![]() ![]() ![]() They claimed the bank and its managers trained and directed the routine falsification of documents. Prosecutors claimed the defective loans falsely represented applicants' credit worthiness, employment, income and source of downpayments. The charges against Abacus and its executives were over the sale of allegedly fraudulent loans to Fannie Mae between 2005 and the beginning of 2010. Several banks, including JPMorgan Chase & Co and Bank of America Corp, have paid multi-billion dollar penalties. prosecutors have been criticized by investors and politicians for not bringing criminal charges against senior bank executives and major financial institutions for mortgage fraud. As loans became delinquent, mortgage-backed securities collapsed, helping to trigger wider problems in the financial system. The Sungs’ ordeal began when bank officials fired an employee for embezzlement and alerted the authorities. Loan defaults greatly contributed to the financial crisis. The Coolidge Corner Theatre run of Abacus: Small Enough to Jail begins June 16, with a special screening June 18 at 2 p.m. Unlike other banks, however, Abacus's loans did not have a high default rate rather its loans are still performing, meaning monthly mortgage payments are being made by borrowers. Deliberations are scheduled to continue on Thursday morning.Ībacus 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 financial crisis. The jury in New York state court in Manhattan is still mulling charges of mortgage fraud and falsifying business records against the bank, the lawyers said. Yiu Wah Wong, the bank's chief credit officer, and Wai Hung "Raymond" Tam, the loan origination supervisor, were found not guilty of about 80 counts each, the lawyers said. Within five business days of identifying the proposed resolution, we will communicate to you in writing the proposed resolution and next steps, if applicable.Two executives at the bank were acquitted on all charges. If we fail to resolve the escalated case by the stated date, we may extend the resolution date for an additional 15 days however, the total time for resolution of an escalated case will not exceed 30 days. Upon receipt of your request, we will within three (3) business days following receipt of your escalated case, acknowledge your inquiry in writing via e-mail, fax, or mail, and provide you with a date by which we will resolve the escalated case, which shall be no greater than 15 days from the receipt date of the inquiry. Other complaints or disputes regarding delinquency and default prevention with your Fannie Mae loan.Inappropriate initiation or failure to suspend foreclosure actions.bank prosecuted in relation to the 2008 financial crisis it was exonerated of all charges following a jury trial in 2015. Allegations that Abacus Federal Savings Bank did not evaluate your situation for foreclosure prevention alternatives or that you were inappropriately denied a foreclosure prevention alternative. Abacus Federal Savings Bank ( Chinese: ) is an American bank founded in December 1984 by a group of business leaders from the Chinese American community in New York City.If you believe any of the issues below fit your situation. If you are having financial difficulties with your Fannie Mae loan and need to be considered for assistance, please contact us for options. In Abacus Case, Why Did Vance Prosecute Although not winning an Oscar for the Frontline documentary film about Abacus Bank’s prosecution by D.A. We appreciate the opportunity to serve as your trusted financial partner and look forward to providing you friendly, local service before, during, and after your loan closes.įor loan servicing questions, including payments, property tax & insurance, payoffs, and other questions please email: or call (212) 285-4770, dial " 4" for English, then dial " 2" for the loan servicing department.Ĭustomer Support Main Number: 1 (212) 285-4770īusiness Hours: Mon - Fri 9 am – 5 pm, ESTįannie Mae Delinquency Management and Default Prevention ![]()
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