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The biggest United States bank - the Bank of America is found in Charlotte, N.C..
A lot of people have heard about Countrywide Financial - the institution that got a loan of more then 4 billions US dollars, and finally caused 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. Both sides had their own advantages in this purchase operation - on one hand Countrywide avoided the total financial collapse, on the other hand Bank of America improved its positions on market.

Nowadays you can find Countrywide REO homes or Bank of America foreclosure homes on many internet portals. Many sites provide foreclosure listings as paid serivice, but you can easily find trusted web resources where bank foreclosures is totally free including bank owned homes, government foreclosures, HUD houses 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 acquisition 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 bank wins huge advantages after creating trouble loans. These loans are also called subprime loans, of course this situation attracted a lot of attention, all problem lenders were investigated. Normally as a source of money for mortgages banks use the money saved on deposit accounts by clients. But Countrywide Financial works according the different scheme, it borrows money on the Wall Street, so it gets amount of money enough to invest it in mortgages, and after all sell these mortgages on mortgage market.

These transactions are repeated over and over, which enables the lenders and borrowers get their additional money. This scenario worked great until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter received in its property over 5800 branches situated 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 a lot of borrowers loose their homes at the end, this investment is highly profitable deal for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will give a chance more then 260 thousand borrowers with bed debts keep their homes. It will happen due to modifying more then 40 billion US dollars of mortgages. All this is supposed to to be realized during the following two years. A big number of borrowers with bad debts results into increase of Countrywide REO amount.

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