Items Tagged with 'Bank of California'


  • First Federal of California Nears $1bn in Modified Loans

    First Federal Bank of California is reporting that the bank saved more than 2,000 homes from foreclosure by modifying $957m in loans beginning in December of 2007. By offering borrowers a fixed interest rate through 2014, which keep payments low for the next five years, four out of every five modified loans are current and performing.  First Federal, which is owned by First Federal Financial Corporation, credits their ability to reach borrowers before they fall behind on their monthly payments for the success of the program.
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  • 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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  • Option ARM Specialist FirstFed: Delinquencies Up 231 Percent in One Quarter

    FirstFed Financial Corp., parent to First Federal Bank of California, said Friday that mortgage losses likely led to a 64 percent drop in quarterly earnings at the Santa Monica, Calif.-based holding company. On a preliminary basis, fourth-quarter net income was reported at $8.4 million, or $.61 per share, compared to $33.4 million, or $1.97 per share, in the year-ago period.
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