Lennar Corporation http://www.alacrastore.com/company-snapshot/Lennar_Corporation-1009851 Tuesday, October 07, 2008 9:20:10 PM 1009851 Lennar Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/74865cs/74865norm Housing Weekly Monitor: What's In Your Wallet? Now that liquidity has become extremely precious, funding for builders and the ability to obtain a mortgage by a prospective buyer could contribute to the next level of distress for major...748654368YesD0Article1012501574502819571114157253956856750720632048corphy37069Housing Weekly Monitor42High Yield10/3/2008 4:06:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to provide a more complete overview of the sector. We discuss builders' current liquidity position.74865Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74606cs/74606norm Housing Weekly Monitor: No Bailout For Home Builders After an immediate show of bipartisan support for a government effort to address the extreme credit and liquidity crisis in the economy, that show of ideological unity has quickly...20632048corphy369Housing Weekly Monitor54Euro Markets Issuers42High Yield9/26/2008 4:06:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis of the sector. We discuss the current bailout proposal and home sales.746065741YesD0Article1012501574502819571114157253956850756774606Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1946975ccbn/B1946975norm...In the context of one of the most difficult quarters in homebuilding history, LEN's management team and associates had put forth an extremely productive qtr. ... 9/23/2008 4:05:16 PMLennar Corporation106.0000EditedLennar Corporation Q3 2008 Earnings Conference Call SummaryLEN11:00am ETBriefB1946975Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1946975ccbn/T1946975norm...Welcome to Lennar's third quarter earning conference call. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to Scott Shipley, Director of Investor Relations for the reading of the forward-looking statement. ... 9/23/2008 1:05:00 PMLennar Corporation106.0000FinalLennar Corporation Q3 2008 Earnings Conference Call TranscriptLEN11:00am ETTranscriptT1946975Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/74356cs/74356norm Housing Weekly Monitor: Credit Risk-Killing Me Softly, Liquidity Risk-Killing Me Instantly The resurgence of credit and liquidity concerns of major financial institutions this past week reached a new level as heighten systemic risk...743565316YesD0Article5011141502101257153957281957450720635675682048corphy369Housing Weekly Monitor42High Yield9/19/2008 4:06:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss the market turmoil and effects on housing.74356Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/74067cs/74067norm Housing Weekly Monitor: The Adoption of Fannie and Freddie With the announcement that the U.S. government took over Fannie Mae and Freddie Mac this week, the housing sector reacted positively to the action as lower mortgage rates are...740674123YesD0Article5011141502101257153957281957450720635675682048corphy369Housing Weekly Monitor42High Yield9/12/2008 2:05:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss the Freddie and Fannie takeover.74067Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-27909473newstex/PRN-0005-27909473xml MIAMI, Sep. #, #### (PRNewswire-FirstCall delivered by Newstex) -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today that the Company will release earnings for the third quarter ended...04000000040160000401601804016001040160489/5/2008 11:19:36 AM180000001800400018008000PR Newswire USPRN-0005-27909473LENNAR CORPLENNewsNewstexhttp://www.alacrastore.com/storecontent/cs/73779cs/73779norm Housing Weekly Monitor: August Performance - Treasury Driven, Credit Weaken Bonds of homebuilding and building materials companies posted better performance for August, a result driven mainly by favorable shifts in the Treasuries as...737794834YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor9/5/2008 7:06:05 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This month we review August performance.73779Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73605cs/73605norm Housing Weekly Monitor: Basement Bargain Prices Several housing indicators reported this week suggest that the weakness in the housing market is starting to somewhat abate. Before we believe that a bottom is truly reached, we would...73605YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/29/2008 10:08:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we assess home sales and prices.144273605Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73490cs/73490norm Housing Weekly Monitor: Change In CSI Housing Indices We are in the process of expanding our homebuilding coverage to include building material and product companies, and with this, we are adjusting our custom indices for which we track...734904701YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/22/2008 12:05:06 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector.73490Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/666319spcred/666319normThe latest Full Report from S&Pglobalstructured8/20/2008 10:40:00 AM400Full Report666319United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersFull ReportLower overhead cost structure contributing to improved operating profit margins, albeit off previously negligible levels; Moderate levels of direct financial obligations and a manageable maturity schedule; and Adequate liquidity including significant cash balances resulting from a large land sale and a significant tax refund. Extremely challenging housing market conditions driving large net losses on a GAAP basis; Significant potential capital needs relating to Lennar's sizeable joint venture investments; and Possible covenant pressures due to depreciating real estate values. The ratings on Lennar Corp. reflect very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continuesUSA52605752605Q25201030 252010 2520 25Lennar Corp.119456EMERGINGEUROMIDAFRLATAMERICAUSALENFULLGLOBISSSTRUCCORPABSRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665942spcred/665942normThe latest Full Report from S&Pglobalstructured8/18/2008 6:27:00 PM400Full Report665942United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersFull ReportLower overhead cost structure contributing to improved operating profit margins, albeit off previously negligible levels; Moderate levels of direct financial obligations and a manageable maturity schedule; and Adequate liquidity including significant cash balances resulting from a large land sale and a significant tax refund. Extremely challenging housing market conditions driving large net losses on a GAAP basis; Significant potential capital needs relating to Lennar's sizeable joint venture investments; and Possible covenant pressures due to depreciating real estate values. The ratings on Lennar Corp. reflect very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continuesUSA52605752605Q25201030 252010 2520 25Lennar Corp.119456EMERGINGEUROMIDAFRLATAMERICAUSALENFULLGLOBISSSTRUCCORPABSRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665944spcred/665944normThe latest Summary from S&Pglobalstructured8/18/2008 6:27:00 PM175Summary665944United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersSummaryThe ratings on Lennar Corp. reflect very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continues to post net losses on a GAAP basis, operating margins did improve in the second quarter. Miami, Fla.-based Lennar is one of the nation's largest homebuilders, having delivered 22,106 homes during the 12 months ended May 31, 2008, for an estimated average price of about $288,000. To put recent production in perspective, however, trailing-12-month deliveries represent less than half of the homes that the company delivered at the cyclical peak in 2006 and more closely approximate 2001 productionUSA52605752605Q25201030 252010 2520 25Lennar Corp.119456EMERGINGEUROMIDAFRLATAMERICAUSALENSUMMARYGLOBISSSTRUCCORPABSRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665717spcred/665717normThe latest News from S&Pglobalstructured8/15/2008 6:31:00 PM100News665717United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersNewsNEW YORK (Standard&Poor's) Aug. 15, 2008--Standard&Poor's Ratings Services today lowered its corporate credit and senior unsecured ratings on Lennar Corp. to 'BB-' from 'BB'. The outlook is negative. This downgrade affects approximately $2.2 billion of senior unsecured notes. "We lowered the ratings amid very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position," said credit analyst James Fielding. "Although operating trends remain weak and the company continues to post net losses on a GAAP basis, operating margins did improve in the second quarter." The negative outlook acknowledges the extremely competitive operating conditions in many of Lennar's key housing markets.USA52605752605Q25201030 252010 2520 25Lennar Corp.119456EMERGINGEUROMIDAFRLATAMERICAUSALENNEWSGLOBISSSTRUCCORPABSRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/665718spcred/665718normThe latest Research Update from S&Pglobalstructured8/15/2008 6:31:00 PM175Research Update665718United StatesHomebuildingEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesReal Estate CompaniesHomebuildersResearch UpdateOn Aug. 15, 2008, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Lennar Corp. to 'BB-' from 'BB'. The outlook is negative. This downgrade affects approximately $2.2 billion of senior unsecured notes (see list). We lowered the ratings amid very weak housing market conditions and our growing concern that Lennar's sizeable off-balance-sheet investments may require additional capital, which could weaken the homebuilder's currently adequate liquidity position. Although operating trends remain weak and the company continues to post net losses on a GAAP basis, operating margins did improve in the second quarter. Miami, Fla.-based Lennar is one of the nation's largest homebuilders, having delivered 22,106 homes during the 12 months ended May 31, 2008, forUSA52605752605Q25201030 252010 2520 25Lennar Corp.119456EMERGINGEUROMIDAFRLATAMERICAUSALENRESUPDGLOBISSSTRUCCORPABSRECHomebuildersCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/73213cs/73213norm Housing Weekly Monitor: Stacking Up The OREOs - If They Were Only Cookies The National Association of Realtors released existing home sales data for #Q## which fell #.#% q-o-q and ##.#% y-o-y.  However, #Q## existing-home sales in ##...732133863YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/15/2008 3:06:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We discuss existing home sales and foreclosure data.73213Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72894cs/72894norm Housing Weekly Monitor: July Performance - Poor Grades For Both Grades Homebuilding bonds posted another weak monthly performance in July as earnings reports and economic and housing data continue to paint a bleak picture for the sector. ...728943770YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/8/2008 5:05:57 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we review July performance.72894Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72583cs/72583norm Housing Weekly Monitor: Nightmare On Main Street Deteriorating home values place enormous pain on homebuilders as they have to write-down inventory values and sustained earning losses and depletion in capitalization. The release of...725835373YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor8/1/2008 4:04:00 AM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we focus on prices and legislation.72583Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72199cs/72199norm Housing Weekly Monitor: Stay Home Investors' outlook for the homebuilding sector started on a positive note during the beginning of the week.  None of that mattered when the report on existing home sales was released yesterday.  Furthermore,...721994419YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor7/24/2008 11:05:00 PM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. We review existing home sales, Ryland, and Pulte.72199Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71801cs/71801norm Housing Weekly Monitor: Huff and Puff, Blow Your House Down The current slide in home prices has been the correction mechanism to hopefully clear oversupply caused by years of euphoric building by the homebuilding sector.  Of course,...718013764YesD0Article1141501502572539571819568567507574corphy342High Yield69Housing Weekly Monitor7/17/2008 11:06:00 PM150We update economic and financial indicators for the housing market, as well as equity and debt performance, to aid further analysis and provide a more complete overview of the sector. This week we examine June construction activity.71801Credit & Investment ResearchCreditSights