Before becoming the President and the Chief Executive Officer of the company New Residential in the year 2013, Mr. Michael Nierenberg worked at the Bank of America Merrill Lynch as the managing director and also served the bank as the chair of their global mortgages and the products that are securitized.
Mike Nierenberg, during New Residential Annual Report in 2017, said that the objectives of the company are very different from other mortgage REITs. The dealings of the company are set in such a way that operations would not be altered when the new tax bills are implemented or when there are alterations in the latest strategies from the administration. Nierenberg’s claims have so far been proven to be true.
He had foreseen and shared in the Annual Report that the Fed, due to various administration objectives and policies, would increase the currently existing rates. The rates were raised in the year 2018 from 2.25% to 2.50%. The company, New Resident, was now able to take advantage of that hence giving them a competitive advantage since they were able to create an investment trust in the real estate business with the invaluable leadership of an experienced leader Michael Nierenberg. Even if the company was started in New York, it has established bases out of New York. It is one of the leading mortgage companies that deal with security, mortgage servicing rights, and other several opportunistic investments. The success of New Residential Investment Corporation has been contributed majorly through the leadership of Michael Nierenberg.
Learn more about Michael : https://www.reuters.com/finance/stocks/company-officers/NRZ