![]() ![]() Small businesses are fundamental to the success of united states. Abacus Federal Savings Banks mission statement is 'To fulfill our mission of providing much needed credit and capital to our community, especially at this time. Please feel free to contact us via email or by calling us (212)285-4770 with any questions or concerns. Additional Benefits of Saving Accounts: Higher interest rate Anytime and Anywhere Banking and Savings Account Opening Virtual Debit Card for online shopping. Overview Revenue Demographics Competitors CEO & Executives. ABACUS FEDERAL SAVINGS BANK, FIRST NATIONAL BANK OF ELMER (THE), OCEANFIRST BANK, NA. The bank uncovered the irregularities more than two years ago, conducted an internal investigation and reported the results to authorities, the statement said. Transfer funds using your Abacus Online/Mobile Banking account. The charges include grand larceny, conspiracy, residential mortgage fraud and falsifying business records.Ībacus said in a statement it was “disappointed” New York prosecutors decided to indict the bank. Those charged include Yiu Wah Wong, the bank’s chief credit officer, who reported to the bank’s chief executive, and loan origination supervisor Wai Hung “Raymond” Tam. View your statements online right after the month-end. Nineteen employees of the bank also were charged in the case, eight of whom have pleaded guilty. Chief Lending Officer/1st Vice President at Abacus Federal Savings Bank New York, New York, United States. It then sold those mortgages to Fannie Mae, Vance said. ![]() ![]() The bank’s managers and employees schemed to falsify loan applications so that borrowers would qualify for mortgages, Manhattan District Attorney Cyrus Vance said on Thursday. Ironically, Abacus Federal Savings Bank, owned by the Sung family, a community bank serving Manhattans Chinatown, had one of the lowest mortgage loan. NEW YORK (Reuters) - Abacus Federal Savings Bank, which caters to Chinese immigrants in New York and other communities, has been charged with selling hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae. ![]()
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