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. Please use our new Branch Call Center which has live customer service representatives. Several banks, including JPMorgan Chase & Co and Bank of America Corp, have paid multi-billion dollar penalties. Branch hours are temporary changed to support our continued efforts to keep our customers and employees safe during this challenging time. 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. Loan defaults greatly contributed to the financial crisis. 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. We have received another 5-Star rating from Bauerfinancial. 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. Abacus Bank has distributed 100,000 COVID-19 SBRG checks to 10 non-profit organizations in our community. 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. One of the few things not in dispute in the criminal case against Abacus Federal Savings Bank is that it began with a mortgage closing on Friday, Dec. 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. A day earlier, the jury acquitted the bank of conspiracy. She and her sisters Jill and Vera will visit Princeton and after the movie, serve on a Q&A panel moderated by Professor Beth Lew-Williams and Joyce Chen Shueh '96. Of the four Sung sisters, three were trained as lawyers, the fourth a physician - including Jill Sung, the bank’s chief executive, and Vera Sung, a director of the bank - and Chanterelle ‘00 who ironically once worked in the district attorney’s office that prosecuted the case.Two executives at the bank were acquitted on all 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. The indictment and subsequent trial forces the Sung family to defend themselves – and their bank’s legacy in the Chinatown community – over the course of a five-year legal battle."Ĭhanterelle Sung '00 plays herself in this Oscar nominated documentary. bank to face criminal charges in the wake of the 2008 financial crisis. Accused of mortgage fraud by Manhattan District Attorney Cyrus R. They routinely falsified and faked mortgage documents, and then deceived the Federal National Mortgage. Where: Princeton University, Whitman College Theatreįrom Steve James - Director of Hoop Dreams and Life ItselfĪBACUS: small enough to jail tells the incredible saga of the Chinese immigrant Sung family, owners of Abacus Federal Savings of Chinatown, New York. Defendant Abacus Federal Savings Bank engaged in an ongoing mortgage fraud conspiracy. The documentary film, Abacus: Small Enough to Jail, vividly captured the legal proceedings. The Bank survived the indictment after 5 months of trial, the Bank was totally vindicated. In 2012, Abacus Federal Savings Bank was indicted on charges of fraud in relation to hundreds of millions of dollars worth of mortgages that had been sold. 2018 ACADEMY AWARD® NOMINEE - BEST DOCUMENTARY FEATURE In 2012, the Bank was unfortunately indicted by New York County District Attorney’s office on various charges relating to mortgage fraud.
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