Yves Smith has liberated Beau Biden’s brief to a New York court asking for intervention in the Bank of America mortgage settlement. She finds Delaware Attorney General Biden talking along the same lines as New York AG Eric Schneiderman. Biden’s main objection is that he “does not have sufficient information to evaluate the reasonableness of the proposal.” But he goes further to say that his preliminary investigation into the mortgage backed securities business of the midd-2000s has turned up some problems.

Bank of America was just getting over having the New York Attorney General step in on their settlement with Countrywide investors over mortgage bonds, when Delaware’s AG decided to join in.

A brief look at what’s happening in the news on the morning of May 12th, 2010.