Countrywide Financial Corp., the nation's largest residential lender, has named former San Francisco Federal Reserve Bank president Robert T. Parry to its board.Mr. Parry, who served as president and chief executive officer of the San Francisco Fed for 18 years, was also a member of the Federal Open Market Committee, which sets the target for the overnight federal funds rate. Meanwhile, Countrywide's stock split two-for-one before the market opened on Tuesday.
The government guarantor aims to distinguish delinquencies reported as a result of a Federal Housing Administration rule change from broader market trends.
The Long Island-based regional bank, which has been in turnaround mode for two years, reduced its earnings per share guidance for 2026 and 2027. It cited an expected decrease in net interest income due to higher levels of payoffs and paydowns in commercial real estate.
Delinquencies also showed signs of overall improvement in March, despite an increase in foreclosure numbers, ICE Mortgage Technology said.
But in its earnings release, parent company Hilltop Holdings warned its full year 2026 results are going to be impacted by things outside of its control.
U.S. Attorney for the District of Columbia Jeanine Pirro said in a social media post Friday morning that the Justice Department is closing its investigation into Federal Reserve Chair Jerome Powell, clearing a path for Kevin Warsh to be confirmed as Powell's replacement.
The bank denied Black, Latino and Asian mortgage applicants roughly twice as frequently as white applicants in North Carolina, according to a study from the Americans for Financial Reform Education Fund.
