Prior to becoming the chief executive officer of New Residential , Michael Nierenberg served a tenure at Global Mortgages and Securitized Products at Bank of America Merrill lynch as the managing director, Furthermore, in the past, he was also the managing director at Fortress Investment Group. His vast grasp, skills and experience in the world of Business has greatly aided Michael Nierenberg’s career and him being recommended in demanding positions. At the Age of 55, the financial expert form 2006 to 2008 was a member of the Board of directors for Bear Stearns after being with Lehman brothers for seven years. He was a key force in building Lehman brothers’ versatile mortgage business.
With an estimated Networth of 42million dollars, Michael Nierenberg possess over 1.5 million units worth 42million dollars of New Residential Investment Stock which only proves the type of monetary investing genius Michael Nierenberg is and what he brings at the table at both New Residential and Fortress Investment Group. Nonetheless, he has been chairman of the board, executive officer, and President of New Residential since 2016. himself plus other independent directors have been trading stocks every 166 days averagely worth over 8million dollars, with most recent one executed by him.
Being the president of a real estate investment firm which pinpoints on the administration and subsidisation of residential mortgage related assets in the United States, the successful investment advisor invests in excess Mortgage Investment Servicing Rights on servicer advancement and residential related mortgage loans thus making his company have a way with customers as it has the full rights to customers’ loan confidentiality and merits. Moreover, he played a major part in the firm to qualify as a real estate investment venture for federal income tax purposes which means it distributes over 80% of its taxable income to its stockholders, thus the firm is not subjected to federal corporate income.
Under his leadership, the company founded in 2011 and which is based in New York has generally improved especially in stock trading as recorded prior to the financial expert joining New Residential. Also he introduced the concept of the company in having an interest in customer’s loan portfolios.
Michael Nierenberg’s social Media: twitter.com/newresidential