The former chief executive officer of Bear Stearns Residential Mortgage Corp. has been tapped to head Accredited Home Lenders Holding Co.
Jeff Walton was named CEO of the San Diego-based company, a press release today said.
Walton previously was president, CEO and senior managing director of Bear's Stearn's mortgage unit, today's statement said. He was named CEO of that unit in October 2007.
Walton also previously served as president of First National Bank of Arizona's mortgage unit, which shut down its Alt-A wholesale lending operations in August 2007.
Affiliates of Accredited's parent, Lone Star Funds, acquired some of the operating assets and rights to certain operating assets of Bear Stearns Residential Mortgage Corp. last week -- just prior to the acquisition of The Bear Stearns Companies Inc. by JPMorgan Chase & Co. A Lone Star spokesman could not confirm what assets were involved in that sale.
Walton replaces Jim Moran -- who himself replaced Accredited co-founder James A. Konrath in February.
Walton takes over at Accredited just two days after the company announced a massive restructuring involving an undisclosed number of layoffs and the closing of operations centers in Orange, Calif.; Beaverton, Ore.; St. Petersburg, Fla.; and Woodcliff Lake, N.J.
"While there is a lot of work ahead as the company enhances its product mix and retools for operational efficiencies, I am excited and energized by the enormous potential I see at Accredited," Walton stated in today's announcement.