GMAC-RFC Securities has hired Street veteran Michael Youngblood to head up its fledging research effort. Youngblood, whose first day is today, will be responsible for heading up GMAC-RFC's research in the mortgage-backed securities sector. Youngblood declined to comment. He will report to Rod McGuinness, the firm's president, and will issue relative-value opinions, develop indices to track the various MBS the firm issues as well as authoring a market surveillance report. Youngblood will be based in the firm's Bethesda, Md., office. GMAC-RFC is slated to receive Federal Reserve approval within the year to securitize and underwrite the loans it makes, according to an individual familiar with the firm. To date, the company has issued $27.3 billion in MBS and asset-backed securities.
Youngblood was most recently a managing director and head of real estate research at Banc Of America Securities in Charlotte, which he left in February, and where he reported to Pat Augustine. Prior to joining B of A in 1999, Youngblood worked in the MBS department at Chase Securities.