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Exec Shakeup, Soaring Delinquency at Downey

$1.0 billion Q2 production

July 24, 2008

By MortgageDaily.com staff

Downey Financial Corp. reported a big loss, soaring delinquency and higher originations. Sweeping management changes were also announced.

Second-quarter loan originations were $1.0 billion, the Newport Beach, Calif.-based company reported today. Business was better than $0.7 billion during the first quarter but worse than $1.2 billion a year earlier.

Downey said it serviced $5.4 billion in mortgages for others as of June 30. Its residential portfolio ended the period at $10.9 billion, while home-equity lines-of-credit were $0.1 billion. Commercial mortgages, including multi-family and construction loans, were $0.2 billion.

Delinquency of at least 30 days was a whopping 11.21 percent at the end of June, soaring from 8.62 percent at the end of March and more than a five-fold increase over a year earlier.

The company reported that it lowered interest rates on $320 million in current mortgages to the same rates it is giving new borrowers. In addition, $79 million in mostly negative-amortization loans saw rates lowered below current market rates.

Non-performing assets of $2.0 billion represented 15.5 percent of total assets -- increasing more than 10-fold from a year earlier.

Downey reported a $219 million second-quarter loss, better than the first-quarter loss of $248 million but worse than the $33 million profit a year earlier. The latest results reflected a $249 million increase in the provision for credit losses.

Downey said it appointed Chief Operating Officer Thomas E. Prince to the role of interim chief executive officer until a replacement is found for Daniel D. Rosenthal, who retired. In addition, Downey's chairman, Maurice L. McAlister, has retired and been replaced by Michael D. Bozarth, and Gary W. Brummett has been named vice chairman.

The shake-up at the top follows the firing of Frederic R. McGill as president earlier this month.

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