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1/8/10A company no longer in need of a few charts (The Mess That Greenspan Made)

The folks at the Mortgage Lender Implode-O-Meter made what will probably be the final entry in the page they set aside for California-based FirstFed Financial. Update - 2010-01-07: FirstFed Financial Corp., the former holding company of First Federal Bank of California, has filed for bankruptcy. Reuters reported the move comes "less than a month after its banking unit was shut down by federal regulators." From the LA Business Journal: "The Federal Deposit Insurance Corp. on Dec. 18...

9/4/08FirstFed Financial Corp. (FED) (The DIV-Net)

FirstFed Financial Corp (FED) is one the most heavily shorted financial stocks in the market. It is the parent company of First Federal Bank of California, and the bank is considered one of the Option ARM triplets along with Downey Financial (DSL) and BankUnited Financial Corporation (BKUNA) As you can see in the chart below the stock traded above $40 in February 2008, and then cratered down to hit an intraday low of $2.91 on July 14. Now it has bounced back to $14.52, a 500% move off...

8/26/08Short Thesis Intact at FirstFed Financial (Prudent Speculations)

I have been bearish on FirstFed Financial (FED) for sometime and despite the stock’s recent run up and what would appear at first glance to be a slight improvement in the company’s underlying fundamentals, I believe that the short case for the company bears reiteration.   FirstFed, like all California mortgages lenders, has been absolutely devastated by the terrible events out in California.   The company specializes in ARM mortgages and has only recently been making an effort to move...

8/6/08First Fed - should anyone be surprised? (The Mess That Greenspan Made)

Well, First Fed (NYSE:FED) is in the news again. Should anyone be surprised? The Wall Street Journal reports the company is having difficulty with losses as a result of delinquencies on its portfolio of option-ARM loans, most of which were made to borrowers with excellent credit, many of which are now souring like a bottle of wine with a bad cork. All the details of their current travails - and the next leg down in mortgage lending, otherwise known as the Option-ARM, Alt-A time bomb - can be...

5/28/08The "Texas Ratio" & FirstFed Financial (Prudent Speculations)

There was a great article on bank failures written by Alistair Barr several days ago over at MarketWatch.  While the whole article was of interest, I found the section describing Gerard Cassidy’s “Texas Ratio” to be especially interesting.  Cassidy, who is at RBC Capital Markets, developed the ratio during the 1980s while covering a large number of banks out of Texas.  With the help of a booming economy, the region gave birth to a number of successful banks all of which rapidly...

2/6/07A Story in Need of a Few Charts (The Mess That Greenspan Made)

When reading this BusinessWeek report about Santa Monica based mortgage lender FirstFed Financial (FED), it just screamed for some charts to go along with the words and numbers. The company's stock has been soaring lately, up more than 30 percent since September, as investors speculate on its future. Some believe the company to be a takeover target, others feel that the housing market is poised for a rebound and their bottom line will improve, while short sellers bet that it will all come...

7/30/03Stock of Fall River, Mass.-Based FirstFed America Bancorp Outpacing Peers (Hedge Fund Blogs From HedgeCo.Net)

Jul. 31--SWANSEA, Mass.--There's nothing particularly impressive about Swansea Mall Drive. It's your typical suburban commercial strip, featuring national chain stores, local mom-and-pops andleft-hand turning lanes. But to some on Wall Street and to many local investors, Swansea Mall Drive may start to resemble a road to riches. Because perched on a gentle rise [...]

7/30/03A stock you can take to the bank (Hedge Fund Blogs From HedgeCo.Net)

* Once a small Fall River thrift, today FirstFed America Bancorp is a $2.7-billion financial services company that is outpacing its peers. * * * SWANSEA - There's nothing particularly impressive about Swansea Mall Drive. It's your typical suburban commercial strip, featuring national chain stores, local mom-and-pops, and left-hand turning lanes. [...]


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