![]() ![]() We're not the only ones who have been wrongfully accused of a crime.įor more on 'Abacus: Small Enough to Jail,' listen to our full interview. Why? What must we do to prevent this from happening again, not just to us, but other people in the community? The criminal justice system really needs reform. but she started sniffling as they were saying "not guilty." I seem to remember our court reporter crying, our attorney cried. There's still a lot of anger that this has happened. The judge told us not to have any emotional reaction. We had to hear all of it that day, the "not guilty, not guilty, how say you, not guilty, not guilty". He was out taking a continuing education class. HM: The day the jury returned with the verdict, after all of these months, all the tension, all the things your family had gone through. So yeah, who was the victim, besides the Sung family? It was a real struggle for the prosecution to make that stick. Fannie Mae was quite reluctant to be perceived as the victim in this because they had made hundreds and millions of dollars off these loans that had performed and they were also aware of the unique circumstances of how the bank needed to operate in their community. Fannie Mae is the victim of record for the trial because the mortgages were sold to Fannie Mae, the mortgages accused of being fraudulent. ![]() ![]() HM: Steve, when we look at who the victims are supposed to be here, it's hard to find any, isn't it? You have a case where they discovered the fraud, they reported it, not only did they report it, but they initiated their own private investigation to root out further fraud, which they did, and they have one of the lowest default rates of any bank in the country, and this is the bank that gets brought to "justice" and put on trial. Charges against Abacus Bank Falsifying business records, residential mortgage fraud, grand. you have a small bank with a fraction of the assets of the big banks. This is a simple case about a bank that was converted into a criminal conspiracy fueled by greed. that virtually no one knows about unless you're fluent in the Chinese-American press. HM: What was it about the Sung family, and Abacus bank, that made you think this would be a good documentary? He really wanted to help others to be able to get mortgages, to be able to buy their homes, which is one of the most important things for a Chinese immigrant. Either the language issue or a lack of credit. He would deposit money, as well as the rest of Chinese immigrants, but when it came to borrowing money, they weren't able to do it, for one reason or another. He realized as he was helping immigrants get their status, buy their homes, it was very hard for them to get loans. Vera Sung: When he started off as an attorney, he was an immigrant himself and wanted to, therefore, help other immigrants gain legal status in the United States. Can you tell us about what it is about the film and what it is about your father that drove him to start the bank? Helen Mann: At the beginning of the documentary we see them watching 'It's A Wonderful Life,' a movie so many of us have seen over and over again. The panel will discuss why the film was made, how Abacus is doing since the jury’s vindication of the bank, and the bank’s role in the New York City Chinatown community.The documentary's director, Steve James, earned acclaim early in his career for 1994's 'Hoop Dreams.' (Blue Ice Docs) It's the only bank to be indicted in connection to the 2008 crisis. In 2012, Abacus Federal Savings Bank was indicted on charges of fraud in relation to hundreds of millions of dollars' worth of mortgages that had been sold to Fannie Mae from 2005 to 2010. But that wasn't the case for a small, family-owned bank tucked inside Chinatown in New York City. The screening will be followed by a Q&A session featuring four panelists from the film: Jill Sung, CEO of Abacus Bank, Vera Sung, Chantrelle Sung, and Abacus attorney, Kevin Puvalowski.įollowing the 2008 mortgage crisis, which led to a $700 billion government bailout, the biggest financial institutions in the country were given a light tap on the wrist in fines and penalties. Please join us for a free, public screening of the PBS documentary, Abacus: Small Enough To Jail. ![]()
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