additionally, on November 12, 2015, the Company reached an agreement to acquire at a significant discount from the bankruptcy estate of one of the co-founders of IHS, all interests held by such estate in the Company’s subsidiaries or affiliates, including notes payable and other debt obligations of the Company that had a carrying value in the Consolidated Balance Sheets of approximately $4.4 million as of September 30, 2015. Among other provisions, such purchase agreement provides for the release and discharge of the Company from its payment obligations associated with such debt instruments. As a result, and based on all consideration to be exchanged under the agreement, the Company will recognize during the fourth quarter of 2015 a net gain in its Consolidated Statements of Operations that is estimated to be between $3.0 million and $3.5 million. Letters of Credit The Company had no letters of credit outstanding at September 30, 2015.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	NOTE 7— DERIVATIVE INSTRUMENTS Derivative instruments that are recognized in the Consolidated Balance Sheets are subsequently measured on a fair value basis. In this case, changes in fair value of such instruments are recognized in the Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative assets and derivative liabilities : Fair Value At At September 30, 2015 December 31, 2014 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ $ $ $ Interest rate cap ─ ─ Interest rate swap ─ ─ Total derivative instruments $ $ $ $ The following table provides information about the notional amounts of the Company’s derivative instruments: Notional Amounts At At September 30, December 31, (in thousands) 2015 2014 Total return swaps $ $ Interest rate cap Interest rate swap Total derivative instruments $ $ The following table provides information about the realized and unrealized gains (losses) that were recognized by the Company in connection with its derivative instruments: Realized/Unrealized Gains (Losses) Realized/Unrealized Gains (Losses) for the three months ended for the nine months ended September 30, September 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 total return swaps that was reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. Net cash received was $1.0 million for the three months ended September 30, 2015 and 2014. Net cash received was $3.0 million and $1.7 million for the nine months ended September 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 derivatives and loans” on the Consolidated Statements of Operations. Net cash paid was $0.1 million for the three months ended September 30, 2015 and 2014. Net cash paid was $0.2 million for the nine months ended September 30, 2015 and 2014. T otal Return Swaps As of September 30, 2015, the Company had 10 bond related total return swap agreements that were accounted for as derivatives. Under the terms of the se agreements, the counterparty is required to pay the Company an amount equal to the interest payments received on underlying bonds ( which, at September 30, 2015, had a UPB of $87.3 million and a weighted average pay rate of 5.7%) while t he Company is required to pay the counterparty a rate of SIFMA 7-day municipal swap index plus a spread ( weighted average pay rate of 1.7% at September 30, 2015). Additionally, the terms of these total return swaps require that the change in fair value of reference bonds since the inception of such agreements be factored into their cash settlement upon expiry or early termination. Interest rate cap At September 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 September 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 September 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 252 bps at September 30, 2015) and the Company is required to pay the counterparty a fixed interest rate of 6.5% .

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instruments	NOTE 8—FINANCIAL INSTRUMENTS The Company measures the fair value of its financial instruments based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. Generally accepted accounting principles (“ GAAP ”) establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in such measurements. · 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. The following table provides information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes such information based upon the level of the fair value hierarchy within which fair value measurements are categorized: At September 30, 2015 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Investments in preferred stock $ $ ─ $ ─ $ Loans held for investment ─ ─ 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 ─ ─ At December 31, 2014 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Investments in preferred stock $ $ ─ $ ─ $ Loans held for investment ─ ─ 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 held for investment –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 September 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 September 30, 2015 the aggregate fair value was estimated at $45.8 million. At September 30, 2015, the estimated fair value of this debt would have been $59.1 million and $37.4 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	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9— FAIR VALUE MEASUREMENTS Recurring Valuations The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis based upon the level of the fair value hierarchy within which fair value measurements of such assets and liabilities are categorized: Fair Value Measurements At September 30, (in thousands) 2015 Level 1 Level 2 Level 3 Assets: Investments in bonds $ $ ─ $ ─ $ Loans held for sale ─ ─ Derivative assets ─ Liabilities: Derivative liabilities $ $ ─ $ ─ $ Fair Value Measurements At December 31, (in thousands) 2014 Level 1 Level 2 Level 3 Assets: Investments in bonds $ $ ─ $ ─ $ Derivative assets ─ Liabilities: Derivative liabilities $ $ - $ ─ $ Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within GAAP’s fair value hierarchy are attributed in the following table to identified activities that occurred between July 1, 2015 and September 30, 2015: (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, July 1, 2015 $ $ $ $ Net (losses) gains included in earnings ─ Net change in other comprehensive income (1) ─ ─ ─ Impact from purchases ─ ─ ─ Impact from loan originations ─ ─ ─ Impact from sales/redemptions ─ ─ ─ Impact from settlements ─ Balance, September 30, 2015 $ $ $ $ (1) This amount includes $8.3 million of unrealized net holding gains arising during the period, as well as the reversal of $0.4 million of unrealized losses related to bonds that were sold/redeemed. The following table provides information about the earnings impacts of activities whose effects were presented in the table, as well as provides information about additional gains (losses) that were recognized by the Company for the three months ended September 30, 2015: (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (1) Change in unrealized losses related to assets and liabilities still held at September 30, 2015 $ ─ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. Changes in the fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within GAAP’s fair value hierarchy are attributed in the following table to identified activities that occurred between July 1, 2014 and September 30, 2014: (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, July 1, 2014 $ $ $ Net (losses) gains included in earnings Net change in other comprehensive income (1) ─ ─ Impact from purchases ─ ─ Impact from sales/redemptions ─ ─ Impact from settlements ─ ─ Balance, September 30, 2014 $ $ $ (1) This amount includes the reversal of $6.5 million of unrealized gains related to bonds that were redeemed, partially offset by $3.5 million of unrealized net holding gains arising during the period. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the three months ended September 30, 2014: (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 September 30, 2014 $ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred between January 1, 2015 and September 30, 2015: (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ $ ─ $ $ Net gains (losses) included in earnings ─ Net change in other comprehensive income (1) ─ ─ ─ Impact from purchases ─ ─ ─ Impact from loan originations ─ ─ ─ Impact from sales/redemptions ─ ─ ─ Impact from settlements ─ Balance, September 30, 2015 $ $ $ $ (1) This amount includes $14.1 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 $3.5 million of unrealized gains related to bonds that were sold/redeemed. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the nine months ended September 30, 2015 : (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (1) Change in unrealized losses related to assets and liabilities held at January 1, 2015, but settled during the first nine months of 2015 $ $ ─ $ ─ Change in unrealized losses related to assets and liabilities still held at September 30 2015 ─ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred between January 1, 2014 and September 30, 2014 : (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1, 2014 $ $ ─ $ Net (losses) gains included in earnings Net change in other comprehensive income (1) ─ ─ Impact from purchases ─ ─ Impact from sales/redemptions ─ ─ Bonds eliminated due to real estate consolidation and foreclosure ─ ─ Impact from settlements ─ ─ Balance, September 30, 2014 $ $ $ (1) This amount represents $11.3 million of unrealized net holding gains arising during the period, partially offset by the reversal of $ 7.2 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 gains (losses) that were recognized by the Company for the nine months ended September 30, 2014 : (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 September 30 2014 $ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. The following methods or assumptions were used to estimate the fair value of these recurring financial instruments: Bonds a vailable-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 5.8 % and 6.2% at September 30, 2015 and December 31, 2014, respectively, for performing bonds still held in the portfolio at September 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 7.6% and 7.8% at September 30, 2015 and December 31, 2014, for the bonds remaining in our portfolio at September 30, 2015. The weighted average capitalization rate was 6.4% and 6.6% at September 30, 2015 and December 31, 2014, respectively, for the bonds remaining in our portfolio at September 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). Loans held for sale – 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 f inancial i nstruments – The Company estimates fair value, taking into consideration credit risk, using internal models o r third party models , depending on the nature of the derivative contract. Non-recurring Valuations At September 30, 2015 , the Company measured the fair value of its co-investment in SAWHF for purposes of recognizing an impairment loss. The fair value measurement of this instrument, which was categorized as Level 3, was advanced using a discounted cash flow methodology. At December 31, 2014, the Company had no assets that were measured at fair value on a non-recurring basis.

FINANCIAL GUARANTEES AND COLLAT

FINANCIAL GUARANTEES AND COLLATERAL	9 Months Ended
	Sep. 30, 2015
Guarantees And Collateral [Abstract]
Financial Guarantees And Collateral	NOTE 10— FINANCIAL G UARANTEES AND COLLATERAL Guarantees The Company recognized a guaranty obligation for its obligation to stand ready to perform in connection with guarantees that it underwrote in connection with investor yields on certain third party LIHTC Funds and property performance on certain third party LTPPs . Such guarantees will expire by December 31, 2017. The Company does not have any recourse provisions that would enable it to recover from third parties any of the amounts that would be required to be paid under such guarantees. The Company made no cash payments related to these indemnification agreements for the nine months ended September 30, 2015 and 2014. The following table provides information about the maximum exposure and guaranty obligation recognized in the Company’s Consolidated Balance Sheets : At At September 30, 2015 December 31, 2014 Maximum Carrying Maximum Carrying (in thousands) Exposure Amount Exposure Amount Indemnification contracts $ $ $ $ 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 Funds. See Note 15, “Consolidated Funds and Ventures , ” for more information. Collateral and restricted assets The following table summarizes assets that are either pledged or restricted for the Company’s use at September 30, 2015 and December 31, 2014. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s C onsolidated B alance S heets : At September 30, 2015 Bonds Investment Total Restricted Available- in Preferred Other Assets (in thousands) Cash for-sale stock Assets Pledged Debt and derivatives related to TRSs $ $ $ $ ─ $ Other (1) ─ CFVs (2) ─ ─ Total $ $ $ $ $ At December 31, 2014 Bonds Investment Total Restricted Available- in Preferred Other Assets (in thousands) Cash for-sale stock Assets Pledged Debt and derivatives related to TRSs $ $ $ $ ─ $ Other (1) ─ ─ CFVs (2) ─ ─ Total $ $ $ $ $ (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by consolidated LIHTC Funds.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 11—COMMITMENTS AND CONTRINGENCIES Operating Leases As of September 30, 2015, the Company had two non-cancelable operating leases that expir e 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 $ 0.3 million for the three months and nine months ended September 30, 2015 , respectively and $0.1 million and $0.4 million for the three months and nine months ended September 30, 2014, respectively . On October 6, 2015, the Company entered into a new lease agreement that will expire in 2024. The future minimum rental commitments related to this new lease are not reflected in the table below. The following table summarizes the future minimum rental commitments on the two non-cancelable operating leases at September 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. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters when 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 September 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 was a defendant in a purported class action lawsuit originally filed in 2008. The plaintiffs claim ed 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 sought unspecified damages for themselves and the shareholders of the class they purported to represent. The class action lawsuit was brought in the United States District Court for the District of Maryland. The Company filed a motion to dismiss the class action, and in June 2012, the Court issued a ruling dismissing all of the counts alleging any knowing or intentional wrongdoing by the Company or its affiliates, directors and officers. The plaintiffs 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, the only counts remaining in the class action relate d to the Company’s dividend reinvestment plan. The parties negotiated a settlement agreement , which was submitted to the United States District Court for the Districted of Maryland for approval. On September 24, 2015, the Court approved the settlement agreement. On September 25, 2015, the court entered an order dismissing the case in light of the settlement. The settlement 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. The Company will not 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 dur ing the first quarter of 2015.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Equity	NOTE 12— EQUITY Common Share Information The following table provides information about net income to common shareholders as well as provides information that pertains to weighted average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net income from continuing operations $ $ $ $ Net income from discontinued operations Net income 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 September 30, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 345,144 and 337,228 for the three months and nine months ended September 30, 2015, respectively. In addition, 9,468 unvested employee deferred shares had a potential dilutive share impact of 9,468 and 13,318 for the three months and nine months ended September 30, 2015, respectively. For the nine months ended September 30, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (3) At September 30, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 296,882 and 290,150 for the three months and nine months ended September 30, 2014, respectively. In addition, 41,667 unvested employee deferred shares had a potential dilutive share impact of 20,834 for the three months and nine months ended September 30, 2014. For the nine months ended September 30, 2014, 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 nine months ended September 30, 2015, the number of options excluded from the calculations of diluted earnings per share was 24,211 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 nine months ended September 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. Common Shares As of September 30, 2015, the Board had authorized total stock repurchases of up to 2.05 million shares. Between October 1, 2015 and November 6, 2015, the Company repurchased 56,260 shares at an average price of $ 12.97 . As of November 6, 2015, the Company had repurchased 2.0 million shares at an average price of $ 9.13 since the plan’s inception. The maximum price at which management is authorized to purchase shares 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 provides information about the noncontrolling interests in CFVs, IHS and IHS PM: At At September 30, December 31, (in thousands) 2015 2014 CFVs (LIHTC Funds) $ $ IHS ─ IHS PM ─ Total $ $ LIHTC Funds At September 30, 2015 and December 31, 2014, the noncontrolling interest holders were comprised of the limited partners as well as the general partner in 11 LIHTC Funds. IHS At December 31, 2014, 3.7 % of IHS was held by a third party. During the second quarter of 2015, the Company acquired the remaining interest held by a third party and now wholly owns IHS. 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 IHS- managed funds. IHS owns 60 % of IHS PM and the third party property manager owns 40 %. Accumulated Other Comprehensive Income Allocable to Common Shareholders The following table provides information related to the net change in accumulated other comprehensive income (“ AOCI ”) that is allocable to common shareholders for the three months ended September 30, 2015: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, July 1, 2015 $ $ $ $ Unrealized net gains (losses) ─ Reversal of unrealized losses on redeemed bonds ─ ─ Net change in AOCI ─ Balance, September 30, 2015 $ $ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the three months ended September 30, 2014: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, July 1, 2014 $ $ $ $ Unrealized net gains (losses) ─ Reversal of unrealized gains on redeemed bonds ─ ─ Reclassification of unrealized losses to operations due to impairment ─ ─ Income tax benefit ─ ─ Net change in AOCI Balance, September 30, 2014 $ $ ─ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the nine months ended September 30, 2015: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI 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 AOCI ─ Balance, September 30, 2015 $ $ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the nine months ended September 30, 2014: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, January 1, 2014 $ $ ─ $ $ Unrealized net gains (losses) ─ Reversal of unrealized gains on redeemed bonds ─ ─ Reclassification of unrealized losses to operations due to impairment ─ Reversal of unrealized gains from AOCI to Net Income due to foreclosure ─ ─ Other (1) ─ ─ Net change in AOCI ─ Balance, September 30, 2014 $ $ ─ $ $ (1) Transfer of unrealized loss from noncontrolling interest due to IHS share acquisition .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 13— STOCK-BASED COMPENSATION The Company has stock-based compensation plans (“ Plans ”) for Non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation Plans ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-Based Compensation Plans ”). The following table provides information related to t otal compensation expense that was recorded for these Plans: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Employees’ Stock-Based Compensation Plans $ $ $ $ Non-employee Directors’ Stock-Based Compensation Plans Total $ $ $ $ Employees’ Stock-Based Compensation Plans As of September 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. Employee 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 provides information related to option activity under the Employees’ Stock-Based Compensation Plans: Weighted- average Weighted- Remaining average Contractual Exercise Life Aggregate Number of Price per per option Intrinsic Period End (in thousands, except per option data) Options Option (in years) Value (1) Liability (2) Outstanding at January 1, 2014 $ $ $ Forfeited/Expired in 2014 ─ Outstanding at December 31, 2014 Forfeited/Expired in 2015 ─ Outstanding at September 30, 2015 Number of options that were exercisable at: December 31, 2014 September 30, 2015 (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 September 30, 2015, December 31, 2014 and January 1, 2014, respectively. The value of employee options increased by $0.3 million and $1.5 million during the three months and nine months ended September 30, 2015 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 September 30, 2015 will vest in the first quarter of 2016. Weighted- average Grant Deferred Share Date Share Period End (in thousands, except per share data) Grants Price Liability Balance, January 1, 2015 $ $ Granted in 2015 ─ Issued in 2015 Forfeited in 2015 Balance, September 30, 2015 The Company recognized $0.1 million of additional compensation expense related to employee deferred shares during the nine months ended September 30, 2015, mainly driven by the increase in MMA’s share price and amortization of existing grants. Non-employee Directors’ Stock-Based Compensation Plans The Non-employee Directors’ Stock-based Compensation Plans authorize a total of 1,130,000 shares for issuance, of which 428,291 were available to be issued at September 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. The table below summarizes director compensation, including cash, vested options and common and deferred shares, for services rendered for the nine months ended September 30, 2015 and 2014. The directors are fully vested in the deferred shares at the grant date. Common Deferred Weighted- Shares Shares average Grant Options Directors' Fees Cash Granted Granted Date Share Price Vested Expense September 30, 2015 $ $ ─ $ September 30, 2014 ─

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups	NOTE 14— DISCONTINUED OPERATIONS The table below provides information about income and expenses related to the Company’s discontinued operations. The discontinued operations activity reported during the three months ended and nine months ended September 30, 2015 relates to operations that were disposed of prior to the Company’s adoption of Accounting Standards Update No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) ─ Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Income from CFVs $ ─ $ ─ $ ─ $ Income from REO operations ─ ─ ─ Expenses from CFVs ─ ─ ─ Expenses from REO operations ─ ─ ─ Other income Other expense ─ Income tax benefit ─ ─ ─ Net income before disposal activity Disposal: Net gains related to REO ─ ─ Net gains related to CFVs ─ ─ Net income from discontinued operations Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ Net income to common shareholders from discontinued operations $ $ $ $

CONSOLIDATED FUNDS AND VENTURES

CONSOLIDATED FUNDS AND VENTURES	9 Months Ended
	Sep. 30, 2015
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures [Text Block]	NOTE 15— 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. At September 30, 2015 and December 31, 2014, CFVs was comprised only of LIHTC Funds. LIHTC Funds The Company guarantees investor yield for 11 LIHTC Funds. These guarantees fully expire by the end of 2027. At September 30, 2015, the Company’s maximum exposure under these guarantees was estimated to be $558.9 million If the Company was required to perform under these guarantees in order to bring projected investor yield to a guaranteed minimum, it could (subject to third party consent) access, at September 30, 2015, $13.1 million of fund reserves, which are not cross collateralized, and $16.4 million of guarantee collateral. The Company could also defer the collection of debt service on certain of its bonds, to fully or partially cover its guarantee obligation. At September 30, 2015 , the Company had $11.1 million of unamortized fees related to these guarantees. These unamortized fees are included in the Company’s measurement of its common shareholders’ equity. However, for presentation purposes, these unamortized fees are eliminated in consolidation against the 11 LIHTC Funds’ prepaid guarantee fees. 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 At September 30, December 31, (in thousands) 2015 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 LTPPs The LIHTC Funds’ limited partner investments in LTPPs are accounted for using the equity method of accounting . The following table provides the assets and liabilities of the LTPPs: At At September 30, December 31, (in thousands) 2015 2014 Total assets of the LTPPs (1) $ $ Total liabilities of the LTPPs (1) (1) The assets of the LTPPs 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 reported fair value of the Company’s investments in bonds that are secured by properties owned by the LTPPs was $126.9 million and $118.9 million at September 30, 2015 and December 31, 2014, respectively. Liability Summary: The following table summarizes the liabilities of the consolidated LIHTC Funds : At At September 30, December 31, (in thousands) 2015 2014 Debt (1) $ $ Unfunded equity commitments to unconsolidated LTPPs Asset management fee payable Other liabilities Total liabilities of consolidated LIHTC Funds $ $ (1) At September 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 ended For the nine months ended September 30, September 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 gains ─ ─ Net loss on sale of properties ─ ─ ─ Equity in losses from LTPPs 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 $12,706 and $12,343 of net gain allocable to the minority interest holder in IHS PM for the three months and nine months ended September 30, 2015, respectively. Excludes $77,326 of net loss allocable to the minority interest holder in IHS for the nine months ended September 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 ended September 30, 2014. The details of Net (loss) income allocable to the common shareholders related to CFVs: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Asset management fees $ ─ $ $ ─ $ Interest income ─ ─ Guarantee fees Equity in losses from LTPPs Equity in income from SAWHF ─ ─ Other expenses ─ ─ Net (loss) income allocable to the common shareholders related to CFVs $ $ $ $

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	NOTE 16— 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 nine months ended September 30, 2014 based on these segments, which had no impact on Net income (loss) to common shareholders. For the three months ended September 30, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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 ─ ─ Expenses from CFVs ─ ─ − (1) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ − − ─ Equity in income (losses) 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 from discontinued operations, net of tax − ─ − ─ Net income (loss) ─ (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations − − ─ Net income (loss) allocable to common shareholders $ $ $ $ ─ $ ─ $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the third quarter of 2015 through an allocation of income (see Note 15, “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 LTPPs 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 $1.1 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the three months ended September 30, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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) Expenses from CFVs ─ ─ ─ (5) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ ─ Equity in losses from unconsolidated funds and ventures − ─ ─ Net gains related to CFVs − − − ─ Equity in (losses) income from Lower Tier Property Partnerships of CFVs (6) − (6) (4) Income (loss) from continuing operations before income taxes ─ Income tax expense ─ ─ ─ ─ Income from discontinued operations, net of tax ─ ─ ─ Net income (loss) ─ Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations ─ ─ ─ ─ Net income (loss) allocable to common 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 was 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 $1.2 million of asset management fees and $0.4 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the third 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 SAWHF (i.e., 2.7% of the SAWHF’s third 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 $0.2 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 LTPPs 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 $0.3 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the nine months ended September 30, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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 ─ ─ Expenses from CFVs ─ ─ ─ (1) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ ─ ─ ─ Equity in 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 from discontinued operations, net of tax ─ ─ ─ ─ Net income (loss) ─ (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations − − ─ Net income (loss) allocable to common shareholders $ $ $ $ ─ $ ─ $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the first nine months of 2015 through an allocation of income (see Note 15, “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 LTPPs 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 $3.8 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the nine months ended September 30, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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) Expenses from CFVs ─ ─ ─ (5) Total operating and other expenses Net gains on assets, 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) income from Lower Tier Property Partnerships of CFVs (6) ─ (6) (4) Income (loss) from continuing operations before income taxes ─ Income tax expense ─ ─ ─ ─ Income (loss) from discontinued operations, net of tax ─ ─ ─ Net income (loss) ─ Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations ─ ─ ─ Related to discontinued operations ─ ─ ─ ─ Net income (loss) allocable to common 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 $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $1.9 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 $1.9 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.0 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first nine 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 SAWHF (i.e., 2.7% of the SAWHF’s 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 $0.4 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 LTPPs 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 $2.2 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. The following table provides information about total assets by segment: September 30, December 31, (in thousands) 2015 2014 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)	9 Months Ended
	Sep. 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 bonds, derivative financial instruments, guarantee obligations, and certain assets and liabilities of consolidated funds and ventures (“ CFVs ”). Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments 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 Consolidation In February 2015, the Financial Accounting Standards Board (“ FASB ”) issued ASU No. 2015-02, “ Consolidation (Topic 810): Amendments to the Consolidation Analysis, ” which amends current guidance related to the consolidation of legal entities such as limited partnerships, limited liability corporations and securitization structures. The guidance removed the specialized consolidation model surrounding limited partnerships and similar entities and amended the requirements that such entities must meet to qualify as voting interest entities. In addition, the guidance eliminated certain of the conditions for evaluating whether fees paid to a decision maker or service provider represented a variable interest. The new guidance is effective for us on January 1, 2016 with early adoption permitted. The Company is currently evaluating the potential impact of the new guidance on our consolidated financial statements. 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 related to a note shall be reported in the Consolidated Balance Sheets as a direct d eduction from the face amount of that note. In this regard, debt issuance costs shall not be classified separately from related debt obligations as a deferred charge. Therefore, as a result of adopting this guidance, the Company reclassified in its Consolidated Balance Sheets $2.9 million of debt issuance costs at December 31, 2014, from “Other Assets” to “Debt , ” thereby decreas ing the carrying value of our recognized debt obligations for presentational purposes.

BONDS AVAILABLE-FOR-SALE (Table

BONDS AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 2015
Available-For-Sale Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables provide information about the UPB, amortized cost, gross unrealized gains, gross unrealized losses and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale: At September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair FV as a % (in thousands) UPB Cost (1) Gains Losses Value of UPB Multifamily tax-exempt bonds $ $ $ $ ─ $ Other real estate related bond investments ─ Total $ $ $ $ ─ $ At December 31, 2014 Gross Gross Amortized Unrealized Unrealized Fair FV as a % (in thousands) UPB Cost (1) Gains Losses (2), (3) Value of UPB Multifamily tax-exempt bonds $ $ $ $ $ Other real estate related bond investments ─ 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 December 31, 2014, $0.6 million represents the non-credit loss component for certain unrealized losses deemed to be OTTI and $0.3 million represents unrealized losses that were not considered OTTI. 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 with Prepayment Features	(in thousands) UPB Amortized Cost Fair Value September 30, 2015 $ $ $ October 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 information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as the fair value of bonds that were past due with respect to principal or interest payments: At At September 30, December 31, (in thousands) 2015 2014 Total current $ $ 30-59 days past due ─ ─ 60-89 days past due ─ ─ 90 days or greater Total $ $
Gain (Loss) on Investments	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net impairment recognized on bonds held at each period-end $ ─ $ $ ─ $ Net impairment recognized on bonds sold/redeemed during each period ─ ─ ─ Gains recognized at time of sale or redemption Total net gains on bonds $ $ $ $

INVESTMENTS IN REAL ESTATE PA26

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Tables)	9 Months Ended
	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule of Real Estate Investment Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships. At At September 30, December 31, (in thousands) 2015 2014 Investments in U.S. real estate partnerships $ $ Investments in IHS-managed funds Investment in a solar joint venture ─ Investments in Lower Tier Property Partnerships (“ LTPPs ”) related to CFVs (1) Total investments in 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 Real Estate Investment Partnerships	The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ Total liabilities The following table provides information about the net loss recognized by the Company in connection with its equity investment in U.S. real estate partnerships: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net loss $ $ $ $
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Real Estate Investment Partnerships	The following table provides information about the carrying value of total assets (primarily real estate) and liabilities of the three IHS-managed funds in which the Company held an equity investment: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ Total liabilities The table that follows below provides information about the net (loss) income recognized by the Company in connection with its equity investments in the three IHS-managed funds. However, the net loss that was recognized for the three months and nine months ended September 30, 2014 was related only to IHS Residential Partners I since, during such reporting periods, no capital had been called for IHS Fund II and SAWHF was consolidated by the Company for reporting purposes (such that its equity investment in SAWHF was eliminated for reporting purposes in consolidation). For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net (loss) income $ $ $ $
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Real Estate Investment Partnerships	The following table provides information about the carrying amount of total assets (primarily cash and solar construction and development loans) and liabilities of the Solar Joint Venture in which the Company held an equity investment at September 30, 2015: At At September 30, December 31, 2015 2014 (in thousands) Total assets $ $ ─ Total liabilities ─ The following table displays the net income recognized by the Company in connection with its equity investment in the Solar Joint Venture: For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net income $ $ ─ $ $ ─

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	At At September 30, December 31, (in thousands) 2015 2014 Other assets: Loans held for investment $ $ Loans 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) See Note 15, “Consolidated Funds and Ventures,” for more information.
Schedule of Accounts, Notes, Loans and Financing Receivable	At At September 30, December 31, (in thousands) 2015 2014 Amortized cost $ $ Allowance for loan losses Loans held for investment, net $ $
Real Estate Owned	At At September 30, December 31, (in thousands) 2015 2014 Real estate held for sale $ ─ $ Real estate held for use Total real estate $ $

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debt	At At September 30, 2015 December 31, 2014 Weighted-Average Weighted-Average Carrying Effective Interest Carrying Effective Interest (dollars in thousands) Value Rate Value Rate 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 debt (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 CFVs Due within one year $ $ Due after one year ─ ─ ─ ─ Total debt related to CFVs $ $ Total debt $ $ (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is recognized 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 were unamortized debt issuance costs of $0.1 million and less than $0.1 million at September 30, 2015 and December 31, 2014, respectively. (3) The subordinate debt balances include a net adjustment of $9.3 m illion and $7.2 million at September 30, 2015 and December 31, 2014, respectively. These adjustments were comprised of net premiums due to effective interest adjustments of $12.0 million and $10.1 million at September 30, 2015 and December 31, 2014, respectively, offset by debt issuance costs of $2.7 million and $2.8 million at September 30, 2015 and December 31, 2014, respectively.
Schedule of Maturities of Long-term Debt	Asset Related Debt CFVs (in thousands) and Other Debt Related Debt Total Debt 2015 $ $ $ 2016 ─ 2017 ─ 2018 ─ 2019 ─ Thereafter ─ Net premium and debt issue costs ─ Total $ $ $
Schedule of Subordinate Debt	(dollars in thousands) Net Premium Interim and Debt Principal Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon MFI $ $ $ Amortizing December 2027 and December 2033 8.00% 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% $ $ $

DERIVATIVE FINANCIAL INSTRUME29

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the Company’s Derivative Assets and Liabilities	Fair Value At At September 30, 2015 December 31, 2014 (in thousands) Assets Liabilities Assets Liabilities Total return swaps $ $ $ $ Interest rate cap ─ ─ Interest rate swap ─ ─ Total derivative instruments $ $ $ $
Schedule of Derivative Notional Amounts	Notional Amounts At At September 30, December 31, (in thousands) 2015 2014 Total return swaps $ $ Interest rate cap Interest rate swap Total derivative instruments $ $
Schedule of Derivatives Not Designated as Hedging Instruments	Realized/Unrealized Gains (Losses) Realized/Unrealized Gains (Losses) for the three months ended for the nine months ended September 30, September 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 total return swaps that was reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. Net cash received was $1.0 million for the three months ended September 30, 2015 and 2014. Net cash received was $3.0 million and $1.7 million for the nine months ended September 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 derivatives and loans” on the Consolidated Statements of Operations. Net cash paid was $0.1 million for the three months ended September 30, 2015 and 2014. Net cash paid was $0.2 million for the nine months ended September 30, 2015 and 2014.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Fair Value, by Balance Sheet Grouping	At September 30, 2015 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Investments in preferred stock $ $ ─ $ ─ $ Loans held for investment ─ ─ 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 ─ ─ At December 31, 2014 Carrying Fair Value (in thousands) Amount Level 1 Level 2 Level 3 Assets: Investments in preferred stock $ $ ─ $ ─ $ Loans held for investment ─ ─ 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 ─ ─

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value Measurements At September 30, (in thousands) 2015 Level 1 Level 2 Level 3 Assets: Investments in bonds $ $ ─ $ ─ $ Loans held for sale ─ ─ Derivative assets ─ Liabilities: Derivative liabilities $ $ ─ $ ─ $ Fair Value Measurements At December 31, (in thousands) 2014 Level 1 Level 2 Level 3 Assets: Investments in bonds $ $ ─ $ ─ $ Derivative assets ─ Liabilities: Derivative liabilities $ $ - $ ─ $
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	(in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, July 1, 2015 $ $ $ $ Net (losses) gains included in earnings ─ Net change in other comprehensive income (1) ─ ─ ─ Impact from purchases ─ ─ ─ Impact from loan originations ─ ─ ─ Impact from sales/redemptions ─ ─ ─ Impact from settlements ─ Balance, September 30, 2015 $ $ $ $ (1) This amount includes $8.3 million of unrealized net holding gains arising during the period, as well as the reversal of $0.4 million of unrealized losses related to bonds that were sold/redeemed. (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, July 1, 2014 $ $ $ Net (losses) gains included in earnings Net change in other comprehensive income (1) ─ ─ Impact from purchases ─ ─ Impact from sales/redemptions ─ ─ Impact from settlements ─ ─ Balance, September 30, 2014 $ $ $ (1) This amount includes the reversal of $6.5 million of unrealized gains related to bonds that were redeemed, partially offset by $3.5 million of unrealized net holding gains arising during the period. (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities Balance, January 1, 2015 $ $ ─ $ $ Net gains (losses) included in earnings ─ Net change in other comprehensive income (1) ─ ─ ─ Impact from purchases ─ ─ ─ Impact from loan originations ─ ─ ─ Impact from sales/redemptions ─ ─ ─ Impact from settlements ─ Balance, September 30, 2015 $ $ $ $ (1) This amount includes $14.1 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 $3.5 million of unrealized gains related to bonds that were sold/redeemed. (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities Balance, January 1, 2014 $ $ ─ $ Net (losses) gains included in earnings Net change in other comprehensive income (1) ─ ─ Impact from purchases ─ ─ Impact from sales/redemptions ─ ─ Bonds eliminated due to real estate consolidation and foreclosure ─ ─ Impact from settlements ─ ─ Balance, September 30, 2014 $ $ $ (1) This amount represents $11.3 million of unrealized net holding gains arising during the period, partially offset by the reversal of $7.2 million of unrealized bond losses related to bonds that were redeemed.
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings	(in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (1) Change in unrealized losses related to assets and liabilities still held at September 30, 2015 $ ─ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. (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 September 30, 2014 $ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (1) Change in unrealized losses related to assets and liabilities held at January 1, 2015, but settled during the first nine months of 2015 $ $ ─ $ ─ Change in unrealized losses related to assets and liabilities still held at September 30 2015 ─ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations. (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 September 30 2014 $ $ $ Additional realized gains recognized ─ Total gains (losses) reported in earnings $ $ $ (1) Amounts are reflected through “Other expenses” and “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives and loans” on the Consolidated Statements of Operations.

FINANCIAL GUARANTEES AND COLL32

FINANCIAL GUARANTEES AND COLLATERAL (Tables)	9 Months Ended
	Sep. 30, 2015
Guarantees And Collateral [Abstract]
Schedule of Guarantor Obligations	At At September 30, 2015 December 31, 2014 Maximum Carrying Maximum Carrying (in thousands) Exposure Amount Exposure Amount Indemnification contracts $ $ $ $
Schedule of Financial Instruments Owned and Pledged as Collateral	At September 30, 2015 Bonds Investment Total Restricted Available- in Preferred Other Assets (in thousands) Cash for-sale stock Assets Pledged Debt and derivatives related to TRSs $ $ $ $ ─ $ Other (1) ─ CFVs (2) ─ ─ Total $ $ $ $ $ At December 31, 2014 Bonds Investment Total Restricted Available- in Preferred Other Assets (in thousands) Cash for-sale stock Assets Pledged Debt and derivatives related to TRSs $ $ $ $ ─ $ Other (1) ─ ─ CFVs (2) ─ ─ Total $ $ $ $ $ (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by consolidated LIHTC Funds.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	(in thousands) 2015 $ 2016 2017 2018 2019 Thereafter Total minimum future rental commitments $

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Net income from continuing operations $ $ $ $ Net income from discontinued operations Net income to common shareholders $ $ $ $ Basic weighted-average shares (1) Common stock equivalents (2) (3) (4) ─ ─ Diluted weighted-average shares
Schedule of Noncontrolling Interest	At At September 30, December 31, (in thousands) 2015 2014 CFVs (LIHTC Funds) $ $ IHS ─ IHS PM ─ Total $ $
Schedule of Accumulated Other Comprehensive Income	Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, July 1, 2015 $ $ $ $ Unrealized net gains (losses) ─ Reversal of unrealized losses on redeemed bonds ─ ─ Net change in AOCI ─ Balance, September 30, 2015 $ $ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the three months ended September 30, 2014: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, July 1, 2014 $ $ $ $ Unrealized net gains (losses) ─ Reversal of unrealized gains on redeemed bonds ─ ─ Reclassification of unrealized losses to operations due to impairment ─ ─ Income tax benefit ─ ─ Net change in AOCI Balance, September 30, 2014 $ $ ─ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the nine months ended September 30, 2015: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI 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 AOCI ─ Balance, September 30, 2015 $ $ $ $ The following table provides information related to the net change in AOCI that is allocable to common shareholders for the nine months ended September 30, 2014: Bonds Foreign Available- Income Tax Currency (in thousands) for-sale Expense Translation AOCI Balance, January 1, 2014 $ $ ─ $ $ Unrealized net gains (losses) ─ Reversal of unrealized gains on redeemed bonds ─ ─ Reclassification of unrealized losses to operations due to impairment ─ Reversal of unrealized gains from AOCI to Net Income due to foreclosure ─ ─ Other (1) ─ ─ Net change in AOCI ─ Balance, September 30, 2014 $ $ ─ $ $ (1) Transfer of unrealized loss from noncontrolling interest due to IHS share acquisition .

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Employees’ Stock-Based Compensation Plans $ $ $ $ Non-employee Directors’ Stock-Based Compensation Plans Total $ $ $ $
Summary of Option Activity	Weighted- average Weighted- Remaining average Contractual Exercise Life Aggregate Number of Price per per option Intrinsic Period End (in thousands, except per option data) Options Option (in years) Value (1) Liability (2) Outstanding at January 1, 2014 $ $ $ Forfeited/Expired in 2014 ─ Outstanding at December 31, 2014 Forfeited/Expired in 2015 ─ Outstanding at September 30, 2015 Number of options that were exercisable at: December 31, 2014 September 30, 2015 (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 September 30, 2015, December 31, 2014 and January 1, 2014, respectively.
Schedule of Employee Deferred Shares	Weighted- average Grant Deferred Share Date Share Period End (in thousands, except per share data) Grants Price Liability Balance, January 1, 2015 $ $ Granted in 2015 ─ Issued in 2015 Forfeited in 2015 Balance, September 30, 2015
Summary of Nonemployee Director Stock Award Activity	Common Deferred Weighted- Shares Shares average Grant Options Directors' Fees Cash Granted Granted Date Share Price Vested Expense September 30, 2015 $ $ ─ $ September 30, 2014 ─

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Income from CFVs $ ─ $ ─ $ ─ $ Income from REO operations ─ ─ ─ Expenses from CFVs ─ ─ ─ Expenses from REO operations ─ ─ ─ Other income Other expense ─ Income tax benefit ─ ─ ─ Net income before disposal activity Disposal: Net gains related to REO ─ ─ Net gains related to CFVs ─ ─ Net income from discontinued operations Loss from discontinued operations allocable to noncontrolling interests ─ ─ ─ Net income to common shareholders from discontinued operations $ $ $ $

CONSOLIDATED FUNDS AND VENTUR37

CONSOLIDATED FUNDS AND VENTURES (Tables)	9 Months Ended
	Sep. 30, 2015
Consolidated Funds and Ventures [Abstract]
Schedule of More Information Related to Assets Consolidated Fund or Venture [Table Text Block]	At At September 30, December 31, (in thousands) 2015 2014 Cash, cash equivalents and restricted cash $ $ Investments in LTPPs Other assets Total assets of consolidated LIHTC Funds $ $
Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]	At At September 30, December 31, (in thousands) 2015 2014 Total assets of the LTPPs (1) $ $ Total liabilities of the LTPPs (1) (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.
Schedule of More Information Related to Liabilities Consolidated Fund and Venture [Table Text Block]	At At September 30, December 31, (in thousands) 2015 2014 Debt (1) $ $ Unfunded equity commitments to unconsolidated LTPPs Asset management fee payable Other liabilities Total liabilities of consolidated LIHTC Funds $ $ (1) At September 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.
Schedule of Income Statement of Consolidated Funds and Ventures [Table Text Block]	For the three months ended For the nine months ended September 30, September 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 gains ─ ─ Net loss on sale of properties ─ ─ ─ Equity in losses from LTPPs 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 $12,706 and $12,343 of net gain allocable to the minority interest holder in IHS PM for the three months and nine months ended September 30, 2015, respectively. Excludes $77,326 of net loss allocable to the minority interest holder in IHS for the nine months ended September 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 ended September 30, 2014.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures [Table Text Block]	For the three months ended For the nine months ended September 30, September 30, (in thousands) 2015 2014 2015 2014 Asset management fees $ ─ $ $ ─ $ Interest income ─ ─ Guarantee fees Equity in losses from LTPPs Equity in income from SAWHF ─ ─ Other expenses ─ ─ Net (loss) income allocable to the common shareholders related to CFVs $ $ $ $

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	For the three months ended September 30, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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 ─ ─ Expenses from CFVs ─ ─ − (1) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ − − ─ Equity in income (losses) 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 from discontinued operations, net of tax − ─ − ─ Net income (loss) ─ (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations − − ─ Net income (loss) allocable to common shareholders $ $ $ $ ─ $ ─ $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the third quarter of 2015 through an allocation of income (see Note 15, “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 LTPPs 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 $1.1 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the three months ended September 30, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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) Expenses from CFVs ─ ─ ─ (5) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ ─ Equity in losses from unconsolidated funds and ventures − ─ ─ Net gains related to CFVs − − − ─ Equity in (losses) income from Lower Tier Property Partnerships of CFVs (6) − (6) (4) Income (loss) from continuing operations before income taxes ─ Income tax expense ─ ─ ─ ─ Income from discontinued operations, net of tax ─ ─ ─ Net income (loss) ─ Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations ─ ─ ─ ─ Net income (loss) allocable to common 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 was 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 $1.2 million of asset management fees and $0.4 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the third 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 SAWHF (i.e., 2.7% of the SAWHF’s third 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 $0.2 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 LTPPs 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 $0.3 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the nine months ended September 30, 2015 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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 ─ ─ Expenses from CFVs ─ ─ ─ (1) Total operating and other expenses Net gains on assets, derivatives and extinguishment of liabilities ─ ─ ─ ─ Equity in 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 from discontinued operations, net of tax ─ ─ ─ ─ Net income (loss) ─ (Income) loss allocable to noncontrolling interests: Net (income) losses allocable to noncontrolling interests in CFVs: Related to continuing operations − − ─ Net income (loss) allocable to common shareholders $ $ $ $ ─ $ ─ $ (1) Represents guarantee fees related to the Company’s LIHTC Funds, which were recognized during the first nine months of 2015 through an allocation of income (see Note 15, “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 LTPPs 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 $3.8 million of losses in U.S. Operations and reduced the CFVs losses by the same amount. For the nine months ended September 30, 2014 Income U.S. International Allocation MMA (in thousands) Operations Operations Corporate CFVs Reclassifications 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) Expenses from CFVs ─ ─ ─ (5) Total operating and other expenses Net gains on assets, 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) income from Lower Tier Property Partnerships of CFVs (6) ─ (6) (4) Income (loss) from continuing operations before income taxes ─ Income tax expense ─ ─ ─ ─ Income (loss) from discontinued operations, net of tax ─ ─ ─ Net income (loss) ─ Loss allocable to noncontrolling interests: Net losses allocable to noncontrolling interests in CFVs: Related to continuing operations ─ ─ ─ Related to discontinued operations ─ ─ ─ ─ Net income (loss) allocable to common 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 $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $1.9 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 $1.9 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.0 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during the first nine 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 SAWHF (i.e., 2.7% of the SAWHF’s 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 $0.4 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 LTPPs 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 $2.2 million of losses in U.S. Operations and reduced the CFVs losses by the same amount.
Reconciliation of Assets from Segment to Consolidated	September 30, December 31, (in thousands) 2015 2014 ASSETS U.S. Operations $ $ Corporate Operations International Operations Total segment assets Other adjustments Assets of CFVs Total MMA consolidated assets $ $

DESCRIPTION OF THE BUSINESS A39

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015segmentitem	Dec. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments | segment		3
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	4.90%	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
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 Noncontrolling Owners	40.00%	40.00%	3.70%
Ownership percentage	60.00%

BONDS AVAILABLE-FOR-SALE (Narra

BONDS AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Non Accrual Bonds	$ 40,500		$ 40,500		$ 43,600
Non Accrual Bonds Interest Income Cash Basis Method	400	$ 3,400	1,200	$ 4,600
Interest Income Non Accrual Bonds Not Recognized	400	$ 900	1,300	2,300
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value					1,800
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value					6,000
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	15,000		15,000
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	24,900		24,900
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities, Before Tax					600
Available For Sale Debt Securities Gross Unrealized Losses Excluding Other Than Temporary Impairments					300
Increase Decrease in Fair Value Of Bonds			(4,800)
Proceeds From Sale or Redemption Of Available For Sale Securities			10,900	$ 7,400
Unpaid Principal Balance	226,405		226,405		249,124
Fair Value	$ 218,058		$ 218,058		$ 222,899
Weighted average pay rate on available-for-sale bonds	5.50%		5.50%		5.20%
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 164,020		$ 164,020		$ 192,068
Fair Value	156,324		156,324		167,184
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	62,385		62,385		57,056
Fair Value	$ 61,734		$ 61,734		$ 55,715

BONDS AVAILABLE-FOR-SALE (Bonds

BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 226,405	$ 249,124
Amortized Cost	150,048	165,665
Gross Unrealized Gains	$ 68,010	58,092
Gross Unrealized Losses		(858)
Fair Value	$ 218,058	$ 222,899
FV as a % of UPB	96.00%	89.00%
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 164,020	$ 192,068
Amortized Cost	101,931	126,897
Gross Unrealized Gains	$ 54,393	41,145
Gross Unrealized Losses		(858)
Fair Value	$ 156,324	$ 167,184
FV as a % of UPB	95.00%	87.00%
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 62,385	$ 57,056
Amortized Cost	48,117	38,768
Gross Unrealized Gains	$ 13,617	16,947
Gross Unrealized Losses
Fair Value	$ 61,734	$ 55,715
FV as a % of UPB	99.00%	98.00%

BONDS AVAILABLE-FOR-SALE (Bon42

BONDS AVAILABLE-FOR-SALE (Bonds Without Prepayment Restrictions) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance, September 30, 2015	$ 57,475
Bonds unpaid principal balance, 2018	2,000
Bonds unpaid principal balance, thereafter	166,686
Bonds unpaid principal balance, may not be prepaid	244
Unpaid principal balance	226,405	$ 249,124
Amortized Cost, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2015
Amortized Cost, September 30, 2015	38,117
Amortized Cost, 2018	675
Amortized Cost, Thereafter	111,012
Amortized Cost, Bonds that may not be prepaid	244
Amortized Cost, Total	150,048
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties at March 31, 2015
Fair Value, September 30, 2015	54,499
Fair Value, 2018	2,041
Fair Value, Thereafter	161,268
Fair Value, Bonds that may not be prepaid	250
Fair Value, Total	$ 218,058	$ 222,899

BONDS AVAILABLE-FOR-SALE (Bond

BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Available-For-Sale Securities [Abstract]
Total current	$ 177,575	$ 179,315
90 days or greater	40,483	43,584
Total	$ 218,058	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Available-For-Sale Securities [Abstract]
Net impairment recognized on bonds held at each period-end		$ (113)		$ (113)
Gains recognized at time of sale or redemption	$ 626	7,450	$ 5,001	8,218
Total net gains on bonds	$ 626	$ 7,337	$ 4,822	$ 8,105

INVESTMENTS IN PREFERRED STOCK

INVESTMENTS IN PREFERRED STOCK (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Schedule of Cost-method Investments [Line Items]
Investment in preferred stock, fair value		$ 36,600
Investment in preferred stock		$ 31,371	$ 31,371
Fair Value Assumptions, Expected Dividend Rate		14.40%
Pledged Assets, Not Separately Reported, Nonsecuritized Investments		$ 25,000	$ 31,371
Subsequent Event [Member]
Schedule of Cost-method Investments [Line Items]
Cost-method Investments, Realized Gain (Loss), Excluding Other than Temporary Impairments	$ 5,200

INVESTMENTS IN REAL ESTATE PA46

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 239,880,000	$ 259,422,000
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 22,454,000	22,529,000
Payments to acquire equity method investments		$ 8,800,000
Equity method investment, ownership percentage	33.00%	80.00%
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 16,300,000
U.S. Real Estate Partnerships, Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	6,100,000
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,053,000	$ 5,689,000
Equity In Income From SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	1,500,000
Equity Method Investment, Other than Temporary Impairment	1,600,000
IHS Residential Partners One [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	1,500,000
IHS Fund Two [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	39,118
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	25,078,000
Equity Method Investment, Aggregate Cost	$ 25,000,000
Equity method investment, ownership percentage	50.00%

INVESTMENTS IN REAL ESTATE PA47

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 239,880	$ 259,422
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	22,454	22,529
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,053	5,689
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	25,078
Lower Tier Property Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 189,295	$ 231,204

INVESTMENTS IN REAL ESTATE PA48

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 86,018	$ 83,021
Total liabilities	39,222	34,856
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	251,790	276,007
Total liabilities	103,449	$ 104,863
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	50,812
Total liabilities	$ 984

INVESTMENTS IN REAL ESTATE PA49

INVESTMENTS IN REAL ESTATE PARTNERSHIPS (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ (655)	$ (437)	$ (1,503)	$ (933)
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	(1,291)	$ (1,835)	2,042	$ (2,831)
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 516		$ 516

OTHER ASSETS (Narrative, Loans

OTHER ASSETS (Narrative, Loans Held-for-Investment and Held-for-Sale) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Loans and Leases Receivable Unpaid Principal Balance	$ 9.5	$ 9.5	$ 40.9
Loans and Leases Receivable, Deferred Income	0.3	0.3	0.7
Impaired Financing Receivable, Unpaid Principal Balance	1.1	1.1	$ 18.4
Financing Receivable, Recorded Investment, Nonaccrual Status	0.3	0.3
Interest collected	0.4	1
Loans and Leases Receivable, Deferred Gain	4.3	4.3
Loans and Leases Receivable, Deferred Gain, Principal	2.9	2.9
Loans and Leases Receivable, Deferred Gain, Interest	1.4	1.4
Proceeds from Loans		7.2
Off-balance sheet loan receivable	13	13
Solar Loans [Member]
Interest and Fee Income, Loans and Leases	$ 0.2	$ 0.3

OTHER ASSETS (Narrative, Remain

OTHER ASSETS (Narrative, Remainder) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Gains (Losses) on Sales of Other Real Estate	$ 4,296	$ (18)	$ 9,918	$ (18)
Accrued Fees and Other Revenue Receivable	3,008		3,008		$ 2,454
Derivative Asset, Noncurrent	3,560		3,560		$ 2,726
IHS Funds and Ventures [Member]
Accrued Fees and Other Revenue Receivable	$ 2,700		$ 2,700

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other assets:
Loan receivable held-for-investment	$ 8,482	$ 22,392
Loans receivable held-for-sale	12,040
Real estate owned	2,619	28,562
Asset management fees receivable	3,008	2,454
Derivative assets	3,560	2,726
Accrued interest and dividends receivable	2,227	2,672
Other assets	3,495	2,219
Total other assets	47,856	75,246
Consolidated Funds and Ventures [Member]
Other assets:
Total other assets	9,539	11,128
Solar Facilities Investment [Member]
Other assets:
Total other assets	$ 2,886	$ 3,093

OTHER ASSETS (Loans Held for In

OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortized cost	$ 9,233	$ 40,163
Allowance for loan losses	(751)	(17,771)
Loans held for investment, net	$ 8,482	$ 22,392

OTHER ASSETS (Summary of Invest

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

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Interest expense		$ 623	$ 526	$ 1,608	$ 2,674
Interest expense, subordinated notes and debentures		305	$ 179	$ 585	563
Adjustments for New Accounting Principle, Early Adoption [Member]
Debt Instrument [Line Items]
Prior period reclassification adjustment						$ 2,900
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate During Period				4.30%
Debt Instrument, Basis Spread on Variable Rate				4.00%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Interest expense, subordinated notes and debentures				$ 5,000	7,700
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Interest expense				1,000	2,100
Notes Payable and Other Debt – Non-Bond Related [Member]
Debt Instrument [Line Items]
Interest expense				600	$ 600
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Underlying Bond Notional Amount		$ 80,400		$ 80,400
Underlying Bond Interest Rate		5.70%		5.70%
Long-term Debt, Gross		$ 89,600		$ 89,600
Debt Instrument, Basis Spread on Variable Rate				1.30%
International Housing Solutions (IHS) [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Equity method investment, underlying equity in net assets		$ 4,400		$ 4,400
Scenario, Forecast [Member] | Minimum [Member] | International Housing Solutions (IHS) [Member]
Debt Instrument [Line Items]
Business combination, bargain purchase, gain recognized, amount	$ 3,000
Scenario, Forecast [Member] | Maximum [Member] | International Housing Solutions (IHS) [Member]
Debt Instrument [Line Items]
Business combination, bargain purchase, gain recognized, amount	$ 3,500

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt, Carrying Value	$ 275,522	$ 290,543
Debt Instrument, Interest Rate, Effective Percentage	3.10%	5.00%
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 268,810	$ 283,831
Debt Instrument, Interest Rate, Effective Percentage	3.00%	5.00%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 106,147	$ 93,402
Debt Instrument, Interest Rate, Effective Percentage	2.90%	2.00%
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 1,127	$ 776
Debt, Due after one year	$ 88,278	$ 86,499
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	1.50%	1.40%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	1.40%	1.40%
Unamortized Debt Issuance Expense	$ 100	$ 100
Notes Payable and Other Debt – Non-Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year	13,292	1,753
Debt, Due after one year	$ 3,450	$ 4,374
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	11.40%	9.80%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	10.00%	10.00%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 162,663	$ 190,429
Debt Instrument, Interest Rate, Effective Percentage	3.10%	6.50%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 3,279	$ 14,088
Debt, Due after one year	130,007	$ 133,893
Debt, Carrying Value	$ 133,286
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.30%	7.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.90%	7.20%
Net Premium and Debt Issuance Costs	$ 9,300	$ 7,200
Unamortized Debt Issuance Expense	2,700	2,800
Debt Instrument, Unamortized Discount (Premium), Net	(12,000)	(10,100)
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	25,000	37,811
Debt, Due after one year	$ 4,377	$ 4,637
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	4.30%	4.40%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.70%	2.80%
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 6,712	$ 6,712
Debt, Carrying Value	$ 6,712	$ 6,712
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	5.30%	5.30%
Debt Instrument, Interest Rate, Effective Percentage	5.30%	5.30%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2,015	$ 10,881
2,016	39,270
2,017	9,842
2,018	68,986
2,019	13,360
Thereafter	124,060
Net premium and debt issue costs	9,123
Total	275,522	$ 290,543
Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Total	6,712	6,712
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2,015	4,169
2,016	39,270
2,017	9,842
2,018	68,986
2,019	13,360
Thereafter	124,060
Net premium and debt issue costs	9,123
Total	268,810	283,831
Debt Related To 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	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Net Premium and Debt Issuance Costs	$ 9,123
Carrying Value	275,522	$ 290,543
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal	123,983
Net Premium and Debt Issuance Costs	9,303
Carrying Value	133,286
Subordinated Loan [Member] | MMA Financial Inc. Debt [Member]
Debt Instrument [Line Items]
Principal	28,106
Net Premium and Debt Issuance Costs	(165)
Carrying Value	$ 27,941
Maturity Date	December 2027 and December 2033
Coupon Interest Rate	8.00%
Subordinated Loan [Member] | Mfh Issue 1 [Member]
Debt Instrument [Line Items]
Principal	$ 28,312
Net Premium and Debt Issuance Costs	2,887
Carrying Value	$ 31,199
Maturity Date	March 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 2 [Member]
Debt Instrument [Line Items]
Principal	$ 25,744
Net Premium and Debt Issuance Costs	2,637
Carrying Value	$ 28,381
Maturity Date	April 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 3 [Member]
Debt Instrument [Line Items]
Principal	$ 14,840
Net Premium and Debt Issuance Costs	1,399
Carrying Value	$ 16,239
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 4 [Member]
Debt Instrument [Line Items]
Principal	$ 26,981
Net Premium and Debt Issuance Costs	2,545
Carrying Value	$ 29,526
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%

DERIVATIVE FINANCIAL INSTRUME59

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Thousands	Sep. 30, 2015USD ($)agreement	Dec. 31, 2014USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 141,348	$ 142,933
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 88,654	90,184
Number of Interest Rate Derivatives Held | agreement	10
Total Return Swap [Member] | Long [Member]
Derivative [Line Items]
Derivative, Amount of Hedged Item	$ 87,300
Derivative, Fixed Interest Rate	5.70%
Total Return Swap [Member] | Short [Member]
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	1.70%
Interest rate swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 7,694	7,749
Derivative, Fixed Interest Rate	6.50%
Interest rate swap [Member] | SIFMA 7-day Municipal Swap Index [Member]
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	2.50%
Interest rate swap [Member] | SIFMA 7-day Municipal Swap Index, Pay Rate [Member]
Derivative [Line Items]
Derivative, Variable Interest Rate	2.52%
Interest rate cap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 45,000	$ 45,000
Derivative, Cap Interest Rate	2.50%

DERIVATIVE FINANCIAL INSTRUME60

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of the Company’s Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 3,560	$ 2,726
Derivative Liability	1,379	753
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	3,541	2,539
Derivative Liability	555	35
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	19	187
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 824	$ 718

DERIVATIVE FINANCIAL INSTRUME61

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 141,348	$ 142,933
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	88,654	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	$ 7,694	$ 7,749

DERIVATIVE FINANCIAL INSTRUME62

DERIVATIVE FINANCIAL INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended	21 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 1,373	$ 1,758	$ 3,286	$ 1,779
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	1,585	1,856	3,789	2,510
Payments for (Proceeds from) Derivative Instrument, Investing Activities			3,000	1,700	$ 1,000
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	(48)	(38)	(168)	(463)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (164)	$ (60)	$ (335)	$ (268)
Payments for (Proceeds from) Derivative Instrument, Investing Activities					$ 100	$ 200

FINANCIAL INSTRUMENTS (Narrativ

FINANCIAL INSTRUMENTS (Narrative) (Details) - Subordinated Debt Obligations [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 45.8
Fair Value Inputs, Discount Rate	20.00%
Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 37.4
Fair Value Inputs, Discount Rate	15.00%
Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 59.1
Fair Value Inputs, Discount Rate	25.00%

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in preferred stock, fair value	$ 36,600
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in preferred stock, fair value	31,371	$ 31,371
Loans receivable, Fair Value	8,482	22,564
Reported Value Measurement [Member] | Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	89,405	87,275
Reported Value Measurement [Member] | Non Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	46,119	48,575
Mma Financial Holdings, Inc [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	105,345	119,441
MMA Financial, Inc [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	27,941	28,540
Consolidated Funds and Ventures [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	6,712	6,712
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in preferred stock, fair value	36,613	36,613
Loans receivable, Fair Value	7,438	21,689
Fair Value, Inputs, Level 3 [Member] | Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	89,554	87,325
Fair Value, Inputs, Level 3 [Member] | Non Bond Related Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Payable, Fair Value Disclosure	41,774	44,085
Fair Value, Inputs, Level 3 [Member] | Mma Financial Holdings, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	29,439	44,718
Fair Value, Inputs, Level 3 [Member] | MMA Financial, Inc [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Subordinated Debt Obligations, Fair Value Disclosure	$ 16,391	$ 28,714

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) arising during the period	$ 8,332	$ 3,370	$ 14,077	$ 11,184
Reversal of net unrealized gains on sold/redeemed bonds	(386)	6,450	3,480	7,228
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax		$ (113)	$ (179)	$ (113)
Equity In Income From SAWHF [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity Method Investment, Other than Temporary Impairment	$ 1,600
Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			5.80%		6.20%
Non Performing Bond Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate			7.60%		7.80%
Fair Value Inputs, Cap Rate			6.40%		6.60%

FAIR VALUE MEASUREMENTS (Valuat

FAIR VALUE MEASUREMENTS (Valuation of Level 3 Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Derivative assets	$ 3,560	$ 2,726
Liabilities:
Derivative liabilities	1,379	753
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans receivable	7,438	21,689
Fair Value, Measurements, Recurring [Member]
Assets:
Bonds available-for-sale	218,058	222,899
Loans receivable	12,040
Derivative assets	3,560	2,726
Liabilities:
Derivative liabilities	1,379	753
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets	19	187
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Bonds available-for-sale	218,058	222,899
Loans receivable	12,040
Derivative assets	3,541	2,539
Liabilities:
Derivative liabilities	$ 1,379	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	$ 207,662	$ 181,710	$ 222,899	$ 195,332
Net (losses) gains included in earnings	(1,138)	(389)	(3,984)	(2,296)
Net change in other comprehensive income	8,718	(2,967)	10,776	4,069
Bonds eliminated due to real estate consolidation and foreclosure				(11,058)
Impact from purchases	15,123	5,300	15,123	8,380
Impact from redemptions	(10,240)	(7,968)	(20,114)	(13,620)
Impact from settlements	(2,067)	(4,592)	(6,642)	(9,713)
Balance at ending period	218,058	171,094	218,058	171,094
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	4,932
Impact from originations	7,398		12,466
Impact from settlements	(290)		(426)
Balance at ending period	12,040		12,040
Derivative Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	3,333	477	2,539
Net (losses) gains included in earnings	507	549	1,301	1,026
Impact from settlements	(299)		(299)
Balance at ending period	3,541	1,026	3,541	1,026
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	(1,360)	(1,127)	(753)	(626)
Net (losses) gains included in earnings	(19)	287	(626)	(214)
Balance at ending period	$ (1,379)	$ (840)	$ (1,379)	$ (840)

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized losses related to assets and liabilities settled during the period			$ (179)
Change in unrealized losses related to assets and liabilities still held		$ (113)		$ (113)
Additional realized gains (losses) recognized	$ 626	7,450	5,001	8,218
Total gains (losses) reported in earnings	626	7,337	4,822	8,105
Equity Method Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized losses related to assets and liabilities still held	(1,138)	(276)	(3,805)	(2,183)
Total gains (losses) reported in earnings	(1,138)	(276)	(3,805)	(2,183)
Derivative Asset / Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized losses related to assets and liabilities still held	488	836	675	812
Additional realized gains (losses) recognized	933	960	2,779	1,429
Total gains (losses) reported in earnings	$ 1,421	$ 1,796	$ 3,454	$ 2,241

FINANCIAL GUARANTEES AND COLL69

FINANCIAL GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - Indemnification Agreement [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Guarantor Obligations [Line Items]
Maximum Exposure	$ 13,209	$ 13,209
Carrying Amount	$ 614	$ 864

FINANCIAL GUARANTEES AND COLL70

FINANCIAL GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 30,477	$ 50,189
Bonds Available-for-Sale	177,318	144,611
Investment in preferred stock, Carrying value	25,000	31,371
Other Assets	21,615	11,289
Total Assets Pledged	254,410	237,460
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	6,858	11,010
Bonds Available-for-Sale	163,233	144,611
Investment in preferred stock, Carrying value	25,000	31,371
Total Assets Pledged	195,091	186,992
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	2,336	14,993
Bonds Available-for-Sale	14,085
Other Assets	12,076	161
Total Assets Pledged	28,497	15,154
Consolidated Funds and Ventures [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	21,283	24,186
Other Assets	9,539	11,128
Total Assets Pledged	$ 30,822	$ 35,314

COMMITMENTS AND CONTINGENCIES71

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Rent Expense, Net	$ 100,000	$ 100,000	$ 300,000	$ 400,000
Litigation Settlement, Amount			$ 826,820
Loss Contingency, Receivable					$ 500,000

COMMITMENTS AND CONTINGENCIES72

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 118
2,016	145
2,017	124
2,018	134
2,019	146
Thereafter	50
Total minimum future rental commitments	$ 717

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended		13 Months Ended
	Nov. 06, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 06, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock Equivalents Employee Options		410,000	410,000	410,000	410,000
Incremental Common Shares Attributable to Call Options and Warrants		345,144	296,882	337,228	290,150
Incremental Common Shares Attributable to Dilutive Effect of Equity Unit Purchase Agreements		9,468		13,318	20,834
Unvested Employee Deferred Shares					41,667
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				24,211	60,211
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		2,050,000		2,050,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		4.90%		4.90%
Stock Repurchase Program [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	56,260					2,000,000
Treasury Stock Acquired, Average Cost Per Share	$ 12.97					$ 9.13
Treasury Stock To Be Acquired Maximum Costs Per Share		$ 13.92		$ 13.92
International Housing Solutions (IHS) [Member]
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		40.00%		40.00%			3.70%
Ownership percentage		60.00%
IHS PM [Member]
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		40.00%		40.00%
Ownership percentage		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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stockholders' Equity Note [Abstract]
Net income continuing operations	$ 3,334	$ 8,709	$ 9,921	$ 5,710
Net income from discontinued operations	83	3,903	244	18,091
Net income to common shareholders	$ 3,417	$ 12,612	$ 10,165	$ 23,801
Basic weighted-average shares	6,746	7,454	6,970	7,760
Common stock equivalents	345	318
Diluted weighted-average shares	7,091	7,772	6,970	7,760

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Minority Interest	$ 188,328	$ 229,714
L I H T C Funds [Member]
Noncontrolling Interest [Line Items]
Minority Interest	188,316	230,111
International Housing Solutions (IHS) [Member]
Noncontrolling Interest [Line Items]
Minority Interest		$ (397)
IHS PM [Member]
Noncontrolling Interest [Line Items]
Minority Interest	$ 12

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Unrealized net gains (losses)	$ 7,499	$ 3,236	$ 13,154	$ 11,043
Reversal of net unrealized (gains) losses on sold or reedeemed bonds	386	(6,450)	(3,480)	(7,228)
Reclassification of unrealized losses to operations		113	(179)	(113)
Reversal of unrealized gains from AOCI to Net Income due to foreclosure				(2,003)
Other				(80)
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward]
Beginning Balance	(150)	(458)	(150)
Income tax (expense), benefit		458
Ending Balance	(150)		(150)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance	58,420	41,147	56,452	36,659
Net change in AOCI	7,885	(2,643)	9,877	1,845
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	7,885	(2,643)	9,853	1,845
Ending Balance	66,305	38,504	66,305	38,504
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Beginning Balance	59,292	41,901	57,234	36,868
Unrealized net gains (losses)	8,332	3,370	14,077	11,184
Reversal of net unrealized (gains) losses on sold or reedeemed bonds	386	(6,450)	(3,480)	(7,228)
Reclassification of unrealized losses to operations		113	(179)	(113)
Reversal of unrealized gains from AOCI to Net Income due to foreclosure				(2,003)
Ending Balance	68,010	38,934	68,010	38,934
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net change AOCI, before tax	8,718	(2,967)	10,776	2,066
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward]
Beginning Balance	(722)	(296)	(632)	(209)
Unrealized net gains (losses)	(833)	(134)	(923)	(141)
Other				(80)
Ending Balance	(1,555)	(430)	(1,555)	(430)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Net change AOCI, before tax	$ (833)	$ (134)	$ (923)	$ (221)

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [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	$ 300	$ 1,500
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	416,211	416,211		412,100	378,173
Employee Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	10,994	10,994
Additional Stock based Compesation		$ 100
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,130,000	1,130,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued	428,291	428,291
Rate Of Cash Based Compensation		50.00%
Additional Stock based Compesation		$ 60		$ 50
Board Of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compesation		20
Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compesation		15
Other Committee Chairs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compesation		$ 10

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 365	$ 112	$ 1,813	$ 1,902
Employees’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	291	62	1,592	1,714
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 74	$ 50	$ 221	$ 188

STOCK-BASED COMPENSATION (Sum79

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	398	325
Weighted average Exercise Price per Option Outstanding	$ 3.52	$ 3.52	$ 3.52
Weighted average Exercise Price per Option Exercisable	$ 3.60	$ 4
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	5 years 7 months 6 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 7 months 6 days	6 years 1 month 6 days
Aggregate Intrinsic Value	$ 4,717	$ 3,196	$ 1,644
Period End Liability	$ 4,744	$ 3,281	$ 1,785

STOCK-BASED COMPENSATION (Sched

STOCK-BASED COMPENSATION (Schedule of Employee Deferred Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Period End Liability	$ 4,744	$ 3,281	$ 1,785
Employee Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance	42
Issued	31
Forfeited	1
Ending Balance	10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance	$ 4.40
Issued	4.40
Forfeited	4.40
Ending Balance	$ 4.40
Period End Liability	$ 103	$ 336

STOCK-BASED COMPENSATION (Sum81

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash	$ 4,232,000	$ 2,973,000	$ 11,415,000	$ 9,398,000
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash			$ 110,625	$ 93,750
Weighted - average Grant Date Share Price			$ 11.38	$ 7.97
Options Vested
Directors' Fees Expense			$ 221,500	$ 187,500
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Common Shares [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted			4,779	4,604
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Restricted Stock [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted			4,943	7,162

DISCONTINUED OPERATIONSs (Sched

DISCONTINUED OPERATIONSs (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income	$ 83	$ 83	$ 250	$ 250
Other expense		(5)	(6)	(68)
Income tax benefit (expense)		1,448
Net income (loss) before disposal activity	83	1,526	244	253
Net income from discontinued operations	83	3,903	244	17,941
Loss from discontinued operations allocable to noncontrolling interests				150
Net income to common shareholders from discontinued operations	$ 83	3,903	$ 244	18,091
Consolidated Funds and Ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income				279
Expenses				(244)
Net gains on disposal		9		17
Real Estate Owned [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income				1,148
Expenses				(1,112)
Net gains on disposal		$ 2,368		$ 17,671

CONSOLIDATED FUNDS AND VENTUR83

CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Lower Tier Property Partnerships Real Estate Held For Use [Member]
Bond Investment in Lower Tier Property Partnerships		$ 126,900	$ 118,900
L I H T C Funds [Member]
Debt, Weighted Average Interest Rate and Cost		5.30%
L I H T C Funds [Member] | Ownership Interests In Consolidated Entitites [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 558,900
Ihs [Member]
Income (Loss) Attributable To Noncontrolling Interest	$ (77,326)

CONSOLIDATED FUNDS AND VENTUR84

CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment [Line Items]
Investments in Lower Tier Property Partnerships	$ 239,880	$ 259,422
Other assets	47,856	75,246
Total assets	624,536	668,746
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	21,283	24,186
Investments in Lower Tier Property Partnerships	189,295	231,204
Other assets	9,539	11,128
Total assets	220,117	266,518
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Total assets	$ 220,117	$ 266,518

CONSOLIDATED FUNDS AND VENTUR85

CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate Held For Use [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment [Line Items]
Total assets of Lower Tier Property Partnerships	$ 1,230,905	$ 1,273,903
Total liabilities of Lower Tier Property Partnerships	$ 1,023,618	$ 1,035,695

CONSOLIDATED FUNDS AND VENTUR86

CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investment [Line Items]
Debt	$ 275,522	$ 290,543
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,229	9,597
Other liabilities	42,301	41,870
Total liabilities	331,328	347,548
L I H T C Funds [Member]
Investment [Line Items]
Debt	6,712	6,712
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,229	9,597
Asset management fee payable	24,400	28,848
Other liabilities	3,201	2,983
Total liabilities	$ 42,542	$ 48,140

CONSOLIDATED FUNDS AND VENTUR87

CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Total revenue from CFVs			$ 409	$ 14,501
Expenses:
Interest expense	$ 623	$ 526	1,608	2,674
Total expenses from CFVs	20,126	27,853	56,033	71,525
Net gains (losses) related to CFVs:
Derivative gains	1,373	1,758	3,286	1,779
Equity in losses from Lower Tier Property Partnerships of CFVs		(182)	(15,892)	(19,248)
Net loss	(10,363)	5,474	(32,087)	(8,761)
Consolidated Funds and Ventures [Member]
Revenue:
Rental and other income from real estate		3,159		10,210
Interest and other income	209	682	409	4,291
Total revenue from CFVs	209	3,841	409	14,501
Expenses:
Depreciation and amortization	553	2,069	1,655	6,460
Interest expense	89	715	267	2,628
Other operating expenses	1,123	3,823	3,599	9,658
Foreign currency loss		3,030		3,556
Asset impairments	9,125	7,659	23,699	19,302
Total expenses from CFVs	10,890	17,296	29,220	41,604
Net gains (losses) related to CFVs:
Investment gains		10,195		15,491
Derivative gains		2,432		1,426
Net loss on sale of properties				(138)
Equity in losses from Lower Tier Property Partnerships of CFVs	(3,919)	(4,346)	(16,266)	(18,812)
Net loss	(14,600)	(5,174)	(45,077)	(29,136)
Net losses allocable to noncontrolling interests in CFVs	13,792	7,138	42,264	32,335
Net (loss) income allocable to the common shareholders related to CFVs	(808)	1,964	(2,813)	3,199
Consolidated Funds and Ventures [Member]
Revenue:
Total revenue from CFVs			409	14,501
Expenses:
Total expenses from CFVs	11,221	19,537	30,213	46,990
Net gains (losses) related to CFVs:
Net loss	(13,792)	(7,138)	(42,264)	(32,485)
Net (loss) income allocable to the common shareholders related to CFVs	$ (808)	$ 1,964	$ (2,813)	$ 3,199

CONSOLIDATED FUNDS AND VENTUR88

CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment [Line Items]
Asset management fees	$ 1,924	$ 1,794	$ 4,920	$ 2,657
Interest income	3,527	5,448	11,673	13,598
Equity in income (losses)		(182)	(15,892)	(19,248)
Other expense	2,267	1,940	4,096	3,595
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Asset management fees		1,844		3,514
Interest income		598		1,524
Guarantee fees	331	331	993	993
Other expense		(778)		(1,033)
Net (loss) income allocable to the common shareholders related to CFVs	(808)	1,964	(2,813)	3,199
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)	$ (1,139)	(277)	$ (3,806)	(2,187)
Consolidated Funds and Ventures [Member] | SAWHF [Member]
Investment [Line Items]
Equity in income (losses)		$ 246		$ 388

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Interest Income, Operating	$ 3,527	$ 5,448	$ 11,673	$ 13,598
Equity in (losses) income from Lower Tier Property Partnerships in CFVs		$ (4,346)	$ (16,266)	(18,812)
SAWHF [Member]
Segment Reporting Information [Line Items]
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		$ 200
L I H T C Funds [Member]
Segment Reporting Information [Line Items]
Asset Management Fees		1,200
Guaranty Fee Income		400		1,000
Ihs [Member]
Segment Reporting Information [Line Items]
Asset Management Fees		$ 600		$ 1,900

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Total interest income	$ 3,527	$ 5,448	$ 11,673	$ 13,598
Total interest expense	(623)	(526)	(1,608)	(2,674)
Net interest income	2,904	4,922	10,065	10,924
Total fee and other income	3,906	3,812	11,043	8,178
Revenue from CFVs			409	14,501
Total non-interest revenue	4,115	7,653	11,452	22,679
Total revenues, net of interest expense	7,019	12,575	21,517	33,603
Operating and other expenses:
Interest expense	(1,300)	(3,400)	(6,204)	(10,462)
Operating expenses	(5,669)	(5,217)	(16,513)	(15,864)
Other expenses, net	(2,267)	(1,940)	(4,096)	(3,595)
Expenses from CFVs	(10,890)	(17,296)	(29,220)	(41,604)
Total operating and other expenses	(20,126)	(27,853)	(56,033)	(71,525)
Net gains on assets, derivatives and extinguishment of liabilities	6,445	10,669	18,355	11,857
Net gains transferred into net income from AOCI due to real estate foreclosure				2,003
Equity in (losses) income from unconsolidated funds and ventures		(182)	(15,892)	(19,248)
Net gains related to CFVs		12,627		16,779
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(4,346)	(16,266)	(18,812)
Income (loss) from continuing operations before income taxes	(10,300)	3,490	(32,053)	(26,531)
Income tax expense	(146)	(1,919)	(278)	(171)
Income (loss) from discontinued operations, net of tax	83	3,903	244	17,941
Net income (loss)	(10,363)	5,474	(32,087)	(8,761)
Net losses allocable to noncontrolling interests in CFVs:	(13,780)	(7,138)	(42,252)	(32,562)
Net income (loss) to common shareholders	3,417	12,612	10,165	23,801
Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	281	(182)	374	(436)
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Revenue from CFVs	209	3,841
Operating and other expenses:
Expenses from CFVs	(10,890)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs	(3,919)
Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	13,780	7,138	42,252	32,412
Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:				150
U.S. Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	3,486	6,031	11,569	15,086
Total interest expense	(498)	(351)	(1,207)	(2,130)
Net interest income	2,988	5,680	10,362	12,956
Total fee and other income	2,665	3,531	7,360	8,436
Total non-interest revenue	2,665	3,531	7,360	8,436
Total revenues, net of interest expense	5,653	9,211	17,722	21,392
Operating and other expenses:
Interest expense	(273)	(604)	(1,069)	(2,177)
Operating expenses	(1,917)	(1,598)	(5,477)	(5,215)
Other expenses, net	(156)	(2,685)	(849)	(4,414)
Total operating and other expenses	(2,346)	(4,887)	(7,395)	(11,806)
Net gains on assets, derivatives and extinguishment of liabilities	6,445	10,669	18,355	10,757
Net gains transferred into net income from AOCI due to real estate foreclosure				2,003
Equity in (losses) income from unconsolidated funds and ventures		(175)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(277)	(3,806)	(2,187)
Income (loss) from continuing operations before income taxes	8,983	14,541	25,195	19,800
Income tax expense	(28)		(28)
Income (loss) from discontinued operations, net of tax	83	2,455	244	18,091
Net income (loss)	9,038	16,996	25,411	37,891
Net income (loss) to common shareholders	9,038
U.S. Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	370		319	(359)
U.S. Operations [Member] | Consolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs	(1,139)
International Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	17	15	51	36
Net interest income	17	15	51	36
Total fee and other income	1,571	2,456	4,187	4,219
Total non-interest revenue	1,571	2,456	4,187	4,219
Total revenues, net of interest expense	1,588	2,471	4,238	4,255
Operating and other expenses:
Interest expense	(29)	(36)	(87)	(111)
Operating expenses	(2,563)	(2,537)	(6,855)	(5,952)
Other expenses, net	(2,094)	32	(2,124)	19
Total operating and other expenses	(4,686)	(2,541)	(9,066)	(6,044)
Equity in (losses) income from unconsolidated funds and ventures		(7)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		246		388
Income (loss) from continuing operations before income taxes	(3,187)	169	(4,773)	(1,478)
Net income (loss)	(3,187)	169	(4,773)	(1,478)
Net losses allocable to noncontrolling interests in CFVs:			12
Net income (loss) to common shareholders	(3,199)
International Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	(89)		55	(77)
International Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	(12)			77
Corporate Operations [Member]
Segment Reporting Information [Line Items]
Total interest income	24		53
Total interest expense	(125)	(175)	(401)	(544)
Net interest income	(101)	(175)	(348)	(544)
Total fee and other income	1		489	30
Total non-interest revenue	1		489	30
Total revenues, net of interest expense	(100)	(175)	141	(514)
Operating and other expenses:
Interest expense	(998)	(2,760)	(5,048)	(8,174)
Operating expenses	(1,189)	(1,082)	(4,181)	(4,697)
Other expenses, net	(17)	(65)	(1,123)	(233)
Total operating and other expenses	(2,204)	(3,907)	(10,352)	(13,104)
Net gains on assets, derivatives and extinguishment of liabilities				1,100
Income (loss) from continuing operations before income taxes	(2,304)	(4,082)	(10,211)	(12,518)
Income tax expense	(118)	(1,919)	(250)	(171)
Income (loss) from discontinued operations, net of tax		1,448
Net income (loss)	(2,422)	(4,553)	(10,461)	(12,689)
Net income (loss) to common shareholders	(2,422)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income		(598)		(1,524)
Net interest income		(598)		(1,524)
Total fee and other income	(331)	(2,175)	(993)	(4,507)
Total non-interest revenue	(331)	(2,175)	(993)	(4,507)
Total revenues, net of interest expense	(331)	(2,773)	(993)	(6,031)
Operating and other expenses:
Other expenses, net		778		1,033
Expenses from CFVs		2,241	993	5,386
Total operating and other expenses	331	3,019	993	6,419
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(246)		(388)
Intersegment Eliminations [Member] | Consolidated Funds and Ventures [Member]
Operating and other expenses:
Expenses from CFVs	331
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Total interest income		598		1,524
Revenue from CFVs			409	14,501
Total non-interest revenue	209	3,841	409	14,501
Total revenues, net of interest expense	209	3,841	409	14,501
Operating and other expenses:
Other expenses, net		778		1,033
Expenses from CFVs		(19,537)	(30,213)	(46,990)
Total operating and other expenses	(11,221)	(19,537)	(30,213)	(46,990)
Net gains related to CFVs		12,627		16,779
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs		(4,069)	(12,460)	(16,625)
Income (loss) from continuing operations before income taxes	(13,792)	(7,138)	(42,264)	(32,335)
Income (loss) from discontinued operations, net of tax				(150)
Net income (loss)	(13,792)	(7,138)	(42,264)	(32,485)
Net losses allocable to noncontrolling interests in CFVs:			(42,264)
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	(1,139)	(277)	$ (3,806)	(2,187)
Consolidated Funds and Ventures [Member] | Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Revenue from CFVs	209	3,841
Operating and other expenses:
Expenses from CFVs	(11,221)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs	(2,780)
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	$ 13,792	$ 7,138		32,335
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:				$ 150

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 624,536	$ 668,746
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	404,808	402,617
Intersegment Eliminations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	(389)	(389)
Consolidated Funds and Ventures [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	220,117	266,518
U.S. Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	338,657	362,991
Corporate Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	55,529	28,981
International Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 10,622	$ 10,645