September 27, 2008 |
Jittery depositors found business being conducted as usual at Washington Mutual Bank on Friday, a day after it was seized by the government and sold to JPMorgan Chase & Co. But investors, fearing more sudden consolidations and failures, pounded the stocks of other banks that specialized in the type of risky mortgages that brought down WaMu. Shares of the parent companies of Downey Savings and First Federal Bank, two Southern California savings and loans, fell 48% and 45%, respectively.
May 13, 2008 |
Investors are increasingly throwing in the towel on Southern California-based savings-and-loan mortgage lenders IndyMac Bancorp, FirstFed Financial Corp. and Downey Financial Corp. Defaults keep climbing on the nontraditional mortgages made by the companies, and bond buyers still shun securities backed by such loans. The lenders are awash in red ink, and their stocks are down by about half or more since the beginning of the year.
April 23, 2008 |
Sinking home values and the collapse of flimsy mortgages fueled a record number of foreclosures in California in the first three months of this year, dimming prospects for any quick recovery in the housing market. The number of homes lost to foreclosure rose to a record 47,171, more than four times as many as a year earlier. Default notices -- the first step toward foreclosure -- were sent to owners of 110,000 California homes from Jan.
August 4, 2008 |
California home prices reached astonishing levels in 2005, but getting a loan was a snap at lenders offering low initial payments. At FirstFed Financial Corp., for example, the vast majority of borrowers weren't required to produce pay stubs or tax returns to prove they earned as much as they claimed. FirstFed executives say they started worrying as the year wore on. Rivals were giving "piggyback" second mortgages to stated-income borrowers, in effect wiping out down-payment requirements.
October 3, 2009 |
FirstFed Financial Corp., battered by losses on its portfolio of risky mortgages, is pursuing a plan to sell stock to the public in a last-ditch bid to avert a government takeover of the Los Angeles-based savings and loan operator. The proposed stock offering by the parent of First Federal Bank of California comes as bottom-fishing investors, betting the economy is improving, are showing interest in troubled lenders. But few banks have endured a year as bad as that suffered by FirstFed, the second-largest California-based thrift.
April 28, 1992
Companies listed alphabetically with their rankings on The Times 100, Sales 100, Market Value 100 and Growth 100 lists, and the counties in which they are headquartered. Market Times Sales Value Growth Company County 100 100 100 100 20th Century Industries Los Angeles 22 77 ASK Cos. Santa Clara 12 AST Research Inc. Orange 9 99 82 23 Acuson Corp. Santa Clara 18 70 82 Adac Laboratories Santa Clara 38 Adaptec Inc. Santa Clara 72 Adia Services Inc. San Mateo 92 Adobe Systems Inc.
July 15, 2008 |
As thousands of customers waited hours in the heat Monday to withdraw deposits from failed IndyMac Bank, investors dumped the stocks of many mortgage lenders, precipitating the steepest one-day decline in banking shares since 1989. Southern California fixtures Downey Financial Corp. and FirstFed Financial Corp., specialists in the nontraditional mortgages that fueled the housing boom, were among the hardest hit, with their stock prices down 24% and 19% respectively.
March 17, 1991 |
D. P. Kennedy has become a veteran of the recession front. Orders slowed dramatically late last year at First American Financial Corp., the Santa Ana-based title insurance company that Kennedy heads. Layoffs have claimed 10% of the company's 7,000-employee work force nationwide. Expenses have been slashed. "It's tough. You bet it's tough," Kennedy said. But a funny thing happened on the way to doomsday.
March 21, 2007 |
Steve Nguyen bought his first home, a three-bedroom ranch house in Lakewood, three years ago with a no-interest sub-prime mortgage. Since then, the sub-prime market has virtually collapsed, leaving many nervous about the housing market and the national economy. But Nguyen, 31, is feeling confident. Though he figures his home's value fell at least $40,000 during the last year, he gained $200,000 in equity during the five-year boom.
October 15, 2008 |
By flooding the U.S. banking system with hundreds of billions of dollars in cheap capital, the government could find itself funding the most dramatic change in the nation's financial landscape since the deregulation drive of the 1980s. That's because the Treasury secretary and bank regulators will decide which banks get an infusion of government money, and which will be denied.