Downey Financial could be on Hilltop's shopping list

Newport Beach, Calif.-based savings and loan Downey Financial Corp. could be acquired by investment firm Hilltop Holdings Inc., according to a report by the Los Angeles Times.

Hilltop has already acquired a 6.8% stake in Downey with its most recent purchases of $63.4 million of stock with an average share price of $33.54 a share between Nov. 2 and Nov. 16.

Downey's stock has been on a nosedive this year, falling 54% because of rising default loans. As a result, Downey registered its first quarterly loss — $23 million — since 1996. — Gerald Magpily

See Los Angeles Times article

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