Mike Nierenberg is the chairman of the board of directors, the president and CEO of New Residential Corp. The 55-year-old man with an estimated net worth of 16.5 million US dollars is also the Managing Director at Fortress.
Mike Nierenberg has held various leading positions at leading financial companies in the past. These include Managing Director and Head of Global Mortgage and Securitized Products at Bank of America Merrill Lynch, Head of Global Securitized Products at JP Morgan and Co-Head of Mortgage Backed Securities. He is on the board of directors of Bear Stearns.
New Residential is a Real Estate Investment Trust which invests and manages residential mortgage-related assets. These include Mortgage Backed Securities and Mortgage Servicing Rights. Given that Mike Nierenberg has been a big champion of using Excess Mortgage Servicing Rights as assets, the company has been a big buyer of Mortgage Servicing Rights from residential mortgage originators. Upon buying the Mortgage Servicing Rights, the company is paid a fee for undertaking to do such services as collecting the mortgage payment and other related services. If the fee paid is less than the amount used to conduct such services the excess amount is said to be the Excess Mortgage Servicing Rights. This is a very complex asset which requires high skill levels and special relationships with mortgage originators.
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