NY's Abacus Bank Charged With Mortgage Fraud

By Juan Carlos Rodriguez (May 31, 2012, 5:00 PM EDT) -- Abacus Federal Savings Bank, which caters to Chinese-Americans in and around New York City, was charged in New York state court Thursday with selling hundreds of millions of dollars in fraudulent mortgage loans to Fannie Mae that then were repackaged as mortgage-backed securities.

Manhattan District Attorney Cyrus R. Vance Jr. indicted the bank and 11 of its former employees in a false document mortgage fraud scheme in which fraudulent loans were sold to the Federal National Mortgage Association.

Among the employees indicted are Yiu Wah Wong, who served as the bank's chief credit officer, vice president and underwriting supervisor, and Wai...

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