Their press release is here.

Bank of America Corporation today announced a definitive agreement to purchase Countrywide Financial Corp. in an all-stock transaction worth approximately $4 billion.

Basically, BoA just bought Countrywide for some magic beans. It’s all funny money, unless, of course, if you are a shareholder, in which case, your stake in BoA is diminished.

Still a losing proposition, I think, particularly since the insolvent Countrywide will place downward pressure on the BoA stock price.