The Bear Stearns assets being financed were valued at about $30 billion in March. The Fed now says the assets, which were re-evaluated by the Fed and Blackrock Inc., are now valued at about $28.9 billion. This first hit in Bear's assets will be taken by JP Morgan Chase, because, as per the agreement with the Fed, JP Morgan stands responsible for the first $1 billion drop in value, and the Fed is responsible for the balance.