Downey Savings

US Bank Posting $1.2b Writedown, No Mention of Downey

US Bank is posting $1.2b in writedowns for the fourth quarter according to WSJ. This is due largely to loan losses. It’s unclear whether this includes the losses from recently acquired Downey Savings following the FDIC’s seizure of Downey. Downey was one of the top originators of Option ARM loans, which led to their demise