MEDIA CONTACT: CORPCOMM@KINECTA.ORG
Jess Lederman Named Senior Vice President and Chief Credit Officer
A pioneer of mortgage finance, Lederman brings a wealth of experience to new role at Kinecta.
MANHATTAN BEACH, Calif. November 6, 2008 – Jess Lederman has joined Kinecta Federal Credit Union as Senior Vice President, Chief Credit Officer. Lederman will oversee 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.
“Jess brings a wealth of experience to Kinecta. He is one of the pioneers of residential mortgage finance,” said Simone Lagomarsino. “Kinecta is fortunate to have someone of his caliber and experience to help us navigate the current economic environment.”
Lederman most recently served as Chief Risk Officer and Senior Managing Director at Countrywide Financial, and played a key role in navigating Countrywide to its merger with Bank of America.
A 28-year veteran, 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.
He subsequently created a boutique investment banking and portfolio management business, served as executive director of an affordable housing charity, and built a national wholesale mortgage banking business during nine years at Ohio Savings Bank.
Among his accomplishments, Lederman is the principal architect of the first SEC-registered mortgage-backed securities (MBS) 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
A published expert on the mortgage and global financial markets, Lederman has written and lectured extensively on diverse topics, including the current credit crisis, affordable housing, risk management, pipeline hedging, and mortgage pricing strategy.
Lederman earned Bachelor of Arts and Masters in Business Administration degrees from Columbia University in New York. He has served as a member of the Fannie Mae National Housing Advisory Council, and is a former Chairman of the Mortgage Bankers Association of America Capital Markets Committee.
Kinecta Federal Credit Union is one of the nation’s largest credit unions, with more than $4 billion in assets as of September 30, 2008; 25 branches; and more than 220,000 members nationwide. Headquartered in Manhattan Beach, Calif., Kinecta offers its members a full range of financial products through the Credit Union and its subsidiaries, Kinecta Financial & Insurance Services, Apollo Agencies, and Kinecta Alternative Financial Solutions, dba Nix Check Cashing. Kinecta Federal Credit Union is a not-for-profit, financial cooperative that is owned by its members, and exists to provide a safe and convenient place for member/owners to conduct their financial business. Our earnings are returned to our members in the form of lower loan rates, higher interest on deposits and lower fees. For more information about Kinecta, visit www.kinecta.org. For more information about Nix Check Cashing, visit www.nixcheckcashing.com.