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Downey wrote too many weak loans-- will go bankrupt
DSL
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+80.88%
in
71 days
(closed on 07/24/08)
Downey is behind a lot of loans to middle class Californians that speculated on housing prices in the 2002-2007 boom. This will more than come back to haunt them, it will bankrupt them in the coming year or two.
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Downey's book feather-soft?
DSL
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+23.79%
in
36 days
(closed on 03/23/08)
Shareholder equity per share is $47, trading at ±75% equity value right now (yahoo finance reports this as 59% or assuming a book value of 47.9, but I think this maybe old data (i.e. older than the latest annual report)) 13B in loans, >80% in SoCal. 10% NPL, growing monthly, doubling in the next 6 months or so i think, probably will settle in at 15-20%. Assuming 25% right off (given the SoCal price plummet, high inventory and the credit condition right now, as well as the amount of liar loans generated at the time), we are lookinag at 13B * 0.15 * .25 = 480million. That's the final writ...
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From the Blogosphere
Notable Mergers and Acquisitions of the Day 11/24: JNJ/OMRI, USB/DSL/PFFB, FNF/LFG, KG/ALO
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<>Johnson & Johnson (NYSE: JNJ) definitive agreement to acquire Omrix Biopharmaceuticals, Inc. (Nasdaq: OMRI) for approximately $438 million in a cash tender offer. Under the terms of the agreement, Johnson & Johnson will commence a tender offer to purchase all outstanding shares of Omrix at $25.00 per share, which is expected to close by the end of December 2008.
<>U.S. Bancorp (NYSE: USB) acquired the banking operations of two separate California financial institutions from the Federal Deposit Insurance Corporation.The two acquired institutions are Downey Savings & Loan Association, F.A., th...
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What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup
What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup
Chris Whalen
November 24, 2008 <><>Christopher Whalen is Managing Director of IRA. Chris has worked as an investment banker, research analyst and journalist for more than two decades. After graduating from Villanova University in 1981, Chris worked for the U.S. House of Representatives and then as a management trainee at the Federal Reserve Bank of New York, where he worked in the bank supervision and foreign exchange departments. Chris subsequently worked in the fixed income department of Bear, Stearns & Co, in L...
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What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup
What Barack Obama Needs to Know About Tim Geithner, the AIG Fiasco and Citigroup
Chris Whalen
November 24, 2008 On Friday, the FDIC closed and facilitated the sale of two CA savings banks, Downey Savings and Loan, the bank unit of Downey Financial Corp (NYSE:DSL) and PFF Bank and Trust, Pomona, CA. All deposit accounts and all loans of both banks have been transferred to U.S. Bank, NA, lead bank unit of US Bancorp (NYSE:USB). All former Downey and PFF Bank branches reopen for business today as branches of U.S. Bank. <>Earlier this year we wrote positively about Downey and the funding advantage...
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Unusual 11 Mid-Day Movers 11/11: OPTR, TMA, HQS, HZO Higher; GGP, DSL, SGMO, GNW Lower
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Optimer Pharmaceuticals, Inc. (Nasdaq: OPTR) 87.6% HIGHER; released positive top-line results from a pivotal Phase 3 clinical study of the Company's lead anti-infective drug candidate, OPT-80, in patients with Clostridium difficile Infection.General Growth Properties (NYSE: GGP) 69.4% LOWER; in a Form 10Q announced that it may not be able to refinance or reschedule loans due December 1, due to the credit crisis. Also disclosed that it may fail to rearrange $3 billion in debt maturing next year.Downey Financial (NYSE: DSL) 62% LOWER; in a Form 10Q, disclosed that it may be seized by regulato...
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Cramer on BloggingStocks: Playing the bounce
Filed under: Market matters, Target Corp. (TGT), Cramer on BloggingStocks  TheStreet.com's Jim Cramer says you can game the psychology of the market if you want, but know the rules.
I see the plan: Every day that the market looks like it is going down we give $10 billion to some bank! It is sure-fire. Did you notice the momentary weakness in France Monday? Quick, cut checks to BNP, SocGen and Agricole. Why not? When ING (NYSE: ING) (Cramer's Take) looked like it was a disaster, giving $13 billion to that one-time conservative bank turned all of Europe around!
Monday, when there was a ...
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About Downey Financial Corp.
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