NEW YORK (MarketWatch) -- Restructurings and other recent actions contributed to a narrower third-quarter loss for Lennar Corp., but the company said the home-building business continues to weaken, and its chief executive called for further government action to help the industry.
"Although the federal government has recognized that stabilizing the housing market is critical to solving the current credit crisis, the government has yet to act meaningfully to help stabilize home prices," the company said.
"While we were encouraged that Congress passed the July housing stimulus bill as a first step, additional government actions will be necessary to help facilitate housing market stabilization, which in turn will help stabilize the financial markets as well."
Lennar's calls for government action come at the same time that the chiefs of the Treasury Department and Federal Reserve head to Capitol Hill to field questions about a $700 billion rescue plan for the battered financial markets that the White House says is essential to stabilizing markets, including housing, and shoring up the U.S. econom
