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Monday, July 9, 2012

Government Arrests Bankers You've Never Heard Of for Mortgage Meltdown

Government Arrests Bankers You've Never Heard Of for Mortgage Meltdown

"There is one more twist to the Abacus tale that defies all reasonable belief.

"The irony of this case is the majority of the loans originated by Abacus have continued to perform,” said DA Vance, “which means the monthly mortgage payments are being made by the borrowers.”

In fact, Fannie Mae actually made out on the deal.

As Abacus spokesman James Haggerty told the New York Post, “The bank has among the lowest default rates in the country -- less than 0.50%, compared to the national average of more than 5%. And Fannie Mae made more than $100 million on these loans.’’

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