Secured Borrowings

9 Months Ended

Sep. 30, 2011

Secured Borrowings

Secured Borrowings

15.      Secured Borrowings

Pursuant to certain master repurchase agreements, ClearPoint was extended secured mortgage warehouse lines of credit in order to fund mortgage originations.  These lines of credit carry floating rates of interest and are collateralized by ClearPoint’s mortgage loans.  Outstanding borrowings were approximately $93.2 million as of September 30, 2011.

(In thousands of dollars)	Expiration Date	Available Line of Credit
Warehouse line - #1	3/10/2012	$	125,000	*
Warehouse line - #2	9/5/2012	80,000		**
Warehouse line - #3	9/11/2012	50,000
Total		$	255,000

* Includes a $50.0 million line established for loan originations sold directly to this lender.

** Capacity under this warehouse facility was temporarily increased to $80.0 million on September 26, 2011 and reverts back to $40.0 million as of November 25, 2011.

ClearPoint is required, among other things, to comply with certain financial covenants, including maintaining (i) a minimum tangible net worth ratio, (ii) a maximum leverage ratio, (iii) limitations on net losses, and (iv) a minimum level of liquid assets. As of September 30, 2011, ClearPoint was in compliance with all financial covenants for these facilities.

Included within Other assets is a cash collateral deposit of approximately $2.0 million as of September 30, 2011, which is held by the lenders under the mortgage warehouse lines of credit.