Downey Savings: We’ve Lost the Patient

You may remember my post from a while back about Newport Beach-based bank Downey Savings being on life support. Well, the plug was officially pulled, and time of death was called late in the afternoon on Friday November 22.

Federal regulators seized them, and according to the LA Times, all branches will still be open under the ownership of Minneapolis-based US Banks.

Like countless others, the real estate bubble is what did Downey Savings in.  The fallout continues, and it ain’t over yet.

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