''Option ARM specialist Downey Financial Corp. (DSL: 14.04, +1.52%) said after market close on Monday that it lost $247.7 million — $8.89 per share — during the first quarter of 2008, as the volume of sour loans on its books continued to skyrocket upward. The first quarter loss compares to earnings of $42.9 million, or $1.54 per share, one year earlier.''

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