INDEPENDENT AUDITORS' CONSENT


The Administrative Committee
Downey Savings and Loan Association, F.A.
   Employees' Retirement and Savings Plan:


We consent to  incorporation in the  Registration  Statement (No.  333-30483) on
Form S-8 of Downey  Financial  Corp. of our report dated May 5, 2000 relating to
the  statements of net assets  available for plan benefits of the Downey Savings
and Loan Association, F.A. Employees' Retirement and Savings Plan as of December
31, 1999 and 1998, the related statements of changes in net assets available for
plan  benefits  for the years then ended and the  supplemental  schedule,  which
report  appears in the  December  31, 1999 annual  report on Form 11-K of Downey
Savings and Loan Association, F.A. Employees' Retirement and Savings Plan.




                                      /s/ KMPG LLP
Los Angeles, California
June 19, 2000