Search for Countrywide REO and Bank of America foreclosures
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 trouble lender that got a loan of around 4 billions USD, and finally became a reason for a mortgage crisis. Exactly the Bank of America invested the money in stock capital of Countrywide Financial.
As a result of this financial operation the bank of America became an owner of the greatest consumer bank all over United States. It was successful operation - on one hand Countrywide managed to continue its existance within the other institution, on the other hand Bank of America improved its positions on market.
Nowadays you can find Countrywide foreclosure homes or BofA REO properties on many internet portals. Many sites provide foreclosure listings as paid serivice, but you can easily find wellknown web resources where foreclosed homes is in free access including REO 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.
It has to be stressed out, that this transaction let the BofA have its own part in 25% of home mortgages in the US. The transaction described above is just one example out of a number of cases, when organisation gets substantial advantages after dealing with trouble lenders. Such kind of loans are also called subprime loans, of course this situation attracted a lot of attention, all owners of subprime 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 takes loans on the Wall Street, so it receives amount of money enough to invest it in mortgages, and finally sell these home mortgages on foreclosure market.
These transactions are held again and again, which enables the parts get their profit. This scenario worked without problems until we faced the mortgage crisis. After becoming the owner of Countrywide Financial the Bank of America obtained over 5800 branches located in 31 different states in US.
More over Bank of America controls 700 loan offices and 200 banking centres located all over the United States of America.
Taking into account that almost all borrowers loose their homes at the end, this investment is highly profitable operation for Countrywide Financial executives.
In the nearest plans of BofA is to take a decision which will let around 260 thousand borrowers with bed debts keep their houses. It will happen due to 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 results into increase of Countrywide foreclosures amount.
Search for thousands of Countrywide REO and REO homes nationwide.