Jess Lederman, a co-founder of two of the first private-sector counterparts to Fannie Mae and Freddie Mac, is one of the pioneers of the secondary market. A 27-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. He was co-founder of an investment management firm in the late 1980's that played a lead role in the early development of the market for senior/subordinate securities, and subsequently served as director of an affordable housing charity in Jackson Hole, Wyoming. Before joining Countrywide in 2005, Lederman spent nine years building a successful national mortgage banking business at Amtrust Bank (fka Ohio Savings Bank), where also played a key role in the bank's asset allocation strategy.

Lederman served as Chairman of the Mortgage Bankers Association's Capital Markets Committee in 2000. Among his accomplishments, he was the principal architect of the first SEC-registered securities backed by ARMs and the first limited partnership created to invest in subordinate mortgage-backed securities, and created innovative vehicles to finance affordable housing for community land trusts. Lederman has published over 40 anthologies on the mortgage and global financial markets, and has written and lectured extensively on diverse topics, including pipeline hedging and mortgage pricing strategy. He graduated Summa Cum Laude and Phi Beta Kappa from Columbia University, where he received both his BA and MBA.