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Wed May 21st 08:48 AM | Rating: 0 0
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Downey Financial's Cushion Not So Soft After All

Jessica -

This is not another victim of the 'sub-prime fiasco - DSL promoted itself as non-subprime lender.

DSL's wounds are self inflicted - poor underwriting evidenced by no-doc, neg-am loans originated thru outside brokers. Their loans portfolio is self-destructing.

According to the Q1_10Q, 36% percent of loans hitting their recast go delinquent.

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