New Residential Investment Corp Board of Directors concluded that Michael Nierenberg is a deserving Chairman of the Board of Director in 2016. He is also the serving President and CEO in the same company. Michael Nierenberg owns more than 60,000 units at NRZ stock worth over US$16 million. His total estimated net worth is over US$16.5 million as of February this year. Since 2016, Michael Nierenberg has made over four stock trades. In 2018 only, Michael managed the acquisition of over 1.5 million units worth over US$ 25.5 million. Michael Nierenberg’s success did not come on a silver platter. His hard work and determination are what gave him his fortune. His managerial career began at Lehman Brothers where he stayed for seven years. He was a crucial influence in re-establishment of the firm’s adjustable rates in the mortgage business.
Michael Nierenberg joined Bear Stearns and was made a Board of Directors member from 2006 to 2008. He also co-headed mortgage-backed securities trading and structured products and headed foreign exchange trading and interest rate operations. His work at Bear Stearns lasted fourteen years. Later, Michael Nierenberg was employed at JP Morgan and led the Global Securitized Products. He was also a member of the management committee. In November 2008, Michael left JP Morgan for the Bank of America Merrill Lynch. He was the head of Global Mortgages and Securitized Products Division as well as the Managing Director. All these positions honed Michael’s managerial skills which at NRZ assisted him in holding the three positions. Michael is also the Managing Director at Fortress.
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