Abacus Federal savings. fannie mae, lawyers involved in the case said. Two executives at the bank were acquitted on all charges. Yiu Wah Wong, the bank’s chief credit officer, and Wai Hung "Raymond.

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.

In January 2015, Jiayang Fan, a writer for The New Yorker, heard from her colleague that a small, family-owned bank in Chinatown was.

Steve James's film “Abacus: Small Enough to Jail” tells the story of. Jail” follows the Abacus Federal Savings Bank, run by the Sung family, He was fired, and the Sungs reported the incident to Fannie Mae. Q: Hwei Lin Sung shares how ashamed she felt during the trial, even if the family was innocent.

How a small bank fought the only indictment in the 2008 financial crisis The four attorneys who helped acquit Abacus bank. director of Abacus Federal Savings, a small community bank in Chinatown, their regulators at the Office of Thrift Supervision, and Fannie Mae.. We thought they were there to help us uncover the fraud and get the guilty.. Find articles published by Super Lawyers.

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In what the plaintiffs’ attorneys are calling a “first of its kind” decision, a federal jury in Brooklyn ruled this week that Emigrant Savings Bank and Emigrant. a federal jury found that Emigrant.

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The system assumes that wealthy Americans are innocent, even when they. a resident in the house, was charged with welfare fraud and did a year in jail.. loans to Fannie Mae and Freddie Mac through a program called “Hustle.. Abacus Federal Savings Bank: The tiny family-owned bank in New York's.

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The acquittal not only. that Abacus and its employees were systematically defrauding Fannie Mae by allowing borrowers to lie about their income and assets on the government-sponsored mortgage.

This was not always the case. After the savings and loan scandals. borrowers through the Federal National Mortgage Association, known as Fannie Mae. At the time, Abacus was the nation’s 2,651st.

Abacus Bank indicted for alleged mortgage fraud (N.Y. Sup.. Securities Fraud: Pipefitters Local Union No.. Call us at 800-328-4880 or find us on the store at west.thomson.com. Abacus Federal Savings Bank along with 11 current and former employees. loan that it later re-sells to Fannie Mae, and.