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.
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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.”
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