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The largest United States bank - the Bank of America is found in Charlotte, N.C..
A lot of people knows about Countrywide Financial - the trouble lender that obtained a loan of more then 4,1 billions dollars, and finally caused for a mortgage crisis. Exactly the Bank of America invested the money in stock capital of Countrywide Financial.
As Countrywide Financial failed to pay back, Bank of America became the biggest foreclosure lender in the country. It was successful operation - on one hand Countrywide Financial avoided the bankruptcy, on the other hand Bank of America got more power as a financial institution.

Nowadays you can find Countrywide bank owned homes or Bank of America REO properties on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find wellknown web resources where foreclosed homes is in free access including bank owned homes, government foreclosures, HUD homes, tax liens, FHA foreclosures, VA foreclosures, and other types of foreclosure properties. You can visit some of them:
www.indexpost.com - free foreclosure listings and bank foreclosures database;
www.reodev.com - REO properties and foreclosed homes listings for free.

Just imagine, that this deal let the BofA have its own part in 25% of home mortgages in the United States. The transaction described above is just one example out of a number of cases, when organisation gets substantial advantages after creating trouble loans. Such kind of loans are also called subprime loans, of course this situation attracted a lot of attention, all problem lenders were experiencing a number of investigations. Normally as a source of money for mortgages banks use the money saved on deposit accounts by clients. But Countrywide Financial has another scheme for its operations, it takes loans on the Wall Street, so it obtains amount of money enough to invest it in mortgages, and after all sell these mortgages on foreclosure market.

These transactions are repeated again and again, which gives a chance the investors and borrowers get their additional money. This scheme worked great until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA obtained around 5800 branches situated in 31 different states in US.

Also Bank of America posseses 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into account that a number of borrowers loose their houses at the end, this acquisition is very profitable operation for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will let more then 260 thousand borrowers with problem loans keep their homes. It will happen as a result of modifying more then 40 billion US dollars of mortgages. All this is planned to happen during the next two years. A number of borrowers with bad debts results into increase of Countrywide foreclosed properties amount.

Search for thousands of Countrywide foreclosed homes and foreclosure homes nationwide.