A group of California and Nevada homeowners traveled to Lennar Corp.’s annual shareholder meeting in Miami on Wednesday to protest the builder’s practices, which they alleged have contributed to foreclosures.

A group of California and Nevada homeowners traveled to Lennar Corp.’s annual shareholder meeting in Miami on Wednesday to protest the builder’s practices, which they alleged have contributed to foreclosures.

The Miami Herald reported that Lennar Chief Executive Officer Stuart Miller defended the company’s practices. "It is not in the interest of this company to have any more foreclosures," he reportedly told shareholders, adding that he has pressed Congress to take more actions to help homeowners avoid foreclosure.

About 50 activists, part of the Alliance for Homebuyer Justice, attended a rally in front of the company’s headquarters. The protest was organized by the Laborers’ International Union of North America, a union of construction workers that created the alliance.

The group earlier this month had organized a similar protest against KB Home (see story).

LIUNA had protested a Senate bill last year that included tax cuts for builders and other businesses, and the group released a report in April 2008 detailing alleged contributions of the corporate homebuilding industry to the nation’s mortgage crisis.

In addition to the protest at Lennar’s annual meeting, the union reported that it filed a Fair Housing complaint with the U.S. Department of Housing and Urban Development alleging that Lennar targeted subprime loans at Latino buyers through its mortgage subsidiary, and the Miami Herald reported that a Lennar spokesman said the company had no knowledge of the complaint at that time.

Miller, the article states, "said he took offense at any suggestion the company engaged in discriminatory practices."

Lennar on Wednesday reported a quarterly cash dividend of 4 cents per share. The company on March 30 reported a net loss of $155.9 million for the quarter ended Feb. 28, 2009, compared with a net loss of $88.2 million in first-quarter 2008. Revenues fell 45 percent year-over-year in the first quarter, to $522.8 million.

Alicia Howe

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription