Cisneros resigns from Countrywide

Countrywide Financial Corp. said Henry Cisneros, a former U.S. secretary of Housing and Urban Development, had quit its board of directors.

Cisneros notified Countrywide of his resignation in an Oct. 18 letter, saying he was leaving to spend more time as chairman of CityView, which provides financing to U.S. home builders.

In a statement, Cisneros called Countrywide a "well-managed company" and said he had "enormous confidence" in its leadership.