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The largest United States bank - the Bank of America is found in Charlotte, N.C..
Everyone have heard about Countrywide Financial - the trouble lender that got a loan of around four billions US dollars, and finally created a basics 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. This acquisition was advantageous for both sides - 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 REO properties or BofA 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 for free including REO properties, 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.

It has to be stressed out, 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 thousands of cases, when bank gets substantial advantages after dealing with trouble lenders. 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 takes loans on the Wall Street, so it obtains amount of money enough to invest it in mortgages, and after all sell these home mortgages on foreclosure market.

These transactions are held again and again, which gives the possibility the lenders and borrowers get their additional money. This scenario worked great until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA became the owner of around 5800 branches located in 31 different states in US.

More over Bank of America posseses 700 loan offices and 200 banking centres located all over the United States of America.
Taking into consideration that almost all borrowers loose their homes at the end, this acquisition is very profitable transaction for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will give a possibility around 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 supposed to to be held during the next two years. A rising amount of problem borrowers results into increase of Countrywide REO homes amount.

Search for thousands of Countrywide foreclosure listings and bank owned properties nationwide.