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South Florida feels crunch of exotic loans

Jack Dolan and Matt Haggman of The Miami Herald reported that home buyers in South Florida have been signing so-called toxic mortgages at rates far higher than buyers in other areas of the country. Unlike the well-publicized problems with sub-prime loans, these toxic mortgages are concentrated in some of the nation's most affluent and desirable zip codes, including the celebrity haunts of South Beach and the financial district of Brickell -- the financial center of Latin America.

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