Review Mortgage Lenders

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]

Don't let a down payment scare you off

College is over, but you still have to do the kind of math that matters. Like: How am I supposed to save $50,000 for a down payment on a house?

If this question sends you into a shame spiral, making you second-guess your career, the city you live in and the jacket you bought yesterday, stop right there.

You don’t need to save 20 percent of a home’s value for a down payment. Yes, it could lead to a cheaper mortgage payment or lower interest rate. But many federal, state and local programs will let you buy a house with less down, or help you pay for the down payment outright.

Here are your options — and how to decide what’s best for you.

 

First-time homebuyer programs

You may not know it, but there are tons of first-time homebuyer programs that can make homeownership more affordable. State and local governments invest in them because high rates of homeownership can mean more stability in a community and more accumulated wealth for local families, says Marietta Rodriguez, interim senior vice president for national initiatives at the nonprofit NeighborWorks America.

Oscar-nominated documentary tells amazing story of the only US bank to be prosecuted after the financial crisis

Steve James is the veteran director of Chicago-based documentaries “ Hoop Dreams ,” “ Life Itself ,” “ The Interrupters ” and the forthcoming 10-part docu-series, “ America to Me .” But his first Oscar nomination for best documentary has come with a film set in the Chinese immigrant community of New York.

James’s PBS Frontline film “ Abacus: Small Enough to Jail ” follows the Abacus Federal Savings Bank , run by the Sung family, as it is indicted by the Manhattan District Attorney’s office on fraud charges connected to the 2008 financial crisis. The bank held one of the nation’s lowest default rates, and its founder, Thomas Sung, the family patriarch, subjected its loan practices to rigorous testing and standards.

But in 2009, a loan officer named Ken Yu was found to have falsified documents and accepted bribes by borrowers, setting off the Sungs’ suspicions. He was promptly fired, and the Sungs — Thomas’s daughters Jill and Vera help run the bank — reported the incident to Fannie Mae, referred the case to the FBI and hired an investigator to root out any more wrongdoing.