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If you want to find the most important bank in USA, go to Charlotte, N.C. to Bank of America, which posses the highest assets.
A lot of people have heard about Countrywide Financial - the financial institution that received a loan of more then four billions dollars, and finally caused for a mortgage crisis. Exactly the Bank of America financed this loan for 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 was saved from financial fail, on the other hand Bank of America improved its positions on market.

Nowadays you can find Countrywide foreclosures or BofA REO properties on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find trusted web resources where foreclosed homes is totally free including bank owned foreclosures, government foreclosures, HUD foreclosures, 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.

It is important to mention, that this operation let the BofA have its own part in 25% of mortgage home loans in the US. The transaction described above is simply one example out of millions of cases, when financial institution wins substantial advantages after financing problem loans. These loans are also called subprime loans, of course this situation attracted a lot of attention, all problem lenders were experiencing a number of investigations. 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 operates on Wall Street as a borrower, so it gets amount of money enough to invest it in mortgages, and finally sell these home mortgages on secondary market.

These transactions are held over and over, which enables the parts get their additional money. This cycle worked great until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter got under its control over 5800 branches situated in 31 different states in US.

Also Bank of America owns 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into account that almost all borrowers loose their houses at the end, this input of money is very profitable operation for Countrywide Financial executives.
The next step of BofA will give a chance more then 260 thousand borrowers with problem loans keep their houses. It will happen owing to modifying more then 40 billion US dollars of mortgages. All this is supposed to to be realized during the next two years. A rising amount of clients with problem loans leads to increase of Countrywide foreclosed properties amount.

Search for thousands of Countrywide foreclosed homes and REO homes nationwide.