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The biggest american bank - the Bank of America is found in Charlotte, N.C..
A lot of people have heard about Countrywide Financial - the trouble lender that got a loan of around four billions US dollars, and finally became a reason for a mortgage crisis. Exactly the Bank of America provided the loan for Countrywide Financial.
As Countrywide Financial failed to pay back, Bank of America became the biggest foreclosure lender in the country. This transaction was very successful - on one hand Countrywide managed to continue its existance within the other institution, on the other hand Bank of America improved its positions on market.

Nowadays you can find Countrywide bank owned properties or Bank of America REO homes on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find trusted web resources where bank foreclosures is absolutelly free including REO homes, government foreclosures, HUD homes for sale, tax foreclousres, FHA foreclosures, VA foreclosed homes, 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.

We have to underline, that this deal let the BofA have its own part in 25% of home mortgages in the United States. The situation described is simply one example out of a number of cases, when financial institution wins substantial advantages after creating trouble loans. Such kind of loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of trouble loans were checked. The main source of financial resources for loans is the money saved on deposit accounts by clients. But Countrywide Financial works according the different scheme, it takes loans on the Wall Street, so it receives amount of money enough to invest it in mortgages, and after all sell these mortgages on foreclosure market.

These transactions are held again and again, which enables the investors and borrowers get their profit. This cycle worked without problems until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA got under its control over 5800 branches located in 31 different states in US.

More over Bank of America posseses 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into consideration that a number of borrowers loose their real estate at the end, this investment is highly successful operation for Countrywide Financial executives.
The next step of BofA will allow around 260 thousand borrowers with bed debts save their houses. It will happen due to modifying more then 40 billion US dollars of mortgages. All this is planned to happen during the following two years. A big number of clients with problem loans results into increase of Countrywide REO number.

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