EXHIBIT 23.1


                          CONSENT OF KPMG Peat Marwick






                          Independent Auditors' Consent

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

We consent to the incorporation by reference in the Registration  Statement (No.
33-0483) on Form S-8 of Downey Financial Corp. of our report dated June 26, 1997
relating to the  statement  of net assets  available  for plan  benefits and the
statement  of changes in net assets  available  for plan  benefits of the Downey
Savings and Loan Association,  F.A. Employees' Retirement and Savings Plan as of
and for the year ended  December  31,  1996,  and all related  schedules,  which
report  appears in the December 31, 1996,  annual  report on Form 11-K of Downey
Savings and Loan Association, F.A. Employees' Retirement and Savings Plan.

/s/  KPMG Peat Marwick

Los Angeles, California
September 3, 1997