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Note 18 - Mortgage Credit Facilities
3 Months Ended
Jun. 30, 2011
Disclosure OfWarehouse Agreement Borrowings [Text Block]
18.       Mortgage Credit Facilities

At June 30, 2011, we had approximately $34.9 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities.  As of such date, these mortgage credit facilities consisted of a $45 million repurchase facility and a $60 million early purchase facility with one lender, and a $50 million repurchase facility with another lender.  The lenders generally do not have discretion to refuse to fund requests under these facilities if our mortgage loans comply with the requirements of the facility, although the lender of the $45 million repurchase facility has substantial discretion to modify these requirements from time to time, even if any such modification adversely affects our mortgage financing subsidiary’s ability to utilize the facility.  These facilities require Standard Pacific Mortgage to maintain cash collateral accounts, which totaled approximately $2.9 million as of June 30, 2011, 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 of $5 million (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements.  As of June 30, 2011, Standard Pacific Mortgage was in compliance with the financial and other covenants contained in these facilities.

In July 2011, Standard Pacific Mortgage renewed the $50 million repurchase facility, extending its maturity date to July 3, 2012.  Standard Pacific Mortgage also extended the maturity date of the $45 million repurchase facility and $60 million early purchase facility from July 19, 2011 to August 18, 2011. Standard Pacific Mortgage is currently negotiating a further extension for the $60 million early purchase facility in connection with reducing the overall early purchase facility commitment amount.