Congressman Brad Miller Blasts Legality Of Bank Of America's $8.5 Billion RMBS Settlement

I understand that both Fannie Mae and Freddie Bac have substantial investments in the RMBS subject to the proposed settlement and have already suffered substantial losses on the RMBS with further substantial losses expected in the future...

The dependence of Bank of New York Mellon on Bank of America's business, the investors content, provides a powerful incentive for Bank of New York Mellon to be too deferential to Bank of America... The investors further content that Bank of America and Bank of New York Mellon have denied the investors the information necessary to determine the adequacy of the settlement.