EXHIBIT 23



                               CONSENT OF KPMG LLP






                                                                      EXHIBIT 23



                          INDEPENDENT AUDITORS' CONSENT



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


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 May 14,
1999 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 and for the year ended December 31, 1998, and 1997, the related statements
of changes in net assets  available  for plan  benefits for the years then ended
and supplemental schedules, which report appears in the December 31, 1998 annual
report on Form 11-K of Downey  Savings  and Loan  Association,  F.A.  Employees'
Retirement and Savings Plan.



/s/  KPMG LLP

Los Angeles, California
June 21, 1999