A.I.G. has had to reduce the value of the swaps on its books.
Today, the outstanding value of the swaps stands at more than $45.5 trillion, up from $900 billion in 2001.
That means that as home values continue to fall, A.I.G. has to keep reducing the value of the swaps on its books.
That is below the $7.09 value of the stock swap, in which Countrywide shareholders will get 0.1822 Bank of America shares for each share they own, and it puts the value of the deal at $4.1 billion.
(It is not that much less than the value of the four swap deals the Fed announced in late 2008, with South Korea, Singapore, Brazil and Mexico).
As the housing market collapsed, the market value of these swaps fell sharply, reflecting skepticism among investors about the mortgage insurers' capacity to honor them.
And last week, the American International Group said that it had incorrectly valued some of the swaps it had written and that sharp declines in some of these instruments had translated to $3.6 billion more in losses than the company had previously estimated.
The value of the credit default swaps, meanwhile, had ballooned to 25 percent of the portfolio from 2.6 percent in 2007.
A spokesman for A.I.G., Nicholas Ashooh, said that despite the steep decline in the value of the credit default swaps, very few of the mortgage-backed securities underlying them had actually failed, so the losses did not represent cash out the door.
