Full Description

Standard Pacific Corp. (Standard Pacific), incorporated in 1991, is a geographically diversified builder of single-family homes. The Company constructs homes within a range of prices and sizes targeting a range of homebuyers. Standard Pacific operates in two principal businesses: homebuilding and financial services. It has operations in metropolitan areas in California, Texas, Arizona, Colorado, Florida, the Carolinas and Nevada. In addition to Standard Pacific’s core homebuilding operations, the Company also provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, which include Standard Pacific Mortgage, SPH Home Mortgage, Universal Land Title of South Florida and SPH, Title Inc.

Homebuilding

The Company builds homes through a total of 11 operating divisions. The Company primarily builds single-family detached dwellings, particularly in California, Texas, Arizona, Florida, Carolinas, Colorado and Nevada. During the year ended December 31, 2008, approximately 84% of its deliveries were single-family detached dwellings. The Company has expanded its focus to include more housing opportunities, such as attached condominiums, town homes and higher density urban infill housing.

Standard Pacific's homes are designed to suit the particular area of the country, in which they are located and are available in a variety of models, exterior styles and materials depending upon local preferences. While the Company has built homes from 1,100 to over 6,000 square feet, its homes typically range in size from approximately 1,500 to 3,500 square feet. At December 31, 2008, the Company had 264 projects under development, of which 169 were actively selling (excluding unconsolidated joint ventures).

Financial Services

The Company's offer mortgage financing to its homebuyers in substantially all of the markets, in which it operates. Standard Pacific Mortgage, the Company's wholly owned subsidiary, offers mortgage financing in its California, South Florida, Texas, Arizona, Nevada and Colorado markets. SPH Home Mortgage, which is a joint venture with a financial institution partner, offers mortgage financing to its Tampa and Carolina homebuyers.

Standard Pacific Mortgage sells the loans it originates in the secondary mortgage market, with servicing rights released on a non-recourse basis. Standard Pacific Mortgage typically finances its loans held for sale through its mortgage credit facility. SPH Home Mortgage sells the loans it originates, on a non-recourse basis and with servicing rights released, to its financial institution partner and other investors.