F1Barbara Pak is credited for playing a role in the creation of the $4 trillion “To Be Announced” market for Freddie Mac and Fannie Mae’s mortgage-backed securities called the Single Security Initiative.

As the Common Securitization Initiative’s program director and later as Freddie Mac vice president of securitization, Pak rallied thousands of stakeholders to overcome operational, technical, industry and regulatory obstacles to implementation of the Single Security Initiative. Pak managed a team of 200 experts in finance and technology that planned, developed and will soon operationalize this revolutionary infrastructure. To push the single security forward, Pak educates lending markets, capital markets, policymakers and regulators about the requirements, risks and opportunities of the single security program and the Common Securitization Platform. Pack worked alongside others to secure an IRS ruling on the tax treatment of the combined securities as well as new FHFA rules to facilitate implementation of the single security and common platform. She also helped successfully launch forward trading of the UMBS, where prices of the two formerly separate securities have already converged as expected.