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Investors that are betting on housing recovery, no big dilution(warrants seem to have some anti-dilution adjustments) in banks to support higher capital requirements due to adoption of basel standards, are buying the unique 8 year warrant(expires 2018 i think) with strike price of $13. It last exchanged hands for ~$4. While probably no investor can understand the complexity of bank of america's financials, the bet is more grounded from macro standpoint.
Bruce Berkowitz's thesis -> http://www.scribd.com/doc/91742813/bac
Another investor's thesis -> http://variantperceptions.wordpress.com/2012/04/01/tarp-warrants-let-every-eye-negotiate-for-itself/
BAC warrant chart -> http://finance.yahoo.com/q?s=BAC-WTA