Downey Financial reports loss from lacking funds
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Newport Beach-based Downey Financial reported a third-quarter loss of more than $81 million Wednesday as more borrowers fell behind on mortgage payments.
Downey announced last week that it would shut down its wholesale loan department, cutting about 200 positions companywide.
The company was ordered in September by its main regulator, the Office of Thrift Supervision, to raise more capital.
The company put its 337,384-square-foot office headquarters on Jamboree Road up for sale earlier this year. Real estate industry trackers report that the company is asking $115 million for the building.
— Brianna Bailey
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