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The biggest US bank - the Bank of America is found in Charlotte, N.C..
A lot of people knows about Countrywide Financial - the organization 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 a result of this financial operation the bank of America became an owner of the greatest consumer bank all over United States. Both sides had their own advantages in this purchase operation - on one hand Countrywide was saved from financial fail, on the other hand Bank of America improved its positions on market.

Nowadays you can find Countrywide bank owned homes or BofA foreclosure 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 homes, government foreclosures, HUD homes, tax liens, 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.

Take into account, that this transaction let the BofA have its own part in 25% of home mortgages in the US. The transaction described above is only one example out of millions of cases, when financial institution wins 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 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 loans on mortgage market.

These transactions are repeated again and again, which enables the investors and borrowers get their profit. This scheme 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 over 5800 branches located in 31 different states in US.

Also Bank of America controls 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into account that almost all borrowers loose their homes at the end, this investment is very profitable deal for Countrywide Financial executives.
The next step of BofA will give a chance more then 260 thousand borrowers with problem loans save 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 upcoming two years. A big number of problem borrowers results into increase of Countrywide foreclosure homes number.

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