Michael Nierenberg has distinguished himself in the world of mortgage investment and banking, currently holding the positions of Chairman of the Board, President and Chief Executive Officer (CEO) for the residential investment giant, New Residential Investment Corp. Before ascending to his position at New Residential Corp, Michael Nierenberg spent time in significant positions at some of the largest names on Wall Street. These include Lehman Brothers, Bear Stearns, JP Morgan, and Bank of America Merrill Lynch.
Starting his impressive career, Michael Nierenberg helped to build Lehman Brothers adjustable rate mortgage business. He moved on from Lehman Brothers to take several senior leadership positions with Bear Stearns, including the head of interest rate and foreign exchange trading operations, co-head of structured products, and co-head of mortgage-backed securities trading.
Michael Nierenberg was at Bear Stearns when the subprime mortgage crisis, primarily associated with the Great Recession in 2008, occurred. Bear Stearns and Lehman Brothers, the two firms he worked for, went under. He fought a lawsuit from the Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, and was accused of lying to federal regulators concerning financial disclosures. Despite this potentially career ending set back, Michael Nierenberg bounced back quickly. Soon, he bounced back to become the head of Global Securitized Products for JP Morgan. After a few years with JP Morgan, Michael Nierenberg filled the same role at Bank of America Merrill Lynch.
Since accepting the position of President and CEO at New Residential Investment Corp, in November of 2013, the residential investment firm has experienced impressive gains. As of the end of year in 2017, New Residential Investment Corp has produced 1.7 billion dollars in total lifetime dividends to shareholders. Such success propelled him to the position of Chairman of the Board in May 2016.
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