Lennar Financial Services Segment (Tables)

6 Months Ended

May 31, 2012

Lennar Financial Services Segment [Abstract]

Schedule Of Assets And Liabilities

The assets and liabilities related to the Lennar Financial Services segment were as follows:

(In thousands)	May 31, 2012		November 30, 2011
Assets:
Cash and cash equivalents	$	69,312	55,454
Restricted cash	15,294		16,319
Receivables, net (1)	125,268		220,546
Loans held-for-sale (2)	267,969		303,780
Loans held-for-investment, net	23,402		24,262
Investments held-to-maturity	48,609		48,860
Goodwill	34,046		34,046
Other (3)	45,516		36,488
	$	629,416	739,755
Liabilities:
Notes and other debts payable	$	263,472	410,134
Other (4)	166,966		152,601
	$	430,438	562,735

(1) Receivables, net primarily relate to loans sold to investors for which the Company had not yet been paid as of May 31, 2012 and November 30, 2011, respectively.

(2) Loans held-for-sale relate to unsold loans carried at fair value.

(3) Other assets include mortgage loan commitments carried at fair value of $11.4 million and $4.2 million, respectively, as of May 31, 2012 and November 30, 2011.

(4) Other liabilities include $78.3 million and $75.4 million, respectively, of certain of the Company’s self-insurance reserves related to general liability and workers’ compensation. Other liabilities also include forward contracts carried at fair value of $5.4 million and $1.4 million as of May 31, 2012 and November 30, 2011, respectively.

Schedule Of Loan Origination Liabilities

Loan origination liabilities are included in Lennar Financial Services’ liabilities in the condensed consolidated balance sheets. The activity in the Company’s loan origination liabilities was as follows:

	Three Months Ended				Six Months Ended
	May 31,				May 31,
(In thousands)	2012			2011	2012		2011
Loan origination liabilities, beginning of period	$	5,961		9,872	6,050		9,872
Provision for losses during the period	122			59	215		129
Adjustments to pre-existing provisions for losses from changes in estimates	245			20	253		(50	)
Payments/settlements	(130		)	—	(320	)	—
Loan origination liabilities, end of period	$	6,198		9,951	6,198		9,951