The idea of mass mortgage refinancing is slowly emerging through Congress and among financial intellectuals (see the latest: article by Allan Sloan in the Feb2012 edition of Fortune). According to the article, Bill Gross supports the idea. But if implemented, mass rafis would destroy the mortgage-backed securities. HABDX keeps some 15-20% of its portfolio in MBSs. I would love to know Mr.Gross' position as to how he would handle those losses within HABDX in that case. Any views?