New York-based Abacus Federal Savings Bank and 19 individuals were charged with mortgage fraud and accused of selling fraudulent loans to Fannie Mae, Manhattan District Attorney Cyrus Vance Jr. said, according to Bloomberg and the San Francisco Chronicle.
“This is a large-scale mortgage fraud case which we estimate to include hundreds of millions of dollars,” Vance said at a press conference. He said the 184-count indictment includes senior-level bank employees.
Read more at the Chronicle.
