Altisource Asset Management (AAMCF) 10-Q 22 Oct 13 2013 Q3 Quarterly report Financial data

Document_and_entity_informatio

Document and entity information	9 Months Ended
	Sep. 30, 2013	Oct. 15, 2013
Entity information [Line Items]
Entity registrant name	Altisource Asset Management Corporation
Entity central index key	1555074
Current fiscal year end date	-19
Entity filer category	Smaller Reporting Company
Document type	10-Q
Document period end date	30-Sep-13
Document fiscal year focus	2013
Document fiscal period focus	Q3
Amendment flag	FALSE
Entity common stock, shares outstanding		2,351,092

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real estate assets:
Land (from consolidated VIE)	$224	$0
Rental residential properties, net (from consolidated VIE)	1,128	0
Real estate owned (from consolidated VIE)	14,408	0
Real Estate Investment Property, Net	15,760	0
Real estate assets held for sale (from consolidated VIE)	1,074	0
Mortgage loans (from consolidated VIE)	641,903	0
Cash and cash equivalents (including from consolidated VIE $98,252 and $100,005, respectively)	102,060	105,014
Restricted cash (from consolidated VIE)	3,092	0
Related party receivables (including from consolidated VIE $6,272 and $0, respectively)	6,272	361
Deferred leasing and financing costs, net (from consolidated VIE)	1,744	0
Prepaid expenses and other assets (including from consolidated VIE $911 and $6, respectively)	1,495	440
Total assets	773,400	105,815
Liabilities:
Repurchase agreements (from consolidated VIE)	338,800	0
Accounts payable and accrued liabilities (including from consolidated VIE $2,408 and $46, respectively)	3,728	406
Related party payables (including from consolidated VIE $2,746 and $54, respectively)	2,297	528
Total liabilities	344,825	934
Commitments and contingencies (Note 6)
Equity:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,350,546 and 2,343,213 shares issued and outstanding, respectively	24	23
Additional paid-in capital	8,439	4,993
Accumulated deficit	-4,942	-46
Total stockholders' equity	3,521	4,970
Noncontrolling interest in consolidated affiliate	425,054	99,911
Total equity	428,575	104,881
Total liabilities and equity	$773,400	$105,815

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parentheticals (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets:
Cash and cash equivalents	$102,060,000	$105,014,000
Related party receivables	6,272,000	361,000
Prepaid expenses and other assets	1,495,000	440,000
Liabilities:
Accounts payable and accrued liabilities	3,728,000	406,000
Related party payables	2,297,000	528,000
Equity:
Common stock, par value per share, in USD per share	$0.01	$0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,350,546	2,343,213
Common stock, shares outstanding		2,343,213
Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Cash and cash equivalents	98,252,000	100,005,000
Related party receivables	6,272,000	0
Prepaid expenses and other assets	911,000	6,000
Liabilities:
Accounts payable and accrued liabilities	2,408,000	46,000
Related party payables	$2,746,000	$54,000

Consolidated_Statement_of_Oper

Consolidated Statement of Operations (USD $)	3 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013
Rental revenues and net gain on investments:
Rental revenues	$6	$6
Net unrealized gain on mortgage loans	17,670	25,963
Net realized gain on mortgage loans	1,909	4,015
Total rental revenues and net gain on investments	19,585	29,984
Expenses:
Residential rental property operating expenses	191	275
Real estate depreciation and amortization	4	4
Mortgage loan servicing costs	2,154	3,788
Interest expense	467	1,163
General and administrative	5,105	11,008
Related party general and administrative	681	1,052
Total expenses	8,602	17,290
Other income	169	362
Net income	11,152	13,056
Net income attributable to noncontrolling interest in consolidated affiliate	-13,709	-17,952
Net loss attributable to common stockholders	($2,557)	($4,896)
Loss per share of common stock - basic: [Abstract]
Loss per basic share, in USD per share	($1.09)	($2.09)
Weighted average common stock outstanding b basic (in shares)	2,348,040	2,344,923
Loss per share of common stock - diluted: [Abstract]
Loss per diluted share, in USD per share	($1.09)	($2.09)
Weighted average common stock outstanding b diluted (in shares)	2,348,040	2,344,923

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Common stock [Member]	Additional paid-in capital [Member]	Accumulated Deficit [Member]	Noncontrolling interest in consolidated affiliates [Member]
In Thousands, except Share data, unless otherwise specified
Beginning balance at Mar. 15, 2012	$0	$0	$0	$0	$0
Beginning balance, Shares at Mar. 15, 2012		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		100,000
Issuance of common stock, including option exercises, value	500	1	499
Capital contribution from noncontrolling interest	500	0		0	500
Net income/(loss)	0
Ending balance at Sep. 30, 2012	1,000	1	499	0	500
Ending balance, Shares at Sep. 30, 2012		100,000
Beginning balance at Dec. 31, 2012	104,881	23	4,993	-46	99,911
Beginning balance, Shares at Dec. 31, 2012	2,343,213	2,343,213
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		7,333
Issuance of common stock, including option exercises, value	13	1	12
Capital contribution from noncontrolling interest	309,700				309,700
Distribution to noncontrolling interest	-2,509				-2,509
Share-based compensation	3,434		3,434
Net income/(loss)	13,056			-4,896	17,952
Ending balance at Sep. 30, 2013	$428,575	$24	$8,439	($4,942)	$425,054
Ending balance, Shares at Sep. 30, 2013		2,350,546

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2013
Operating activities:
Net income/(loss)	$0	$13,056,000
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	0	-25,963,000
Net realized gain on mortgage loans	0	-4,015,000
Real estate depreciation and amortization	0	4,000
Amortization of deferred financing costs	0	630,000
Share-based compensation	0	3,434,000
Changes in operating assets and liabilities:
Related party receivables	0	-166,000
Prepaid expenses and other assets	0	-363,000
Accounts payable and accrued liabilities	0	2,063,000
Related party payables	0	251,000
Net cash used in operating activities	0	-11,069,000
Investing activities:
Investment in mortgage loans	0	-642,645,000
Investment in real estate	0	-6,198,000
Investment in renovations	0	-145,000
Mortgage loan dispositions and payments	0	15,895,000
Change in restricted cash	0	-3,092,000
Net cash used in investing activities	0	-636,185,000
Financing activities:
Issuance of common stock, including stock option exercises	500,000	666,000
Payment of tax withholdings on exercise of stock options	0	-653,000
Capital contribution from noncontrolling interest	500,000	310,250,000
Distribution to noncontrolling interest	0	-2,509,000
Proceeds from repurchase agreement	0	418,099,000
Repayments of repurchase agreement	0	-79,299,000
Payment of deferred financing costs	0	-2,254,000
Net cash provided by financing activities	1,000,000	644,300,000
Net increase/(decrease) in cash and cash equivalents	1,000,000	-2,954,000
Cash and cash equivalents as of beginning of the period	0	105,014,000
Cash and cash equivalents as of end of the period	1,000,000	102,060,000
Supplemental disclosure of non-cash investing and financing activity:
Transfer of mortgage loans to real estate owned	0	10,598,000
Changes in Residential's accrued equity issuance costs	0	1,242,000
Changes in related party receivable from mortgage loan dispositions and repayments	$0	$5,745,000

Organization_and_basis_of_pres

Organization and basis of presentation	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	Organization and basis of presentation
	We were incorporated in the United States Virgin Islands on March 15, 2012, which we refer to as "inception." Our primary business is to provide asset management and certain corporate governance services to Altisource Residential Corporation, which we refer to as “Residential,” under a 15-year asset management agreement beginning December 21, 2012, which we refer to as the “Residential asset management agreement.” Residential is a Maryland corporation that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgages throughout the United States. Subsequent to our separation from Altisource on December 21, 2012, we immediately commenced operations. In October 2013, we applied for and were granted registration by the SEC as a registered investment adviser under section 203(c) of the Investment Advisers Act of 1940.
	Residential is currently our primary source of revenue and will drive our potential future growth. The Residential asset management agreement entitles us to incentive fees, which we refer to as our “incentive management fees,” that gives us an increasing share of Residential's cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. Accordingly, our operating results are highly dependent on Residential's ability to achieve positive operating results.
	We have concluded that Residential is a variable interest entity ("VIE") because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. As a result, we consolidate Residential in our consolidated financial statements.
	On March 22, 2013, Residential entered into a master repurchase agreement, which we refer to as the “CS repurchase agreement,” with Credit Suisse First Boston Mortgage Capital LLC to finance the acquisition and ownership of residential mortgage loans and owned properties, which we refer to as "REO Properties." The maximum funding available to Residential under the CS repurchase agreement is $100.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The CS repurchase agreement matures on March 21, 2014 subject to extension by Residential for an additional 12 months.
	On May 1, 2013, Residential completed a public offering of 17,250,000 shares of its common stock at $18.75 per share and received net proceeds of $309.5 million. Residential has used the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital.
	On September 12, 2013, Residential entered into a Master Repurchase Agreement, which we refer to as the “DB repurchase agreement,” with Deutsche Bank AG, Cayman Islands Branch to finance the acquisition and ownership of residential mortgage loans and REO properties. The maximum funding available to Residential under the DB repurchase agreement is $125.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The DB repurchase agreement matures on March 11, 2016. After the first 18 months of the DB repurchase agreement, Residential will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month.
	On September 23, 2013, Residential entered into a Master Repurchase Agreement and Securities Contract, which we refer to as the “WF repurchase agreement,” with Wells Fargo Bank, National Association to finance the acquisition and ownership of residential mortgage loans and REO Properties. The maximum funding available to Residential under the WF repurchase agreement is $200.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The WF repurchase agreement matures on March 23, 2015, subject to extension by Residential for an additional 12 months.
	Because we commenced operations on December 21, 2012, we have no comparable results for the three and nine months ended September 30, 2012. Accordingly, we have not included the comparative three and nine month periods from 2012 in our consolidated statement of operations. Additionally, because Residential's operating partnership was organized on June 7, 2012, our consolidated statement of cash flows and consolidated statement of stockholders' equity for the nine months ended September 30, 2012 do not include nine full months of operating activities.
	We ceased to be a development stage enterprise in the second quarter of 2013.
	Basis of presentation and use of estimates
	The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States which we refer to as "U.S. GAAP." All wholly owned subsidiaries are included and all intercompany accounts and transactions have been eliminated. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.
	The unaudited consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments (including normal recurring accruals) necessary for a fair presentation of our financial position, results of operations and cash flows. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2012 annual report on Form 10-K.
	Recently issued accounting standards
	In accordance with ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, beginning in the first quarter of 2013 we are required to provide additional disclosures about the nature of our rights of offset and the related arrangements associated with our financial instruments. As a result, we have included additional disclosures pertaining to the collateral arrangement related to our repurchase agreement in this quarterly report.

Mortgage_loans

Mortgage loans	9 Months Ended
	Sep. 30, 2013
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	Mortgage loans at fair value
	Acquisitions
	During the nine months ended September 30, 2013, Residential completed the acquisition of the following portfolios of non-performing residential mortgage loans:
	•	On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $94 million.
	•	On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $39 million.
	•	On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $122 million.
	•	On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $241 million.
	•	On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $67 million.
	•	On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $404 million.
	Throughout this quarterly report, all unpaid principal balance and market value amounts for the portfolios Residential has acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans.
	During the three and nine months ended September 30, 2013, Residential expensed $0.9 million and $1.3 million, respectively, for due diligence costs related to these and other transactions.
	Transfer of mortgage loans to real estate owned
	During the three and nine months ended September 30, 2013, Residential transferred 43 and 74 mortgage loans, respectively, at fair value based on broker price opinion (BPO) of $6.2 million and $10.6 million, respectively, to real estate owned.
	Dispositions
	During the three and nine months ended September 30, 2013, Residential disposed of 55 and 93 mortgage loans, respectively, primarily through short sales and foreclosure sales. As a result, Residential recorded $1.9 million and $4.0 million, respectively, of net realized gains on mortgage loans.

Real_estate_assets_net

Real estate assets, net	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]
Real estate assets, net	Real estate assets, net
	Acquisitions
	During the three and nine months ended September 30, 2013, Residential acquired 34 and 40 residential properties which are classified as real estate owned on our balance sheet, respectively. These REO Properties were acquired as part of the loan portfolio acquisitions described above and were converted to properties upon foreclosure of the mortgage loans prior to the acquisition closing date. The aggregate purchase price attributable to these properties was $5.9 million and $6.2 million, respectively.
	Real estate held for sale
	As of September 30, 2013, Residential classified 14 properties having carrying value of $1.1 million as real estate held for sale because it intends to sell properties which do not meet its residential rental property investment criteria. The real estate held for sale balance is composed solely of real estate owned. These properties have had no significant operations, and, therefore, we are not presenting discontinued operations related to these properties.

Fair_value_of_financial_instru

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair value of financial instruments	Fair value of financial instruments
	The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of September 30, 2013 ($ in thousands):
		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	641,903
	Nonrecurring basis (assets)
	Transfer of mortgage loans to real estate owned	$	—		$	—		$	10,598
	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	338,800		$	—
	There were no corresponding financial assets or liabilities measured at fair value as of December 31, 2012 because Residential did not own any mortgage loans or residential properties at that time. Additionally, there have been no transfers between levels for the three and nine months ended September 30, 2013.
	The carrying values of our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities and related party payables are equal to or approximate fair value. The fair value of transfers of mortgage loans to real estate owned are estimated using broker price opinions. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available to Residential currently in market for similar floating rate debt.
	The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands):
		Three months ended September 30, 2013				Nine months ended September 30, 2013
	Mortgage loans
	Beginning balance	$	163,520			$	—
	Investment in mortgage loans	475,998				644,163
	Net unrealized gain on mortgage loans	17,670				25,963
	Net realized gain on mortgage loans	1,909				4,015
	Mortgage loan payments	(999		)		(2,616		)
	Mortgage loan dispositions	(9,996		)		(19,024		)
	Transfer of mortgage loans to real estate owned	(6,199		)		(10,598		)
	Ending balance	$	641,903			$	641,903
	Net unrealized gain on mortgage loans held	$	17,670			$	25,963
	Accumulated net unrealized gain on mortgage loans held	$	25,963			$	25,963
	There was no corresponding activity for level 3 assets for the three and nine months ended September 30, 2012 because Residential did not own any such assets at that time.
	The following table sets forth the fair value of Residential's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of September 30, 2013 ($ in thousands):
		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	Current	167		$	19,953		$	38,052		$	32,599
	30	33		3,113			6,605			5,147
	60	21		3,401			5,731			5,249
	90	1,013		162,127			284,243			239,480
	Foreclosure	3,786		453,309			829,265			658,265
	Mortgage loans	5,020		$	641,903		$	1,163,896		$	940,740
	Residential did not hold any corresponding mortgage loans as of December 31, 2012.
	The significant unobservable inputs used in the fair value measurement of Residential's mortgage loans are discount rates, home prices, alternate loan resolution probabilities and timelines. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value of an asset. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of September 30, 2013:
	Input	Range
	Discount rate	15.00%
	Annual change in home pricing index	-1.8% to 4.6%
	Loan resolution probabilities — modification	0% to 22.3%
	Loan resolution probabilities — rental	0% to 100.0%
	Loan resolution probabilities — liquidation	0% to 100.0%
	Loan resolution timelines	1 to 67 months
	Value of underlying properties	$4,500 to $2.8 million
	There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because Residential did not own any such assets at that time.

Repurchase_agreements

Repurchase agreements	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Repurchase agreement	Repurchase agreements
	Residential's operating partnership has entered into master repurchase agreements with major financial institutions. The purpose of these repurchase agreements is to finance the acquisition and ownership of mortgage loans and REO properties in its portfolio. Residential has effective control of the assets associated with these agreements and therefore we have concluded these are financing arrangements. As of September 30, 2013, the weighted average annualized interest rate on borrowing under Residential's repurchase agreements was 3.08%. The following table sets forth data with respect to Residential's repurchase agreements as of September 30, 2013 ($ in thousands):
		Maximum borrowing capacity		Book value of collateral		Amount outstanding
	Repurchase agreement due March 21, 2014	$	100,000	$	165,790	$	87,916
	Repurchase agreement due March 23, 2015	200,000		270,219		176,583
	Repurchase agreement due March 11, 2016	125,000		130,833		74,301
		$	425,000	$	566,842	$	338,800
	Under the terms of the repurchase agreements, as collateral for the funds Residential draws thereunder, Residential's operating partnership will sell to the lender the mortgage assets or equity interests in its statutory trust subsidiaries that own the mortgage assets on its behalf. In the event the lender determines the value of the collateral has decreased, it has the right to initiate a margin call and require Residential to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage asset Residential finances under the repurchase agreements is based on a percentage of the market value of the mortgage asset and may depend on its delinquency status. With respect to funds drawn under the repurchase agreements, Residential's operating partnership is required to pay the lender interest at the lender's cost of funds plus a spread calculated based on the type of applicable underlying mortgage assets collateralizing the funding, as well as certain other customary fees, administrative costs and expenses to maintain and administer the repurchase agreements.
	The repurchase agreements require Residential to maintain various financial and other covenants, including maintaining a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash as well as restrictions on net losses in excess of specified amounts. In addition, the repurchase agreements contain customary events of default.
	Residential is currently in compliance with the covenants and other requirements with respect to its repurchase agreements. We monitor Residential's banking partners' ability to perform under the repurchase agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase agreements as contractually obligated.

Commitments_and_contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies
	On December 21, 2012, we entered into a subscription agreement to invest $2.0 million to acquire all of the common stock and voting rights of NewSource Reinsurance Company Ltd., a title insurance and reinsurance company, which we refer to herein as “NewSource.” In addition, Residential entered into a subscription agreement to invest $18.0 million in the non-voting preferred stock of NewSource. No amounts have been invested as of September 30, 2013 and therefore the commitments remain $2.0 million and $18.0 million, respectively, as of September 30, 2013.
	Litigation, claims and assessments
	We are not currently the subject of any material legal or regulatory proceedings, and no legal or regulatory proceedings have been threatened against us. We may be involved, from time to time, in legal proceedings that arise in the ordinary course of business.

Related_party_transactions

Related party transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]
Related party transactions	Related party transactions
	During the nine months ended September 30, 2013, Residential acquired a portfolio from Ocwen of non-performing first lien residential mortgage loans having aggregate market value of underlying properties of $94 million. The aggregate purchase price for this portfolio was $64.4 million.
	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):
		Three months ended September 30, 2013		Nine months ended September 30, 2013		Counter-party	Consolidated Statements of Operations location
	Residential rental property operating expenses	$	138	$	246	Altisource	Residential rental property operating expenses (paid by Residential)
	Mortgage loan servicing costs	$	2,134	$	3,335	Ocwen	Mortgage loan servicing costs (paid by Residential)
	Due diligence costs	$	651	$	1,004	Altisource	Related party general and administrative expenses
	Sublease and related occupancy costs	$	74	$	153	Ocwen	Related party general and administrative expenses
	Expense reimbursements	$	1,307	$	3,371	Residential	Net loss attributable to noncontrolling interest in consolidated affiliate (Residential)
	Management incentive fee	$	51	$	51	Residential	Net loss attributable to noncontrolling interest in consolidated affiliate (Residential)
	There were no corresponding related party transactions from March 15, 2012 (inception) to September 30, 2012.

Sharebased_payments

Share-based payments	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	Share-based payments
	During the nine months ended September 30, 2013, we granted 32,197 shares of market-based restricted stock to certain members of executive management with weighted average grant date fair value per share of $63.98. Additionally, we granted 1,470 shares of stock pursuant to our 2012 Equity Incentive Plan with weighted average grant date fair value per share of $205.27. Of the 1,470 shares, 660 were issued in connection with our directors' service on the board from January 24, 2013 to our 2013 annual meeting of stockholders and the remaining 810 are expected to be issued for their service from the 2013 annual meeting to the 2014 annual meeting of stockholders. During the three months ended September 30, 2013, we granted no share-based payments. As of September 30, 2013, we had an aggregate of $15.0 million of total unrecognized share-based compensation costs which will be recognized over a weighted average remaining estimated term of 3.25 years.

Income_taxes

Income taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes [Abstract]
Income taxes	Income taxes
	We are domiciled in the United States Virgin Islands and under current United States Virgin Islands law are obligated to pay taxes in the United States Virgin Islands on income and/or capital gains. As of February 1, 2013, we were granted status as an economic development company by the United States Virgin Islands Economic Development Commission. Under this designation, we receive tax benefits that allow for our taxable income to be taxed at an effective tax rate of 3.85%. For the three months ended March 31, 2013 we had future taxable income deductions (deferred tax assets) related to initial year expenditures including a cumulative net loss. We have recorded a valuation allowance equal to the resulting gross deferred tax asset because we have not generated income to date sufficient to conclude that any deferred tax asset is realizable.
	In addition, Residential intends to be taxed as a REIT beginning in the year ending December 31, 2013 and will make an election in 2014 upon filing its 2013 income tax return. Accordingly, Residential believes it will not be subject to federal income tax beginning in 2013 on that portion of its REIT taxable income that is distributed to its shareholders as long as certain asset, income and share ownership tests are met. As a REIT, Residential generally will not be subject to federal income tax to the extent it distributes its REIT taxable income to its shareholders.
	As of September 30, 2013, we did not have any unrecognized tax benefits. Additionally, we did not accrue interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the year. Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2012.

Earnings_per_share

Earnings per share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]
Earnings per share	Earnings per share
	Because we incurred a net loss attributable to common stockholders for the three and nine months ended September 30, 2013, basic and diluted earnings per share are equivalent for the periods. For the three and nine months ended September 30, 2013, there were 284,597 and 288,245 stock options, respectively, and 224,944 units of restricted stock excluded from the calculation of diluted earnings per share because inclusion would have been anti-dilutive.

Segment_information

Segment information	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]
Segment information	Segment information
	Our primary business is to provide asset management and certain corporate governance services to Residential. Residential's primary business is the acquisition and ownership of single-family rental assets. Residential's primary sourcing strategy is to acquire these assets by purchasing sub-performing and non-performing mortgages. As a result, we operate in a single segment focused on the management of Residential's resolution of sub-performing and non-performing mortgages with the intent to modify as many loans as possible to keep borrowers in their homes or own the collateral which is suitable as long-term rental properties.

Subsequent_events_Notes

Subsequent events (Notes)	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent events
	On October 1, 2013, Residential completed a public offering of 17,187,000 shares of common stock at $21.00 per share and received net proceeds of $349.4 million. Residential has used a portion of the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans and to fund its investment in NewSource, as described below. Residential intends to use the remaining proceeds of this offering to purchase additional portfolios of mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital.
	On October 17, 2013, we invested $2.0 million to acquire all of the common stock and voting rights of NewSource. Concurrently, Residential invested $18.0 million in the non-voting preferred stock of NewSource.
	On October 21, 2013, we consummated the remainder of Residential’s previously announced mortgage loan acquisitions. Residential purchased 1,100 first lien residential mortgage loans, substantially all of which are non-performing, having an aggregate market value of underlying properties of $298 million.

Fair_value_of_financial_instru1

Fair value of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair value measurements, recurring and nonrecurring	The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of September 30, 2013 ($ in thousands):
		Level 1			Level 2			Level 3
		Quoted prices in active markets			Observable inputs other than Level 1 prices			Unobservable inputs
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	641,903
	Nonrecurring basis (assets)
	Transfer of mortgage loans to real estate owned	$	—		$	—		$	10,598
	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	338,800		$	—
Fair value, assets measured on recurring basis, unobservable input reconciliation	The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands):
		Three months ended September 30, 2013				Nine months ended September 30, 2013
	Mortgage loans
	Beginning balance	$	163,520			$	—
	Investment in mortgage loans	475,998				644,163
	Net unrealized gain on mortgage loans	17,670				25,963
	Net realized gain on mortgage loans	1,909				4,015
	Mortgage loan payments	(999		)		(2,616		)
	Mortgage loan dispositions	(9,996		)		(19,024		)
	Transfer of mortgage loans to real estate owned	(6,199		)		(10,598		)
	Ending balance	$	641,903			$	641,903
	Net unrealized gain on mortgage loans held	$	17,670			$	25,963
	Accumulated net unrealized gain on mortgage loans held	$	25,963			$	25,963
Delinquency by unpaid principal balance	The following table sets forth the fair value of Residential's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of September 30, 2013 ($ in thousands):
		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	Current	167		$	19,953		$	38,052		$	32,599
	30	33		3,113			6,605			5,147
	60	21		3,401			5,731			5,249
	90	1,013		162,127			284,243			239,480
	Foreclosure	3,786		453,309			829,265			658,265
	Mortgage loans	5,020		$	641,903		$	1,163,896		$	940,740
Fair value measurements, recurring and nonrecurring, valuation techniques	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of September 30, 2013:
	Input	Range
	Discount rate	15.00%
	Annual change in home pricing index	-1.8% to 4.6%
	Loan resolution probabilities — modification	0% to 22.3%
	Loan resolution probabilities — rental	0% to 100.0%
	Loan resolution probabilities — liquidation	0% to 100.0%
	Loan resolution timelines	1 to 67 months
	Value of underlying properties	$4,500 to $2.8 million
	There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because Residential did not own any such assets at that time.

Repurchase_agreements_Repurcha

Repurchase agreements Repurchase agreements (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Schedule of Debt
		Maximum borrowing capacity		Book value of collateral		Amount outstanding
	Repurchase agreement due March 21, 2014	$	100,000	$	165,790	$	87,916
	Repurchase agreement due March 23, 2015	200,000		270,219		176,583
	Repurchase agreement due March 11, 2016	125,000		130,833		74,301
		$	425,000	$	566,842	$	338,800

Related_party_transactions_Tab

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]
Related party transactions	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):
		Three months ended September 30, 2013		Nine months ended September 30, 2013		Counter-party	Consolidated Statements of Operations location
	Residential rental property operating expenses	$	138	$	246	Altisource	Residential rental property operating expenses (paid by Residential)
	Mortgage loan servicing costs	$	2,134	$	3,335	Ocwen	Mortgage loan servicing costs (paid by Residential)
	Due diligence costs	$	651	$	1,004	Altisource	Related party general and administrative expenses
	Sublease and related occupancy costs	$	74	$	153	Ocwen	Related party general and administrative expenses
	Expense reimbursements	$	1,307	$	3,371	Residential	Net loss attributable to noncontrolling interest in consolidated affiliate (Residential)
	Management incentive fee	$	51	$	51	Residential	Net loss attributable to noncontrolling interest in consolidated affiliate (Residential)

Organization_and_basis_of_pres1

Organization and basis of presentation (Details) (USD $)	0 Months Ended	6 Months Ended	9 Months Ended	0 Months Ended
	Dec. 21, 2012	Sep. 30, 2012	Sep. 30, 2013	1-May-13	Sep. 30, 2013	Mar. 22, 2013	Sep. 12, 2013	Sep. 23, 2013
				Variable Interest Entity, Primary Beneficiary [Member]	Secured debt [Member]	Secured debt [Member]	Secured debt [Member]	Secured debt [Member]
					Variable Interest Entity, Primary Beneficiary [Member]	Master repurchase agreement one [Member]	Master repurchase agreement two [Member]	Master repurchase agreement three [Member]
						Variable Interest Entity, Primary Beneficiary [Member]	Variable Interest Entity, Primary Beneficiary [Member]	Variable Interest Entity, Primary Beneficiary [Member]
Organization and Basis of Presentation [Line Items]
Term of contract	15 years
Maximum borrowing capacity					$425,000,000	$100,000,000	$125,000,000	$200,000,000
Sale of Stock, Number of Shares Issued in Transaction				17,250,000
Sale of Stock, Price Per Share				$18.75
Proceeds from Issuance of Common Stock		$500,000	$666,000	$309,500,000

Mortgage_loans_Details

Mortgage loans (Details) (USD $)	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
		property	property
Mortgage loans [Line Items]
Number of Real Estate Acquired Through Foreclosure		43	74
Transfer of mortgage loans to real estate owned				$0	$10,598,000
Number of mortgage loans liquidated		55	93
Net realized gain on mortgage loans	1,909,000			0	4,015,000
Loans receivable [Member] | Residential mortgage [Member]
Mortgage loans [Line Items]
Due diligence costs	900,000				1,300,000
Transfer of mortgage loans to real estate owned		6,200,000	10,600,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, Pool one [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					94,200,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, Pool two [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					38,700,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool three [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					122,100,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool four [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					241,200,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool five [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					67,300,000
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool six [Member]
Mortgage loans [Line Items]
Loans acquired, aggregate collateral market value					$403,600,000

Real_estate_assets_net_Details

Real estate assets, net (Details) (USD $)	3 Months Ended	6 Months Ended		9 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Dec. 31, 2012
	property			property
Real Estate [Abstract]
Number of real estate properties directly acquired	34			40
Real estate directly acquired	$5,900,000	$6,198,000	$0	$6,198,000
Number of real estate properties held for sale	14			14
Real estate assets held for sale (from consolidated VIE)	$1,074,000			$1,074,000	$0

Fair_value_of_financial_instru2

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	$0
Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	338,800
Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repurchase agreements at fair value	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0
Fair value measurements, recurring [Member] | Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	641,903
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	0
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of mortgage loans to real estate owned	$10,598

Fair_value_of_financial_instru3

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) (USD $)	3 Months Ended	6 Months Ended	9 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013
				Residential mortgage [Member]	Residential mortgage [Member]	Residential mortgage [Member]
				Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]
				Loans receivable [Member]	Loans receivable [Member]	Loans receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				$163,520	$0	$0
Investment in mortgage loans				475,998	644,163
Net unrealized gain on mortgage loans				17,670		25,963
Net realized gain on mortgage loans				1,909		4,015
Mortgage loan payments				-999		-2,616
Mortgage loan dispositions				-9,996		-19,024
Transfer of mortgage loans to real estate owned				-6,199		-10,598
Ending balance				641,903	163,520	641,903
Net unrealized gain on mortgage loans held	17,670	0	25,963	17,670		25,963
Accumulated net unrealized gain on mortgage loans held				$25,963		$25,963

Fair_value_of_financial_instru4

Fair value of financial instruments - Fair value by delinquency (Details) (Residential portfolio segment [Member], Loans receivable [Member], Residential mortgage [Member], USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified	loan
Residential portfolio segment [Member] | Loans receivable [Member] | Residential mortgage [Member]
Number of loans [Abstract]
Current	167
30	33
60	21
90	1,013
Foreclosure	3,786
Mortgage loans	5,020
Carrying value
Current	$19,953
30	3,113
60	3,401
90	162,127
Foreclosure	453,309
Mortgage loans	641,903
Unpaid principal balance
Current	38,052
30	6,605
60	5,731
90	284,243
Foreclosure	829,265
Mortgage loans, unpaid principal balance	1,163,896
Market value of underlying properties
Current	32,599
30	5,147
60	5,249
90	239,480
Foreclosure	658,265
Mortgage loans, collateral at fair value	$940,740

Fair_value_of_financial_instru5

Fair value of financial instruments - Fair value inputs, quantitative information (Details) (Residential mortgage [Member], Loans receivable [Member], Fair value, inputs, level 3 [Member], USD $)	9 Months Ended
	Sep. 30, 2013
Fair value inputs, assets, quantitative information [Line Items]
Discount rate	15.00%
Minimum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	-1.80%
Loan resolution probabilities b modification	0.00%
Loan resolution probabilities b rental	0.00%
Loan resolution probabilities b liquidation	0.00%
Loan resolution timelines	1 month
Value of underlying properties	4,500
Maximum [Member]
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	4.60%
Loan resolution probabilities b modification	22.30%
Loan resolution probabilities b rental	100.00%
Loan resolution probabilities b liquidation	100.00%
Loan resolution timelines	67 months
Value of underlying properties	2,800,000

Repurchase_agreements_Details

Repurchase agreements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Debt [Line Items]
Repurchase agreements (from consolidated VIE)	$338,800,000	$0
Secured debt [Member]
Debt [Line Items]
Interest rate	3.08%
Variable Interest Entity, Primary Beneficiary [Member] | Secured debt [Member]
Debt [Line Items]
Maximum borrowing capacity	425,000,000
Book value of collateral	566,842,000
Repurchase agreements (from consolidated VIE)	338,800,000
Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 21, 2014 | Secured debt [Member]
Debt [Line Items]
Maximum borrowing capacity	100,000,000
Book value of collateral	165,790,000
Repurchase agreements (from consolidated VIE)	87,916,000
Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 23, 2015 | Secured debt [Member]
Debt [Line Items]
Maximum borrowing capacity	200,000,000
Book value of collateral	270,219,000
Repurchase agreements (from consolidated VIE)	176,583,000
Variable Interest Entity, Primary Beneficiary [Member] | Repurchase agreement due March 11, 2016 | Secured debt [Member]
Debt [Line Items]
Maximum borrowing capacity	125,000,000
Book value of collateral	130,833,000
Repurchase agreements (from consolidated VIE)	$74,301,000

Commitments_and_contingencies_

Commitments and contingencies (Details) (NewSource Reinsurance Company Ltd. [Member], USD $)	Sep. 30, 2013	Dec. 21, 2012
Common stock [Member] | Subscription agreement [Member]
Other Commitments [Line Items]
Commitment to invest in affiliate	$2,000,000	$2,000,000
Preferred stock [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Corporation [Member]
Other Commitments [Line Items]
Commitment to invest in affiliate		18,000,000
Preferred stock [Member] | Subscription agreement [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Residential Corporation [Member]
Other Commitments [Line Items]
Commitment to invest in affiliate	$18,000,000

Related_party_transactions_Det

Related party transactions (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Related party transaction [Line Items]
Loans acquired from related party, aggregate purchase price		$64,400,000
Affiliated entity [Member] | Altisource Residential Corporation [Member] | Net loss attributable to noncontrolling interest in consolidated affiliate (Residential) | Expense reimbursements
Related party transaction [Line Items]
Related party expenses	1,307,000	3,371,000
Affiliated entity [Member] | Altisource Residential Corporation [Member] | Net loss attributable to noncontrolling interest in consolidated affiliate (Residential) | Management incentive fee
Related party transaction [Line Items]
Related party expenses	51,000	51,000
Affiliated entity [Member] | Altisource [Member] | Residential rental property operating expenses (paid by Residential) | Residential rental property operating expenses
Related party transaction [Line Items]
Related party expenses	138,000	246,000
Affiliated entity [Member] | Altisource [Member] | Related party general and administrative expenses | Due diligence costs
Related party transaction [Line Items]
Related party expenses	651,000	1,004,000
Affiliated entity [Member] | Ocwen [Member] | Mortgage loan servicing costs (paid by Residential) | Mortgage loan servicing costs
Related party transaction [Line Items]
Related party expenses	2,134,000	3,335,000
Affiliated entity [Member] | Ocwen [Member] | Related party general and administrative expenses | Sublease and related occupancy costs
Related party transaction [Line Items]
Related party expenses	74,000	153,000
Mortgage loans on real estate, Pool one [Member] | Loans receivable [Member] | Residential mortgage [Member] | Ocwen [Member] | Acquisition of nonperforming loans [Member]
Related party transaction [Line Items]
Loans acquired from related party, aggregate collateral fair value		$94,200,000

Sharebased_payments_Details

Share-based payments (Details) (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2013
Share-based compensation arrangement by share-based payment award [Line Items]
Unamortized stock compensation	$15
Weighted average remaining amortization period of unamortized share based compensation	3 years 3 months
Market based restricted stock [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted	32,197
Weighted average grant date fair value of market based restricted stock granted	$63.98
Time based restricted stock [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted	1,470
Weighted average grant date fair value of market based restricted stock granted	$205.27
Vested [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted	660
Unvested [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted	810

Income_taxes_Details

Income taxes (Details)	9 Months Ended
	Sep. 30, 2013
Income Taxes [Abstract]
Projected U.S. Virgin Islands Tax Rate	3.85%

Earnings_per_share_Details

Earnings per share (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation	285,000	288,245
Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS calculation	225,000	224,944

Subsequent_events_Details

Subsequent events (Details) (USD $)	6 Months Ended	9 Months Ended	0 Months Ended				9 Months Ended	0 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	1-May-13	Oct. 01, 2013	Oct. 17, 2013	Oct. 17, 2013	Sep. 30, 2013	Oct. 21, 2013
			Variable Interest Entity, Primary Beneficiary [Member]	Subsequent Event [Member]	NewSource Reinsurance Company Ltd. [Member]	NewSource Reinsurance Company Ltd. [Member]	Residential mortgage [Member]	Residential mortgage [Member]
				Variable Interest Entity, Primary Beneficiary [Member]	Common stock [Member]	Variable Interest Entity, Primary Beneficiary [Member]	Mortgage Loans on Real Estate, Pool six [Member]	Mortgage Loans on Real Estate, Pool six [Member]
					Subsequent Event [Member]	Preferred stock [Member]	Loans receivable [Member]	Loans receivable [Member]
						Subsequent Event [Member]		Variable Interest Entity, Primary Beneficiary [Member]
						Residential Corporation [Member]		Subsequent Event [Member]
								Residential Corporation [Member]
								loan
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction			17,250,000	17,187,000
Sale of Stock, Price Per Share			$18.75	$21
Proceeds from Issuance of Common Stock	$500,000	$666,000	$309,500,000	$349,400,000
Payments to Acquire Other Investments					2,000,000	18,000,000
Number of loans acquired								1,100
Loans acquired, aggregate collateral market value							$403,600,000	$298,000,000