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CNBC's Olick Tackles 'Homebuilder Extortion' Debate
Topics:Housing
Companies:Lennar Corp
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Some call it "homebuilder extortion" but companies such as Lennar [LEN
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] say they're simply trying to cut costs in a struggling housing market.
Lennar, the sixth largest U.S. homebuilder, has asked some contractors to reduce bills by 20% or face exclusion from bidding jobs, CNBC's Diana Olick reported.
In a letter sent to building contractors, the company outlined two options, Olick said: Reduce unpaid invoices 20% for work already completed, or keep costs unchanged and be prohibited from bidding on future work for a minimum of six months.
© 2009 CNBC.com
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