Todd A. Abraham, CFA serves as Senior Vice President, Senior Portfolio Manager and Head of Government/Mortgage Backed Fixed Income Group at Federated Investors, Inc. and previously served as a Vice President since June 22, 2005, Assistant Vice President from 1995 to 1997, and Investment Analyst since 1993. Mr. Abraham is responsible for portfolio management and research in the fixed income area concentrating on U.S. government, agency, and mortgage-backed securities. He is an industry veteran, and has been at Federated since 1993. Previously, Mr. Abraham served as the Portfolio Analyst at Ryland Mortgage Company from 1992 to 1993, a Senior Bond Administrator at Ryland Asset Management Company, and an Underwriter at Reliance Insurance Company. He holds a Chartered Financial Analyst designation. Mr. Abraham is a member of C.F.A. Society of Pittsburgh. He holds M.B.A. in Finance from Loyola College in Maryland from 1989 to 1993 and B.S. degree in Finance from Indiana University of Pennsylvania.
While the prepayment risk for Ginnie Mae defaults/repurchases is not insignificant, it is manageable and preferable to the substantial losses that are occurring in sectors lacking the government guarantee.