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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.

Mike Cudzil

Portfolio Manager, Liability-Driven Investment


Mr. Cudzil is a managing director in the Newport Beach office, a senior member of the liability-driven investment portfolio management team and a generalist portfolio manager. He has served as chair of the Americas Portfolio Committee, as a rotating member on the PIMCO Investment Committee and as co-head of the agency MBS portfolio management team. Prior to joining PIMCO in 2012, he worked as a managing director and head of pass-through trading at Nomura. Mr. Cudzil previously held similar roles at Bank of America and Lehman Brothers, as well as a senior trading position at Salomon Brothers. He has 21 years of investment experience and holds a bachelor's degree in political science from the University of Pennsylvania.