Downey Financial (DSL)

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• FORM 8-K Cover Page
• Items Reported
• Signatures
• Exhibit Index

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SECURITITES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

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

Date of Report (Date of earliest event reported):   January 18, 2006

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

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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On January 18, 2006, Downey Financial Corp. issued a press release reporting its results of operations during the three and twelve months ended December 31, 2005. A copy of the press release is furnished as exhibit 99.1 of this report.

(c) Exhibits

99.1  Press release dated January 18, 2006 reporting results of operations during the three and twelve months ended December 31, 2005.

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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.

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