Stocks

In an echo of the rescue deals of 2007 and 2008, New Residential's CEO framed the transaction as something undertaken to benefit the entire industry.

Growth outside of its residential mortgage business contributed to Flagstar Bank beating first-quarter earnings estimates, company executives said.

Bankers, directors and other large investors are unloading millions of shares as bank stocks stay close to all-time highs.

Oaktree and Thomas H. Lee will still have large positions in the company after the planned sales.

The French company will still have a majority stake after selling 25 million shares.