National Debt

national debt

Regulators

Mortgage Related

Government Sponsored

After the Crash, Big Banks Got Bailouts. Abacus Faced Charges.

criminal enterprise

FRONTLINE PBS-

It’s a little-known chapter from the worst financial crisis since the Great Depression: In 2009, shortly after the housing market crashed and the markets melted down, the owners of a small community bank in New York City’s Chinatown discovered fraud within their loan department.

The bank’s owners, the Chinese-American Sung family, fired a loan officer — and reported the fraud to their regulators at the federal Office of Thrift Supervision.

But two-and-a-half years later, the bank was accused of mortgage fraud by the Manhattan District Attorney’s Office — making Abacus Federal Savings the only U.S. bank to be prosecuted in relation to the financial collapse and the first bank indicted in New York since 1991.

continue reading FRONTLINE