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]

'Abacus, Small Enough to Jail' review: The story of an immigrant family's bank and its downfall

In a moment that seems unintentionally revealing, he adds, “I felt that our handling of the bank was consistent with how we would have handled the bank if we were investigating a bank that serviced a South American community or the Indian community.”

At least he agreed to be interviewed, which isn’t always the case in documentaries that fall so firmly on one side of a case. The movie makes no secret of its affection for the Sung family, which was well equipped professionally, if not financially, for an expensive legal battle.

Of Sung’s four daughters, three were trained as lawyers — including Jill Sung, the bank’s chief executive, and Vera Sung, a director of the bank — and another had even worked in the district attorney’s office that prosecuted the case. The sisters have great charisma onscreen, although their mother, Hwei Lin Sung, earns the biggest smiles.

The film persuasively argues that any fraud at Abacus occurred at a low level, and that the bank dealt with it swiftly and properly. The prosecution was, in its view, an arrogant waste of resources and possibly an act of scapegoating. The documentary also shows how Abacus had played an important role as a neighborhood banker in an immigrant community.

Rate Hike Squeezes a Key Voting Bloc for Trudeau

Bank review focused on what it called “highly indebted households,” or those with a debt-to-income ratio of at least 350 percent. It found they made up 7.9 percent of all indebted households in 2012-14, up from 4.1 percent seven years earlier.

The share of total household debt held by the most highly leveraged Canadians rose to 21 percent from 13 percent, and mortgages now make up 87 percent of their debt, up from 80 percent. “Since real estate assets account for about 90 percent of these indebted households’ total assets, their net worth could be particularly affected by a house price correction,” the bank found. The situation of the highly indebted could also “change materially in an environment of rising interest rates.”

Financial Stability

The Bank of Canada reported last month that, for insured mortgages, the proportion of highly indebted borrowers -- defined in this case as those with loan-to-income ratios greater than 450 percent -- rose to 17 percent nationally in the first quarter 2016 before declining to 10 percent a year later. The central bank pointed to tightened mortgage eligibility rules as the cause of the decline. However, the changes probably contributed to the growth of uninsured mortgages, which the bank flagged as a potential risk to financial stability.