CONSENT OF INDEPENDENT AUDITORS




The Board of Directors
Downey Financial Corp.:

We  consent  to  incorporation  by  reference  in  the  registration  statements
(No.333-30483)  on Form S-8 and (No.  333-50416) on Form S-3 of Downey Financial
Corp. of our report dated January 17, 2001, relating to the consolidated balance
sheets of Downey  Financial  Corp.  as of December  31,  2000 and 1999,  and the
related consolidated statements of income,  comprehensive income,  stockholders'
equity  and cash  flows for each of the  years in the  three-year  period  ended
December 31, 2000, which report appears in the December 31, 2000,  annual report
on Form 10-K of Downey Financial Corp.


                                            /s/  KPMG LLP


Los Angeles, California
March 6, 2001