mrop063008edgar.htm

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2008

FirstFed Financial Corp.

(Exact name of registrant as specified in its charter)

Delaware	1-9566	95-4087449
(State of Delaware)	(Commission File No.)	(IRS Employer Identification No.)

12555 W. Jefferson Boulevard, Los Angeles, California	90066
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (310) 302-5600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Total number of pages is 8

Index to Exhibits is on Page 3

ITEM 7.01. Regulation FD Disclosure.

The Registrant hereby incorporates by reference into this Item. 7 the summary monthly financial data and preliminary quarterly loan portfolio analysis as of and for the period ended June 30, 2008 attached as Exhibits 99.1 and 99.2, respectively, which are being furnished in accordance with Rule 101(e)(1) under Regulation FD.

A discussion of the factors that could impact the Bank's loan portfolio in general, and the Registrant's overall business and financial performance, can be found in the Registrant's reports filed with the Securities and Exchange Commission. These factors include, among others, general economic and business conditions and changes therein, competition, consumer preferences and various other matters beyond the Registrant's control. Given these concerns, investors and analysts should not place undue reliance on the enclosed information. These reports speak only as of their stated date and period of time, and the Registrant undertakes no obligation to publicly update or revise the reports, although it may do so from time to time as management of the Registrant believes is warranted.

ITEM 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

	99.1 Monthly Financial Data as of and for the period ended June 30, 2008 (Unconsolidated)
	99.2 Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended June 30, 2008

S I G N A T U R E S

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRSTFED FINANCIAL CORP.

Dated: July 22, 2008	By: /s/	Douglas J. Goddard
		Douglas J. Goddard

Chief Financial Officer

INDEX TO EXHIBITS

Exhibit

Page

99.1	Monthly Financial Data as of and for the period ended June 30, 2008	4-5
99.2	Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended June 30, 2008	6-8

EXHIBIT 99.1

First Federal Bank of California MONTHLY REPORT OF OPERATIONS Unaudited, Unconsolidated Financial Highlights (Dollars in thousands)

	As of, for the month ended June 30, 2008			As of, for the month ended May 31, 2008			As of, for the month ended June 30, 2007			As of, for the 6 months ended June 30, 2008			As of, for the 6 months ended June 30, 2007

Cash and investment securities	$	390,455		$	384,661		$	385,942
Total mortgage-backed securities	$	43,233		$	44,007		$	50,569
Total assets	$	7,178,136		$	7,143,428		$	7,669,286

LOANS:
Gross loans receivable	$	6,559,610		$	* 6,589,978		$	* 7,088,986

Loans funded:
Single-family loans	$	70,165		$	87,407		$	41,033		$	437,649		$	351,405
Multi-family loans		53,620			65,125			12,409			303,447			64,492
Commercial & industrial real estate loans		2,750			824			6,500			11,297			12,455
Other loans		7,048			4,695			264			24,562			11,533
Total loans funded	$	133,583		$	158,051		$	60,206		$	776,955		$	439,885
Loans originated for third parties:		-			-			6,993			3,861			78,616
Total loans originated:	$	133,583		$	158,051		$	67,199		$	780,816		$	518,501

Percentage of ARMs originated		10	%		6	%		51	%		10	%		49	%
Loan repayments:
Single-family loans	$	49,434		$	* 47,060		$	213,359		$	362,712		$	1,283,980
Multi-family & commercial real estate loans		31,845			43,790			70,616			243,173			271,233
Other loans		1,724			1,307			1,786			13,872			23,353
	$	83,003		$	92,157		$	285,761		$	619,757		$	1,578,566

Loans sold	$	-		$	-		$	5,214		$	1,060		$	341,293

Percentage of adjustable rate loans to the total portfolio		79.73	%		81.54	%		96.84	%

Non-performing assets to total assets ratio		8.20	%		8.03	%		0.85	%

Delinquent loans:
Non-accrual single-family loans	$	491,693		$	506,775		$	53,330
Single-family loans 30 to 59 days delinquent	$	126,286		$	130,577		$	27,451
Single-family loans 60 to 89 days delinquent	$	81,410		$	70,218		$	7,736

BORROWINGS:
Federal Home Loan Bank advances	$	2,199,000		$	2,095,000		$	945,000
Reverse repurchase agreements	$	370,000		$	370,000		$	900,900

DEPOSITS:
Retail deposits	$	3,169,443		$	3,174,375		$	3,067,847
Wholesale deposits		691,737			734,942			1,825,921
	$	3,861,181		$	3,909,317		$	4,893,768

Net increase (decrease) in deposits	$	(48,136	)	$	(48,126	)	$	(4,464	)	$	(307,767	)	$	(1,008,350	)

* Revised.

AVERAGE INTEREST RATES (CONSOLIDATED):

	As of, for the month ended June 30, 2008	As of, for the month ended May 31, 2008	As of, for the month ended June 30, 2007	As of, for the 6 months ended June 30, 2008	As of, for the 6 months ended June 30, 2007
Yield on loans	5.82%	5.85%	8.00%	6.48%	7.99%
Yield on investments	5.23%	5.23%	5.32%	5.09%	5.46%
Yield on earning assets	5.77%	5.81%	7.85%	6.38%	7.84%
Cost of deposits	3.23%	3.39%	4.37%	3.62%	4.46%
Cost of borrowings	3.55%	3.76%	5.37%	4.13%	5.39%
Cost of money	3.36%	3.53%	4.67%	3.81%	4.76%
Earnings spread	2.41%	2.28%	3.18%	2.57%	3.08%
Effective net spread	2.58%	2.45%	3.55%	2.76%	3.49%

EXHIBIT 99.2

PRELIMINARY QUARTERLY LOAN PORTFOLIO ANALYSIS
Unaudited, Unconsolidated
(Dollars in thousands)

Summary of Loan Portfolio Balances
	June 30, 2008					March 31, 2008						December 31, 2007
First trust deeds residential loans:
One to four units	$	4,495,508				$	4,511,357				$	4,652,876
Five or more units		1,787,336					1,749,468					1,709,815
Residential loans	$	6,282,844				$	6,260,825				$	6,362,691

Other real estate loans	$	155,245				$	163,970				$	165,453
Non-Real estate loans		121,521					106,324					111,045
Total loans receivable	$	6,559,610				$	6,531,119				$	6,639,189


Single family loan portfolio by year of origination

Year of Origination	June 30, 2008					March 31, 2008					December 31, 2007
2003 and prior	$	346,289		7.7	%	$	374,451		8.3	%	$	395,506	8.5	%
2004		630,690		14.0	%		678,709		15.0	%		725,904	15.6	%
2005		1,748,128		38.9	%		1,947,026		43.2	%		2,106,973	45.3	%
2006		984,204		21.9	%		1,026,595		22.8	%		1,066,660	22.9	%
2007		357,479		8.0	%		364,182		8.1	%		357,833	7.7	%
2008		428,718		9.5	%		120,394		2.6	%		-	0.0	%
Total single family portfolio	$	4,495,508		100.0	%	$	4,511,357		100.0	%	$	4,652,876	100.0	%


Single family loan portfolio by original LTV ratio

Original LTV Ratio	June 30, 2008					March 31, 2008					December 31, 2007
<65%	$	816,910		18.2	%	$	780,105		17.3	%	$	817,580	17.6	%
65 - 70%		512,392		11.4	%		494,561		11.0	%		505,320	10.9	%
70 - 75%		608,860		13.5	%		593,323		13.2	%		593,386	12.8	%
75 - 80%		2,236,273		49.7	%		2,272,612		50.4	%		2,348,772	50.5	%
80 - 85%		63,043		1.4	%		69,162		1.5	%		73,564	1.6	%
85 - 90%		210,132		4.7	%		247,644		5.5	%		262,719	5.6	%
>90%		47,898		1.1	%		53,950		1.1	%		51,535	1.0	%
Total single family portfolio	$	4,495,508		100.0	%	$	4,511,357		100.0	%	$	4,652,876	100.0	%


Single family loan portfolio by estimated current LTV ratio

Estimated Current LTV -Price Adjusted (1)	Loan Balance		% of Portfolio			Average Current LTV Ratio
<70%	$	1,358,048		30.2	%		52.5	%
>70% <=80%		1,098,438		24.4	%		75.4	%
>80% <=90%		1,119,945		24.9	%		85.2	%
>90% <=100%		721,565		16.1	%		94.0	%
>100% <=110%		131,333		2.9	%		103.0	%
>110%		7,491		0.2	%		114.5	%
Not in MSAs		58,688		1.3	%		N/A
Total single family portfolio	$	4,495,508		100.0	%		74.8	%


(1) The current estimated loan to value ratio is based on OFHEO March 2008 data. The OFHEO housing price index provides a broad measure
of the housing price movements by Metropolitan Statistical Area (MSA). In evaluating the potential for loan losses within the bank’s portfolio, the Bank
considers both the fact that OFHEO data cannot reflect price movements for the most recent three months, and that individual areas within an MSA will
perform worse than the average for the larger area. The Bank therefore also looks at sales data that is available by zip code, as well as the Bank’s experience
with marketing foreclosed properties in estimating the loan loss reserve that is required.”


Single family loan portfolio by borrower documentation type

Borrower documentation type	June 30, 2008					March 31, 2008					December 31, 2007
Verified Income/Verified Assets	$	1,460,340		32.5	%	$	1,214,599		26.9	%	$	1,135,358	24.4	%
Stated Income/Verified Assets		1,274,404		28.3	%		1,383,098		30.7	%		1,468,686	31.6	%
Stated Income/Stated Assets		1,314,829		29.2	%		1,420,761		31.5	%		1,506,627	32.4	%
No Income/No Assets		445,935		10.0	%		492,899		10.9	%		542,205	11.6	%
Total single family portfolio	$	4,495,508		100.0	%	$	4,511,357		100.0	%	$	4,652,876	100.0	%


Single family loan portfolio by geographic distribution

Region	June 30, 2008					March 31, 2008					December 31, 2007
Los Angeles County	$	1,185,376		26.4	%	$	1,132,580		25.1	%	$	1,148,942	24.7	%
San Francisco Bay Area		756,335		16.8	%		751,595		16.7	%		775,303	16.7	%
Central California Coast		584,317		13.0	%		568,613		12.6	%		592,547	12.7	%
San Diego Area		501,929		11.2	%		536,423		11.9	%		558,452	12.0	%
Orange County		444,080		9.9	%		429,423		9.5	%		428,667	9.2	%
San Bernardino/Riverside Counties		336,630		7.5	%		357,999		7.9	%		374,303	8.0	%
San Joaquin Valley		259,053		5.8	%		283,412		6.3	%		298,788	6.4	%
Sacramento Valley		242,384		5.4	%		259,249		5.7	%		275,313	5.9	%
Other		185,404		4.0	%		192,063		4.3	%		200,561	4.4	%
Total single family portfolio	$	4,495,508		100.0	%	$	4,511,357		100.0	%	$	4,652,876	100.0	%


Delinquent and nonaccrual loans by year of origination

Year of Origination	30-89 Days Delinquent					Non-accrual					Total
2003 and prior	$	5,153		2.5	%	$	15,754		3.2	%	$	20,907	3.1	%
2004		31,861		15.3	%		46,112		9.4	%		77,973	11.1	%
2005		106,993		51.5	%		342,647		69.7	%		449,640	64.3	%
2006		58,489		28.2	%		82,985		16.9	%		141,475	20.2	%
2007		5,200		2.5	%		4,195		0.8	%		9,394	1.3	%
2008		-		0.0	%		-		0.0	%		-	0.0	%
Total single family defaults	$	207,696		100.0	%	$	491,693		100.0	%	$	699,389	100.0	%


Delinquent and nonaccrual loans by geographic distribution

Region	Delinquent Balance		% of Total Delinquent			Delinquent % of regional portfolio
San Francisco Bay Area	$	135,457		19.4	%		17.9	%
San Diego Area		107,657		15.4	%		21.4	%
Central California Coast		93,586		13.4	%		16.0	%
Los Angeles County		81,800		11.7	%		6.9	%
San Joaquin Valley		77,657		11.1	%		30.0	%
San Bernardino/Riverside		58,650		8.4	%		17.4	%
Sacramento Valley		59,181		8.5	%		24.4	%
Orange County		50,234		7.2	%		11.3	%
Other		35,167		4.9	%		19.0	%
Total single family defaults	$	699,389		100.0	%		15.6	%


Delinquent and nonaccrual loans by borrower documentation type

Borrower documentation type	Delinquent Balance		% of Total Delinquent			Delinquent % of documentation type
Verified Income/Verified Assets	$	92,891		13.3	%		6.4	%
Stated Income/Verified Assets		244,591		35.0	%		19.2	%
Stated Income/Stated Assets		273,783		39.1	%		20.8	%
No Income/No Assets		88,124		12.6	%		19.8	%
Total single family defaults	$	699,389		100.0	%		15.6	%


Delinquent and nonaccrual loans by estimated current loan to value ratio

Estimated Current LTV -Price Adjusted (1)	Loan Balance			% of Total Delinquent			Average Estimated Current LTV Ratio
<70%	$	65,665			9.4	%		57.8	%
>70% <=80%		146,424			20.9	%		75.4	%
>80% <=90%		218,958			31.3	%		85.5	%
>90% <=100%		209,036			29.9	%		94.2	%
>100% <=110%		50,521			7.2	%		102.9	%
>110% <=120%		2,855			0.4	%		113.9	%
Not in MSAs		5,930			0.9	%		N/A
Total single family defaults	$	699,389			100.0	%		84.8	%

(1) The current estimated loan to value ratio is based on OFHEO March 2008 data.


Forecast of single family loan portfolio payment recast

Recast quarter (2)	Recast Balance			Number of Loans
3rd quarter 2008	$	122,690			277
4th quarter 2008		140,282			317
Remaining 2008	$	262,972			594

1st quarter 2009	$	130,295			287
2nd quarter 2009		108,620			244
3rd quarter 2009		161,543			374
4th quarter 2009		235,498			517
Total 2009	$	635,956			1,422

2010	$	841,055			1,881
2011		479,061			983
Thereafter		145,667			278
Grand total	$	2,364,711			5,158

(1) Period in which currently performing borrowers are estimated to reach their maximum negative amortization, and be required to make a fully amortizing payment,
assuming all borrowers make the minimum payment, and no loans are prepaid prior to their reset date. Does not include loans that have already reached their
payment recast or loans that by their terms do not allow for negative amortization.

Real estate owned activity

Real Estate Owned	Balance			Number of Properties
Beginning balance (as of 3/31/2008)	$	45,547			164
Acquired REOs		87,423			360
Sold REOs		(36,300	)		(144	)
Ending REO Balance (as of 6/30/2008)	$	96,670			380
Properties in Escrow	$	28,366			128


Loss Mitigation Activity

Loan modifications 2008 year-to-date	Loan Balance			Number of Loans
Loan terms modified to:
Five Year Fixed Interest Only	$	188,261,322			383
Five Year Fixed Amortizing		39,509,678			84
Five Year Adjustable Interest Only		61,329,026			123
Adjustable Rate Amortizing		46,809,780			96
Modified Negam Cap		1,469,851			3
Other		7,999,375			16
Grand total (1)	$	345,379,032			705

(1) Of these modified loans, 678 loans for $332 million were considered to be troubled debt restructurings, based on the Bank's
underwriting of the the borrower and the property at the date of the modification.