The putback requests for bonds that include troubled Countrywide-originated mortgages keep mounting for Bank of America, even as the bank tries to forge a settlement with a group of influential bondholders led by PIMCO, BlackRock and the Federal Reserve.

The Pimco-led group made headlines recently when it announced their intention to sue for putbacks. But they quietly entered into a dialogue with Bank of America, and that raised the likelihood of a settlement.

But that doesn't sit well with other aggrieved investors, according to Reuters, who are gearing up to fight what they consider a sweetheart deal. One group of investors that remain unaligned with the PIMCO group is said to control more than a third of the $1.5 trillion market for private-label mortgage bonds, and voting rights on 2,600 mortgages. And they are making it known that they intend to be a force in all of this.

In a related development, yet another group of bondholders--this one is stuck with soured securities backed by 2006 Countrywide mortgages--has filed a lawsuit in New York aimed at putbacks.

So, the landscape for Bank of America is getting tricky, and it may be that specific settlements with various groups will generate additional litigation. Perhaps it needs to rethink its approach.

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