Search for Countrywide REO and Bank of America REO
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 organization that obtained a loan of around 4 billions USD, and finally became a reason for a mortgage crisis. Exactly the Bank of America provided the 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 avoided the total financial collapse, on the other hand Bank of America got more influence on foreclosure market.
Nowadays you can find Countrywide bank foreclosures or Bank of America foreclosures on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find wellknown web resources where foreclosed homes is in free access including bank owned properties, government foreclosures, HUD homes, 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.
We have to underline, that this transaction let the BofA have its own part in 25% of mortgage home loans in the US. The situation described is just one example out of thousands of cases, when financial institution gets huge advantages after financing problem loans. These loans are also called subprime loans, of course this situation attracted a lot of attention, all owners of trouble loans were investigated. The main source of financial resources for loans is the money saved on deposit accounts by clients. But Countrywide Financial acts in different way, it operates on Wall Street as a borrower, so it obtains amount of money enough to invest it in mortgages, and finally sell these loans on foreclosure market.
These transactions are held over and over, which enables the investors and borrowers get their profit. This scheme 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.
Also Bank of America controls 700 loan offices and 200 banking centres situated all over the United States of America.
Taking into consideration that a number of borrowers loose their houses at the end, this input of money is very successful deal for Countrywide Financial executives.
The activity which BofA is planning to undertake now will let more then 260 thousand borrowers with bed debts save their homes. It will happen as a result of modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the upcoming two years. A great amount of clients with problem loans leads to increase of Countrywide foreclosed homes amount.
Search for thousands of Countrywide foreclosure listings and bank owned homes nationwide.