Abacus Bank's Lawyer: Fannie Mae Earned $120M Profit From Us

June 20 (Bloomberg Law) — Kevin Puvalowski, a partner at Sheppard Mullin representing New York’s Abacus Bank, claims federal mortgage lender Fannie Mae made $120 million in profits from the bank at the same time that the Manhattan D.A. alleges it was committing mortgage fraud. “If every bank committed mortgage fraud the way [prosecutors] allege Abacus Bank committed mortgage fraud, we wouldn’t have had a financial crisis,” Puvalowski told Bloomberg Law’s Lee Pacchia. The bank is one of the very few financial institutions facing criminal charges since the 2008 mortgage meltdown. It denies all allegations.