Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012	Aug. 10, 2012
Document and Entity Information
Entity Registrant Name	IMPAC MORTGAGE HOLDINGS INC
Entity Central Index Key	0001000298
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,845,146
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 6,381	$ 7,653
Restricted cash	2,534	5,019
Trust assets
Investment securities available-for-sale	140	688
Securitized mortgage collateral	5,430,443	5,449,001
Derivative assets	37	37
Real estate owned	38,845	56,467
Total trust assets	5,469,465	5,506,193
Mortgage loans held-for-sale	106,918	61,718
Mortgage servicing rights	7,090	4,141
Assets of discontinued operations	200	264
Other assets	30,454	27,052
Total assets	5,623,042	5,612,040
Trust liabilities
Securitized mortgage borrowings	5,426,042	5,454,901
Derivative liabilities	20,439	24,786
Total trust liabilities	5,446,481	5,479,687
Warehouse borrowings	98,571	58,691
Long-term debt	11,952	11,561
Notes payable	5,688	5,182
Liabilities of discontinued operations	11,870	9,932
Other liabilities	17,462	15,890
Total liabilities	5,592,024	5,580,943
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 200,000,000 shares authorized; 7,845,146 and 7,814,946 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	78	78
Additional paid-in capital	1,077,549	1,076,723
Net accumulated deficit:
Cumulative dividends declared	(822,520)	(822,520)
Retained deficit	(224,912)	(224,334)
Net accumulated deficit	(1,047,432)	(1,046,854)
Total Impac Mortgage Holdings, Inc. stockholders' equity	30,216	29,968
Noncontrolling interests	802	1,129
Total equity	31,018	31,097
Total liabilities and stockholders' equity	5,623,042	5,612,040
Series B 9.375% Redeemable Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock	7	7
Series C 9.125% Redeemable Preferred Stock
STOCKHOLDERS' EQUITY
Preferred Stock	$ 14	$ 14

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	7,845,146	7,814,946
Common stock, shares outstanding	7,845,146	7,814,946
Series A Junior Participating Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B 9.375% Redeemable Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.375%	9.375%
Preferred stock, liquidation value (in dollars)	$ 16,640	$ 16,640
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	665,592	665,592
Preferred stock, shares outstanding	665,592	665,592
Series C 9.125% Redeemable Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.125%	9.125%
Preferred stock, liquidation value (in dollars)	$ 35,127	$ 35,127
Preferred stock, shares authorized	5,500,000	5,500,000
Preferred stock, shares issued	1,405,086	1,405,086
Preferred stock, shares outstanding	1,405,086	1,405,086

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
INTEREST INCOME	$ 126,973	$ 202,318	$ 269,701	$ 420,183
INTEREST EXPENSE	126,386	201,073	268,124	417,620
Net interest income	587	1,245	1,577	2,563
NON-INTEREST INCOME:
Change in fair value of net trust assets, excluding REO	5,160	2,403	11,560	7,299
Losses from REO	(3,882)	(739)	(13,309)	(4,988)
Non-interest income (loss) - net trust assets	1,278	1,664	(1,749)	2,311
Mortgage lending gains and fees, net	15,129	2,455	24,263	3,096
Real estate services fees, net	6,141	11,963	11,039	23,549
Other	1,326	154	779	367
Total non-interest income	23,874	16,236	34,332	29,323
NON-INTEREST EXPENSE:
Personnel expense	12,321	12,294	22,805	23,060
General, administrative and other	4,575	5,005	8,795	9,584
Total non-interest expense	16,896	17,299	31,600	32,644
Earnings (loss) from continuing operations before income taxes	7,565	182	4,309	(758)
Income tax expense from continuing operations	5	9	35	21
Earnings (loss) from continuing operations	7,560	173	4,274	(779)
(Loss) earnings from discontinued operations, net of tax	(3,113)	8	(4,381)	(342)
Net earnings (loss)	4,447	181	(107)	(1,121)
Net (earnings) loss attributable to noncontrolling interests	(235)	180	(471)	495
Net earnings (loss) attributable to IMH	$ 4,212	$ 361	$ (578)	$ (626)
Earnings (loss) per common share - basic:
Earnings (loss) from continuing operations attributable to IMH (in dollars per share)	$ 0.94	$ 0.05	$ 0.49	$ (0.04)
(Loss) earnings from discontinued operations (in dollars per share)	$ (0.40)	$ 0.00	$ (0.56)	$ (0.04)
Net earnings (loss) per share available to common stockholders (in dollars per share)	$ 0.54	$ 0.05	$ (0.07)	$ (0.08)
Earnings (loss) per common share - diluted:
Earnings (loss) from continuing operations attributable to IMH (in dollars per share)	$ 0.88	$ 0.04	$ 0.49	$ (0.04)
(Loss) earnings from discontinued operations (in dollars per share)	$ (0.37)	$ 0.00	$ (0.56)	$ (0.04)
Net earnings (loss) per share available to common stockholders (in dollars per share)	$ 0.51	$ 0.04	$ (0.07)	$ (0.08)

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (107)	$ (1,121)
Losses from REO	13,309	4,988
Extinguishment of debt	423	338
Change in fair value of mortgage servicing rights	375	34
Gain on sale of loans	(20,372)	(2,016)
Change in fair value of mortgage loans held-for-sale	(2,828)	(988)
Provision for repurchases	583	222
Origination of mortgage loans held-for-sale	(873,017)	(272,747)
Sale and principal reduction on mortgage loans held-for-sale	845,381	231,637
Change in fair value of net trust assets, excluding REO	(17,879)	(39,970)
Change in fair value of long-term debt	(682)	(643)
Accretion of interest income and expense	136,826	171,361
Change in REO impairment reserve	(14,825)	(15,861)
Stock-based compensation	134	148
Net change in restricted cash	2,485	(3,041)
Amortization of discount on note payable	89
Net cash provided by (used in) operating activities of discontinued operations	1,992	(1,824)
Net change in other assets and liabilities	187	2,058
Net cash provided by operating activities	72,074	72,575
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in securitized mortgage collateral	309,546	371,190
Net change in mortgages held-for-investment	4	5
Purchase of premises and equipment	(64)	(378)
Net principal change on investment securities available-for-sale	117	110
Proceeds from the sale of real estate owned	51,235	85,103
Net cash provided by investing activities	360,838	456,030
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of warehouse borrowings	(815,677)	(227,759)
Borrowings under warehouse agreement	855,557	269,619
Repayment of line of credit	(8,250)
Borrowings under line of credit	8,250
Repayment of securitized mortgage borrowings	(473,770)	(574,492)
Issuance of note payable	7,500	8,815
Principal payments on notes payable	(7,627)	(7,358)
Principal payments on capital lease	(193)	(106)
Proceeds from exercise of stock options	16	12
Net cash used in financing activities	(434,194)	(531,269)
Net change in cash and cash equivalents	(1,282)	(2,664)
Cash and cash equivalents at beginning of year	7,665	11,620
Cash and cash equivalents at end of period - continuing operations	6,381	8,944
Cash and cash equivalents at end of period - discontinued operations	2	12
Cash and cash equivalents at end of period	6,383	8,956
NON-CASH TRANSACTIONS (Continuing and Discontinued Operations):
Transfer of securitized mortgage collateral to real estate owned	32,133	54,104
Acquisition of equipment purchased through capital leases	199	530
Increase in ownership of AmeriHome	$ 677

Summary of Business, Market Conditions, and Financial Statement Presentation

6 Months Ended

Jun. 30, 2012

Summary of Business, Market Conditions, and Financial Statement Presentation

Summary of Business, Market Conditions, and Financial Statement Presentation

Note 1.—Summary of Business, Market Conditions, and Financial Statement Presentation

Business Summary

Impac Mortgage Holdings, Inc. (the Company or IMH) is a Maryland corporation incorporated in August 1995 and has the following subsidiaries: Integrated Real Estate Service Corporation (IRES), IMH Assets Corp. (IMH Assets) and Impac Funding Corporation (IFC).

The Company’s continuing operations include mortgage lending and real estate services conducted by IRES and the long-term mortgage portfolio (residual interests in securitizations reflected as net trust assets and liabilities in the consolidated balance sheets). The discontinued operations include the former non-conforming mortgage operations conducted by IFC and subsidiaries.

The information set forth in these notes is presented on a continuing operations basis, unless otherwise stated.

Market Update and Liquidity

According to the Wall Street Journal (WSJ), the US economy slowed in the second quarter, growing just 1.5% as compared to 2.4% in the first quarter of 2012 primarily as a result of consumers reduced spending and businesses cautious about hiring and investing, “underscoring that an already wobbly recovery is losing even more steam.” The unemployment rate has only slightly changed in recent months as employers added fewer jobs in the second quarter of 2012 than they have since the labor market began recovering in 2010 (WSJ, July 28, 2012). Furthermore, there is speculation that a slowing US economy raises concern that “a sudden shock,” such as an escalation of the current crisis in Europe’s financial markets or an increase in next year’s income tax rates, could potentially result in a contracting US economy and another recession.

Real estate activity showed some encouraging signs as nationwide average of home prices have appeared to have hit a bottom and are starting to bounce back, although home prices continued to decline in many parts of the United States during the first six months of 2012. Some positive news indicates that construction of new homes continued to grow in the second quarter, although at a slow rate. However, foreclosures remain one of the biggest risks to the housing market recovery. As the industry-wide compliance issues associated with foreclosures are resolved, an increase in foreclosures is expected which is expected to result in downward pressure and uncertainty in the housing market.

As a result of the current conditions of the United States economy, the Federal Reserve has lowered its growth projections in June and appears to be preparing to take action in the near future in hopes to spur the economy. At a minimum, the current economic conditions are likely to warrant exceptionally low levels for the federal funds interest rate at least through late 2014 if not beyond.

The Company believes that current cash balances, cash flows from its mortgage lending activities, real estate and loss mitigation services fees generated from the long-term mortgage portfolio, and residual interest cash flows from the long-term mortgage portfolio are adequate for current operating needs. However, the Company believes the mortgage lending and real estate services markets will continue to be unstable, highly competitive and subject to increased regulation. Competition in mortgage lending comes primarily from mortgage bankers, commercial banks, credit unions and other finance companies which have offices in the Company’s market area as well as operations throughout the United States. The Company competes for loans principally on the basis of the interest rates and loan fees charged, the types of loans originated and the quality of services provided to borrowers. Additionally, competition for real estate recovery services, loss mitigation servicing, loan modification services and other portfolio services has increased due to the unprecedented difficult mortgage environment and severe credit tightening, coupled with the stagnant economy. The Company’s competitors in its real estate service operations include large mortgage servicers, established special servicers, and newer entrants to the specialty servicing and recovery collections business. It is more difficult for the Company than its competitors to promote its ability to provide loss mitigation, special servicing and real estate services for others because the Company has not historically provided such services to unrelated third parties, and the Company is not a rated primary or special servicer of residential mortgage loans as designated by a rating agency.

The Company has experienced recent success in expanding its mortgage lending business, primarily due to its origination of mortgages eligible for sale to government agencies on a service retained basis. However, retaining servicing is a use of capital and the Company must carefully manage the size of its servicing portfolio to stay within capital constraints. The Company is currently exploring opportunities to obtain additional capital to support the growth of the mortgage servicing portfolio and expansion of its origination platform and volumes. Without additional capital, the Company’s mortgage lending business may not grow at the same pace as recently experienced. Additionally, performance of the long-term mortgage portfolio is subject to the continued volatility in the real estate market and current economic conditions. Cash flows from the residual interests in securitizations can be volatile and difficult to predict, because they are sensitive to delinquencies, defaults and credit losses associated with the securitized loans and interest rates associated with the securitized bonds. Losses in excess of current estimates will reduce the residual interest cash receipts from the long-term mortgage portfolio. To the extent the related multifamily portion of the long term mortgage portfolio experiences higher than expected credit losses, the Company may need to make advances on the multifamily portion.

Financial Statement Presentation

The accompanying unaudited consolidated financial statements of IMH and its subsidiaries (as defined above) have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These interim period condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the United States Securities and Exchange Commission (SEC).

All significant inter-company balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current year presentation.

Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. The items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, the estimated obligation of repurchase liabilities related to sold loans, the valuation of long-term debt, mortgage servicing rights and mortgage loans held-for-sale. Actual results could differ from those estimates and assumptions.

Recently Adopted Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-08, Testing Goodwill for Impairment. Under this new standard, entities testing goodwill for impairment now have an option of performing a qualitative assessment before having to calculate the fair value of a reporting unit. If an entity determines, on the basis of qualitative factors, that the fair value of the reporting unit is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. This ASU was effective beginning January 1, 2012 with early adoption permitted under certain conditions. The adoption of this standard did not have a material impact on the Company’s consolidated results of operations or financial condition.

In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU 2011-04 amends guidance listed under ASC Topic 820, “Fair Value Measurement,” and represents the converged guidance of the FASB and the International Accounting Standards Board on fair value measurement. This Update also permits entities to measure fair value on a net basis for financial instruments that are managed based on net exposure to market risks and/or counterparty credit risk. ASU 2011-04 requires new disclosures for financial instruments classified as Level 3, including: 1) quantitative information about unobservable inputs used in measuring fair value; 2) qualitative discussion of the sensitivity of fair value measurements to changes in unobservable inputs; and 3) a description of valuation processes used. This update also requires disclosure of fair value levels for financial instruments that are not recorded at fair value but for which fair value is required to be disclosed. ASU 2011-04 became effective prospectively for interim and annual periods beginning after December 15, 2011. The Company has conformed to the new disclosures required in ASU 2011-04 during the first quarter of 2012.

Legal Proceedings

The Company is a defendant in or a party to a number of legal actions or proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any.

In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and estimable. In any case, there may be an exposure to losses in excess of any such amounts whether accrued or not. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss will change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. At June 30, 2012, the Company does not have an accrued liability recorded for such estimated loss exposure.

Based on the Company’s current understanding of these pending legal actions and proceedings, management cannot ascertain whether the judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period.

For a description of current legal proceedings, refer to the Company’s Form 10-K for the year ended December 31, 2011. Also refer to Item 1 of Part II of the Company’s Form 10-Q for the period ended March 31, 2012 for a description of updates to legal proceedings during the three months ended June 30, 2012, which information included therein is incorporated herein by reference.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Note 2.—Fair Value of Financial Instruments

The use of fair value to measure the Company’s financial instruments is fundamental to its consolidated financial statements and is a critical accounting estimate because a substantial portion of its assets and liabilities are recorded at estimated fair value.

The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated:

	June 30, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	6,381	$	6,381	$	7,653	$	7,653
Restricted cash	2,534		2,534		5,019		5,019
Investment securities available-for-sale	140		140		688		688
Securitized mortgage collateral	5,430,443		5,430,443		5,449,001		5,449,001
Derivative assets, securitized trusts	37		37		37		37
Derivative assets, lending	4,460		4,460		1,179		1,179
Mortgage servicing rights	7,090		7,090		4,141		4,141
Mortgage loans held-for-sale	106,918		106,918		61,718		61,718
Call option	73		73		253		253

Liabilities
Securitized mortgage borrowings	5,426,042		5,426,042		5,454,901		5,454,901
Derivative liabilities, securitized trusts	20,439		20,439		24,786		24,786
Derivative liabilities, lending	1,552		1,552		624		624
Long-term debt	11,952		11,952		11,561		11,561
Warehouse borrowings	98,571		98,571		58,691		58,691
Notes payable	5,688		5,688		5,182		5,941
Line of credit	4,000		4,000		4,000		4,000
Put option	9		9		—		—

The fair value amounts above have been estimated by management using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates of fair value in both inactive and orderly markets. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

For securitized mortgage collateral and securitized mortgage borrowings, the underlying Alt-A residential and commercial loans and mortgage-backed securities market have experienced significant declines in market activity, along with a lack of orderly transactions. The Company’s methodology to estimate fair value of these assets and liabilities include the use of internal pricing techniques such as the net present value of future expected cash flows (with observable market participant assumptions, where available) discounted at a rate of return based on the Company’s estimates of market participant requirements. The significant assumptions utilized in these internal pricing techniques, which are based on the characteristics of the underlying collateral, include estimated credit losses, estimated prepayment speeds and appropriate discount rates.

Refer to Recurring Fair Value Measurements below for a description of the valuation methods used to determine the fair value of investment securities available for sale, securitized mortgage collateral and borrowings, derivative assets and liabilities, long-term debt, mortgage servicing rights, loans held-for-sale, and call and put options.

The carrying amount of cash and cash equivalents and restricted cash approximates fair value.

Warehouse borrowings fair value approximates carrying amounts due to the short-term nature of the liabilities and do not present unanticipated interest rate or credit concerns.

Line of credit fair value approximates carrying amount due to the short-term nature of the liability and does not present unanticipated interest rate or credit concerns.

Notes payable includes notes with maturities ranging from less than a year to three years. Notes payable is recorded at amortized cost, net of any discounts. The estimated fair value is determined using a discounted cash flow model using estimated market rates.

Fair Value Hierarchy

The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value.

FASB ASC 820-10-35 specifies a hierarchy of valuation techniques based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:

· Level 1—Quoted prices (unadjusted) in active markets for identical instruments or liabilities that an entity has the ability to assess at measurement date.

· Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices that are observable for an asset or liability, including interest rates and yield curves observable at commonly quoted intervals, prepayment speeds, loss severities, credit risks and default rates; and market-corroborated inputs.

· Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value.

As a result of the lack of observable market data resulting from inactive markets, the Company has classified its investment securities available-for-sale, securitized mortgage collateral and borrowings, net derivative liabilities — securitized trusts, long-term debt, mortgage servicing rights, and call and put options as Level 3 fair value measurements. Level 3 assets and liabilities were 99% and 100%, respectively, of total assets and total liabilities measured at estimated fair value at June 30, 2012 and December 31, 2011.

Recurring Fair Value Measurements

We assess our financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy, as defined by ASC Topic 810. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels occur at the beginning of the reporting period. There were no material transfers between our Level 1 and Level 2 classified instruments during the three and six months ended June 30, 2012.

The following tables present the Company’s assets and liabilities that are measured at estimated fair value on a recurring basis, including financial instruments for which the Company has elected the fair value option at June 30, 2012 and December 31, 2011, based on the fair value hierarchy:

	Recurring Fair Value Measurements
	June 30, 2012						December 31, 2011
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	—	$	—	$	140	$	—	$	—	$	688
Mortgage loans held-for-sale	—		106,918		—		—		61,718		—
Derivative assets, net, lending (1)	—		2,908		—		—		555		—
Mortgage servicing rights	—		—		7,090		—		—		4,141
Call option (2)	—		—		73		—		—		253
Securitized mortgage collateral	—		—		5,430,443		—		—		5,449,001
Total assets at fair value	$	—	$	109,826	$	5,437,746	$	—	$	62,273	$	5,454,083

Liabilities
Securitized mortgage borrowings	$	—	$	—	$	5,426,042	$	—	$	—	$	5,454,901
Derivative liabilities, net, securitized trusts (3)	—		—		20,402		—		—		24,749
Long-term debt	—		—		11,952		—		—		11,561
Put option (4)	—		—		9		—		—		—
Total liabilities at fair value	$	—	$	—	$	5,458,405	$	—	$	—	$	5,491,211

(1) At June 30, 2012, derivative assets, net, lending, included $4.5 million in interest rate lock commitments (IRLCs) and $1.6 million in hedging instruments, respectively, associated with the Company’s mortgage lending operations, and is included in other assets and other liabilities in the accompanying consolidated balance sheets.

(2) Included in other assets in the accompanying consolidated balance sheets.

(3) At June 30, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $20.4 million in derivative liabilities, included within trust assets and trust liabilities, respectively. At December 31, 2011, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $24.8 million in derivative liabilities, included within trust assets and trust liabilities, respectively.

(4) Included in other liabilities in the accompanying consolidated balance sheets.

The following tables present a reconciliation for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2012 and 2011:

	Level 3 Recurring Fair Value Measurements
	For the three months ended June 30, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, March 31, 2012	$	189		$	5,573,365		$	(5,579,512	)	$	(21,647	)	$	4,807		$	280		$	—		$	(12,163	)
Total gains (losses) included in earnings:
Interest income (1)	10			39,900			—			—			—			—			—			—
Interest expense (1)	—			—			(106,619		)	—			—			—			—			(563		)
Change in fair value	(11		)	(79		)	6,559			(1,309		)	(632		)	(207		)	(9		)	774
Total (losses) gains included in earnings	(1		)	39,821			(100,060		)	(1,309		)	(632		)	(207		)	(9		)	211
Transfers in and/or out of Level 3	—			—			—			—			—			—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			3,182			—			—			—
Settlements	(48		)	(182,743		)	253,530			2,554			(267		)	—			—			—
Fair value, June 30, 2012	$	140		$	5,430,443		$	(5,426,042	)	$	(20,402	)	$	7,090		$	73		$	(9	)	$	(11,952	)
Unrealized gains (losses) still held (2)	$	44		$	(3,567,906	)	$	5,594,432		$	(19,640	)	$	—		$	—		$	—		$	58,811

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $2.0 million for the three months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2012.

	Level 3 Recurring Fair Value Measurements
	For the three months ended June 30, 2011
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights		Call option			Put option			Long-term debt
Fair value, March 31, 2011	$	415		$	6,053,766		$	(6,056,577	)	$	(46,205	)	$	1,340	$	483		$	(61	)	$	(12,030	)
Total gains (losses) included in earnings:
Interest income (1)	30			95,476			—			—			—		—			—			—
Interest expense (1)	—			—			(179,186		)	—			—		—			—			(523		)
Change in fair value	56			(286,713		)	296,261			(7,201		)	65		(29		)	38			405
Total gains (losses) included in earnings	86			(191,237		)	117,075			(7,201		)	65		(29		)	38			(118		)
Transfers in and/or out of Level 3	—			—			—			—			—		—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—					—			—			—
Issuances	—			—			—			—			—		—			—			—
Settlements	(54		)	(220,572		)	287,660			15,302			—		—			—			—
Fair value, June 30, 2011	$	447		$	5,641,957		$	(5,651,842	)	$	(38,104	)	$	1,405	$	454		$	(23	)	$	(12,148	)
Unrealized gains (losses) still held (2)	$	258		$	(4,415,570	)	$	6,339,646		$	(38,059	)	$	—	$	—		$	—		$	58,615

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $2.7 million for the three months ended June 30, 2011. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2011.

	Level 3 Recurring Fair Value Measurements
	For the six months ended June 30, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, December 31, 2011	$	688		$	5,449,001		$	(5,454,901	)	$	(24,749	)	$	4,141		$	253		$	—		$	(11,561	)
Total gains (losses) included in earnings:
Interest income (1)	23			91,840			—			—			—			—			—			—
Interest expense (1)	—			—			(227,616		)	—			—			—			—			(1,073		)
Change in fair value	(454		)	231,282			(217,397		)	(1,871		)	(375		)	(180		)	(9		)	682
Total (losses) gains included in earnings	(431		)	323,122			(445,013		)	(1,871		)	(375		)	(180		)	(9		)	(391		)
Transfers in and/or out of Level 3	—			—			—			—												—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			5,636			—			—			—
Settlements	(117		)	(341,680		)	473,872			6,218			(2,312		)	—			—			—
Fair value, June 30, 2012	$	140		$	5,430,443		$	(5,426,042	)	$	(20,402	)	$	7,090		$	73		$	(9	)	$	(11,952	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.4 million for the six months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

	Level 3 Recurring Fair Value Measurements
	For the six months ended June 30, 2011
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, December 31, 2010	$	645		$	6,011,675		$	(6,012,745	)	$	(65,876	)	$	1,439		$	706		$	(61	)	$	(11,728	)
Total gains (losses) included in earnings:
Interest income (1)	58			202,845			—			—			—			—			—			—
Interest expense (1)	—			—			(373,201		)	—			—			—			—			(1,063		)
Change in fair value	(146		)	(147,268		)	158,983			(4,271		)	(34		)	(252		)	38			643
Total (losses) gains included in earnings	(88		)	55,577			(214,218		)	(4,271		)	(34		)	(252		)	38			(420		)
Transfers in and/or out of Level 3	—			—			—			—			—			—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			—			—			—			—
Settlements	(110		)	(425,295		)	575,121			32,043			—			—			—			—
Fair value, June 30, 2011	$	447		$	5,641,957		$	(5,651,842	)	$	(38,104	)	$	1,405		$	454		$	(23	)	$	(12,148	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $5.5 million for the six months ended June 30, 2011. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis at June 30, 2012.

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input	Range of Inputs
Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	140		DCF	Discount rates	5.26 - 30.0	%
Securitized mortgage collateral, and	5,430,443				Prepayment rates	0.8 - 15.6	%
Securitized mortgage borrowings	(5,426,042		)		Default rates	0.21 - 10.0	%
					Loss severities	16.1 - 71.9	%
Other assets and liabilities
Mortgage servicing rights	$	7,090		DCF	Discount rate	12.0	%
					Prepayment rates	11.8 - 14.8	%
Derivative liabilities, net, securitized trusts	(20,402		)	DCF	1M forward LIBOR	0.24 - 3.19	%
Long-term debt	(11,952		)	DCF	Discount rate	25.0	%
Lease Liability	(2,108		)	DCF	Discount rate	12.0	%

DCF = Discounted Cash Flow

1M = 1 Month

During the second quarter of 2012, based on the trend of improving bond prices and declining yields, the Company adjusted the acceptable range of expected yields for some of the Company’s earlier vintage securitizations.

For assets and liabilities backed by real estate, a significant increase in discount rates, default rates or loss severities would result in a significantly lower estimated fair value. The impact of changes in prepayment speeds would have differing impacts depending on the seniority or other characteristics of the instrument. For other assets and liabilities, a significant increase in discount rates would result in a significantly lower estimated fair value. A significant increase in one-month LIBOR would result in a significantly higher estimated fair value for derivative liabilities, net, securitized trusts. The Company believes that the imprecision of an estimate could be significant.

The following tables present the changes in recurring fair value measurements included in net earnings (loss) for the three and six months ended June 30, 2012 and 2011:

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Earnings
	For the three months ended June 30, 2012
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	10	$	—		$	(11	)	$	—	$	—		$	—		$	(1	)
Securitized mortgage collateral	39,900		—			(79		)	—		—			—			39,821
Securitized mortgage borrowings	—		(106,619		)	6,559			—		—			—			(100,060		)
Mortgage servicing rights	—		—			—			—		(632		)	—			(632		)
Call option	—		—			—			—		(207		)	—			(207		)
Put option	—		—			—			—		(9		)	—			(9		)
Derivative liabilities, net	—		—			(1,309		)(2)	—		—			—			(1,309		)
Long-term debt	—		(563		)	—			774		—			—			211
Mortgage loans held-for-sale	—		—			—			—		—			3,361			3,361
Derivative assets - IRLCs	—		—			—			—		—			2,904			2,904
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(1,671		)	(1,671		)
Total	$	39,910	$	(107,182	)	$	5,160		$	774	$	(848	)	$	4,594		$	(57,592	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

(2) Included in this amount is $1.2 million in change in the fair value of derivative instruments, offset by $2.6 million in cash payments from the securitization trusts for the three months ended June 30, 2012.

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Loss
	For the three months ended June 30, 2011
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	30	$	—		$	56		$	—	$	—		$	—		$	86
Securitized mortgage collateral	95,476		—			(286,713		)	—		—			—			(191,237		)
Securitized mortgage borrowings	—		(179,186		)	296,261			—		—			—			117,075
Mortgage servicing rights	—		—			—			—		65			—			65
Call option	—		—			—			—		(29		)	—			(29		)
Put option	—		—			—			—		38			—			38
Derivative liabilities, net	—		—			(7,201		)(2)	—		—			—			(7,201		)
Long-term debt	—		(523		)	—			405		—			—			(118		)
Mortgage loans held-for-sale	—		—			—			—		—			531			531
Derivative assets - IRLCs	—		—			—			—		—			283			283
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(169		)	(169		)
Total	$	95,506	$	(179,709	)	$	2,403		$	405	$	74		$	645		$	(80,676	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

(2) Included in this amount is $8.4 million in changes in the fair value of derivative instruments, offset by $15.6 million in cash payments from the securitization trusts for the three months ended June 30, 2011.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Earnings
	For the six months ended June 30, 2012
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	23	$	—		$	(454	)	$	—	$	—		$	—		$	(431	)
Securitized mortgage collateral	91,840		—			231,282			—		—			—			323,122
Securitized mortgage borrowings	—		(227,616		)	(217,397		)	—		—			—			(445,013		)
Mortgage servicing rights	—		—			—			—		(375		)	—			(375		)
Call option	—		—			—			—		(180		)	—			(180		)
Put option	—		—			—			—		(9		)	—			(9		)
Derivative liabilities, net	—		—			(1,871		)(2)	—		—			—			(1,871		)
Long-term debt	—		(1,073		)	—			682		—			—			(391		)
Mortgage loans held-for-sale	—		—			—			—		—			2,828			2,828
Derivative assets - IRLCs	—		—			—			—		—			3,281			3,281
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(929		)	(929		)
Total	$	91,863	$	(228,689	)	$	11,560	(3)	$	682	$	(564	)	$	5,180		$	(119,968	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

(2) Included in this amount is $4.4 million in change in the fair value of derivative instruments, offset by $6.3 million in cash payments from the securitization trusts for the six months ended June 30, 2012.

(3) For the six months ended June 30, 2012, change in the fair value of trust assets, excluding REO was $11.6 million. Excluded from the $17.9 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $6.3 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Earnings
	For the six months ended June 30, 2011
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	58	$	—		$	(146	)	$	—	$	—		$	—		$	(88	)
Securitized mortgage collateral	202,845		—			(147,268		)	—		—			—			55,577
Securitized mortgage borrowings	—		(373,201		)	158,983			—		—			—			(214,218		)
Mortgage servicing rights	—		—			—			—		(34		)	—			(34		)
Call option	—		—			—			—		(252		)	—			(252		)
Put option	—		—			—			—		38			—			38
Derivative liabilities, net	—		—			(4,271		)(2)	—		—			—			(4,271		)
Long-term debt	—		(1,063		)	—			643		—			—			(420		)
Mortgage loans held-for-sale	—		—			—			—		—			815			815
Derivative assets - IRLCs	—		—			—			—		—			294			294
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(127		)	(127		)
Total	$	202,903	$	(374,264	)	$	7,298	(3)	$	643	$	(248	)	$	982		$	(162,686	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

(2) Included in this amount is $28.4 million in changes in the fair value of derivative instruments, offset by $32.7 million in cash payments from the securitization trusts for the six months ended June 30, 2011.

(3) For the six months ended June 30, 2011, change in the fair value of trust assets, excluding REO was $7.3 million. Excluded from the $40.0 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $32.7 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities.

The following is a description of the measurement techniques for items recorded at estimated fair value on a recurring basis.

Investment securities available-for-sale—Investment securities available-for-sale are carried at fair value. The investment securities consist primarily of non-investment grade mortgage-backed securities. The fair value of the investment securities is measured based upon the Company’s expectation of inputs that other market participants would use. Such assumptions include judgments about the underlying collateral, prepayment speeds, future credit losses, forward interest rates and certain other factors. Given the market disruption and lack of observable market data as of June 30, 2012 and December 31, 2011, the estimated fair value of the investment securities available-for-sale was measured using significant internal expectations of market participants’ assumptions. Investment securities available-for-sale are considered a Level 3 measurement at June 30, 2012.

Mortgage servicing rights—The Company elected to carry all of its mortgage servicing rights arising from its mortgage loan operations at fair value. The fair value of mortgage servicing rights is based upon market prices for similar instruments and an internal discounted cash flow model. The valuation model incorporates assumptions that market participants would use in estimating the fair value of servicing. These assumptions include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late fees, among other considerations. Mortgage servicing rights are considered a Level 3 measurement at June 30, 2012.

Mortgage loans held-for-sale—The Company elected to carry its mortgage loans held-for-sale originated or acquired from its mortgage loan origination operation at fair value. Fair value is based on quoted market prices, where available, prices for other traded mortgage loans with similar characteristics, and purchase commitments and bid information received from market participants. Given the meaningful level of secondary market activity for conforming mortgage loans, active pricing is available for similar assets and accordingly, the Company classifies its mortgage loans held-for-sale as a Level 2 measurement at June 30, 2012.

Call option—As part of the acquisition of AmeriHome as more fully discussed in Note 21.—Business Combinations of our Annual Report on Form 10-K for the year ended December 31, 2011, the purchase agreement included a call option to purchase an additional 39% of AmeriHome. In June 2012, the Company and the noncontrolling interest holder entered into an agreement to transfer an additional 27.5% ownership of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to the Company for capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. As of June 30, 2012, the Company owns 78.5% of AmeriHome, and accordingly retains an option to purchase 11.5% of AmeriHome. The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. The call option is considered a Level 3 measurement at June 30, 2012.

Put option—As part of the acquisition of AmeriHome, the purchase agreement included a put option which allows the noncontrolling interest holder to sell his then remaining 49% of AmeriHome to the Company in the event the Company does not exercise the call option discussed above. In June 2012, the Company and the noncontrolling interest holder entered into an agreement to transfer 27.5% ownership of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. As of June 30, 2012, the noncontrolling interest holder owns 21.5% of AmeriHome, and accordingly retains an option to sell the 21.5% interest to the Company. The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. The put option is considered a Level 3 measurement at June 30, 2012.

Securitized mortgage collateral—The Company elected to carry all of its securitized mortgage collateral at fair value. These assets consist primarily of non-conforming mortgage loans securitized between 2002 and 2007. Fair value measurements are based on the Company’s internal models used to compute the net present value of future expected cash flows, with observable market participant assumptions, where available. The Company’s assumptions include its expectations of inputs that other market participants would use in pricing these assets. These assumptions include judgments about the underlying collateral, prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of June 30, 2012, securitized mortgage collateral had an unpaid principal balance of $9.0 billion, compared to an estimated fair value of $5.4 billion. The aggregate unpaid principal balance exceeds the fair value by $3.6 billion at June 30, 2012. As of June 30, 2012, the unpaid principal balance of loans 90 days or more past due was $1.6 billion compared to an estimated fair value of $0.5 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $1.1 billion at June 30, 2012. Securitized mortgage collateral is considered a Level 3 measurement at June 30, 2012.

Securitized mortgage borrowings—The Company elected to carry all of its securitized mortgage borrowings at fair value. These borrowings consist of individual tranches of bonds issued by securitization trusts and are primarily backed by non-conforming mortgage loans. Fair value measurements are based on the Company’s internal models used to compute the net present value of future expected cash flows, with observable market participant assumptions, where available. Fair value measurements include the Company’s judgments about the underlying collateral and assumptions such as prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of June 30, 2012, securitized mortgage borrowings had an outstanding principal balance of $9.1 billion compared to an estimated fair value of $5.4 billion. The aggregate outstanding principal balance exceeds the fair value by $3.7 billion at June 30, 2012. Securitized mortgage borrowings is considered a Level 3 measurement at June 30, 2012.

Long-term debt—The Company elected to carry all of its long-term debt (consisting of trust preferred securities and junior subordinated notes) at fair value. These securities are measured based upon an analysis prepared by management, which considered the Company’s own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. As of June 30, 2012, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $12.0 million. The aggregate unpaid principal balance exceeds the fair value by $58.5 million at June 30, 2012. The long-term debt is considered a Level 3 measurement at June 30, 2012.

Derivative assets and liabilities, Securitized trusts—For non-exchange traded contracts, fair value is based on the amounts that would be required to settle the positions with the related counterparties as of the valuation date. Valuations of derivative assets and liabilities are based on observable market inputs, if available. To the extent observable market inputs are not available, fair values measurements include the Company’s judgments about future cash flows, forward interest rates and certain other factors, including counterparty risk. Additionally, these values also take into account the Company’s own credit standing, to the extent applicable; thus, the valuation of the derivative instrument includes the estimated value of the net credit differential between the counterparties to the derivative contract. As of June 30, 2012, the notional balance of derivative assets and liabilities, securitized trusts was $1.1 billion. These derivatives are included in the consolidated securitization trusts, which are nonrecourse to the Company, and thus the economic risk from these derivatives is limited to the Company’s residual interests in the securitization trusts. Derivative assets and liabilities, securitized trusts are considered a Level 3 measurement at June 30, 2012.

Derivative assets and liabilities, Lending—The Company’s derivative assets and liabilities are carried at fair value as required by GAAP and are accounted for as free standing derivatives. The derivative assets are IRLCs with prospective residential mortgage borrowers whereby the interest rate on the loan is determined prior to funding and the borrowers have locked in that interest rate. These commitments are determined to be derivative instruments in accordance with GAAP. The derivative liabilities are hedging instruments (typically TBA securities) used to hedge the risk of fair value changes associated with changes in interest rates relating to its mortgage loan origination operations. The Company hedges the period from the interest rate lock (assuming a fall-out factor) to the date of the loan sale. The estimated fair value is based on current market prices for similar instruments. Given the meaningful level of secondary market activity for derivative contracts, active pricing is available for similar assets and accordingly, the Company classifies its derivative assets and liabilities, lending as a Level 2 measurement at June 30, 2012.

The following table includes information for the derivative assets and liabilities — lending for the periods presented:

			Total Gains (Losses)
	Notional Balance		For the Three Months Ended			For the Six Months Ended
	June 30, 2012		June 30, 2012 (1)			June 30, 2012 (1)
Derivative assets - IRLC’s	$	286,436	$	2,904		$	3,281
Derivative liabilities - TBA/FNMA’s	259,196		(6,043		)	(7,330		)

(1) Amounts included in mortgage lending gains and fees, net within the accompanying consolidated statements of operations.

Nonrecurring Fair Value Measurements

The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP. The fair value measurements are considered nonrecurring fair value measurements under FASB ASC 820-10.

The following tables present financial and non-financial assets and liabilities measured using nonrecurring fair value measurements at June 30, 2012 and 2011, respectively:

	Nonrecurring Fair Value Measurements							Total Gains (Losses)
	June 30, 2012							For the Three Months Ended			For the Six Months Ended
	Level 1		Level 2		Level 3			June 30, 2012 (3)			June 30, 2012 (3)
REO (1)	$	—	$	28,610	$	—		$	(3,882	)	$	(13,309	)
Lease liability (2)	—		—		(2,108		)	(64		)	(281		)

(1) Balance represents REO at June 30, 2012 which have been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2012, the $3.9 million and $13.3 million loss, respectively, represents additional impairment write-downs attributable to higher expected loss severities on properties held during the period which resulted in a decrease to net realizable value (NRV).

(2) Amounts are included in discontinued operations. For the three and six months ended June 30, 2012, the Company recorded $64 thousand and $281 thousand in losses, respectively, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments.

(3) Total losses reflect losses from all nonrecurring measurements during the period.

	Non-recurring Fair Value Measurements							Total Gains (Losses)
	June 30, 2011							For the Three Months Ended			For the Six Months Ended
	Level 1		Level 2		Level 3			June 30, 2011 (3)			June 30, 2011 (3)
REO (1)	$	—	$	45,297	$	—		$	(739	)	$	(4,986	)
Lease liability (2)	—		—		(2,175		)	(85		)	(302		)

(1) Balance represents REO at June 30, 2011 which have been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2011, the $739 thousand and $5.0 million loss, respectively, represent additional impairment write-downs during the period.

(2) Amounts are included in discontinued operations. For the three and six months ended June 30, 2011, the Company recorded $85 thousand and $302 thousand in losses, respectively, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments.

(3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period.

Real estate owned—REO consists of residential real estate acquired in satisfaction of loans. Upon foreclosure, REO is recorded at the estimated fair value of the residential real estate less estimated selling and holding costs, offset by expected contractual mortgage insurance proceeds to be received, if any. Subsequently, REO is adjusted to the lower of carrying value or estimated fair value less costs to sell. REOs which have been impaired subsequent to foreclosure are subject to nonrecurring fair value measurement and included in the nonrecurring fair value measurements tables. Estimated fair values of REO are generally based on observable market inputs, and considered Level 2 measurements at June 30, 2012.

Lease liability—In connection with the discontinuation of our non-conforming mortgage, warehouse lending and commercial operations, a significant amount of office space that was previously occupied is no longer being used by the Company. The Company has subleased a significant amount of this office space. The Company has recorded a liability, included within discontinued operations, representing the present value of the minimum lease payments over the remaining life of the lease, offset by the expected proceeds from sublet revenue related to this office space. This liability is based on present value techniques that incorporate the Company’s judgments about estimated sublet revenue and discount rates. Therefore, this liability is considered a Level 3 measurement at June 30, 2012.

Stock Options

6 Months Ended

Jun. 30, 2012

Stock Options

Stock Options

Note 3.—Stock Options

There were no options granted during the six months ended June 30, 2012 or 2011, respectively.

The following table summarizes activity, pricing and other information for the Company’s stock options for the six months ended June 30, 2012:

			Weighted-
			Average
	Number of		Exercise
	Shares		Price
Options outstanding at beginning of period	1,241,808		$	3.64
Options granted	—		—
Options exercised	(30,200	)	0.53
Options forfeited / cancelled	(49,598	)	13.61
Options outstanding at end of period	1,162,010		$	3.30
Options exercisable at end of period	946,233		$	3.42

As of June 30, 2012, there was approximately $442 thousand of total unrecognized compensation cost related to stock option compensation arrangements granted under the plan, net of estimated forfeitures. That cost is expected to be recognized over the remaining weighted average period of 1.38 years.

The following table summarizes activity, pricing and other information for the Company’s restricted stock units (RSU’s), also referred to as deferred stock units as the issuance of the stock is deferred until termination of service, for the six months ended June 30, 2012:

		Weighted-
		Average
	Number of	Grant Date
	Shares	Fair Value
RSU’s outstanding at beginning of period	24,000	$	2.73
RSU’s granted	—	—
RSU’s exercised	—	—
RSU’s forfeited / cancelled	—	—
RSU’s outstanding at end of period	24,000	$	2.73

As of June 30, 2012, there was approximately $31 thousand of total unrecognized compensation cost related to the RSU compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of 1.43 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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-Section 50

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

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-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

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+ Details

Reconciliation of Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2012

Reconciliation of Earnings (Loss) Per Share

Reconciliation of Earnings (Loss) Per Share

Note 4.—Reconciliation of Earnings (Loss) Per Share

The following table presents the computation of basic and diluted loss per common share, including the dilutive effect of stock options and cumulative redeemable preferred stock outstanding for the periods indicated:

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2012			2011		2012			2011
Numerator for basic loss per share:
Earnings (loss) from continuing operations	$	7,560		$	173	$	4,274		$	(779	)
Net (earnings) loss attributable to noncontrolling interest	(235		)	180		(471		)	495
Earnings (loss) from continuing operations attributable to IMH	7,325			353		3,803			(284		)
(Loss) earnings from discontinued operations	(3,113		)	8		(4,381		)	(342		)
Earnings (loss) available to IMH common stockholders	$	4,212		$	361	$	(578	)	$	(626	)

Denominator for basic loss per share (1):
Basic weighted average common shares outstanding during the year	7,844			7,792		7,832			7,790

Denominator for diluted loss per share (1):
Basic weighted average common shares outstanding during the year	7,844			7,792		7,832			7,790
Net effect of dilutive stock options and RSU’s	490			573		—			—
Diluted weighted average common shares	8,334			8,365		7,832			7,790

Earnings (loss) per common share - basic:
Earnings (loss) from continuing operations attributable to IMH	$	0.94		$	0.05	$	0.49		$	(0.04	)
(Loss) earnings from discontinued operations	(0.40		)	0.00		(0.56		)	(0.04		)
Net earnings (loss) per share available to common stockholders	$	0.54		$	0.05	$	(0.07	)	$	(0.08	)

Earnings (loss) per common share - diluted:
Earnings (loss) from continuing operations attributable to IMH	$	0.88		$	0.04	$	0.49		$	(0.04	)
(Loss) earnings from discontinued operations	(0.37		)	0.00		(0.56		)	(0.04		)
Net earnings (loss) per share available to common stockholders	$	0.51		$	0.04	$	(0.07	)	$	(0.08	)

(1) Number of shares presented in thousands.

For the three and six months ended June 30, 2012, stock options to purchase 693 thousand and 1.2 million shares, respectively, were outstanding but not included in the above weighted average share calculations because they were anti-dilutive.

For the three and six months ended June 30, 2011, stock options to purchase 238 thousand and 1.3 million shares, respectively, were outstanding but not included in the above weighted average share calculations because they were anti-dilutive.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting

Segment Reporting

Note 5.—Segment Reporting

The Company has four reporting segments, consisting of the long-term mortgage portfolio, mortgage lending, real estate services and discontinued operations. The following tables present the selected financial data and operating results by reporting segment for the periods indicated:

	Long-term			Mortgage			Real Estate			Discontinued
	Portfolio			Lending			Services			Operations			Reclassifications (1)			Consolidated
Statement of Operations Items for the three months ended June 30, 2012:
Net interest income (expense)	$	606		$	(24	)	$	5		$	—		$	—		$	587
Non-interest income- net trust assets	1,278			—			—			—			—			1,278
Mortgage lending gains and fees, net	—			15,129			—			—			—			15,129
Real estate services fees, net	—			—			6,141			—			—			6,141
Other non-interest (expense) income	1,542			(216		)	—			(2,376		)	2,376			1,326
Non-interest expense and income taxes	(3,678		)	(11,089		)	(2,134		)	(737		)	737			(16,901		)
(Loss) earnings from continuing operations	$	(252	)	$	3,800		$	4,012								7,560
Loss from discontinued operations, net of tax										$	(3,113	)				(3,113		)
Net earnings																$	4,447

Statement of Operations Items for the six months ended June 30, 2012:
Net interest income (expense)	$	1,653		$	(92	)	$	16		$	—		$	—		$	1,577
Non-interest (loss) income- net trust assets	(1,749		)	—			—			—			—			(1,749		)
Mortgage lending gains and fees, net	—			24,263			—			—			—			24,263
Real estate services fees, net	—			—			11,039			—			—			11,039
Other non-interest income (expense)	965			(186		)	—			(2,880		)	2,880			779
Non-interest expense and income taxes	(7,695		)	(19,862		)	(4,078		)	(1,501		)	1,501			(31,635		)
(Loss) earnings from continuing operations	$	(6,826	)	$	4,123		$	6,977								4,274
Loss from discontinued operations, net of tax										$	(4,381	)				(4,381		)
Net loss																$	(107	)

Total Assets at June 30, 2012	$	5,493,250		$	115,346		$	14,246		$	200		$	—		$	5,623,042
Total Assets at December 31, 2011	$	5,528,998		$	67,818		$	14,992		$	264		$	(32	)	$	5,612,040

	Long-term			Mortgage			Real Estate			Discontinued
	Portfolio			Lending			Services			Operations			Reclassifications (1)			Consolidated
Statement of Operations Items for the three months ended June 30, 2011:
Net interest income	$	1,196		$	45		$	4		$	—		$	—		$	1,245
Non-interest income- net trust assets	1,664			—			—			—			—			1,664
Mortgage lending gains and fees, net	—			2,455			—			—			—			2,455
Real estate services fees, net	—			—			11,963			—			—			11,963
Other non-interest (expense) income	145			9			—			346			(346		)	154
Non-interest expense and income taxes	(3,923		)	(6,035		)	(7,350		)	(338		)	338			(17,308		)
(Loss) earnings from continuing operations	$	(918	)	$	(3,526	)	$	4,617								173
Earnings from discontinued operations, net of tax										$	8					8
Net earnings																$	181

Statement of Operations Items for the six months ended June 30, 2011:
Net interest income	$	2,513		$	42		$	8		$	—		$	—		$	2,563
Non-interest income- net trust assets	2,311			—			—			—			—			2,311
Mortgage lending gains and fees, net	—			3,096			—			—			—			3,096
Real estate services fees, net	—			—			23,549			—			—			23,549
Other non-interest (expense) income	568			(201		)	—			215			(215		)	367
Non-interest expense and income taxes	(8,193		)	(9,181		)	(15,291		)	(557		)	557			(32,665		)
(Loss) earnings from continuing operations	$	(2,801	)	$	(6,244	)	$	8,266								(779		)
Loss from discontinued operations, net of tax										$	(342	)				(342		)
Net loss																$	(1,121	)

(1) Amounts represent reclassifications of activity in the discontinued operations segment into loss from discontinued operations, net of tax as presented in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification

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+ Details

Warehouse Borrowings

6 Months Ended

Jun. 30, 2012

Warehouse Borrowings

Warehouse Borrowings

Note 6.—Warehouse Borrowings

The Company, through IRES and its subsidiaries, enters into Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale.

In May 2012, the Company, through IRES and its subsidiaries, entered into a Master Repurchase Agreement with a lender providing a $25 million warehouse facility (Repurchase Agreement 4). The interest rate relating to this agreement is one-month LIBOR plus 3.75% and expires May 2013. Under the terms of this warehouse facility, IRES and its subsidiaries are required to maintain various financial and other covenants.

At June 30, 2012, the Company was in compliance with all financial covenants.

The following table presents certain information on warehouse borrowings for the periods indicated:

	Maximum
	Borrowing		Balance Outstanding At
	Capacity		June 30, 2012		December 31, 2011
Short-term borrowings:
Repurchase agreement 1 (1)	$	40,000	$	34,057	$	20,163
Repurchase agreement 2	30,000		26,607		24,769
Repurchase agreement 3 (2)	50,000		35,842		13,759
Repurchase agreement 4	25,000		2,065		—
Total short-term borrowings	$	145,000	$	98,571	$	58,691

(1) In April 2012, the maximum borrowing capacity increased from $32.5 million to $40.0 million and the maturity extended to June, 2013.

(2) In May 2012, the maximum borrowing capacity increased from $25.0 million to $50.0 million.

Notes Payable

6 Months Ended

Jun. 30, 2012

Notes Payable

Notes Payable

Note 7.—Notes Payable

Note payable—Debt Agreement

In February 2012, the Company entered into a $7.5 million structured debt agreement using eight of the Company’s residual interests (net trust assets) as collateral. The Company used a portion of the proceeds to pay off the $408 thousand balance owed on the previous debt agreement. The Company received proceeds of $7.0 million, net of the aforementioned payoff and transaction costs of approximately $50 thousand.

The structured debt agreement is evidenced by an Indenture with Deutsche Bank National Trust Company, as trustee. It bears interest at a fixed rate of 25% per annum and is amortized in equal principal payments over 18 months with all distributions from the underlying residual interests being used to make the monthly payments, and was recorded as a note payable in the accompanying consolidated balance sheets. If the cumulative cash flows received from the collateralized residual interests are not sufficient to pay the required monthly principal and interest, the Company would be required to pay the difference to avoid the transfer of the residual interests and the rights to the associated future cash flows to the note holder. Any excess cash flows from the residual interests are included in a reserve account, which is available to cover future shortfalls. To the extent there is excess cash flows after the reserve account reaches a balance of $1.5 million, the Company will receive 70% of the excess cash flows to a monthly maximum of $300 thousand. If the amount of restricted cash becomes sufficient to satisfy the remaining obligation, the note payable can be paid off and the residuals listed as security are released.

Through June 30, 2012, the Company received $1.5 million in excess cash flows from the residual interests collateralizing the note payable. The $1.5 million in excess cash flows is included in restricted cash on the consolidated balance sheets. The carrying value of the debt agreement at June 30, 2012 was $5.7 million, and the Company was current as to principal and interest payments.

Line of Credit Agreement

6 Months Ended

Jun. 30, 2012

Line of Credit Agreement

Line of Credit Agreement

Note 8.—Line of Credit Agreement

In April 2012, the Company, through its subsidiaries, amended the $4.0 million working capital line of credit agreement with a national bank at an interest rate of one-month LIBOR plus 3.5%. The amendment extends the expiration to April 2013. Under the terms of the agreement the Company and its subsidiaries are required to maintain various financial and other covenants. There was $4.0 million outstanding balance on the working capital line of credit as of June 30, 2012. At June 30, 2012, the Company was in compliance with all covenants.

Noncontrolling Interest

6 Months Ended

Jun. 30, 2012

Noncontrolling Interest

Noncontrolling Interest

Note 9.—Noncontrolling Interest

In June 2012, the Company and the noncontrolling interest holder entered into an agreement to transfer 27.5% ownership of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. As of June 30, 2012, the Company owns 78.5% of AmeriHome, and accordingly retains an option to purchase 11.5% of AmeriHome. As of June 30, 2012, the noncontrolling interest holder owns 21.5% of AmeriHome, and accordingly retains an option to sell the 21.5% interest to the Company.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

Subsequent Events

Note 10.—Subsequent Events

During July 2012, the shareholders voted on and approved the amendment to 2010 Omnibus Incentive Plan to increase the shares subject to the plan by 250,000 shares.

Subsequent events have been evaluated through the date of this filing.

Summary of Business, Market Conditions, and Financial Statement Presentation (Policies)

6 Months Ended

Jun. 30, 2012

Summary of Business, Market Conditions, and Financial Statement Presentation

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments

Schedule of estimated fair value of financial instruments included in consolidated financial statements

	June 30, 2012				December 31, 2011
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	6,381	$	6,381	$	7,653	$	7,653
Restricted cash	2,534		2,534		5,019		5,019
Investment securities available-for-sale	140		140		688		688
Securitized mortgage collateral	5,430,443		5,430,443		5,449,001		5,449,001
Derivative assets, securitized trusts	37		37		37		37
Derivative assets, lending	4,460		4,460		1,179		1,179
Mortgage servicing rights	7,090		7,090		4,141		4,141
Mortgage loans held-for-sale	106,918		106,918		61,718		61,718
Call option	73		73		253		253

Liabilities
Securitized mortgage borrowings	5,426,042		5,426,042		5,454,901		5,454,901
Derivative liabilities, securitized trusts	20,439		20,439		24,786		24,786
Derivative liabilities, lending	1,552		1,552		624		624
Long-term debt	11,952		11,952		11,561		11,561
Warehouse borrowings	98,571		98,571		58,691		58,691
Notes payable	5,688		5,688		5,182		5,941
Line of credit	4,000		4,000		4,000		4,000
Put option	9		9		—		—

Schedule of assets and liabilities that are measured at estimated fair value on recurring basis

	Recurring Fair Value Measurements
	June 30, 2012						December 31, 2011
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	—	$	—	$	140	$	—	$	—	$	688
Mortgage loans held-for-sale	—		106,918		—		—		61,718		—
Derivative assets, net, lending (1)	—		2,908		—		—		555		—
Mortgage servicing rights	—		—		7,090		—		—		4,141
Call option (2)	—		—		73		—		—		253
Securitized mortgage collateral	—		—		5,430,443		—		—		5,449,001
Total assets at fair value	$	—	$	109,826	$	5,437,746	$	—	$	62,273	$	5,454,083

Liabilities
Securitized mortgage borrowings	$	—	$	—	$	5,426,042	$	—	$	—	$	5,454,901
Derivative liabilities, net, securitized trusts (3)	—		—		20,402		—		—		24,749
Long-term debt	—		—		11,952		—		—		11,561
Put option (4)	—		—		9		—		—		—
Total liabilities at fair value	$	—	$	—	$	5,458,405	$	—	$	—	$	5,491,211

(2) Included in other assets in the accompanying consolidated balance sheets.

(4) Included in other liabilities in the accompanying consolidated balance sheets.

Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3)

	Level 3 Recurring Fair Value Measurements
	For the three months ended June 30, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, March 31, 2012	$	189		$	5,573,365		$	(5,579,512	)	$	(21,647	)	$	4,807		$	280		$	—		$	(12,163	)
Total gains (losses) included in earnings:
Interest income (1)	10			39,900			—			—			—			—			—			—
Interest expense (1)	—			—			(106,619		)	—			—			—			—			(563		)
Change in fair value	(11		)	(79		)	6,559			(1,309		)	(632		)	(207		)	(9		)	774
Total (losses) gains included in earnings	(1		)	39,821			(100,060		)	(1,309		)	(632		)	(207		)	(9		)	211
Transfers in and/or out of Level 3	—			—			—			—			—			—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			3,182			—			—			—
Settlements	(48		)	(182,743		)	253,530			2,554			(267		)	—			—			—
Fair value, June 30, 2012	$	140		$	5,430,443		$	(5,426,042	)	$	(20,402	)	$	7,090		$	73		$	(9	)	$	(11,952	)
Unrealized gains (losses) still held (2)	$	44		$	(3,567,906	)	$	5,594,432		$	(19,640	)	$	—		$	—		$	—		$	58,811

(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2012.

	Level 3 Recurring Fair Value Measurements
	For the three months ended June 30, 2011
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights		Call option			Put option			Long-term debt
Fair value, March 31, 2011	$	415		$	6,053,766		$	(6,056,577	)	$	(46,205	)	$	1,340	$	483		$	(61	)	$	(12,030	)
Total gains (losses) included in earnings:
Interest income (1)	30			95,476			—			—			—		—			—			—
Interest expense (1)	—			—			(179,186		)	—			—		—			—			(523		)
Change in fair value	56			(286,713		)	296,261			(7,201		)	65		(29		)	38			405
Total gains (losses) included in earnings	86			(191,237		)	117,075			(7,201		)	65		(29		)	38			(118		)
Transfers in and/or out of Level 3	—			—			—			—			—		—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—					—			—			—
Issuances	—			—			—			—			—		—			—			—
Settlements	(54		)	(220,572		)	287,660			15,302			—		—			—			—
Fair value, June 30, 2011	$	447		$	5,641,957		$	(5,651,842	)	$	(38,104	)	$	1,405	$	454		$	(23	)	$	(12,148	)
Unrealized gains (losses) still held (2)	$	258		$	(4,415,570	)	$	6,339,646		$	(38,059	)	$	—	$	—		$	—		$	58,615

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $2.7 million for the three months ended June 30, 2011. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2011.

	Level 3 Recurring Fair Value Measurements
	For the six months ended June 30, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, December 31, 2011	$	688		$	5,449,001		$	(5,454,901	)	$	(24,749	)	$	4,141		$	253		$	—		$	(11,561	)
Total gains (losses) included in earnings:
Interest income (1)	23			91,840			—			—			—			—			—			—
Interest expense (1)	—			—			(227,616		)	—			—			—			—			(1,073		)
Change in fair value	(454		)	231,282			(217,397		)	(1,871		)	(375		)	(180		)	(9		)	682
Total (losses) gains included in earnings	(431		)	323,122			(445,013		)	(1,871		)	(375		)	(180		)	(9		)	(391		)
Transfers in and/or out of Level 3	—			—			—			—												—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			5,636			—			—			—
Settlements	(117		)	(341,680		)	473,872			6,218			(2,312		)	—			—			—
Fair value, June 30, 2012	$	140		$	5,430,443		$	(5,426,042	)	$	(20,402	)	$	7,090		$	73		$	(9	)	$	(11,952	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.4 million for the six months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

	Level 3 Recurring Fair Value Measurements
	For the six months ended June 30, 2011
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net			Mortgage servicing rights			Call option			Put option			Long-term debt
Fair value, December 31, 2010	$	645		$	6,011,675		$	(6,012,745	)	$	(65,876	)	$	1,439		$	706		$	(61	)	$	(11,728	)
Total gains (losses) included in earnings:
Interest income (1)	58			202,845			—			—			—			—			—			—
Interest expense (1)	—			—			(373,201		)	—			—			—			—			(1,063		)
Change in fair value	(146		)	(147,268		)	158,983			(4,271		)	(34		)	(252		)	38			643
Total (losses) gains included in earnings	(88		)	55,577			(214,218		)	(4,271		)	(34		)	(252		)	38			(420		)
Transfers in and/or out of Level 3	—			—			—			—			—			—			—			—
Purchases, issuances and settlements
Purchases	—			—			—			—			—			—			—			—
Issuances	—			—			—			—			—			—			—			—
Settlements	(110		)	(425,295		)	575,121			32,043			—			—			—			—
Fair value, June 30, 2011	$	447		$	5,641,957		$	(5,651,842	)	$	(38,104	)	$	1,405		$	454		$	(23	)	$	(12,148	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $5.5 million for the six months ended June 30, 2011. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.

Schedule of quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input	Range of Inputs
Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	140		DCF	Discount rates	5.26 - 30.0	%
Securitized mortgage collateral, and	5,430,443				Prepayment rates	0.8 - 15.6	%
Securitized mortgage borrowings	(5,426,042		)		Default rates	0.21 - 10.0	%
					Loss severities	16.1 - 71.9	%
Other assets and liabilities
Mortgage servicing rights	$	7,090		DCF	Discount rate	12.0	%
					Prepayment rates	11.8 - 14.8	%
Derivative liabilities, net, securitized trusts	(20,402		)	DCF	1M forward LIBOR	0.24 - 3.19	%
Long-term debt	(11,952		)	DCF	Discount rate	25.0	%
Lease Liability	(2,108		)	DCF	Discount rate	12.0	%

DCF = Discounted Cash Flow

1M = 1 Month

Schedule of changes in recurring fair value measurements included in net earnings (loss)

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Earnings
	For the three months ended June 30, 2012
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	10	$	—		$	(11	)	$	—	$	—		$	—		$	(1	)
Securitized mortgage collateral	39,900		—			(79		)	—		—			—			39,821
Securitized mortgage borrowings	—		(106,619		)	6,559			—		—			—			(100,060		)
Mortgage servicing rights	—		—			—			—		(632		)	—			(632		)
Call option	—		—			—			—		(207		)	—			(207		)
Put option	—		—			—			—		(9		)	—			(9		)
Derivative liabilities, net	—		—			(1,309		)(2)	—		—			—			(1,309		)
Long-term debt	—		(563		)	—			774		—			—			211
Mortgage loans held-for-sale	—		—			—			—		—			3,361			3,361
Derivative assets - IRLCs	—		—			—			—		—			2,904			2,904
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(1,671		)	(1,671		)
Total	$	39,910	$	(107,182	)	$	5,160		$	774	$	(848	)	$	4,594		$	(57,592	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Loss
	For the three months ended June 30, 2011
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	30	$	—		$	56		$	—	$	—		$	—		$	86
Securitized mortgage collateral	95,476		—			(286,713		)	—		—			—			(191,237		)
Securitized mortgage borrowings	—		(179,186		)	296,261			—		—			—			117,075
Mortgage servicing rights	—		—			—			—		65			—			65
Call option	—		—			—			—		(29		)	—			(29		)
Put option	—		—			—			—		38			—			38
Derivative liabilities, net	—		—			(7,201		)(2)	—		—			—			(7,201		)
Long-term debt	—		(523		)	—			405		—			—			(118		)
Mortgage loans held-for-sale	—		—			—			—		—			531			531
Derivative assets - IRLCs	—		—			—			—		—			283			283
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(169		)	(169		)
Total	$	95,506	$	(179,709	)	$	2,403		$	405	$	74		$	645		$	(80,676	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Earnings
	For the six months ended June 30, 2012
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	23	$	—		$	(454	)	$	—	$	—		$	—		$	(431	)
Securitized mortgage collateral	91,840		—			231,282			—		—			—			323,122
Securitized mortgage borrowings	—		(227,616		)	(217,397		)	—		—			—			(445,013		)
Mortgage servicing rights	—		—			—			—		(375		)	—			(375		)
Call option	—		—			—			—		(180		)	—			(180		)
Put option	—		—			—			—		(9		)	—			(9		)
Derivative liabilities, net	—		—			(1,871		)(2)	—		—			—			(1,871		)
Long-term debt	—		(1,073		)	—			682		—			—			(391		)
Mortgage loans held-for-sale	—		—			—			—		—			2,828			2,828
Derivative assets - IRLCs	—		—			—			—		—			3,281			3,281
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(929		)	(929		)
Total	$	91,863	$	(228,689	)	$	11,560	(3)	$	682	$	(564	)	$	5,180		$	(119,968	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Earnings
	For the six months ended June 30, 2011
	Interest		Interest			Change in Fair Value of					Other Non-interest			Mortgage and real
	Income (1)		Expense (1)			Net Trust Assets			Long-term Debt		Income			estate services fees			Total
Investment securities available-for-sale	$	58	$	—		$	(146	)	$	—	$	—		$	—		$	(88	)
Securitized mortgage collateral	202,845		—			(147,268		)	—		—			—			55,577
Securitized mortgage borrowings	—		(373,201		)	158,983			—		—			—			(214,218		)
Mortgage servicing rights	—		—			—			—		(34		)	—			(34		)
Call option	—		—			—			—		(252		)	—			(252		)
Put option	—		—			—			—		38			—			38
Derivative liabilities, net	—		—			(4,271		)(2)	—		—			—			(4,271		)
Long-term debt	—		(1,063		)	—			643		—			—			(420		)
Mortgage loans held-for-sale	—		—			—			—		—			815			815
Derivative assets - IRLCs	—		—			—			—		—			294			294
Derivative liabilities - Hedging Instruments	—		—			—			—		—			(127		)	(127		)
Total	$	202,903	$	(374,264	)	$	7,298	(3)	$	643	$	(248	)	$	982		$	(162,686	)

(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.

Schedule of information for derivative assets and liabilities - lending

			Total Gains (Losses)
	Notional Balance		For the Three Months Ended			For the Six Months Ended
	June 30, 2012		June 30, 2012 (1)			June 30, 2012 (1)
Derivative assets - IRLC’s	$	286,436	$	2,904		$	3,281
Derivative liabilities - TBA/FNMA’s	259,196		(6,043		)	(7,330		)

(1) Amounts included in mortgage lending gains and fees, net within the accompanying consolidated statements of operations.

Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements

	Nonrecurring Fair Value Measurements							Total Gains (Losses)
	June 30, 2012							For the Three Months Ended			For the Six Months Ended
	Level 1		Level 2		Level 3			June 30, 2012 (3)			June 30, 2012 (3)
REO (1)	$	—	$	28,610	$	—		$	(3,882	)	$	(13,309	)
Lease liability (2)	—		—		(2,108		)	(64		)	(281		)

(3) Total losses reflect losses from all nonrecurring measurements during the period.

	Non-recurring Fair Value Measurements							Total Gains (Losses)
	June 30, 2011							For the Three Months Ended			For the Six Months Ended
	Level 1		Level 2		Level 3			June 30, 2011 (3)			June 30, 2011 (3)
REO (1)	$	—	$	45,297	$	—		$	(739	)	$	(4,986	)
Lease liability (2)	—		—		(2,175		)	(85		)	(302		)

(3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period.

- Definition

Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity.

+ References+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Topic 815

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-Name Accounting Standards Codification

-Topic 815

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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-Name Accounting Standards Codification

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-Paragraph 1

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-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Stock Options (Tables)

6 Months Ended

Jun. 30, 2012

Stock Options

Summary of activity, pricing and other information for stock options

			Weighted-
			Average
	Number of		Exercise
	Shares		Price
Options outstanding at beginning of period	1,241,808		$	3.64
Options granted	—		—
Options exercised	(30,200	)	0.53
Options forfeited / cancelled	(49,598	)	13.61
Options outstanding at end of period	1,162,010		$	3.30
Options exercisable at end of period	946,233		$	3.42

Summary of activity, pricing and other information for restricted stock units (RSU's)

		Weighted-
		Average
	Number of	Grant Date
	Shares	Fair Value
RSU’s outstanding at beginning of period	24,000	$	2.73
RSU’s granted	—	—
RSU’s exercised	—	—
RSU’s forfeited / cancelled	—	—
RSU’s outstanding at end of period	24,000	$	2.73

Reconciliation of Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Reconciliation of Earnings (Loss) Per Share

Schedule of computation of basic and diluted loss per common share

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2012			2011		2012			2011
Numerator for basic loss per share:
Earnings (loss) from continuing operations	$	7,560		$	173	$	4,274		$	(779	)
Net (earnings) loss attributable to noncontrolling interest	(235		)	180		(471		)	495
Earnings (loss) from continuing operations attributable to IMH	7,325			353		3,803			(284		)
(Loss) earnings from discontinued operations	(3,113		)	8		(4,381		)	(342		)
Earnings (loss) available to IMH common stockholders	$	4,212		$	361	$	(578	)	$	(626	)

Denominator for basic loss per share (1):
Basic weighted average common shares outstanding during the year	7,844			7,792		7,832			7,790

Denominator for diluted loss per share (1):
Basic weighted average common shares outstanding during the year	7,844			7,792		7,832			7,790
Net effect of dilutive stock options and RSU’s	490			573		—			—
Diluted weighted average common shares	8,334			8,365		7,832			7,790

Earnings (loss) per common share - basic:
Earnings (loss) from continuing operations attributable to IMH	$	0.94		$	0.05	$	0.49		$	(0.04	)
(Loss) earnings from discontinued operations	(0.40		)	0.00		(0.56		)	(0.04		)
Net earnings (loss) per share available to common stockholders	$	0.54		$	0.05	$	(0.07	)	$	(0.08	)

Earnings (loss) per common share - diluted:
Earnings (loss) from continuing operations attributable to IMH	$	0.88		$	0.04	$	0.49		$	(0.04	)
(Loss) earnings from discontinued operations	(0.37		)	0.00		(0.56		)	(0.04		)
Net earnings (loss) per share available to common stockholders	$	0.51		$	0.04	$	(0.07	)	$	(0.08	)

(1) Number of shares presented in thousands.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting

Schedule of selected financial data and operating results by reporting segment

	Long-term			Mortgage			Real Estate			Discontinued
	Portfolio			Lending			Services			Operations			Reclassifications (1)			Consolidated
Statement of Operations Items for the three months ended June 30, 2012:
Net interest income (expense)	$	606		$	(24	)	$	5		$	—		$	—		$	587
Non-interest income- net trust assets	1,278			—			—			—			—			1,278
Mortgage lending gains and fees, net	—			15,129			—			—			—			15,129
Real estate services fees, net	—			—			6,141			—			—			6,141
Other non-interest (expense) income	1,542			(216		)	—			(2,376		)	2,376			1,326
Non-interest expense and income taxes	(3,678		)	(11,089		)	(2,134		)	(737		)	737			(16,901		)
(Loss) earnings from continuing operations	$	(252	)	$	3,800		$	4,012								7,560
Loss from discontinued operations, net of tax										$	(3,113	)				(3,113		)
Net earnings																$	4,447

Statement of Operations Items for the six months ended June 30, 2012:
Net interest income (expense)	$	1,653		$	(92	)	$	16		$	—		$	—		$	1,577
Non-interest (loss) income- net trust assets	(1,749		)	—			—			—			—			(1,749		)
Mortgage lending gains and fees, net	—			24,263			—			—			—			24,263
Real estate services fees, net	—			—			11,039			—			—			11,039
Other non-interest income (expense)	965			(186		)	—			(2,880		)	2,880			779
Non-interest expense and income taxes	(7,695		)	(19,862		)	(4,078		)	(1,501		)	1,501			(31,635		)
(Loss) earnings from continuing operations	$	(6,826	)	$	4,123		$	6,977								4,274
Loss from discontinued operations, net of tax										$	(4,381	)				(4,381		)
Net loss																$	(107	)

Total Assets at June 30, 2012	$	5,493,250		$	115,346		$	14,246		$	200		$	—		$	5,623,042
Total Assets at December 31, 2011	$	5,528,998		$	67,818		$	14,992		$	264		$	(32	)	$	5,612,040

	Long-term			Mortgage			Real Estate			Discontinued
	Portfolio			Lending			Services			Operations			Reclassifications (1)			Consolidated
Statement of Operations Items for the three months ended June 30, 2011:
Net interest income	$	1,196		$	45		$	4		$	—		$	—		$	1,245
Non-interest income- net trust assets	1,664			—			—			—			—			1,664
Mortgage lending gains and fees, net	—			2,455			—			—			—			2,455
Real estate services fees, net	—			—			11,963			—			—			11,963
Other non-interest (expense) income	145			9			—			346			(346		)	154
Non-interest expense and income taxes	(3,923		)	(6,035		)	(7,350		)	(338		)	338			(17,308		)
(Loss) earnings from continuing operations	$	(918	)	$	(3,526	)	$	4,617								173
Earnings from discontinued operations, net of tax										$	8					8
Net earnings																$	181

Statement of Operations Items for the six months ended June 30, 2011:
Net interest income	$	2,513		$	42		$	8		$	—		$	—		$	2,563
Non-interest income- net trust assets	2,311			—			—			—			—			2,311
Mortgage lending gains and fees, net	—			3,096			—			—			—			3,096
Real estate services fees, net	—			—			23,549			—			—			23,549
Other non-interest (expense) income	568			(201		)	—			215			(215		)	367
Non-interest expense and income taxes	(8,193		)	(9,181		)	(15,291		)	(557		)	557			(32,665		)
(Loss) earnings from continuing operations	$	(2,801	)	$	(6,244	)	$	8,266								(779		)
Loss from discontinued operations, net of tax										$	(342	)				(342		)
Net loss																$	(1,121	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Warehouse Borrowings (Tables)

6 Months Ended

Jun. 30, 2012

Warehouse Borrowings

Schedule of information on warehouse borrowings

	Maximum
	Borrowing		Balance Outstanding At
	Capacity		June 30, 2012		December 31, 2011
Short-term borrowings:
Repurchase agreement 1 (1)	$	40,000	$	34,057	$	20,163
Repurchase agreement 2	30,000		26,607		24,769
Repurchase agreement 3 (2)	50,000		35,842		13,759
Repurchase agreement 4	25,000		2,065		—
Total short-term borrowings	$	145,000	$	98,571	$	58,691

(1) In April 2012, the maximum borrowing capacity increased from $32.5 million to $40.0 million and the maturity extended to June, 2013.

(2) In May 2012, the maximum borrowing capacity increased from $25.0 million to $50.0 million.

Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012 Maximum	Jun. 30, 2012 Carrying Amount Securitized mortgage borrowings	Dec. 31, 2011 Carrying Amount Securitized mortgage borrowings	Jun. 30, 2012 Carrying Amount Derivative liabilities, securitized trusts	Dec. 31, 2011 Carrying Amount Derivative liabilities, securitized trusts	Jun. 30, 2012 Carrying Amount Derivative liabilities, lending	Dec. 31, 2011 Carrying Amount Derivative liabilities, lending	Jun. 30, 2012 Carrying Amount Long-term debt	Dec. 31, 2011 Carrying Amount Long-term debt	Jun. 30, 2012 Carrying Amount Warehouse borrowings	Dec. 31, 2011 Carrying Amount Warehouse borrowings	Jun. 30, 2012 Carrying Amount Notes payable	Dec. 31, 2011 Carrying Amount Notes payable	Jun. 30, 2012 Carrying Amount Line of credit	Dec. 31, 2011 Carrying Amount Line of credit	Jun. 30, 2012 Carrying Amount Put option	Jun. 30, 2012 Carrying Amount Cash and cash equivalents	Dec. 31, 2011 Carrying Amount Cash and cash equivalents	Jun. 30, 2012 Carrying Amount Restricted cash	Dec. 31, 2011 Carrying Amount Restricted cash	Jun. 30, 2012 Carrying Amount Investment securities available-for-sale	Dec. 31, 2011 Carrying Amount Investment securities available-for-sale	Jun. 30, 2012 Carrying Amount Securitized mortgage collateral	Dec. 31, 2011 Carrying Amount Securitized mortgage collateral	Jun. 30, 2012 Carrying Amount Derivative assets, securitized trusts	Dec. 31, 2011 Carrying Amount Derivative assets, securitized trusts	Jun. 30, 2012 Carrying Amount Derivative assets, lending	Dec. 31, 2011 Carrying Amount Derivative assets, lending	Jun. 30, 2012 Carrying Amount Mortgage servicing rights	Dec. 31, 2011 Carrying Amount Mortgage servicing rights	Jun. 30, 2012 Carrying Amount Mortgage loans held-for-sale	Dec. 31, 2011 Carrying Amount Mortgage loans held-for-sale	Jun. 30, 2012 Carrying Amount Call option	Dec. 31, 2011 Carrying Amount Call option	Jun. 30, 2012 Estimated Fair Value Securitized mortgage borrowings	Dec. 31, 2011 Estimated Fair Value Securitized mortgage borrowings	Jun. 30, 2012 Estimated Fair Value Derivative liabilities, securitized trusts	Dec. 31, 2011 Estimated Fair Value Derivative liabilities, securitized trusts	Jun. 30, 2012 Estimated Fair Value Derivative liabilities, lending	Dec. 31, 2011 Estimated Fair Value Derivative liabilities, lending	Jun. 30, 2012 Estimated Fair Value Long-term debt	Dec. 31, 2011 Estimated Fair Value Long-term debt	Jun. 30, 2012 Estimated Fair Value Warehouse borrowings	Dec. 31, 2011 Estimated Fair Value Warehouse borrowings	Jun. 30, 2012 Estimated Fair Value Notes payable	Dec. 31, 2011 Estimated Fair Value Notes payable	Jun. 30, 2012 Estimated Fair Value Line of credit	Dec. 31, 2011 Estimated Fair Value Line of credit	Jun. 30, 2012 Estimated Fair Value Put option	Jun. 30, 2012 Estimated Fair Value Cash and cash equivalents	Dec. 31, 2011 Estimated Fair Value Cash and cash equivalents	Jun. 30, 2012 Estimated Fair Value Restricted cash	Dec. 31, 2011 Estimated Fair Value Restricted cash	Jun. 30, 2012 Estimated Fair Value Investment securities available-for-sale	Dec. 31, 2011 Estimated Fair Value Investment securities available-for-sale	Jun. 30, 2012 Estimated Fair Value Securitized mortgage collateral	Dec. 31, 2011 Estimated Fair Value Securitized mortgage collateral	Jun. 30, 2012 Estimated Fair Value Derivative assets, securitized trusts	Dec. 31, 2011 Estimated Fair Value Derivative assets, securitized trusts	Jun. 30, 2012 Estimated Fair Value Derivative assets, lending	Dec. 31, 2011 Estimated Fair Value Derivative assets, lending	Jun. 30, 2012 Estimated Fair Value Mortgage servicing rights	Dec. 31, 2011 Estimated Fair Value Mortgage servicing rights	Jun. 30, 2012 Estimated Fair Value Mortgage loans held-for-sale	Dec. 31, 2011 Estimated Fair Value Mortgage loans held-for-sale	Jun. 30, 2012 Estimated Fair Value Call option	Dec. 31, 2011 Estimated Fair Value Call option
Assets
Assets fair value																	$ 6,381	$ 7,653	$ 2,534	$ 5,019	$ 140	$ 688	$ 5,430,443	$ 5,449,001	$ 37	$ 37	$ 4,460	$ 1,179	$ 7,090	$ 4,141	$ 106,918	$ 61,718	$ 73	$ 253																$ 6,381	$ 7,653	$ 2,534	$ 5,019	$ 140	$ 688	$ 5,430,443	$ 5,449,001	$ 37	$ 37	$ 4,460	$ 1,179	$ 7,090	$ 4,141	$ 106,918	$ 61,718	$ 73	$ 253
Liabilities
Liabilities fair value		$ 5,426,042	$ 5,454,901	$ 20,439	$ 24,786	$ 1,552	$ 624	$ 11,952	$ 11,561	$ 98,571	$ 58,691	$ 5,688	$ 5,182	$ 4,000	$ 4,000	$ 9																			$ 5,426,042	$ 5,454,901	$ 20,439	$ 24,786	$ 1,552	$ 624	$ 11,952	$ 11,561	$ 98,571	$ 58,691	$ 5,688	$ 5,941	$ 4,000	$ 4,000	$ 9
Notes Payable
Maturity period of notes payable (in years)	3 years

Fair Value of Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Level 3
Fair Value Measurements
Percentage of level three assets to total assets measured at fair value	99.00%	99.00%
Percentage of level three Liabilities to total Liabilities measured at fair value	100.00%	100.00%
Recurring basis \| Level 2
Assets
Total assets at fair value	$ 109,826	$ 62,273
Recurring basis \| Level 3
Assets
Total assets at fair value	5,437,746	5,454,083
Liabilities
Total liabilities at fair value	5,458,405	5,491,211
Recurring basis \| Securitized mortgage borrowings \| Level 3
Liabilities
Total liabilities at fair value	5,426,042	5,454,901
Recurring basis \| Derivative liabilities, net, securitized trusts \| Level 3
Liabilities
Total liabilities at fair value	20,402	24,749
Derivative assets, net
Included within trust assets and trust liabilities	37	37
Recurring basis \| Long-term debt \| Level 3
Liabilities
Total liabilities at fair value	11,952	11,561
Recurring basis \| Put option \| Level 3
Liabilities
Total liabilities at fair value	9
Recurring basis \| Investment securities available-for-sale \| Level 3
Assets
Total assets at fair value	140	688
Recurring basis \| Mortgage loans held-for-sale \| Level 2
Assets
Total assets at fair value	106,918	61,718
Recurring basis \| Derivative assets, net, lending \| Level 2
Assets
Total assets at fair value	2,908	555
Recurring basis \| Derivative assets, net, lending \| Interest rate lock commitments (IRLCs) \| Level 2
Assets
Total assets at fair value	4,500
Recurring basis \| Derivative assets, net, lending \| Hedging Instruments \| Level 2
Assets
Total assets at fair value	1,600
Recurring basis \| Mortgage servicing rights \| Level 3
Assets
Total assets at fair value	7,090	4,141
Recurring basis \| Call option \| Level 3
Assets
Total assets at fair value	73	253
Recurring basis \| Securitized mortgage collateral \| Level 3
Assets
Total assets at fair value	$ 5,430,443	$ 5,449,001

- Definition

Fair value of liability associated with derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position.

+ References+ Details

Fair Value of Financial Instruments (Details 3) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Purchases, issuances and settlements
Net interest income including cash received and paid	$ 587	$ 1,245	$ 1,577	$ 2,563
Securitized mortgage borrowings
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(5,579,512)	(6,056,577)	(5,454,901)	(6,012,745)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(100,060)	117,075	(445,013)	(214,218)
Purchases, issuances and settlements
Settlements	253,530	287,660	473,872	575,121
Fair value at the end of the period	(5,426,042)	(5,651,842)	(5,426,042)	(5,651,842)
Unrealized gains (losses) still held	5,594,432	6,339,646
Securitized mortgage borrowings \| Interest expense
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(106,619)	(179,186)	(227,616)	(373,201)
Securitized mortgage borrowings \| Change in fair value
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	6,559	296,261	(217,397)	158,983
Derivative liabilities, net, securitized trusts
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(21,647)	(46,205)	(24,749)	(65,876)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(1,309)	(7,201)	(1,871)	(4,271)
Purchases, issuances and settlements
Settlements	2,554	15,302	6,218	32,043
Fair value at the end of the period	(20,402)	(38,104)	(20,402)	(38,104)
Unrealized gains (losses) still held	(19,640)	(38,059)
Derivative liabilities, net, securitized trusts \| Change in fair value
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(1,309)	(7,201)	(1,871)	(4,271)
Put option
Changes in fair value of liabilities during the period
Fair value in the beginning of the period		(61)		(61)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(9)	38	(9)	38
Purchases, issuances and settlements
Fair value at the end of the period	(9)	(23)	(9)	(23)
Put option \| Change in fair value
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(9)	38	(9)	38
Long-term debt
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(12,163)	(12,030)	(11,561)	(11,728)
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	211	(118)	(391)	(420)
Purchases, issuances and settlements
Fair value at the end of the period	(11,952)	(12,148)	(11,952)	(12,148)
Unrealized gains (losses) still held	58,811	58,615
Long-term debt \| Interest expense
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	(563)	(523)	(1,073)	(1,063)
Long-term debt \| Change in fair value
Total gains (losses) included in earnings:
Total (losses) gains included in earnings	774	405	682	643
Investment securities available-for-sale
Changes in fair value of assets during the period
Fair value at the beginning of the period	189	415	688	645
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(1)	86	(431)	(88)
Purchases, issuances and settlements
Settlements	(48)	(54)	(117)	(110)
Fair value at the end of the period	140	447	140	447
Unrealized gains (losses) still held	44	258
Investment securities available-for-sale \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	10	30	23	58
Investment securities available-for-sale \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(11)	56	(454)	(146)
Securitized mortgage collateral
Changes in fair value of assets during the period
Fair value at the beginning of the period	5,573,365	6,053,766	5,449,001	6,011,675
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	39,821	(191,237)	323,122	55,577
Purchases, issuances and settlements
Settlements	(182,743)	(220,572)	(341,680)	(425,295)
Fair value at the end of the period	5,430,443	5,641,957	5,430,443	5,641,957
Unrealized gains (losses) still held	(3,567,906)	(4,415,570)
Securitized mortgage collateral \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	39,900	95,476	91,840	202,845
Securitized mortgage collateral \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(79)	(286,713)	231,282	(147,268)
Mortgage servicing rights
Changes in fair value of assets during the period
Fair value at the beginning of the period	4,807	1,340	4,141	1,439
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(632)	65	(375)	(34)
Purchases, issuances and settlements
Issuances	3,182		5,636
Settlements	(267)		(2,312)
Fair value at the end of the period	7,090	1,405	7,090	1,405
Mortgage servicing rights \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(632)	65	(375)	(34)
Call option
Changes in fair value of assets during the period
Fair value at the beginning of the period	280	483	253	706
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(207)	(29)	(180)	(252)
Purchases, issuances and settlements
Fair value at the end of the period	73	454	73	454
Call option \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	$ (207)	$ (29)	$ (180)	$ (252)

Fair Value of Financial Instruments (Details 4) (DCF, Level 3, USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Securitized mortgage borrowings backed by real estate
Valuation techniques
Estimated fair value of liabilities	$ (5,426,042)
Securitized mortgage borrowings backed by real estate \| Minimum
Unobservable inputs
Default rates (as a percent)	0.21%
Loss severities (as a percent)	16.10%
Securitized mortgage borrowings backed by real estate \| Maximum
Unobservable inputs
Default rates (as a percent)	10.00%
Loss severities (as a percent)	71.90%
Derivative liabilities, net, securitized trusts
Valuation techniques
Estimated fair value of liabilities	(20,402)
Derivative liabilities, net, securitized trusts \| Minimum
Unobservable inputs
Variable rate basis	1M forward LIBOR
Variable rate (as a percent)	0.24%
Derivative liabilities, net, securitized trusts \| Maximum
Unobservable inputs
Variable rate basis	1M forward LIBOR
Variable rate (as a percent)	3.19%
Long-term debt
Valuation techniques
Estimated fair value of liabilities	(11,952)
Unobservable inputs
Discount rates (as a percent)	25.00%
Lease Liability
Valuation techniques
Estimated fair value of liabilities	(2,108)
Unobservable inputs
Discount rates (as a percent)	12.00%
Investment securities available-for-sale backed by real estate
Valuation techniques
Estimated fair value of assets	140
Investment securities available-for-sale backed by real estate \| Minimum
Unobservable inputs
Discount rates (as a percent)	5.26%
Investment securities available-for-sale backed by real estate \| Maximum
Unobservable inputs
Discount rates (as a percent)	30.00%
Securitized mortgage collateral backed by real estate
Valuation techniques
Estimated fair value of assets	5,430,443
Securitized mortgage collateral backed by real estate \| Minimum
Unobservable inputs
Prepayment rates (as a percent)	0.80%
Securitized mortgage collateral backed by real estate \| Maximum
Unobservable inputs
Prepayment rates (as a percent)	15.60%
Mortgage servicing rights
Valuation techniques
Estimated fair value of assets	$ 7,090
Unobservable inputs
Discount rates (as a percent)	12.00%
Mortgage servicing rights \| Minimum
Unobservable inputs
Prepayment rates (as a percent)	11.80%
Mortgage servicing rights \| Maximum
Unobservable inputs
Prepayment rates (as a percent)	14.80%

Fair Value of Financial Instruments (Details 5) (USD $)	3 Months Ended		6 Months Ended			6 Months Ended	12 Months Ended	3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended
Fair Value of Financial Instruments (Details 5) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Jun. 30, 2012 AmeriHome	Dec. 31, 2011 AmeriHome	Jun. 30, 2012 Recurring Fair Value Measurements	Jun. 30, 2011 Recurring Fair Value Measurements	Jun. 30, 2012 Recurring Fair Value Measurements	Jun. 30, 2011 Recurring Fair Value Measurements	Jun. 30, 2012 Recurring Fair Value Measurements Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Jun. 30, 2011 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Jun. 30, 2012 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Jun. 30, 2011 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Jun. 30, 2012 Recurring Fair Value Measurements Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt Interest expense	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt Interest expense	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Jun. 30, 2012 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Jun. 30, 2011 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Jun. 30, 2011 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage servicing rights	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage servicing rights	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage servicing rights	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage servicing rights	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage servicing rights Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage servicing rights Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage servicing rights Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage servicing rights Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Call option	Jun. 30, 2011 Recurring Fair Value Measurements Call option	Jun. 30, 2012 Recurring Fair Value Measurements Call option	Jun. 30, 2011 Recurring Fair Value Measurements Call option	Jun. 30, 2012 Recurring Fair Value Measurements Call option Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Call option Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Call option Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Call option Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Put option	Jun. 30, 2011 Recurring Fair Value Measurements Put option	Jun. 30, 2012 Recurring Fair Value Measurements Put option	Jun. 30, 2011 Recurring Fair Value Measurements Put option	Jun. 30, 2012 Recurring Fair Value Measurements Put option Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Put option Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Put option Other Non-interest Income	Jun. 30, 2011 Recurring Fair Value Measurements Put option Other Non-interest Income	Jun. 30, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs	Jun. 30, 2011 Recurring Fair Value Measurements Derivative assets, net IRLCs	Jun. 30, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs	Jun. 30, 2011 Recurring Fair Value Measurements Derivative assets, net IRLCs	Jun. 30, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Derivative assets, net IRLCs Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Derivative assets, net IRLCs Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage loans held-for-sale	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage loans held-for-sale	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage loans held-for-sale Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale Mortgage and real estate services fees	Jun. 30, 2011 Recurring Fair Value Measurements Mortgage loans held-for-sale Mortgage and real estate services fees	Jun. 30, 2012 Recurring Fair Value Measurements Level 3 Securitized mortgage borrowings	Jun. 30, 2012 Recurring Fair Value Measurements Level 3 Long-term debt	Jun. 30, 2012 Recurring Fair Value Measurements Level 3 Securitized mortgage collateral	Jun. 30, 2012 Recurring Fair Value Measurements Level 3 Derivative assets, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets																																																																												$ (1,000)	$ 86,000	$ (431,000)	$ (88,000)	$ 10,000	$ 30,000	$ 23,000	$ 58,000	$ (11,000)	$ 56,000	$ (454,000)	$ (146,000)	$ 39,821,000	$ (191,237,000)	$ 323,122,000	$ 55,577,000	$ 39,900,000	$ 95,476,000	$ 91,840,000	$ 202,845,000	$ (79,000)	$ (286,713,000)	$ 231,282,000	$ (147,268,000)	$ (632,000)	$ 65,000	$ (375,000)	$ (34,000)	$ (632,000)	$ 65,000	$ (375,000)	$ (34,000)	$ (207,000)	$ (29,000)	$ (180,000)	$ (252,000)	$ (207,000)	$ (29,000)	$ (180,000)	$ (252,000)	$ (9,000)		$ (9,000)		$ (9,000)		$ (9,000)		$ 2,904,000	$ 283,000	$ 3,281,000	$ 294,000	$ 2,904,000	$ 283,000	$ 3,281,000	$ 294,000	$ 3,361,000	$ 531,000	$ 2,828,000	$ 815,000	$ 3,361,000	$ 531,000	$ 2,828,000	$ 815,000
Change in fair value of liabilities																																				(100,060,000)	117,075,000	(445,013,000)	(214,218,000)	(106,619,000)	(179,186,000)	(227,616,000)	(373,201,000)	(6,559,000)	296,261,000	(217,397,000)	158,983,000	(1,309,000)	(7,201,000)	(1,871,000)	(4,271,000)	(1,309,000)	(7,201,000)	(1,871,000)	(4,271,000)	(1,671,000)	(169,000)	(929,000)	(127,000)	(1,671,000)	(169,000)	(929,000)	(127,000)	211,000	(118,000)	(391,000)	(420,000)	(563,000)	(523,000)	(1,073,000)	(1,063,000)	774,000	405,000	682,000	643,000																																										38,000		38,000		38,000		38,000
Total								(57,592,000)	(80,676,000)	(119,968,000)	(162,686,000)	39,910,000	95,506,000	91,863,000	202,903,000	(107,182,000)	(179,709,000)	(228,689,000)	(374,264,000)	5,160,000	2,403,000	11,560,000	7,298,000	774,000	405,000	682,000	643,000	(848,000)	74,000	(564,000)	(248,000)	4,594,000	645,000	5,180,000	982,000
Changes in the fair value of derivative instruments																																																				1,200,000	8,400,000	4,400,000	28,400,000
Cash payments from the securitization trusts																																																				2,600,000	15,600,000	6,300,000	32,700,000
Change in the fair value of trust assets, excluding REO	5,160,000	2,403,000	11,560,000	7,299,000																		11,600,000	7,300,000
Change in fair value of net trust assets, excluding REO			17,879,000	39,970,000																		17,900,000	40,000,000
Percentage of ownership interest in acquiree for which option to purchase is available in purchase agreement						11.50%	39.00%
Ownership interest agreed to be acquired (as a percent)						27.50%
Ownership interest (as a percent)						78.50%
Percentage of ownership interest in acquire that can be sold by noncontrolling interest holder to company						21.50%	49.00%
Ownership interest held by noncontrolling interest (as a percent)						21.50%
Securitized mortgage collateral
Unpaid principal balance of securitized mortgage collateral																																																																																																																																														9,000,000,000
Estimated fair value of securitized mortgage collateral	5,430,443,000		5,430,443,000		5,449,001,000																																																																																																																																									5,400,000,000
Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral																																																																																																																																														3,600,000,000
Unpaid principal balance of loans 90 days or more past due																																																																																																																																														1,600,000,000
Estimated fair value of loans 90 days or more past due																																																																																																																																														500,000,000
Difference between aggregate unpaid principal balances and fair value of mortgage loans																																																																																																																																														1,100,000,000
Securitized mortgage borrowings
Estimated fair value of securitized mortgage borrowings	5,426,042,000		5,426,042,000		5,454,901,000																																																																																																																																							5,400,000,000
Outstanding principal balance of securitized mortgage borrowings																																																																																																																																												9,100,000,000
Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings																																																																																																																																												3,700,000,000
Long-term debt
Long-term debt unpaid principal balance																																																																																																																																													70,500,000
Estimated fair value of long-term debt																																																																																																																																													12,000,000
Difference between aggregate unpaid principal balances and fair value of long-term debt																																																																																																																																													58,500,000
Derivative assets and liabilities
Notional balance of derivative assets and liabilities, securitized trusts																																																																																																																																															$ 1,100,000,000

Fair Value of Financial Instruments (Details 6) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Derivative liabilities \| TBA/FNMA's
Derivative assets and liabilities - lending
Derivative liabilities, Notional balance	$ 259,196	$ 259,196
Total Gains (Losses)	(6,043)	(7,330)
Derivative assets \| IRLCs
Derivative assets and liabilities - lending
Derivative assets, Notional balance	286,436	286,436
Total Gains (Losses)	$ 2,904	$ 3,281

Fair Value of Financial Instruments (Details 7) (Nonrecurring Fair Value Measurements, USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Total Gains (Losses)
Additional impairment write-downs attributable to higher expected loss severities on properties held	$ (3,882)	$ (739)	$ (13,309)	$ (4,986)
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments	(64)	(85)	(281)	(302)
Level 2
Fair Value of Financial Instruments
REO			28,610	45,297
Level 3
Fair Value of Financial Instruments
Lease liability			$ (2,108)	$ (2,175)

Stock Options (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Stock options
Number of Shares
Options outstanding at the beginning of the period (in shares)	1,241,808
Options exercised (in shares)	(30,200)
Options forfeited / cancelled (in shares)	(49,598)
Options outstanding at the end of the period (in shares)	1,162,010
Options exercisable at the end of the period (in shares)	946,233
Weighted-Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share)	$ 3.64
Options exercised (in dollars per share)	$ 0.53
Options forfeited / cancelled (in dollars per share)	$ 13.61
Options outstanding at the end of the period (in dollars per share)	$ 3.30
Options exercisable at end of the period (in dollars per share)	$ 3.42
Additional information:
Unrecognized compensation cost	$ 442
Weighted-average period over which compensation cost is expected to be recognized	1 year 4 months 17 days
Restricted stock units (RSU's)
Number of Shares
RSU's outstanding at the beginning of the period (in shares)	24,000
RSU's outstanding at the end of the period (in shares)	24,000
Weighted-Average Grant Date Fair Value
RSU's outstanding at the beginning of the period (in dollars per share)	$ 2.73
RSU's outstanding at the end of the period (in dollars per share)	$ 2.73
Additional information:
Unrecognized compensation cost	$ 31
Weighted-average period over which compensation cost is expected to be recognized	1 year 5 months 5 days

Reconciliation of Earnings (Loss) Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Numerator for basic loss per share:
Earnings (loss) from continuing operations	$ 7,560	$ 173	$ 4,274	$ (779)
Net (earnings) loss attributable to noncontrolling interests	(235)	180	(471)	495
Earnings (loss) from continuing operations attributable to IMH	7,325	353	3,803	(284)
(Loss) earnings from discontinued operations	(3,113)	8	(4,381)	(342)
Net earnings (loss) attributable to IMH	$ 4,212	$ 361	$ (578)	$ (626)
Denominator for basic loss per share:
Basic weighted average common shares outstanding during the year	7,844	7,792	7,832	7,790
Denominator for diluted loss per share:
Basic weighted average common shares outstanding during the year	7,844	7,792	7,832	7,790
Net effect of dilutive stock options and RSU's (in shares)	490	573
Diluted weighted average common shares	8,334	8,365	7,832	7,790
Earnings (loss) per common share - basic:
Earnings (loss) from continuing operations attributable to IMH (in dollars per share)	$ 0.94	$ 0.05	$ 0.49	$ (0.04)
(Loss) earnings from discontinued operations (in dollars per share)	$ (0.40)	$ 0.00	$ (0.56)	$ (0.04)
Net earnings (loss) per share available to common stockholders (in dollars per share)	$ 0.54	$ 0.05	$ (0.07)	$ (0.08)
Earnings (loss) per common share - diluted:
Earnings (loss) from continuing operations attributable to IMH (in dollars per share)	$ 0.88	$ 0.04	$ 0.49	$ (0.04)
(Loss) earnings from discontinued operations (in dollars per share)	$ (0.37)	$ 0.00	$ (0.56)	$ (0.04)
Net earnings (loss) per share available to common stockholders (in dollars per share)	$ 0.51	$ 0.04	$ (0.07)	$ (0.08)
Antidilutive stock options excluded from weighted average share calculations (in shares)	693	238	1,200	1,300

Segment Reporting (Details) (USD $)	3 Months Ended		6 Months Ended
Segment Reporting (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 segment	Jun. 30, 2011	Dec. 31, 2011
Segment Reporting
Number of reporting segments			4
Segment Reporting
Net interest income (expense)	$ 587,000	$ 1,245,000	$ 1,577,000	$ 2,563,000
Non-interest (loss) income- net trust assets	1,278,000	1,664,000	(1,749,000)	2,311,000
Mortgage lending gains and fees, net	15,129,000	2,455,000	24,263,000	3,096,000
Real estate services fees, net	6,141,000	11,963,000	11,039,000	23,549,000
Other non-interest (expense) income	1,326,000	154,000	779,000	367,000
Non-interest expense and income taxes	(16,901,000)	(17,308,000)	(31,635,000)	(32,665,000)
Earnings (loss) from continuing operations	7,560,000	173,000	4,274,000	(779,000)
(Loss) earnings from discontinued operations, net of tax	(3,113,000)	8,000	(4,381,000)	(342,000)
Net earnings (loss)	4,447,000	181,000	(107,000)	(1,121,000)
Total assets	5,623,042,000		5,623,042,000		5,612,040,000
Discontinued Operations
Segment Reporting
Other non-interest (expense) income	(2,376,000)	346,000	(2,880,000)	215,000
Non-interest expense and income taxes	(737,000)	(338,000)	(1,501,000)	(557,000)
(Loss) earnings from discontinued operations, net of tax	(3,113,000)	8,000	(4,381,000)	(342,000)
Total assets	200,000		200,000		264,000
Long-term Portfolio
Segment Reporting
Net interest income (expense)	606,000	1,196,000	1,653,000	2,513,000
Non-interest (loss) income- net trust assets	1,278,000	1,664,000	(1,749,000)	2,311,000
Other non-interest (expense) income	1,542,000	145,000	965,000	568,000
Non-interest expense and income taxes	(3,678,000)	(3,923,000)	(7,695,000)	(8,193,000)
Earnings (loss) from continuing operations	(252,000)	(918,000)	(6,826,000)	(2,801,000)
Total assets	5,493,250,000		5,493,250,000		5,528,998,000
Mortgage Lending
Segment Reporting
Net interest income (expense)	(24,000)	45,000	(92,000)	42,000
Mortgage lending gains and fees, net	15,129,000	2,455,000	24,263,000	3,096,000
Other non-interest (expense) income	(216,000)	9,000	(186,000)	(201,000)
Non-interest expense and income taxes	(11,089,000)	(6,035,000)	(19,862,000)	(9,181,000)
Earnings (loss) from continuing operations	3,800,000	(3,526,000)	4,123,000	(6,244,000)
Total assets	115,346,000		115,346,000		67,818,000
Real Estate Services
Segment Reporting
Net interest income (expense)	5,000	4,000	16,000	8,000
Real estate services fees, net	6,141,000	11,963,000	11,039,000	23,549,000
Non-interest expense and income taxes	(2,134,000)	(7,350,000)	(4,078,000)	(15,291,000)
Earnings (loss) from continuing operations	4,012,000	4,617,000	6,977,000	8,266,000
Total assets	14,246,000		14,246,000		14,992,000
Reclassifications
Segment Reporting
Other non-interest (expense) income	2,376,000	(346,000)	2,880,000	(215,000)
Non-interest expense and income taxes	737,000	338,000	1,501,000	557,000
Total assets					$ (32,000)

Warehouse Borrowings (Details) (USD $)											6 Months Ended
Warehouse Borrowings (Details) (USD $)	Jun. 30, 2012 Warehouse borrowings	Dec. 31, 2011 Warehouse borrowings	Jun. 30, 2012 Repurchase agreement 1	Apr. 30, 2012 Repurchase agreement 1	Dec. 31, 2011 Repurchase agreement 1	Jun. 30, 2012 Repurchase agreement 2	Dec. 31, 2011 Repurchase agreement 2	Jun. 30, 2012 Repurchase agreement 3	May 31, 2012 Repurchase agreement 3	Dec. 31, 2011 Repurchase agreement 3	Jun. 30, 2012 Repurchase agreement 4
Warehouse Borrowings
Variable interest rate base											one-month LIBOR
Interest margin over base rate (as a percent)											3.75%
Maximum Borrowing Capacity	$ 145,000,000		$ 40,000,000	$ 40,000,000		$ 30,000,000		$ 50,000,000	$ 50,000,000		$ 25,000,000
Balance Outstanding	98,571,000	58,691,000	34,057,000		20,163,000	26,607,000	24,769,000	35,842,000		13,759,000	2,065,000
Aggregate principal borrowing capacity before increase				$ 32,500,000					$ 25,000,000

- Definition

Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer.

+ References+ Details

Notes Payable (Details) (USD $)	1 Months Ended	6 Months Ended
Notes Payable (Details) (USD $)	Feb. 29, 2012 interest	Jun. 30, 2012	Dec. 31, 2011
Note payable-Debt Agreement
Carrying value of debt agreement		$ 5,688,000	$ 5,182,000
Previous debt agreement
Note payable-Debt Agreement
Repayment of the previous debt by using proceeds of new debt	408,000
Structured debt agreement
Note payable-Debt Agreement
Debt issued	7,500,000
Number of residual interests used as collateral for structured debt facility	8
Proceeds from issuance of debt, net of payoff and transaction costs	7,000,000
Transaction costs incurred	50,000
Fixed interest rate (as a percent)		25.00%
Period of amortization in equal principal payments		18 months
Threshold amount of reserve account, if in excess, entity would receive a specified percentage of excess cash flows up to a maximum dollar amount		1,500,000
Percentage of excess cash flows exceeding specified balance of reserve account to be received		70.00%
Maximum monthly amount of excess cash flows from residual interests that will be received if the reserve threshold is met		300,000
Excess cash flows from residual interests collateralizing note payable		1,500,000
Carrying value of debt agreement		$ 5,700,000	$ 5,182,000

Line of Credit Agreement (Details) (Working capital line of credit agreement, USD $)	6 Months Ended
	Jun. 30, 2012	Apr. 30, 2012
Working capital line of credit agreement
Line of Credit Agreement
Maximum borrowing capacity		$ 4,000,000
Variable interest rate base	one-month LIBOR
Interest margin over base rate (as a percent)	3.50%
Outstanding balance	$ 4,000,000

Noncontrolling Interest (Details) (AmeriHome)	6 Months Ended	12 Months Ended
Noncontrolling Interest (Details) (AmeriHome)	Jun. 30, 2012	Dec. 31, 2011
AmeriHome
Noncontrolling interest
Ownership interest agreed to be acquired (as a percent)	27.50%
Ownership interest (as a percent)	78.50%
Percentage of ownership interest in acquiree for which option to purchase is available in purchase agreement	11.50%	39.00%
Ownership interest held by noncontrolling interest (as a percent)	21.50%
Percentage of ownership interest in acquire that can be sold by noncontrolling interest holder to company	21.50%	49.00%

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

+ References+ Details

Subsequent Events (Details) (Subsequent Event)	1 Months Ended
Subsequent Events (Details) (Subsequent Event)	Jul. 31, 2012
Subsequent Event
Subseqente events
Increase in number of shares approved under 2010 Omnibus Incentive Plan	250,000

Summary of Business, Market Conditions, and Financial Statement Presentation (Details)	3 Months Ended
	Jun. 30, 2012	Mar. 31, 2012
Summary of Business, Market Conditions, and Financial Statement Presentation
Growth rate of US economy (as a percent)	1.50%	2.40%