MANHATTAN BEACH, Calif. — Kinecta Federal Credit Union has hired former Countrywide Chief Risk Officer Jess Lederman as Senior Vice President, Chief Credit Officer.
The high-profile mortgage industry veteran played a key role in Countrywide's merger with Bank of America. Lederman began his career as Director of Pricing and Research for PMI Mortgage Insurance before holding senior positions with Sears Mortgage Securities Corporation and Bear Stearns Mortgage Capital, two of the first private-sector counterparts to Fannie Mae and Freddie Mac.
Among his accomplishments, Lederman is the principal architect of the first SEC-registered mortgage-backed securities backed by ARMs and the first pool of capital formed to invest in subordinate MBS, and created innovative financing vehicles to support affordable housing offered by community land trusts.
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"Jess brings a wealth of experience to Kinecta. He is one of the pioneers of residential mortgage finance," said President/CEO Simone Lagomarsino. "Kinecta is fortunate to have someone of his caliber and experience to help us navigate the current economic environment."
Lederman will oversee the $4.4 billion Kinecta's credit policy, analytics, and loan underwriting for commercial, real estate and consumer lending. He will also have responsibility for portfolio management, secondary marketing, appraisal, servicing, and collections.
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