Note 15 - Mortgage Credit Facilities

6 Months Ended

Jun. 30, 2015

Disclosure Of Warehouse Agreement Borrowings [Abstract]

Disclosure Of Warehouse Agreement Borrowings [Text Block]

15. Mortgage Credit Facilities

At June 30, 2015, we had $90.3 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consist of a $100 million repurchase facility ($25 million committed and $75 million uncommitted) with one lender, maturing in June 2016, and a $75 million repurchase facility with another lender, maturing in October 2015. These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled $1.1 million as of June 30, 2015, 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 June 30, 2015, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.