We have ongoing issues with this (or something very similar).
Our issue stems from saving a favourite for an element that is entirely below zero on it's home story.
Long story short, there is a bug in Graphisoft's long winded algorithm for determining the home story from a favourite that causes the home story to be set incorrectly for elements entirely below 0.
Not sure if this is your exact problem but it may have something to do with it.
Laszlo's first point about changing which parameters are applied by favourites is the only way "around" the problem.
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