Search for Countrywide foreclosures and Bank of America foreclosed properties
The largest United States bank - the Bank of America is found in Charlotte, N.C..
A lot of people knows about Countrywide Financial - the organization that took a loan of around four billions american dollars, and finally created a basics 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. This acquisition was advantageous for both sides - 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 REO homes or BofA foreclosed 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 absolutelly free including REO 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.
Just imagine, that this acquisition let the BofA have its own part in 25% of home loans in the America. This case is simply one example out of millions of cases, when financial institution gets huge advantages after financing problem loans. Such kind of 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 operates on Wall Street as a borrower, so it gets amount of money enough to invest it in mortgages, and finally sell these home loans on foreclosure market.
These transactions are repeated again and again, which enables the parts get their profit. This scenario worked without problems until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter obtained over 5800 branches situated 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 a number of borrowers loose their houses at the end, this acquisition is very profitable operation for Countrywide Financial executives.
The activity which BofA is planning to undertake now will enable around 260 thousand borrowers with bed debts save their houses. It will happen after modifying more then 40 billion US dollars of mortgages. All this is supposed to to be realized during the upcoming two years. A rising amount of borrowers with bad debts results into increase of Countrywide foreclosed homes number.
Search for thousands of Countrywide REO and foreclosure homes nationwide.