BACM 2007-1. The FED has accepted a few bonds off of it, then rejected one, then accepted one in December. Then yesterday they came out and said it was an error to accept it this last time, and they wouldn't accept it again at the current market price.
The, er, logic continues to baffle investors.
Also, what does price have to do with their TALF decision? If they don't think its worth PAR in the stress scenario they shouldn't be lending money on it - right?