Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

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And unlike larger institutions like Bank of America, J.P. Morgan Chase or Citigroup, Abacus had received no federal bailout money after the 2008 collapse — taxpayers were not on the hook for their operations — and Fannie Mae had actually earned, not lost, money off of Abacus mortgages.

NEW YORK, June 3 (Reuters) – Abacus Federal Savings Bank , which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a three-month trial for the alleged sale of hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae, lawyers.

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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.

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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.

Official Theatrical Trailer: ABACUS: SMALL ENOUGH TO JAIL 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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Abacus Federal Savings Bank – a bank in New York City’s Chinatown – was charged with mortgage fraud and accused of selling hundreds of millions of dollars in fraudulent loans to Fannie Mae.

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.

On May 31st, 2012, just two weeks after his meeting with Kasowitz, Vance’s office moved to indict for mortgage fraud a tiny Chinese immigrant bank called Abacus Federal. Fannie Mae, did not.

Abacus Bank offers a variety of loan programs to meet your needs. Please contact a loan specialist near you for more information. Now get up to $1,000 Credit towards closing cost for all Fannie Mae loan (Purchase or refinance) Residential Mortgages. Buying a home is the most important event of your life. Abacus understands this.