Articles Tagged with ''Los Angeles''

Loan Loss Provisions Drive FirstFed's $244.8 Million Q4 Loss

FirstFed Financial Corp. [stock FED][/stock], the Los Angeles-based parent company of First Federal Bank of California, on Monday reported a fourth-quarter net loss of $244.8 million -- or $17.91 per share -- compared with the $51.6 million net loss reported for the third quarter. FirstFed attributed the loss to a $220 million loan loss provision and a $112.3 million valuation allowance recorded against the company’s deferred tax assets. Total allowances for loan losses as a percentage of gross loans were 4.97 percent at the end of the quarter.
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Inland Foreclosure Sales Drive Calif. Housing: Report

If December's data is any indication, investors purchasing distressed properties in the inland areas within California now make up the lion's share of Southern California's real estate market, while new home sales elsewhere continued to tank and the jumbo home loan market remained in the deep freeze.
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Seasonal Weakness Drives Down September Home Prices

(Update 1 clarifies Radar Logic Inc.'s company status as unaffiliated with First American Corp.) Home prices continued to fall in local markets across the nation in September, according to a monthly Housing Market Report released Monday by New York-based Radar Logic Inc. Seasonal trends, distressed-sale discounts and a generally weak market were said to have driven the declines in 23 of the 25 Metropolitan Statistical Areas (MSAs) Radar Logic tracks.
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First American Touts Reverse Mortgage Scoring

The First American Corporation [stock FAF][/stock] said earlier this week that it has developed what it believes is the first scoring system to help servicers identify candidates for a government-insured Home Equity Conversion Mortgage (HECM), who might otherwise face foreclosure. The new score was launched this week at the National Reverse Mortgage Lenders Association’s annual meeting in Los Angeles.
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Bank Failures Top 19 in 2008

Two bank closures late last week brought the 2008 running total to nineteen, so far. The Federal Deposit Insurance Corp. announced Friday that it had taken over Los Angeles-based Security Pacific Bank and Houston-based state-chartered thrift Franklin Bank Corp., the assets of which have been transferred respectively to Pacific Western Bank and Prosperity Bank.
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Law Firm Ramps Up For Covered Bonds

The nascent covered bond marketplace in the U.S. appears set to get a boost in coming months as issuers ready themselves to test the waters with the first set of issuances, according to published reports; not surprisingly, the law firms that were critical to the issuance process in securitization are now reorganizing their practices to serve this emerging market for mortgage liquidity.
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3Q Reserves Drive FirstFed's $51.6 Million Loss

Ongoing charge-offs and modifications of single-family loans drove much of FirstFed Financial Corp.'s [stock FED][/stock] net loss of $51.6 million, or $3.77 per share, in the third quarter, up from a $35.5 million loss reported in the second quarter. The Los Angeles-based bank on Friday released preliminary third-quarter results, in which it disclosed $110.3 million in loan loss provision, up from the $90.2 million set aside in the previous quarter.
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At First Fed, Pushing the Pain Below

A recent 8-K filed with the Securities and Exchange Commission by Los Angeles, Calif.-based FirstFed Financial Corp. [stock FED][/stock] provides a unique look at just how the option ARM crisis is likely to play out for many of the banks that tended to lend in the space during the recent housing boom.
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Majority of Homeowners in Bubble Markets Won't Recover Equity: Study

The nation's housing and mortgage crisis has significantly put a dent in previously overvalued markets, but some of the nation's already hardest-hit markets continue to see significant disconnects between home prices and rents -- meaning there may be much further to fall. A study released Tuesday by the Center for Economic and Policy Research and the National Low Income Housing Coalition evaluated the median home price and fair market rent in 100 different metropolitan areas.
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In Southern California, Foreclosures Dominate

Foreclosure resales reached fifty percent of the Southern California housing market during September, a new high-water mark underscoring just how much distress there really is in the Golden State's battered and bruised Southland housing markets. According to San Diego-based MDA DataQuick, a real estate information service, the fifty percent foreclosure resale figure is up from 45.5 percent in August and 12.6 percent one year earlier.
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