Consent of Independent Auditors





The Board of Directors
Downey Financial Corp.:

We  consent  to  incorporation  by  reference  in  the  registration   statement
(No.333-30483) on Form S-8 of Downey Financial Corp. of our report dated January
20, 1999, relating to the consolidated  balance sheets of Downey Financial Corp.
as of December 31, 1998,  and 1997, 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, 1998, which report appears
in the December 31, 1998, annual report on Form 10-K of Downey Financial Corp.


/s/  KPMG LLP
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Los Angeles, California
March 15, 1999