Countrywide Financial Corp. said on Wednesday that Henry Cisneros, a former U.S. Secretary of Housing and Development during the Clinton administration, resigned from its board of directors.
Cisneros is currently chairman of Citiview, a company that finances urban home builders.
I need to focus my time and energies on putting CityView in the best position to adjust to the demands of the period ahead, Cisneros said in a statement.
The board of directors shift at Countrywide, the largest U.S. mortgage company, comes a day after it unveiled a $16 billion plan to help homeowners modify their loans to stem potential losses due to an increasing number of delinquencies and foreclosures in the so-called, 'subprime' market for buyers with poor credit histories.
Countrywide's chief executive, Angelo Mozilo, has been coming under increasing fire due to the company's troubles.
However in his departing remarks, Cisneros expressed enormous confidence in the company's leadership.
My respect for the Countrywide Board of Directors and its leader, Angelo Mozilo, is unwavering, Cisneros continued. Cisneros added that the company is well-managed.