Loan modifications have saved many people from losing their homes, but can they rescue a thrift from being seized by regulators?

Babette Heimbuch, the chairman and chief executive of FirstFed Financial Corp., said she is "hoping" regulators will take into account the 2,000 families its $6.8 billion-asset First Federal Bank of California has saved from foreclosure so far, as the company struggles to save itself by raising capital from investors.

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