Friday, April 25, 2008

FirstFed Reports

by Tanta on 4/25/2008 07:26:00 AM

Coming to Jesus:

LOS ANGELES, Apr 25, 2008 (BUSINESS WIRE) -- FirstFed Financial Corp., parent company of First Federal Bank of California, today announced that they expect to substantially increase their allowance for single family loan losses at March 31, 2008. The Bank's total provision for loan losses for the current quarter is expected to be between $140 million and $160 million, resulting in an after-tax operating loss for the quarter of between $65 million and $75 million, or $4.75 to $5.50 per share.
This is the same outfit--a California thrift stuffed with Option ARMs--that reserved $20-23 million for the first quarter and $4.5 million for the quarter before that.

This report finally includes some data on general credit quality and defaults. At the beginning of 2008, FED had 74 owned properties in inventory. During the quarter it acquired another 143 and sold 53. Yuk.