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Builder's Federal Bailout's Gives New Meaning to Corporate Welfare
Saturday, 02 January 2010

THIS BAILOUT'S FOR YOU!
San Franciscans, and Californians, watched aghast as the federal government rewarded the reckless financial sector with trillions of dollars for causing more hardship than Americans or the rest of the world have suffered since the Great Depression... Lennar and the other uber overbuilders and lenders stepped up for another $33 billion handout in the Worker, Homeownership and Business Assistance Act of 2009, which became law on 11.06.2009. Lennar spent $240,000 Lobbying for its share
, proving yet again that politicians offer an astounding return on investment, and, prompting NY TImes financial columnist Gretchen Morgenson to ask "would it be so terrible if some builders that lost their heads during the housing mania ceased to exist?"

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Builders Mortgage Steer Homebuyers to Foreclosures
Saturday, 07 November 2009

Home builders' perks helped lead buyers to bust
Experts especially liked Lennar's "Everything Included" business model, which steered prospective buyers toward the company's lender, appraisers and Realtors, and away from anyone independent. Try telling that to residents of Carriage Pointe, where half the homes are in foreclosure. Lennar provided the mortgages for 162 of Carriage Pointe's 380 homes. Since 2007, at least 74 have had foreclosure actions filed against them...  In 2006, Morrison Homes took $15,000 off closing costs if buyers got their mortgage from Morrison Financial Services. M/I Homes offered a super-low 4.75 percent interest rate for people who went with its lender. And Pulte Homes told buyers "you can stop pinching" thanks to its offer of a zero down payment and no closing costs through its mortgage arm.

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Lennar Deep into Defective Chinese Drywall
Friday, 11 September 2009

Nevada homebuilders deny using Chinese drywall
Lennar says its Nevada homes did not use Chinese drywall -- alleged to be the cause of a host of health problems, noxious sulfurous odors and corrosion in homes across the country, particularly newer homes in Florida. The company used the controversial Chinese-Manufactured Drywall in some 400 homes in the Sunshine State and has set aside $40 million for abatement...The lawsuit, filed Aug. 20 in U.S. District Court, seeks damages exceeding $10,000 per homeowner and class action certification. Between 3,000 and 5,000 local homeowners may be eligible for the class, said Eric Fuller, a nonattorney spokesman for the plaintiffs' La Jolla, Calif.-based Fuller Jenkins law firm. He said this is likely the valley's first Chinese drywall lawsuit, although such cases are more common in the Southeastern United States

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Lennar and Chinese Drywall
Wednesday, 09 September 2009

Nevada homebuilders deny using Chinese drywall
The litigation frenzy surrounding defective Chinese drywall has hit Nevada. But some of the homebuilders and manufacturers recently named in the state's first such lawsuit say homeowners are acting out of unfounded fears. Attorneys for a group of homeowners filed a potential class action lawsuit against homebuilders in Nevada, claiming the companies installed and used the defective drywall, known as Chinese-Manufactured Drywall. The complaint names US Home Corp., Greystone Nevada LLC, Lennar Nevada, Georgia-Pacific Gypsum LLC and Georgia-Pacific LLC.  Lennar says its Nevada homes did not use Chinese drywall -- alleged to be the cause of a host of health problems, noxious sulfurous odors and corrosion in homes across the country, particularly newer homes in Florida. The company used the controversial Chinese-Manufactured Drywall in some 400 homes in the Sunshine State and has set aside $40 million for abatement.

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People Reject Lennar Home Subdivisions
Sunday, 26 July 2009

Lennar Signals Fleeting Builder Rally as Buyers Flee
People are the only thing missing. While construction of the 43-acre real estate project by Lennar Corp., the third- biggest U.S. homebuilder, is almost finished, a message at the information center says some homes in the development are expected to start selling early next year.
The largest homebuilders are mothballing communities across the U.S., signaling they have little confidence that a market rebound is imminent. Builder shares have rallied 76 percent from the lows in November. They may fall more than 20 percent in the next four months unless home prices and property writedowns stabilize, said Anna Torma, a former Merrill Lynch & Co. analyst who tracks the industry at Soleil Securities Corp. in New York.

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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


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