The biggest American bank - the Bank of America is found in Charlotte, N.C.. Almost everybody knows about Countrywide Financial - the trouble lender that received a loan of more then 4 billions dollars, and finally became a reason for a mortgage crisis.

Just imagine, that this transaction let the BofA have its own part in 25% of home loans in the United States. The transaction described above is just one example out of a number of cases, when organization gets substantial advantages after financing problem loans. These loans are also called subprime loans, of course this situation attracted a lot of attention, all problem lenders were checked. Normally as a source of money for mortgages banks use the money saved on deposit accounts by clients. But Countrywide Financial acts in different way, it borrows money on the Wall Street, so it receives amount of money enough to invest it in mortgages, and finally sell these loans on foreclosure market. These transactions are repeated again and again, which gives a chance the investors and borrowers get their profit. This scenario worked without problems until we faced the mortgage crisis. After the Countrywide Financial became the part of the Bank Of America, the latter became the owner of over 5800 branches situated in 31 different states in US.

Also Bank of America owns 700 loan offices and 200 banking centers situated all over the United States of America. Taking into account that almost all borrowers loose their houses at the end, this acquisition is very profitable operation for Countrywide Financial executives. In the nearest plans of BofA is to take a decision which will enable more then 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 supposed to to be held during the upcoming two years. A number of clients with problem loans leads to increase of Countrywide foreclosure properties amount.

How to Find REO

It is not complicated task to find a foreclosure 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 foreclosures 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 haven’t appeared on the market yet. It is common situation that foreclosure agents wait for a long time until bank . So asking for not listed foreclosures 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 REO homes
• Freddie Mac REO homes
• Countrywide foreclosed homes
• BofA Foreclosures
• Fifth Third Bank REOs

Nowadays listings of foreclosed homes 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.