Wall Street firms gearing up to make mortgage bets

TheStreet.com suggests that Michael Nierenberg, who has been hired by Merrill Lynch to head up global mortgages and securitized products, could command up to $10 million in pay. Hedge fund D.E. Shaw made a big name hire as well, adding Richard McKinney from Lehman Brothers to buy asset backed securities. So it looks like a range of players are very serious about laying some massive bets on mortgage-related securities, for themselves or for clients. You've got a lot of funds that think there's significant value in these beat-up securities. At the same time, hedging products and services will likely play a significant role in the business. It all adds up to business.  

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