#Abacus bank court dates trial

The bank has one of the lowest default rates in the country, the attorney said, citing a rate of about 0.3 percent versus a nationwide average of 6.6 percent, 20 times higher. In 2012, Abacus Federal Savings Bank was indicted on charges of fraud in relation to hundreds of millions of.

The film is scheduled to air later this year on the PBS program FRONTLINE. Several others also pleaded guilty, prosecutors said.īut in Abacus’s closing arguments, the bank’s lawyer, Kevin Puvalowski, called the state’s case “a bizarro prosecution,” and said Abacus’s loans went to borrowers capable of paying them, as shown by the fact that they did so. to face criminal charges after the 2008 financial crisis.

#Abacus bank court dates trial

“We can’t discover the falsity underlying these loan documents and then sit around, waiting for a mortgage awarded based on them to stop performing,” Manhattan Assistant District Attorney Rachel Hochhauser told the jury in her summations.ĭuring the trial, the jury heard the testimony of five former employees of Abacus who pleaded guilty to crimes connected to the case. The bank, along with its former Chief Credit Officer and its former loan supervisor, were acquitted of all charges brought by the New York prosecutors in a jury trial in New York Supreme Court on June 3 and 4, 2015. They claimed the bank and its managers trained and directed the routine falsification of documents. Prosecutors claimed the defective loans falsely represented applicants’ credit worthiness, employment, income and source of downpayments.