All of the New York Metropolitan Transportation Authority's swaps are underwater, the authority said yesterday.

The mark to market value of the MTA's $4.61 billion of derivative contracts - the value of the swaps were they to be terminated - was a negative $351.5 million as of last week. In the past 12 months the MTA has paid $123.8 million on its swaps while receiving $86 million, a $37.8 million net loss.

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