Bank of America Settlement: Yet Another Wrist-Slap for Banks

"The New York Fed, as BNET has noted before, is both a plaintiff in this suit and a regulator of BofA. So you sort of have to suspect that the lawsuit -- a representation and warranties case, a kind that almost never goes to trial because plaintiffs don't have access to the underlying loan documentation before discovery to prove their claims -- was settled under some heavy pressure from the Fed."