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The states both seek unspecified damages and for Countrywide to pay restitution to borrowers who lost their homes or loans.
Investors have worried that further deterioration in the mortgage market as home loan delinquencies and defaults rise could make it harder for Bank of America to manage Countrywide's loans. That could lead to costly write-downs, hurting Bank of America's profits.
Bank of America is expected to report its second quarter earnings July 21.
Bank of America shares tumbled $1.80, or 6.8 percent, to $24.81 Thursday. Countrywide shares fell 16 cents, or 3.5 percent, to $4.42.
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