Maiden Lane, which was valued at $29.137 billion, and which was the portfolio the Fed took from Bear Stearns, has now been adjusted downward in it's quarterly evaluation. See Table 2 in the following link:
http://www.federalreserve.gov/releases/h41/Current/
The portfolio is now being estimated at $26.802 billion. And this is a Level 3 valuation. The Fed is assuming that "Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 2008."
Expect this to get some press tomorrow.
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