Jess Lederman, who a few months ago left Kinecta Federal Credit Union, is now heading up Great Western, a mortgage affiliate of Frontier Bank in 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 also is based in Manhattan Beach.)
Lederman, who helped pioneer the mortgage-backed securities market back in the 1980s when he was at Bear Stearns & Co., said Great Western is funding home mortgages but that he could not now talk further about its operations. "We're trying to keep everything quiet right now," he said.
However, industry sources noted that Frontier is controlled by California savings and loan executive James Montgomery, who years ago was CEO of Great Western Financial, then one of the largest thrifts in nation. In the late 1990s, Washington Mutual Inc. in Seattle bought Great Western.
While at Kinecta, Lederman ran the credit union's mortgage business, concentrating on jumbo loan production and working with loan brokers.
