An accomplished entrepreneur and financial expert, Michael Nierenberg has tremendous industry knowledge, skill, experience, and expertise which has allowed him to hold high positions in banking and finance companies throughout the United States and operating on a worldwide scale. Gaining his industry start at Lehman Brothers in New York where he worked for seven years. In his time there he assisted in the implementation of the company’s well-known adjustable rate mortgage business. From Lehman Brothers, Nierenberg came aboard Bear Stearns where he would rise to a variety of reputable leadership positions during his 14 years with the company. Some of these included co-head of mortgage backed securities trading, head of interest rate and global exchange operations, and co-head of structured products.
Following his lengthy employment with Bear Stearns before it was acquired by J.P. Morgan Chase, Michael Nierenberg successfully survived the transition and became head of Global Mortgages and Securitized Products, as well as a member of the management committee. Nierenberg transitioned to Merrill Lynch in November of 2008, which was later bought out by Bank of America. During his time at Bank of America Merrill Lynch, Michael Nierenberg held the position of Managing Director and Head of Global Mortgages and Securitized Products.
All of this experience is currently being put to great use as President, Chairman of the Board, and Chief Executive Officer of New Residential Investment Corporation and, simultaneously, as a Managing Director of Fortress Investment Group.
New Residential Investment Corporation is spin-off of Newcastle Investment Corporation, which was its former managing corporation. New Residential Investment Corporation is now managed by Fortress Investment Group and the company is publicly traded. The bread and butter of the New Residential business is found in capitalizing on residential real estate opportunities. Through the use of non-agency residential backed securities, the company capitalizes on the expertise of the highly reputable investment professionals employed by New Residential in order to maximize returns and increase shareholder dividends. The manner in which this is accomplished uses the aforementioned securities, also known as RMBDs, and leverages the marginal rate of substitution to effect profitable transactions.
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