EXHIBIT 23.1


                         CONSENT OF SCOTT BANKHEAD & CO.






June 27, 1997

Board of Directors
Downey Financial Corp.
3501 Jamboree Road
Newport Beach, CA 92660



We consent to the  incorporation by reference in the  Registration  Statement on
Form S-8 of Downey  Financial  Corp.  pertaining to the Downey  Savings and Loan
Association,  F.A.  Employees'  Retirement  and Savings Plan of our report dated
September  20,  1996 with  respect  to the  financial  statements  of the Downey
Savings and Loan Association,  F.A.  Employees'  Retirement and Savings Plan for
years ended  December 31, 1995 and 1994 which report  appears in the 1995 Annual
Report on Form 11-K of Downey  Savings  and Loan  Association,  F.A.  Employees'
Retirement and Savings Plan.

Very truly yours,



/s/ Scott, Bankhead & Co.