by Tanta on 4/18/2007 07:23:00 AM

Downey Financial (DSL), one of our favorite California thrifts stuffed to the overhead bins with neg-am ARMs, has a press release out this morning.

Highlights:

• REO doubled in Q107 from $8.5MM to $17.2MM
• Non-performing assets were .94% of all assets, up from .68% at 06 year-end and .22% a year ago
• Delinquencies were 1.32% of total loans, up from 1.03% at Q406 and .32% a year ago
• Neg am ARMs are down to a mere 81% of portfolio, from 92% a year ago. Neg am during Q1 was $37MM or 3.56% of neg am portfolio, representing 31% of loan interest income
• Allowance for loan losses was unchanged from Q406 and down $9.4MM from a year ago