Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae

Abacus Federal Savings Bank found not guilty of defrauding Fannie Mae. The bank and its employees stood accused of inflating the income of loan applicants and falsifying documents. According to a report from the New York Times, a New York jury found Abacus not guilty of charges including grand larceny, conspiracy, falsifying business records and residential mortgage fraud.

Abacus Bank fought the law and won, but it came at a cost. Prosecutors alleged that Abacus and its employees were systematically defrauding Fannie Mae by allowing borrowers to lie about their.

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NEW YORK (Reuters) – The U.S. government urged that Bank of America Corp pay $863.6 million in damages after a federal. not be tolerated." Bank of America and Mairone were each found liable for.

A New York state jury on Thursday acquitted Abacus Federal Savings Bank of charges of residential mortgage fraud and falsifying business records, a spokeswoman for Manhattan District Attorney.

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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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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.

 · How a community bank took the fall for the financial crisis – The documentary raises the question of why New York officials devoted five years to prosecuting the $300 million-asset Abacus Federal Savings. been found guilty. The case against Abacus The DA’s.

A jury found Abacus Federal Savings Bank and two of its senior officers not guilty of grand larceny and other charges on Thursday after a four-month trial, rejecting the Manhattan district attorney’s attempt to prove that the bank systematically lied for years to the Federal National Mortgage Association about the qualifications of its.