Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Abacus Federal Savings Bank – a bank in New York City’s Chinatown – was charged with mortgage fraud and accused of selling hundreds of millions of dollars in fraudulent loans to Fannie Mae.

Abacus Federal Savings Bank was not just the first, but the only bank in all of America that was charged and prosecuted with felony charges as a result of all the financial misbehavior that created the 2008 financial collapse of America. You have to think about that a bit.

Abacus Bank offers a variety of loan programs to meet your needs. Please contact a loan specialist near you for more information. Now get up to $1,000 Credit towards closing cost for all Fannie Mae loan (Purchase or refinance) Residential Mortgages. Buying a home is the most important event of your life. Abacus understands this.

To paraphrase Ronald Reagan: Our liberal friends are not ignorant. They just know a lot of things that. site constitutes agreement to its user agreement and privacy policy. Fannie Mae was.

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Director Steve James on how he made 'Abacus: Small Enough to Jail' Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a.

During the five-year period of the alleged fraud, Abacus sold 3,000 mortgages to Fannie Mae. A total of nine defaulted. All the loans cited in the case continue to perform or have been paid off. In the end, after a five-year investigation and a lengthy trial, the jury acquitted the bank and its managers.

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 · Manhattan District Attorney Cyrus R. Vance, Jr., today announced the indictment of ABACUS FEDERAL SAVINGS BANK (“ABACUS” or the “Bank”) and eleven of its former employees in a false document mortgage fraud scheme resulting in the sale of hundreds of millions of dollars worth of fraudulent loans to the Federal National Mortgage Association, commonly known as “Fannie Mae.”

FHFA: Mortgage rates continue to climb July data showed us that home sales continue to improve, increasing 23% from this time last year. Pending sales are also trending much higher, jumping 31% in July for year over year data.

A recent survey by Redfin found 38% of home sellers believe now is a good time to sell, up from 34%. freddie mac posts net income of $7.7B in 2014 radian earns million in third quarter Same-store sales were affected by a sharp drop in single-family housing starts in Canada, in particular in Quebec, where it declined by 31% during the quarter.

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