Jess Lederman, who a few months ago left Kinecta Federal Credit Union, is now heading up Great Western, a mortgage affiliate of Frontier Bank FSB, Park City, Utah.
In a brief interview Lederman confirmed that he is president of the privately held Great Western, working out of its offices in Manhattan Beach, Calif. (Kinecta is also based in Manhattan Beach.)
Lederman, who helped pioneer the MBS market back in the 1980s when he was at Bear Stearns & Co., noted that Great Western is currently funding home mortgages but said he could not talk about its operations further at this time. "We're trying to keep everything quiet right now," he said.
However, industry sources note that Frontier is controlled by California savings and loan executive James Montgomery, who years ago was CEO of Great Western Financial, once of the largest thrifts in nation. In the late 1990s, Washington Mutual of Seattle bought Great Western.
While at Kinecta, Lederman ran the CU's mortgage business, concentrating on jumbo loan production and working with loan brokers. During his career, Lederman also has worked at Ohio Savings and Loan.
