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South Florida

BankAtlantic sells $40 million mortgage

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In a sign that bottom-feeding investors are turning to troubled mortgages, national developer Hovnanian Homes bought a $40 million mortgage backed by a Delray Beach retirement community development. BankAtlantic, which has been battered by mortgage defaults, sold the loan on Tivoli Isles, but did not disclose the scope of the loss.

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