Banks
Downey Joins Warning Parade
Downey operates 168 branches in California and Arizona.
Downey joins big banks including Citigroup(C), Washington Mutual(WM) and Sovereign Bancorp(SOV) in taking big hits tied to the downturn in the housing market as well as this summer's credit crunch. Rosenthal added that the bank has further tightened its lending guidelines, implemented a loan modification group to work with borrowers and provided resources to dispose of homes acquired through foreclosure on a timely basis. "Downey remains well positioned to continue funding quality loans because of our strong capital position and stable source of funds from our retail branch franchise," he said. Shares were down $2.38 to $56.99.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
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| 12,419.86 | 1,313.32 | 2,837.36 | 16.25 |
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