Search for Countrywide foreclosure homes and Bank of America foreclosed properties
If we compare the assets of banks, then we can say, that the greatest bank is Bank of America.
Almost everybody have heard about Countrywide Financial - the trouble lender that took a loan of around 4 billions USD, and finally caused 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 transaction was very successful - on one hand Countrywide avoided the total financial collapse, on the other hand Bank of America got more influence on foreclosure market.
Nowadays you can find Countrywide foreclosure properties or BofA REO properties on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find wellknown web resources where bank foreclosures is absolutelly free including REO homes, 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.
Just imagine, that this operation let the BofA have its own part in 25% of mortgage home loans in the United States. The transaction described above is only one example out of great number of cases, when organisation wins huge advantages after financing problem loans. These loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of trouble 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 operates on Wall Street as a borrower, so it obtains amount of money enough to invest it in mortgages, and after all sell these home loans on mortgage market.
These transactions are repeated over and over, which gives a chance the investors and borrowers get their profit. This scenario worked great until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter received in its property around 5800 branches located in 31 different states in US.
More over 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 acquisition is very profitable transaction for Countrywide Financial executives.
The activity which BofA is planning to undertake now will allow around 260 thousand borrowers with bed debts save their real estate. It will happen after modifying more then 40 billion US dollars of mortgages. All this is supposed to happen during the following two years. A great amount of problem borrowers leads to increase of Countrywide foreclosures amount.
Search for thousands of Countrywide foreclosed homes and bank owned properties nationwide.