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The largest american bank - the Bank of America is found in Charlotte, N.C..
Almost everybody knows about Countrywide Financial - the institution that took a loan of more then 4 billions USD, and finally became a reason for a mortgage crisis. Exactly the Bank of America invested the money in stock capital of Countrywide Financial.
Finally in summer 2008 BofA became an official owner of this huge bank and turned into the most powerful mortgage lender in the USA. It was successful operation - on one hand Countrywide Financial avoided the bankruptcy, on the other hand Bank of America improved its positions on market.

Nowadays you can find Countrywide REO homes or Bank of America foreclosed homes on many internet portals. Many sites provide foreclosure listings as paid serivice, but you can easily find wellknown web resources where foreclosed homes is totally free including REO properties, government foreclosures, HUD homes for sale, tax liens, 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.

Take into account, that this operation let the BofA have its own part in 25% of home loans in the America. The situation described is only 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 owners of subprime loans were checked. 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 borrows money on the Wall Street, so it gets amount of money enough to invest it in mortgages, and after all sell these home mortgages on secondary market.

These transactions are repeated over and over, which enables the lenders and borrowers get their additional money. This scenario worked without problems until we faced the mortgage crisis. After becoming the owner of Countrywide Financial the Bank of America became the owner of over 5800 branches located 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 consideration that almost all borrowers loose their homes at the end, this input of money is very profitable deal for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will allow more then 260 thousand borrowers with bed debts keep their homes. It will happen owing to modifying more then 40 billion US dollars of mortgages. All this is planned to to be held during the upcoming two years. A great amount of clients with problem loans results into increase of Countrywide REO amount.

Search for thousands of Countrywide foreclosures and foreclosure homes nationwide.