The biggest american bank - the Bank of America is found in Charlotte, N.C.. Everyone knows about Countrywide Financial - the institution that took a loan of more then four billions dollars, and finally caused for a mortgage crisis.

It is important to mention, that this deal let the BofA have its own part in 25% of home loans in the United States. The situation described is just one example out of millions of cases, when financial institution gets huge advantages after dealing with trouble lenders. These loans are also known as subprime loans, of course this situation attracted a lot of attention, all problem lenders were investigated. The main source of financial resources for loans is the money saved on deposit accounts by clients. But Countrywide Financial works according the different scheme, it borrows money on the Wall Street, so it gets amount of money enough to invest it in mortgages, and after all sell these loans on secondary market. These transactions are repeated over and over, which gives the possibility the parts 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 obtained over 5800 branches situated 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 real estate at the end, this investment is highly profitable deal for Countrywide Financial executives. The next step of BofA will give a chance more then 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 happen during the next two years. A big number of problem borrowers results into increase of Countrywide REO number.

How to Find Foreclosures

It is not complicated task to find a foreclosure. One has to keep in mind only one detail, that situation is different on different types of market. To give an example, strong and developing real estate market will offer much less foreclosures then falling markets, which are characterized with depression. There is one nice way to find a REO home. Imagine, that you are driving your car throughout the district you want to have house in. You will probably see numerous signs, but now we are looking for simple text, such as: Foreclosure, Bank-Owned, Bank Repo.

Don’t pass this sign by, take a cell phone a call on agent, ask him about the foreclosure list which haven’t appeared on the market yet. It is common situation that foreclosure agents wait for a some time until bank set the price level. So asking for not listed foreclosures will bring you several steps forward. The task becomes even easier if you have hired an agent, so he will find for you all the information needed.

• Largest foreclosure lenders:
• FannieMae foreclosure listings
• Freddie Mac foreclosures
• Contrywide REO
• BofA Foreclosures

Nowadays foreclosure listings are available even through internet, you can find them on special websites. Below you will find a list of national lenders who offer REO property listings.