Hovnanian is not the only builder with excessive debt, nor is its debt load the heaviest among its peers. But the heavier financial burdens fall on the really big boys, like Lennar (NYSE:LEN) and Pulte Homes (NYSE:PHM). Though all of those giants are reporting scads of losses, their debt-to-capital ratios are sitting in the 50% range. Hovnanian's tops 100%. In other words, if push came to shove, Lennar or Pulte could raise cash with a fire sale on unsold inventory if creditors came banging on the door with angry faces and loaded shotguns. Hovnanian, on the other hand, couldn't pay its debts even if the company liquidated all its assets at their book value.