Two FBR Investment Mana-gement analysts are leaving the firm to start their own mortgage fund, as reported by ASR sister publication IDD. Michael Youngblood and Steve Gaenzler are leaving FBR Investment to start a new investment management and advisory company, and will launch a mortgage opportunities fund that will specialize in mortgage loans and securities. These include bonds of mortgages with and without Freddie Mac and Fannie Mae guarantees. "We expect to commence a new weekly publication in early July from our new company and to continue to share with you our insights into U.S. mortgage and housing markets as we have done since May 15, 1986," said a note to investors written by Youngblood. Youngblood pioneered the analysis of non-agency, interest and principal-only, adjustable-rate and sterling-denominated RMBS in the 1980s. In addition, he is credited with developing the first commercial mortgage conduit, the first option-adjusted spread analytics of CMBS and the first total rate-of-return indexes for CMBS. Before joining the company, Youngblood developed mortgage research units at Banc of America Securities, Chase Securities and Smith Barney. He also served as a director of residential mortgage research and product manager at Salomon Brothers, working for Henry Kaufman and Lewis Ranieri.

Thomas Neary has been named executive vice president and senior managing director of capital markets for Residential Capital, Minneapolis. Neary will report directly to ResCap Non-Executive Chairman Thomas Marano and ResCap Chief Executive Officer Jim Jones. Neary joins ResCap, the mortgage arm of GMAC Financial Services, from Wells Fargo & Co., where he served as executive vice president and head of mortgage capital markets.

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