Bank of America Corp.'s plan to modify 400,000 mortgages is proving to be more complicated than expected - and not only because there are third-party investors involved.

The Charlotte company's deal with the attorneys general of 15 states to settle allegations of predatory lending by its Countrywide Financial Corp. did not address what should be done when a borrower has a second mortgage.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.