Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS - REAL ESTATE SECURITIES VALUATION (Details 4)

v2.4.0.8
FAIR VALUE OF FINANCIAL INSTRUMENTS - REAL ESTATE SECURITIES VALUATION (Details 4) (USD $)
In Thousands, unless otherwise specified
Jun. 12, 2013
Mar. 31, 2013
Outstanding face amount   $ 1,538,755 [1]
Amortized cost basis   1,286,314 [1]
Total Fair Value   1,318,023
Multiple Quotes
   
Total Fair Value   1,214,414 [2]
Single Quotes
   
Total Fair Value   103,609 [3]
FNMA/FHLMC Securities
   
Outstanding face amount   754,496 [4]
Amortized cost basis   797,547 [4]
Total Fair Value   799,455 [4]
FNMA/FHLMC Securities | Multiple Quotes
   
Total Fair Value   709,173 [2],[4]
FNMA/FHLMC Securities | Single Quotes
   
Total Fair Value   90,282 [3],[4]
Non-Agency RMBS
   
Outstanding face amount 156,400 784,259
Amortized cost basis   488,767
Total Fair Value   518,568
Non-Agency RMBS | Multiple Quotes
   
Total Fair Value   505,241 [2]
Non-Agency RMBS | Single Quotes
   
Total Fair Value   $ 13,327 [3]
[1] The total outstanding face amount of fixed rate securities was $1.1 million, and of floating rate securities was $1.5 billion.
[2] Management generally obtained pricing service quotations or broker quotations from two sources, one of which was generally the seller (the party that sold New Residental the security). Management selected one of the quotes received as being most representative of the fair value and did not use an average of the quotes. Even if New Residential receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because management believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases there is a widedisparity between the quotes New Residential receives. Management believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on New Residential's own fair value analysis using internal models, management selects one of the quotes which is believed to more accurately reflect fair value. New Residential never adjusts quotes received. These quotations are generally received via email and contain disclaimers which state that they are "indicative" and not "actionable" - meaning that the party giving the quotation is not bound to actually purchase the security at the quoted price.
[3] Management was unable to obtain quotations from more than one source on these securities. The one source was generally the seller (the party that sold New Residential the security) or a pricing service.
[4] Includes securities issued or guaranteed by U.S. Government agencies such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac").