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Abacus Mortgage Loans

Address: 15188 NW Central Dr Portland, OR 97229
Oregon license#: ML-2616 NMLS#: 225036
Abacus Mortgage & Loans in Portland, OR is a private company categorized under Mortgage Brokers Arranging for Loans, Using Money of Others. Our records show it was established in 1997 and incorporated in Oregon. Current estimates show this company has an annual revenue of $500,000 to $1 million and employs a staff of approximately 1 to 4.

LTV Breaking News - Goldman Sachs Abacus Mortgage Deal stirs controversy [Live from New York]

FRONTLINE

Chronicles the Sung family’s quest to clear their names, the district attorney’s case against the bank — and how 19 of the bank’s ex-employees, largely immigrants, were treated by the justice system.  

In the above clip, go inside the day of the indictment, when 12 ex-employees of the bank who refused to plead guilty were arraigned, handcuffed to each other, and in the words of one of their attorneys, “herded like cattle” down courthouse hallways.

“Reporters in this town were treated to this extraordinary photo opportunity, this almost Stalinist looking chain gang” of Asian Americans, says journalist Matt Taibbi.

The Manhattan District Attorney, Cyrus Vance, Jr., says there were security issues behind the decision to march the former employees through the court’s hallways in handcuffs. “It was very unfortunate, but it happened,” said Vance.

But others who were there say the move was designed to humiliate.

DA Who Dropped Fraud Case Against Trump Kids Did Opposite With Immigrant Family

At almost exactly the same time he was meeting with Trump's lawyer, Cy Vance was pushing another case through the Manhattan courts. On May 31st, 2012, just two weeks after his meeting with Kasowitz, Vance's office moved to indict for mortgage fraud a tiny Chinese immigrant bank called Abacus Federal Savings, along with 19 of its employees.

For the arraignment in the case, the 19 individual defendants were frog-marched into court in a literal chain gang – you can see the  now infamous photo in a contemporary New York Times piece – in a scene that was clearly designed to show Vance's office was throwing the book at white-collar offenders. Some of the people in the chain gang made as little as $35,000 a year.

Though the case had absolutely nothing to do with the 2008 financial crisis – more on that in a moment – Vance shamelessly pitched Abacus as a prosecution directed at the causes of the crash.

"If we've learned anything from the recent mortgage crisis," he said, "it's that at some point, these schemes will unravel and taxpayers could be left holding the bag."