September 4, 2007 / 6:16 PM / in 12 years

Countrywide Financial names chief risk officer

NEW YORK, Sept 4 (Reuters) - Countrywide Financial Corp CFC.N named Jess Lederman as chief risk officer on Tuesday, as the largest U.S. mortgage lender confronts a slumping housing market.

Lederman joined Countrywide in 2005, and was most recently managing director of products and pricing. In his new job, he will oversee credit and counterparty risk management as well as mortgage insurance. The 27-year industry veteran will report to Kevin Bartlett, Countrywide’s chief investment officer.

Calabasas, California-based Countrywide has suffered from rising delinquencies and foreclosures. Last month, it unexpectedly drew down an $11.5 billion credit line because it had trouble selling short-term debt.

The company in August also received a $2 billion infusion from Bank of America Corp (BAC.N), allowing the second-largest U.S. bank to take a roughly one-sixth stake in the company. (Reporting by Jonathan Stempel)

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