SECURITIES AND EXCHANGE COMMISSION FORM 8-K FOR 10/21/04 Sale of $1 billion of Portfolio Loans

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SECURITITES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):   October 21, 2004

DOWNEY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

1-13578
(Commission File Number)

33-0633413
(IRS Employer Identification Number)

3501 Jamboree Road
Newport Beach, California
(Address of principal executive offices)

92660
(Zip Code)

Registrant’s telephone number, including area code:   (949) 854-0300

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 8.01  Other Events.

On October 21, 2004, Downey Financial Corp. announced it entered into an agreement to sell $1 billion of portfolio loans on a servicing released basis. The transaction is anticipated to close at the end of November.

Item 9.01  Financial Statements and Exhibits.

(c) Exhibits

99.1  Press release dated October 21, 2004 reporting the announcement of $1 billion sale of portfolio loans.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DOWNEY FINANCIAL CORP.
(Registrant)

 

 

Date:  October 22, 2004

By           /s/ Thomas E. Prince            
Thomas E. Prince
Chief Operating Officer and
Chief Financial Officer

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EXHIBIT INDEX

 

EXHIBIT
NUMBER


DESCRIPTION

99.1

Press release dated October 21, 2004 reporting the announcement of $1 billion sale of portfolio loans.