Where to find Countrywide foreclosed properties and Bank of America REO homes
If we compare the assets of banks, then we can say, that the greatest bank is Bank of America.
Everyone knows about Countrywide Financial - the organization that took a loan of more then four billions US dollars, and finally caused 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. Both sides had their own advantages in this purchase operation - on one hand Countrywide avoided the total financial collapse, on the other hand Bank of America got more power as a financial institution.
Nowadays you can find Countrywide foreclosures or BofA foreclosed homes on many internet portals. Many sites give access to foreclosure listings as paid serivice, but you can easily find trusted web resources where bank foreclosures is absolutelly 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 operation let the BofA have its own part in 25% of home mortgages in the United States. The transaction described above is only one example out of millions of cases, when financial institution gets huge advantages after dealing with trouble lenders. Such kind of loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of trouble loans were experiencing a number of investigations. 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 borrows money on the Wall Street, so it obtains amount of money enough to invest it in mortgages, and finally sell these mortgages on secondary market.
These transactions are repeated again and again, which gives a chance the parts 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 got under its control around 5800 branches located in 31 different states in US.
Also Bank of America unites 700 loan offices and 200 banking centres located all over the United States of America.
Taking into consideration that almost all borrowers loose their houses at the end, this acquisition is highly profitable deal for Countrywide Financial executives.
The activity which BofA is planning to undertake now will let around 260 thousand borrowers with bed debts save their homes. It will happen after modifying more then 40 billion US dollars of mortgages. All this is planned to to be realized during the following two years. A number of problem borrowers leads to increase of Countrywide foreclosed homes number.
Search for thousands of Countrywide foreclosure listings and REO properties nationwide.