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Note 10 - Mortgage Credit Facilities
12 Months Ended
Dec. 31, 2011
Disclosure Of Warehouse Agreement Borrowings [Text Block]
10. Mortgage Credit Facility

At December 31, 2011, we had $46.8 million outstanding under our mortgage financing subsidiary’s mortgage credit facility, a $50 million repurchase facility maturing in July 2012.  This facility requires Standard Pacific Mortgage to maintain a cash collateral account, which totaled approximately $1.3 million as of December 31, 2011, and also contains 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 amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of December 31, 2011, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in this facility.