Tag Archives: downey financial corp

Troubled ARM Loans Doom Wachovia

From Bloomberg: Wachovia fell 52 percent to $4.88 in German trading. Wachovia’s plight stems from the $24 billion acquisition of Golden West Financial Corp., a California lender that specialized in payment-option adjustable-rate mortgages. Analysts at Fitch Ratings predict default rates … Continue reading

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Helping Troubled Banks

From the Los Angeles Times: The government’s $700-billion bailout plan probably comes too late to help such faltering lenders as FirstFed Financial Corp. of Los Angeles and Downey Financial Corp. of Newport Beach, which stuffed their investment portfolios with multibillion-dollar … Continue reading

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Finding Option ARM Mortgages

From CNN: NEW YORK -(Dow Jones)- Of all the large lenders that wrote Option ARM, or so- called Pick-A-Pay mortgages, only two notable names – Downey Financial Corp. ( DSL) and BankUnited Financial Corp. (BKUNA) – remain independent. Option-ARM mortgages … Continue reading

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IndyMac Bank Slashes Workforce

From the Los Angeles Times: IndyMac Chief Executive Michael W. Perry said attempts to work with investment bankers to raise capital, announced in March, had been unsuccessful. IndyMac shares, which traded above $30 last July, closed at 71 cents Monday, … Continue reading

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Refinance Crisis Forces Southern California Savings & Loans To Struggle

The Los Angeles Times reports: 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 … Continue reading

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I Hope My Bank Doesn’t Have All Its ‘Capital’ In Junk Loans

Downey Savings, and then not far behind them, First Federal and Washington Mutual are going to have all the "capital" in junk loans.  No one should have any faith in the banking system and should move their money out of … Continue reading

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