The Real Deal Miami

BankAtlantic sells $40 million mortgage

June 18, 2009 11:00AM

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.