![]() James - who was also behind “Hoop Dreams” and “Life Itself” - sat down with several members of the prosecution, including Manhattan District Attorney Cyrus R. That’s what’s very infuriating and actually is quite concerning because it creates a reverse incentive.Ībacus was charged with 240 counts including grand larceny, falsifying documents, conspiracy and mortgage fraud. Some states require lenders to send you a right to cure notice before filing foreclosure, which gives you a set period of time to catch up. If you fall behind, find a way to catch up. ![]() Compared to the larger institutions that appeared to cover things up or wanted to turn their back away from it and not recognize what was happening, we said, “OK, here’s something we’re investigating, we’re letting you know, we’re telling you.” But instead we were punished as if we were the bad actors who were not good eggs and were let go. There are several options that may help stop foreclosure: Catch up on payments. The most appalling and shocking thing to us was that we actually thought we were doing the right thing. The sisters notified authorities, but were surprised when the investigation turned to them. Back in 2009, Jill and Vera Sung, who now run the bank with their father, discovered evidence that several of their employees were committing fraud. The bank specializes in loaning to residents of Chinatown, most of whom are immigrants. In a new documentary film, “ Abacus: Small Enough to Jail,” filmmaker Steve James tells the story of the Sungs, the family of a now 82-year-old Chinese immigrant named Thomas Sung who started Abacus in 1984.Ībacus is the 2,531st largest bank in the country, with assets that are a mere 1/100th of one percent that of Bank of America. In 2010, the New York District Attorney’s office charged Abacus Federal Savings Bank of Chinatown, New York with mortgage fraud.Ībacus became the only bank prosecuted for the financial crisis.
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