FirstFed Sees an Upturn in Lending

Los Angeles Times (08/21/08); Reckard, E. Scott
FirstFed Financial originated 30 percent more loans in July than in June and 166 percent more than in July 2007, according to a monthly operational update filed with the Securities and Exchange Commission. The Los Angeles-based thrift has become more of a traditional lender by making mostly mortgages with five years of fixed payments before the rate becomes adjustable, and borrowers have to fully document their income to prove they can afford the payments. FirstFed Financial reports that its ratio of nonperforming to total assets was 7.56 percent at the end of July, down from 8.2 percent in June. Single-family loans delinquent by 30 to 59 days late have fallen from $126.3 million to $123.4 million.