Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS IN SERVICER ADVANCES - Investment in Servicer Advances (Details)

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INVESTMENTS IN SERVICER ADVANCES - Investment in Servicer Advances (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Jun. 30, 2014
Servicer Advance Joint Venture
Dec. 17, 2013
Servicer Advance Joint Venture
Investments in and Advances to Affiliates [Line Items]        
Servicer advance fee, amortized cost basis     $ 3,596,228  
Servicer advances, at fair value 3,679,105 2,665,551 3,679,105 [1] 3,200,000
Servicer advances, weighted average yield     5.60%  
Servicer advance, weighted average life     3 years 9 months 18 days [2]  
Change in fair value of investments in servicer advances     $ 82,877  
[1] Carrying value represents the fair value of the investments in servicer advances, including the basic fee component of the related MSRs.
[2] Weighted Average Life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.