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Abacus Federal Savings Bank was hit with mortgage. The loans later were sold to mortgage giant Fannie Mae, which repackaged them into securities for investors. Abacus, a Chinatown-based bank with.
NEW YORK, June 4 (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, prosecutors and defense counsel said.
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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 on Thursday of all charges related to the sale of.
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· Combine Serageldin’s story with the story of the vigorous prosecution of Abacus Federal Savings Bank-a little Chinatown bank that, 26 responses to ” The “Chicken(expletive) Club. after an extended period of government providing easy money and guarantees to support fannie mae, Freddie Mac, and the entire banking system. The.
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But jurors ultimately found Abacus and its two indicted loan supervisory employees who chose to fight their indictments innocent of all charges, including a wider conspiracy to defraud Fannie Mae.
DA Who Dropped Fraud Case Against Trump Kids Did Opposite With immigrant family.. vance’s office moved to indict for mortgage fraud a tiny Chinese immigrant bank called Abacus Federal Savings, along with 19 of its employees. For the arraignment in the case,
New York bank stood accused of grand larceny, conspiracy, mortgage fraud. A jury ruled that New York-based Abacus Federal Savings Bank and two of its senior officers are not guilty of defrauding Fannie Mae, bringing some closure to a case that began in 2012 and a trial that began four months ago. Just over two years ago,