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Note 10 - Mortgage Credit Facilities
12 Months Ended
Dec. 31, 2015
Disclosure Of Warehouse Agreement Borrowings [Abstract]  
Disclosure Of Warehouse Agreement Borrowings [Text Block]

10. Mortgage Credit Facilities


At December 31, 2015, we had $303.4 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consisted of a $200 million repurchase facility ($25 million committed and $175 million uncommitted), maturing in June 2016, and a $100 million repurchase facility, maturing in January 2016, both with the same lender. These two facilities were replaced in January 2016 with a $200 million uncommitted repurchase facility with the same lender. This new facility matures in January 2017. In addition, our mortgage subsidiary has a $100 million repurchase facility, maturing in April 2016, with another lender. These facilities require our mortgage financing subsidiary to maintain cash collateral accounts, which totaled $4.0 million as of December 31, 2015, and also contain financial covenants which require our mortgage financing subsidiary, CalAtlantic 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 December 31, 2015, CalAtlantic Mortgage was in compliance with the financial and other covenants contained in these facilities.