Santa Ana politicians may be in trouble as bad loans catch up with Downey Financial

Another bank is in trouble – and this time the repercussions might be felt especially hard in Santa Ana.  “Reeling from a growing pile of delinquent mortgages, Downey Financial Corp. on Thursday reshuffled its top management and signaled that it would seek to sell the company,” according to the L.A. Times.

Santa Ana Planning Commissioner Eric M. Alderete is Vice President and Senior Counsel for Downey Savings and Loan.  And Santa Ana Clowncilman David Benavides (pictured above) also works at Downey Savings.  Some say that Alderete got him a job after Benavides was elected to the Clowncil, at the behest of Santa Ana Mayor Miguel Pulido.

Alderete serves as Clowncilman Vince Sarmiento’s appointment to the Planning Commission.

If Downey is sold to another bank, which appears to be in the works, Alderete and Benavides might be looking for work.  Don’t be surprised if you see them both walking precincts for Pulido in November.  They both might be looking to Pulido to find them new jobs shortly.

“Downey has a strong customer base that might be attractive to other banks, analysts said, although its deposits have been shrinking this year. It also owns most of its bank buildings, some shopping malls and other real estate.”

Downey might be down in the dumps, but they have assets and will probably find a buyer eventually.  In the meantime don’t be surprised if Alderete and Benavides start shopping their resumes around town.  You may even see them working as human signs with “Vote for Pulido” emblazoned on their twirling placards…

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