Mortgage lender Downey Financial saw its nonperforming assets increase to $388 million at the end of October, a 50% jump in just three months' time.The California-based thrift reported that 2.74% of its $14.18 billion in assets were nonperforming at the end of October, compared with 1.77% at the end of July. (At the end of July it had reported assets of $14.66 billion.) In a research note, Credit Suisse said, "With ARM resets looming, coupled with declining home prices, borrowers are finding it much more difficult to refinance existing loans, exacerbating Downey's delinquency problem." Downey can be found on the Web at http://www.downeysavings.com.
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