The bears continue to hammer away at...

The bears continue to hammer away at troubled Financial Corp. of America, the Irvine-based parent of American Savings & Loan Assn. According to the most recent issue of the Overpriced Stock Service, Ursae Majoris (or Big Bear, as the editor is known): “The stock is headed for zero, folks--the big goose egg.”

The investment letter says FCA cannot make money from its operations and warns that income from extraordinary sources--such as sale of assets--will likely dry up. In fact, the letter said it is likely that FCA’s American Savings unit will be taken over by federal regulators by year end.

‘Optimist of the Year’

Meanwhile, the California Research Report, a newsletter that covers the financial-services industry, named FCA Chairman William Popejoy the Optimist of the Year for his recent comment that “I believe the company has a promising future.”

Report editor Salvatore Serrantino said, “In view of the cold, hard facts about the troubled S&L;, it’s hard to take (Popejoy) seriously.”

Serrantino reported that FCA’s operating loss in the first quarter was $17.3 million, more than twice as bad as the $7.3 million operating loss for the year-earlier quarter.

In trading on the NYSE Friday, FCA shares closed at $6.375, up 37.5 cents for the day, but down about 50% from the 52-week high of $12.875. The stock’s 52-week low was $5.50.