Abacus Bank's Lawyer: Fannie Mae Earned $120M Profit From Us

more+
less-
June 20 (Bloomberg Law) -- Kevin Puvalowski, a partner at Sheppard Mullin representing New York's Abacus Bank, claims federal mortgage lender Fannie Mae made $120 million in profits from the bank at the same time that the Manhattan D.A. alleges it was committing mortgage fraud. "If every bank committed mortgage fraud the way [prosecutors] allege Abacus Bank committed mortgage fraud, we wouldn't have had a financial crisis," Puvalowski told Bloomberg Law's Lee Pacchia. The bank is one of the very few financial institutions facing See more +
June 20 (Bloomberg Law) -- Kevin Puvalowski, a partner at Sheppard Mullin representing New York's Abacus Bank, claims federal mortgage lender Fannie Mae made $120 million in profits from the bank at the same time that the Manhattan D.A. alleges it was committing mortgage fraud. "If every bank committed mortgage fraud the way [prosecutors] allege Abacus Bank committed mortgage fraud, we wouldn't have had a financial crisis," Puvalowski told Bloomberg Law's Lee Pacchia. The bank is one of the very few financial institutions facing criminal charges since the 2008 mortgage meltdown. It denies all allegations. See less -

Embed Video

Copy

Published In: General Business Updates, Criminal Law Updates, Elections & Politics Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bloomberg Law | Attorney Advertising

CONNECT

Reporters on Deadline