If you want to find the most important bank in USA, go to Charlotte, N.C. to Bank of America, which posses the highest assets. A lot of people have heard about Countrywide Financial - the organization that received a loan of around 4,1 billions US dollars, and finally created a basics 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. Both sides had their own advantages in this purchase operation - on one hand Countrywide managed to continue its existance within the other institution, on the other hand Bank of America got more influence on foreclosure market.

It is important to mention, that this deal let the BofA have its own part in 25% of home loans in the United States. This case is simply one example out of a number of cases, when bank gets substantial advantages after creating trouble loans. Such kind of loans are also known as subprime loans, of course this situation attracted a lot of attention, all owners of subprime loans were checked. Normally as a source of money for mortgages banks use the money saved on deposit accounts by clients. But Countrywide Financial has another scheme for its operations, it takes loans on the Wall Street, so it obtains amount of money enough to invest it in mortgages, and finally sell these loans on mortgage market. These transactions are held over and over, which gives the possibility the parts get their profit. This scheme worked without problems until we faced the mortgage crisis. Countrywide Financial got under the control of Bank of America, more over the BofA obtained 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 a lot of borrowers loose their homes at the end, this acquisition is very profitable deal 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 save their houses. it will happen as a result of modifying more then 40 billion US dollars of mortgages. All this is supposed to to be realized during the upcoming two years. A rising amount of borrowers with bad debts leads to increase of Countrywide foreclosures amount.

How to Find Foreclosure Homes

It is not complicated task to find a REO home. 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 foreclosure properties then falling markets, which are characterized with depression. There is one nice way to find a foreclosure. 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 still waiting to be listed in the market. It is common situation that foreclosure agents wait for a long time until bank approves the level of price. So asking for not listed foreclosure home will give you advantage. 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 foreclosed homes
• Freddie Mac REO
• Contrywide foreclosure properties
• BofA Foreclosure properties

Nowadays free 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.