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. you have a small bank with a fraction of the assets of the big banks. 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?
Abacus bank stream movie#
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. Please contact Vermonie Ngu, for all press-related inquiries at For your protection, DO NOT include confidential personal information such as account numbers or Social Security numbers in your message to us.The documentary's director, Steve James, earned acclaim early in his career for 1994's 'Hoop Dreams.' (Blue Ice Docs) For other inquires or issues, please call the main number 21 then followed by a 4 digits extension number, Monday through Friday, 9:00am to 5:00pm EST.įor account-related issues please email: you are an Online Banking customer, please log in to Abacus Federal Savings online banking to send a secure email.įor loan payment questions please email: mortgage-related issues please email: Inquiries.Telephone banking is available in English and Mandarin. 24/7 Telephone Banking Services: Please call 1-88.Please contact our Call Center(information provided above) for online banking and mobile banking login issues during Call center business hours.
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