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Note 16 - Mortgage Credit Facility
6 Months Ended
Jun. 30, 2012
Disclosure Of Warehouse Agreement Borrowings [Text Block]
16.       Mortgage Credit Facility

At June 30, 2012, we had $44.4 million outstanding under our mortgage financing subsidiary’s mortgage credit facility, a $50 million repurchase facility.  This facility requires Standard Pacific Mortgage to maintain a cash collateral account, which totaled $1.3 million as of June 30, 2012, 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 June 30, 2012, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in this facility.

In July 2012, Standard Pacific Mortgage renewed the $50 million repurchase facility, increasing the overall facility commitment amount to $75 million, and extended its maturity date to July 3, 2013.