Michael Nierenberg was hired by Fortress Investment Group LLC. He was hired as the head of global securitized products and mortgages in Bank of America Corps. In his private-equity business, he was chosen as a senior executive. The Managing Director at Fortress, Michael Nierenberg also took responsibility for all the sales and business dealing activities within the division. In November 2008, Mr. Nierenberg joined the Bank of America from JP Morgan. There he became a member of the management committee of the investment bank and also the head of the Global Securitized Products. During fourteen years with Bear Stearns, Mr. Nierenberg detained a range of high-ranking leadership positions prior to his tenure at JP Morgan. The positions Mr. Nierenberg sustained include co-head of structured products, head of foreign exchange and interest rate trading operations and also co-head of mortgage-backed securities trading. He was also hired as a member of Bear Stearns’s Board of Directors from 2006 to 2008.
It was stated that New York-based Fortress was joined by Nierenberg to focus on real estate investment trusts, residential mortgages and property-related holdings including, Nationstar Mortgage Holdings Inc. and Springleaf Finance Corp. and more.
The investments have been expanded by Fortress in financial services with mortgage servicers such as Nationstar and Springleaf. The Fortress is the first publicly operated hedge-fund manager in the United States and private-equity. The servicing portfolio was increased to $198 billion from the past year by 94 percent by the Texas-based Nationstar, Lewisville. They made this worth by purchasing assets which also include a part of the Lehman Brothers. Earlier this year, they also bought contracts of worth $215 billion from the Bank of America. According to Mr. Edens, Financial-services investments “were the stars.”
Bank of America replaced James DeMare by Nierenberg. It was reported by David Sobotka. According to the internal document from the Charlotte, North Carolina-based bank, Mr. David was the head of global currency, fixed-income, and commodities trading. According to the copy document received from the Bloomberg News, the head of securitized products and the mortgages for America was DeMare.
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