XML 50 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 16 - Mortgage Credit Facilities
9 Months Ended
Sep. 30, 2012
Disclosure Of Warehouse Agreement Borrowings [Text Block]
16.       Mortgage Credit Facilities

At September 30, 2012, we had $71.0 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities.  These mortgage credit facilities consist of a $75 million repurchase facility with one lender, maturing in July 2013, and a $25 million repurchase facility with another lender, maturing in September 2013.  These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.9 million as of September 30, 2012, 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 amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of September 30, 2012, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.