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Uniform Mortgage‑Backed Security Initiative (‘Single Security’): Stop Throwing Good Money After Bad

Uniform Mortgage‑Backed Security Initiative (‘Single Security’): Stop Throwing Good Money After Bad

In our view as investors, the U.S. Federal Housing Finance Agency’s (FHFA) “Single Security” initiative is emblematic of a sunk cost fallacy.

Kent Smith

Portfolio Manager, Mortgage Credit


Mr. Smith is an executive vice president and portfolio manager in the Newport Beach office on the mortgage credit team. He is responsible for residential loan investments and focuses on origination and servicing risk, as well as distressed mortgage opportunities. Prior to joining PIMCO in 2008, he was the head of capital markets for First Horizon Home Loans’ and National Bank of Kansas City's non-prime mortgage originations. Previously, Mr. Smith spent 10 years with Fannie Mae and Freddie Mac as a director in credit portfolio management and credit portfolio acquisitions. He has 31 years of investment experience and holds an undergraduate degree from Kansas State University.