Holman Jenkins on the BofA Putback

Holman Jenkins, writing in the Wall Street Journal, points out an interesting irony: First the government puts programs in place to encourage banks to modify mortgages and let people "stay in their homes": "Now the New York Fed has joined other mortgage investors to use the legal snafu to demand that Bank of America buy back $47 billion in supposedly tainted mortgages. Look closely, though, and one of the New York Fed's complaints is that BofA has been costing mortgage investors money by being too lenient with borrowers and too slow to foreclose (ironically, the fruit of an earlier settlement with state AGs)."