Note 16 - Mortgage Credit Facilities

3 Months Ended

Mar. 31, 2014

Disclosure Of Warehouse Agreement Borrowings [Abstract]

Disclosure Of Warehouse Agreement Borrowings [Text Block]

16. Mortgage Credit Facilities

At March 31, 2014, we had $52.5 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consist of a $125 million repurchase facility with one lender, maturing in May 2014, and a $75 million repurchase facility with another lender, maturing in September 2014. These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.3 million as of March 31, 2014, 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 March 31, 2014, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

Standard Pacific Mortgage is currently negotiating an extension for the $125 million repurchase facility which matures on May 12, 2014.