Prosecutors claimed the defective loans misrepresented the applicants' credit, employment, income and source of down payments. The charges against Abacus and its executives stemmed from the sale of hundreds of millions of dollars worth of allegedly fraudulent loans to Fannie Mae between 20.
"The unanswered question is why should this small minority bank be singled out for prosecution relating to the financial crisis of 2008," Thomas Sung, founder and chief executive officer of Abacus, said in a statement after the verdict. "While today's verdict is disappointing, we are confident that, as a result of this prosecution and enhanced supervision," the fraud has been terminated, Vollero said in a statement. Joan Vollero, a spokeswoman for the Manhattan District Attorney's office that prosecuted the case, noted that eight people from the bank's loan department had pleaded guilty. "Right case, wrong bank," Abacus attorney Kevin Puvalowski told Reuters after the verdict. Its loans are still performing, with monthly mortgage payments being made by borrowers. Unlike other banks, however, Abacus' loans did not have a high default rate.
#Abacus federal savings bank chinese trial
Abacus is believed to be the only bank to face a criminal trial in the United States on charges of mortgage fraud in the run-up to the 2008 financial crisis. The executives and the bank each faced about 80 counts. The jury also found two executives at the bank not guilty of charges against them on Wednesday. A day earlier, the jury acquitted the bank of conspiracy and grand larceny charges. A jury in New York state court in Manhattan acquitted the bank of mortgage fraud and falsifying business records after a three-month trial, prosecutors and defense counsel said.
We may receive a commission when you click through to a listing or when you make a transaction.We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way.By Karen Freifeld NEW YORK (Reuters) - Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place.You don’t pay any extra and the deal you get isn’t affected by our commercial agreement with the money transfer provider. How do we order our comparisons?We are affiliated with some of the partners displayed in the tables.
#Abacus federal savings bank chinese free
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