- Amended Current report filing (8-K/A)

FORM 8- K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 3, 2009

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

Explanatory Note

The purpose of this amendment on Form 8-K/A is to revise descriptions contained in the Registrant’s Current Report on Form 8-K filed on February 2, 2009 under Items 7.01 and 9.01, in which the Registrant furnished summary monthly financial data and preliminary quarterly loan portfolio analysis as of and for the period ended December 31, 2008 in accordance with Rule 101(e)(1) under Regulation FD. The revisions, on page 8, are marked with an asterisk in this Form 8-K/A.

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 December 31, 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 December 31, 2008 (Unconsolidated)

99.2

Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended December 31, 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: February 3, 2009	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 December 31, 2008	4-5
99.2	Preliminary Quarterly Loan Portfolio Analysis as of and for the period ended December 31, 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 December 31, 2008			As of, for the month ended November 30, 2008			As of, for the month ended December 31, 2007			As of, for the 12 months ended December 31, 2008			As of, for the 12 months ended December 31, 2007

Cash and investment securities	$	714,517		$	868,440		$	370,762
Total mortgage-backed securities	$	40,504		$	40,599		$	46,435
Total assets	$	7,452,203		$	7,822,681		$	7,222,981

LOANS:
Gross loans receivable	$	6,584,404		$	6,665,896		$	6,639,189

Loans funded:
Single family loans	$	24,298		$	50,191		$	35,814		$	921,943		$	652,932
Multi family loans		49,629			44,858			74,539			552,527			366,236
Commercial & industrial real estate loans		840			-			9,935			19,290			28,460
Other loans		784			193			477			34,993			26,146
Total loans funded		75,551			95,242			120,765			1,528,753			1,073,774
Loans originated for third parties		-			-			-			10,343			110,073
Total loans originated	$	75,551		$	95,242		$	120,765		$	1,539,096		$	1,183,847

Percentage of ARMs originated		71	%		33	%		37	%		14	%		50	%
Loan repayments:
Single family loans	$	8,790		$	18,368		$	132,424		$	505,356		$	1,967,298
Multi family & commercial real estate loans		8,713			12,246			25,796			353,364			536,439
Other loans		4,688			6,809			3,527			31,999			46,453
	$	22,191		$	37,423		$	161,747		$	890,719		$	2,550,190

Loans sold	$	-		$	-		$	-		$	1,380		$	417,191

Percentage of adjustable rate loans to the total portfolio		71.27	%		71.58	%		90.17	%

Non-performing assets to total assets ratio		7.00	%		7.54	%		2.79	%

Delinquent loans:
Non-accrual loans	$	403,777		$	465,660		$	179,679
Single family loans 30-59 days delinquent	$	133,681		$	120,259		$	217,625
Single family loans 60-89 days delinquent	$	74,503		$	91,819		$	19,151

BORROWINGS:
Federal Home Loan Bank advances	$	2,060,000		$	2,300,000		$	2,084,000
Reverse repurchase agreements	$	-		$	-		$	120,000
Federal Reserve Bank borrowings	$	25,000		$	25,000		$	-

DEPOSITS:
Retail deposits	$	3,118,755		$	3,063,629		$	3,107,490
Wholesale deposits		1,797,957			1,747,307			1,061,458
	$	4,916,712		$	4,810,936		$	4,168,948

Net increase (decrease) in deposits	$	105,776		$	293,934		$	(91,467	)	$	747,764		$	(1,733,170	)

AVERAGE INTEREST RATES (CONSOLIDATED):

	As of, for the month ended December 31, 2008	As of, for the month ended November 30, 2008	As of, for the month ended December 31, 2007	As of, for the 12 months ended December 31, 2008	As of, for the 12 months ended December 31, 2007
Yield on loans	5.45%	5.67%	7.52%	6.06%	7.89%
Yield on investments	3.12%	3.10%	5.42%	4.45%	5.42%
Yield on earning assets	5.18%	5.37%	7.38%	5.93%	7.74%
Cost of deposits	3.18%	3.22%	4.17%	3.39%	4.38%
Cost of borrowings	2.92%	3.11%	4.93%	3.70%	5.32%
Cost of money	3.09%	3.18%	4.44%	3.50%	4.68%
Earnings spread	2.09%	2.19%	2.94%	2.43%	3.06%
Effective net spread	2.12%	2.24%	3.27%	2.58%	3.42%

EXHIBIT 99.2

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

Summary of Loan Portfolio Balances
	December 31, 2008					September 30, 2008					December 31, 2007
First trust deeds residential loans:
One to four units	$	4,378,731				$	4,521,889				$	4,652,876
Five or more units		1,936,286					1,857,634					1,709,815
Residential loans		6,315,017					6,379,523					6,362,691

Other real estate loans		154,995					156,134					165,453
Non-real estate loans		114,392					126,074					111,045
Total loans receivable	$	6,584,404				$	6,661,731				$	6,639,189



Single family loan portfolio by year of origination

Year of Origination	December 31, 2008					September 30, 2008					December 31, 2007
2003 and prior	$	301,288		6.8	%	$	317,558		7.0	%	$	395,506	8.5	%
2004		567,660		13.0	%		603,461		13.3	%		725,904	15.6	%
2005		1,390,979		31.8	%		1,554,599		34.4	%		2,106,973	45.3	%
2006		876,255		20.0	%		929,907		20.6	%		1,066,660	22.9	%
2007		341,023		7.8	%		355,388		7.9	%		357,833	7.7	%
2008		901,526		20.6	%		760,976		16.8	%		-	0.0	%
Total single family portfolio	$	4,378,731		100.0	%	$	4,521,889		100.0	%	$	4,652,876	100.0	%



Single family loan portfolio by original LTV ratio

Original LTV Ratio	December 31, 2008					September 30, 2008					December 31, 2007
<65%	$	949,119		21.6	%	$	922,295		20.4	%	$	817,580	17.6	%
65 - 70%		535,765		12.2	%		539,725		11.9	%		505,320	10.9	%
70 - 75%		606,856		13.9	%		617,812		13.7	%		593,386	12.8	%
75 - 80%		2,047,508		46.8	%		2,161,945		47.8	%		2,348,772	50.5	%
80 - 85%		46,797		1.1	%		53,881		1.2	%		73,564	1.6	%
85 - 90%		153,273		3.5	%		182,318		4.0	%		262,719	5.6	%
>90%		39,413		0.9	%		43,913		1.0	%		51,535	1.0	%
Total single family portfolio	$	4,378,731		100.0	%	$	4,521,889		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 Estimated Current LTV Ratio
<70%	$	941,870		21.5	%		52.3	%
>70% <=80%		643,426		14.7	%		76.0	%
>80% <=90%		554,334		12.7	%		85.0	%
>90% <=100%		629,528		14.4	%		95.0	%
>100% <=110%		590,125		13.5	%		105.1	%
>110%		796,763		18.2	%		124.3	%
Partially Charged Off (2)		137,556		3.1	%		100.0	%
Not in MSAs		85,129		1.9	%		N/A
Total single family portfolio	$	4,378,731		100.0	%		88.5	%

(1) The current estimated loan to value ratio is based on OFHEO September 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.
(2) 431 severely delinquent loans with a net balance of $137.6 million were partially charged off to their estimated collateral value.


Single family loan portfolio by borrower documentation type

Borrower documentation type	December 31, 2008					September 30, 2008					December 31, 2007
Verified Income/Verified Assets	$	1,808,445		41.3	%	$	1,717,687		38.0	%	$	1,135,358	24.4	%
Stated Income/Verified Assets		1,087,151		24.8	%		1,179,708		26.1	%		1,468,686	31.6	%
Stated Income/Stated Assets		1,100,672		25.2	%		1,205,543		26.7	%		1,506,627	32.4	%
No Income/No Assets		382,463		8.7	%		418,951		9.2	%		542,205	11.6	%
Total single family portfolio	$	4,378,731		100.0	%	$	4,521,889		100.0	%	$	4,652,876	100.0	%



Single family loan portfolio by geographic distribution

Region	December 31, 2008					September 30, 2008					December 31, 2007
Los Angeles County	$	1,233,889		28.2	%	$	1,224,568		27.1	%	$	1,148,942	24.7	%
San Francisco Bay Area		768,262		17.5	%		785,080		17.4	%		775,303	16.7	%
Central California Coast		598,268		13.7	%		612,533		13.5	%		592,547	12.7	%
San Diego Area		441,631		10.1	%		471,140		10.4	%		558,452	12.0	%
Orange County		479,464		10.9	%		478,161		10.6	%		428,667	9.2	%
San Bernardino/Riverside Counties		296,624		6.8	%		321,616		7.1	%		374,303	8.0	%
San Joaquin Valley		194,741		4.4	%		227,129		5.0	%		298,788	6.4	%
Sacramento Valley		197,861		4.6	%		222,163		4.9	%		275,313	5.9	%
Other		167,991		3.8	%		179,499		4.0	%		200,561	4.4	%
Total single family portfolio	$	4,378,731		100.0	%	$	4,521,889		100.0	%	$	4,652,876	100.0	%



Delinquent and nonaccrual loans by year of origination

Year of Origination	30-89 Days Delinquent					Non-accrual (3)					Total
2003 and prior	$	6,531		3.1	%	$	16,531		4.0	%	$	23,062	3.7	%
2004		34,968		16.8	%		50,692		12.6	%		85,660	14.0	%
2005		90,114		43.3	%		212,648		52.7	%		302,762	49.5	%
2006		61,954		29.8	%		112,298		27.8	%		174,252	28.5	%
2007		10,773		5.2	%		11,608		2.9	%		22,381	3.7	%
2008		3,844		1.8	%		-		0.0	%		3,844	0.6	%
Total single family defaults	$	208,184		100.0	%	$	403,777		100.0	%	$	611,961	100.0	%

(3) 431 severely delinquent loans with a net balance of $137.6 million were partially charged off to their estimated collateral value.



Delinquent and nonaccrual loans by geographic distribution
Region	Delinquent Balance		% of Total Delinquent			Delinquent % of regional portfolio
Los Angeles County	$	94,167		15.4	%		7.6	%
San Francisco Bay Area		113,313		18.5	%		14.7	%
Central California Coast		84,179		13.8	%		14.1	%
San Diego Area		73,569		12.0	%		16.7	%
Orange County		55,468		9.1	%		11.6	%
San Bernardino/Riverside		68,128		11.1	%		23.0	%
San Joaquin Valley		50,262		8.2	%		25.8	%
Sacramento Valley		42,303		6.9	%		21.4	%
Other		30,572		5.0	%		18.2	%
Total single family defaults	$	611,961		100.0	%		14.0	%



Delinquent and nonaccrual loans by borrower documentation type
Borrower documentation type	Delinquent Balance		% of Total Delinquent			Delinquent % of documentation type
Verified Income/Verified Assets	$	96,923		15.9	%		5.4	%
Stated Income/Verified Assets		206,940		33.8	%		19.0	%
Stated Income/Stated Assets		234,010		38.2	%		21.3	%
No Income/No Assets		74,088		12.1	%		19.4	%
Total single family defaults	$	611,961		100.0	%		14.0	%


Delinquent and nonaccrual loans by estimated current loan to value ratio
Estimated Current LTV -Price Adjusted (4)	Loan Balance			% of Total Delinquent			Average Estimated Current LTV Ratio
<70%	$	28,984			4.7	%		54.4	%
>70% <=80%		46,539			7.6	%		75.3	%
>80% <=90%		45,941			7.5	%		86.2	%
>90% <=100%		75,008			12.3	%		95.5	%
>100% <=110%		98,721			16.1	%		105.0	%
>110% <=120%		175,411			28.7	%		126.6	%
Partially Charged Off (5)		137,556			22.5	%		100.0	%
Not in MSAs		3,801			0.6	%		N/A
Total single family defaults	$	611,961			100.0	%		102.8	%

(4) The current estimated loan to value ratio is based on OFHEO September 2008 data.
(5) 431 severely delinquent loans with a net balance of $137.6 million were partially charged off to their estimated collateral value.



Forecast of single family loan portfolio payment recast
Recast quarter (6)	Recast Balance			Number of Loans

1st quarter 2009	$	43,657			95
2nd quarter 2009		67,746			163
3rd quarter 2009		110,837			267
4th quarter 2009		173,783			388
Total 2009		39 6,023			913

2010		694,260			1,508
2011		545,381			1,091
Thereafter		285,697			417
Grand total	$	1,921,361			3,929

(6) 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 9/30/2008)	$	132,957			501
Acquired REOs		168,517			361
Charged-offs and writedowns		(90,581	)		-
Sold REOs		(93,229	)		(384	)
Ending REO Balance (as of 12/31/2008)	$	117,664			478
Properties in Escrow	$	49,485			226



Loss Mitigation Activity
Loan modifications 2008 year-to-date (7)	Loan Balance			Number of Loans
Loan terms modified to:
Monthly Adjustable Interest Only 5-years*	$	256,272			528
Fixed Interest Only 5-years*		173,586			366
Monthly Adjustable Amortizing 5-years*		132,899			293
Fixed Amortizing 5-years*		40,788			96
6-month Adjustable Interest Only 5-years*		24,910			41
6-month Adjustable Amortizing*		4,129			7
Other		4,472			8
Grand total (8)	$	637,056			1,339

(7) This disclosure does not include 112 severely delinquent modified loans with a net balance of $37.3 million that were partially charged off to
their estimated collateral value and moved to non-accrual loan status.
(8) Of these 1,339 modified loans, 1,298 loans with a net balance of $619.0 million were considered to be troubled debt restructurings, based on the Bank's
underwriting of the borrower and the property at the date of the modification with discount calculation totaled $46,667.

* Revised.