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The largest american bank - the Bank of America is found in Charlotte, N.C..
Almost everybody have heard about Countrywide Financial - the financial institution that obtained a loan of around 4,1 billions USD, and finally caused for a mortgage crisis. Exactly the Bank of America financed this loan for Countrywide Financial.
As a result of this financial operation the bank of America became an owner of the greatest consumer bank all over United States. It was successful operation - on one hand Countrywide avoided the total financial collapse, on the other hand Bank of America got more power as a financial institution.

Nowadays you can find Countrywide bank owned properties or Bank of America foreclosures on many internet portals. Many sites provide foreclosure listings as paid serivice, but you can easily find trusted web resources where foreclosed homes is in free access including bank owned homes, government foreclosures, HUD foreclosures 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.

It has to be stressed out, that this operation let the BofA have its own part in 25% of home mortgages in the US. This case is just one example out of millions of cases, when bank wins huge 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 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 takes loans on the Wall Street, so it receives amount of money enough to invest it in mortgages, and finally sell these home mortgages on foreclosure market.

These transactions are held again and again, which enables the lenders and borrowers get their profit. This cycle worked great until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA got under its control around 5800 branches situated in 31 different states in US.

Also Bank of America unites 700 loan offices and 200 banking centres located all over the United States of America.
Taking into account that a number of borrowers loose their houses at the end, this input of money is very profitable deal for Countrywide Financial executives.
The activity which BofA is planning to undertake now will allow around 260 thousand borrowers with problem loans keep their houses. It will happen as a result of modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the next two years. A number of clients with problem loans results into increase of Countrywide REO number.

Search for thousands of Countrywide foreclosures and REO homes nationwide.