Lennar New Home Sales: Piss-Poor Downpayments. By Geniusofdespair

I looked up a random sample of new home sales for Lennar in Miami Dade County (There were 72 deeds between August 15th and November 15th, out of that 47 were to Carlos E. Martines(z) as Trustee to the Baywinds Land Trust at Lennar's address). So, there were about 25 sales in those 3 months according to county records.

I found Alexander bought a home for $217,000 at Oasis last month. His mortgage was for $217,000 from Universal American Mortgage. Same mortgage company wrote one to Hernan in September for $216,015, his condo in Silver Palms was $220,000. Oscar paid Lennar $210,00 for his home in Silver Palms. His mortgage was for 206,196. Again Universal American Mortgage. Raelyn bought her home at Oasis for $178,000. Universal gave her a mortgage in September for $174,755. Johanna’s home in Silver Palms cost $190,000 also bought in September. Her mortgage was for $186,558. Edgar paid $205,000 at the Oasis in August, his mortgage from Universal was for $201,261. Finally Robert paid $222,000 for his home in the Oasis and his mortgage was for $217,948, Universal did the mortgage again.

We all know that Universal is Lennar’s finance subsidiary but come on....not one of these people put down more than $4,000. All of them put down less than 5%. I sure hope this mortgage company doesn't assign loans. Have we learned nothing from the meltdown?