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The largest United States bank - the Bank of America is found in Charlotte, N.C..
Almost everybody knows about Countrywide Financial - the trouble lender that obtained a loan of around 4,1 billions USD, and finally became a reason for a mortgage crisis. Exactly the Bank of America financed this loan for Countrywide Financial.
As Countrywide Financial failed to pay back, Bank of America became the biggest foreclosure lender in the country. This acquisition was advantageous for both sides - on one hand Countrywide was saved from financial fail, on the other hand Bank of America got more power as a financial institution.

Nowadays you can find Countrywide REO or BofA REO on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find trusted web resources where foreclosure listings is absolutelly free including bank foreclosures homes, government foreclosures, HUD houses for sale, tax foreclousres, 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 mortgage home loans in the America. This case is only one example out of great number of cases, when bank gets huge advantages after creating trouble loans. These loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of subprime loans were investigated. 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 gets amount of money enough to invest it in mortgages, and finally sell these home loans on mortgage market.

These transactions are repeated again and again, which gives a chance the lenders and borrowers get their profit. This scenario worked without problems until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA obtained around 5800 branches located in 31 different states in US.

Also Bank of America unites 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into consideration that almost all borrowers loose their houses at the end, this investment is very successful deal for Countrywide Financial executives.
The activity which BofA is planning to undertake now will enable more then 260 thousand borrowers with bed debts save their homes. It will happen after modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the following two years. A great amount of problem borrowers leads to increase of Countrywide foreclosure properties number.

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