In fact, one of the things that was really interesting in editing is that at first, when we were editing the sections that, through Matt Taibbi and others, lay out the broad strokes of that, we were using a lot of the same kind of imagery that you would see, like the bull on Wall Street and the ticker tapes and all that kind of stuff. Prosecutors say Abacus Federal Savings Bank, head quartered on the Bowery, coached unqualified borrowers to lie on loan applications that the bank then sold. There are…other documentaries that do that fabulously. “One thing we were pretty clear on, and I’m happy we did this, is that we did not want to re-litigate the whole big financial crisis. Vance, Jr., Abacus becomes the only bank. “Abacus” is a more intimate portrait of a family, rather than an explainer of the entire financial crisis. Accused of mortgage fraud by Manhattan District Attorney Cyrus R. “It as dwarfed by in every respect by what the big banks had done, so it didn’t seem that important.” “I think it has to do with the fact that it was petty levels of crime, of fraud, that was going on,” he said. Please contact Vermonie Ngu, for all press-related inquiries at For your protection, DO NOT include confidential personal information such as account numbers or Social Security numbers in your message to us.International Documentary Association Head Rick Peréz Resigns After Fractious Tenureĭirector Steve James said that The New York Times only covered the story twice: once when the bank was indicted, and once when the verdict was read. For other inquires or issues, please call the main number 21 then followed by a 4 digits extension number, Monday through Friday, 9:00am to 5:00pm EST.įor account-related issues please email: you are an Online Banking customer, please log in to Abacus Federal Savings online banking to send a secure email.įor loan payment questions please email: mortgage-related issues please email: Inquiries.Telephone banking is available in English and Mandarin. Abacus Bank Found Not Guilty of Mortgage Fraud and Other Charges (NYT) Abacus Bank is the tentative repository of the. 24/7 Telephone Banking Services: Please call 1-88.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. Please contact our Call Center(information provided above) for online banking and mobile banking login issues during Call center business hours. In 2012, the Bank was unfortunately indicted by New York County District Attorney’s office on various charges relating to mortgage fraud.Our Branches and Call Centers will be closed on all 2022 federal holidays including: Memorial Day: Monday, May 30 Juneteenth: Monday, June 20 Independence Day: Monday, Jul 4 Labor Day: Monday, Sep 5 Columbus Day: Monday, Oct 10 Veterans Day: Friday, Nov 11 Thanksgiving: Thursday, Nov 24 Christmas Day: Monday, New Year's Day: Mon, Jan 2.Īddress:116 Nassau Street, New York, NY 10038Īddress:36-30 Main Street, Flushing, NY 11354Īddress: 869 US Highway 1, Edison, NJ 08817Īddress:147 North 10th Street, Philadelphia, PA 19107 The documentary raises the question of why New York officials devoted five years to prosecuting the 300 million-asset Abacus Federal Savings Bank for 30 mortgages with alleged fake documentation, but didn't go after the many large banks that originated thousands of fraudulent home loans. If youve never heard of Abacus Federal Savings, or havent heard of their five-month-long mortgage fraud trial in 2015, you probably dont live in New. New York-based Abacus Federal Savings Bank and several former employees have been charged with allegedly falsifying information on mortgage applications so. Please use our new Branch Call Center which has live customer service representatives. Abacus Federal Savings Bank, which caters to Chinese immigrants in and around New York City, has been charged with selling fraudulent mortgage loans to Fannie Mae in a 184-count indictment. Branch hours are temporary changed to support our continued efforts to keep our customers and employees safe during this challenging time.
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