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Accredited hires former Bear Stearns exec to its top post.(FINANCE)(Jeff Walton appointed by Accredited Home Lenders)

We don't know what happened to 7,600 Bear Stearns employees on the chopping block following its acquisition by JP Morgan Chase & Co., but one landed a job in San Diego.

He's Jeff Walton, and he's the new CEO at Accredited Home Lenders, the San Diego-based subprime mortgage bank now owned by a Texas investment bank.

Walton replaces Jim Moran, who had been interim CEO since February when former co-founder, chairman and CEO Jim Konrath resigned.

Accredited didn't have anywhere near the spectacular failure that Bear Stearns had when its stock went into a free fall earlier this year following heavy speculation about the mountains of subprime loans on its books.

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