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Note 17 - Mortgage Credit Facilities
9 Months Ended
Sep. 30, 2011
Disclosure OfWarehouse Agreement Borrowings [Text Block]
17.       Mortgage Credit Facilities

At September 30, 2011, we had approximately $52.5 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities.  As of such date, these mortgage credit facilities consisted of a $50 million repurchase facility and a $30 million early purchase facility, maturing in July and August 2012, respectively.  In October 2011, the lender of the $30 million early purchase facility announced its plan on closing its correspondent lending business by the end of 2012.  As a result of this announcement, Standard Pacific Mortgage has elected to discontinue the use of this facility.  These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled approximately $1.7 million as of September 30, 2011, and also contain financial covenants which require Standard Pacific Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity of $5 million (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of September 30, 2011, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.