Standard Pacific Completes Extension of Bank Group Waiver

IRVINE, Calif., May 13 /PRNewswire-FirstCall/ -- Standard Pacific Corp. (NYSE:SPF) announced today that it has completed an agreement with its bank group, on terms previously disclosed, to extend and expand the bank group's existing waiver of any default arising from the Company's noncompliance with certain financial covenants contained in its bank credit facilities. The extended and expanded waiver, unless further extended, will expire on August 14, 2008.

About Standard Pacific

Standard Pacific, one of the nation's largest homebuilders, has built homes for more than 102,000 families during its 42-year history. The Company constructs homes within a wide range of price and size targeting a broad range of homebuyers. Standard Pacific operates in many of the largest housing markets in the country with operations in major metropolitan areas in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada. The Company provides mortgage financing and title services to its homebuyers through its subsidiaries and joint ventures, Standard Pacific Mortgage, Inc., SPH Home Mortgage, Universal Land Title of South Florida and SPH Title. For more information about the Company and its new home developments, please visit our website at: http://www.standardpacifichomes.com/.

First Call Analyst:
FCMN Contact: lvertson@stanpac.com

Source: Standard Pacific Corp.

CONTACT: Andrew H. Parnes, Executive Vice President-Finance & CFO,
+1-949-789-1616, aparnes@stanpac.com, or Lloyd H. McKibbin, Vice President &
Treasurer, +1-949-789-1603, lmckibbin@stanpac.com, both of Standard Pacific
Corp.; or media, Daniel Hilley, dch@abmac.com, or Alan Maltun, am@abmac.com,
both of The Abernathy MacGregor Group, +1-213-630-6550, for Standard Pacific
Corp.

Web site: http://www.standardpacifichomes.com/

2008-05-13 17:36:13 0360839 PRNEWSWIRE