Lennar Downgraded

``A Deutsche Bank Securities Inc. analyst cut his rating on Lennar Corp. Friday, saying joint-venture agreements with real estate and investment entities may come back to haunt the homebuilder as a housing crisis widens...The company last week announced a new joint venture with a Morgan Stanley affiliate, which includes a portfolio of land from Lennar valued at about $1.3 billion. The analyst said the price implies a 60-percent write-down of the land.''