Firstfed Financial Corp.  (FED) Trade Now »     Rate FED  -  Discuss FED  -  Add to Watch List        

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 into the traditional mortgage market in scale.  While this has definitely been a good decision on the part of

So far I have written four “Short Ideas” for Seeking Alpha, and my track record has been stellar.

My article on Crystal River (CRZ) was submitted when the stock was around 3.5, and as I write it is now at 2.18, down nearly 40%. In it I predicted that the company would in Q2 write down its book value from $5.33 per share in Q1 to either 2.38 or 2.44 per share in Q2, depending on whether there was a second write down on a defaulted junior loan to a Portland condo development.

FirstFed Financial (FED) is a medium-sized bank with operations entirely within California.