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

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 -