Former Countrywide Exec Shares Why He's Crossed to the Nonprofit Side

MANHATTAN BEACH, Calif. — Kinecta Federal Credit Union shocked the industry again on Oct. 30, when it announced it had hired former Countrywide Financial executive Jess Lederman to fill the newly created position of senior vice president and chief credit officer. The $4.4 billion Kinecta made headlines last year when it purchased alternative services provider Nix Check Cashing.

Lederman, a high-profile industry veteran who played a key role in Countrywide’s merger with Bank of America, said his two-year Countrywide stint was only one short chapter in his career. Lederman was director of pricing and research for PMI Mortgage Insurance before holding senior positions with Sears Mortgage Securities Corp. and Bear Stearns Mortgage Capital, pioneering the first private-sector counterparts to Fannie Mae and Freddie Mac.