Industry reacts to the announcement
Ginnie Mae president Alanna McCargo (pictured) has announced she will step down from her role on May 3 after over three years
of leading the agency.
McCargo’s resignation marks the end of a pioneering tenure, as she became the first woman and woman of color to head Ginnie Mae after being nominated by President Biden and confirmed by the Senate with bipartisan support in 2021.
“The past 3.5 years in public service with the Biden-Harris administration has been the most important and fulfilling work of my 25-year career in housing finance, and I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe as president of Ginnie Mae,” McCargo said in a statement. “This has been a deeply personal decision to return to private life.”
McCargo initially served as the senior advisor for housing finance at the Department of Housing and Urban Development (HUD) under former Secretary Marcia Fudge. Before that, she was vice president for housing finance policy at the Urban Institute. McCargo also held various leadership positions at CoreLogic, JP Morgan Chase, and Fannie Mae.
Under her leadership, Ginnie Mae has seen significant advancements, especially in enhancing the reach and effectiveness of mortgage-backed securities programs to support affordable housing.
Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), commended McCargo’s efforts in addressing the affordable housing problem and improving the function of capital markets.
“We commend President McCargo and her staff for their contributions on numerous issues, including supporting mortgage servicers in their commitment to helping struggling homeowners enter and exit COVID-19 forbearance programs, investing in technology to improve the experience for issuers, and enhancing liquidity for Ginnie Mae mortgage-backed securities,” Broeksmit said.
Acting secretary Adrianne Todman commented: “I thank President McCargo for her service to our country and at HUD. In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system. As president of Ginnie Mae, Alanna has helped expand Ginnie Mae’s reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the Government,” said acting secretary Adrianne Todman. “It has been a joy to work with president McCargo. I am proud to say that she has left Ginnie Mae stronger than when she arrived, and her tenure sets a high standard for servant leadership.”
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Upon McCargo’s departure, principal executive vice president Sam Valverde will serve as acting president. Valverde has worked closely with McCargo over the past two years, leading initiatives and expanding the value proposition of Ginnie Mae’s mortgage-backed securities program globally.
Laura Kenney, senior advisor for strategic operations and interim chief operating officer, will also assume additional responsibilities during this transition period.
“I have complete confidence in Sam and Laura and the entire career executive leadership team to continue to provide leadership continuity and to execute the ongoing priorities that Ginnie Mae has worked on during my tenure,” McCargo said.
“MBA will continue its work with Sam Valverde as he becomes acting president and with Ginnie Mae and HUD leadership and staff on policies and programs that increase mortgage market liquidity and support affordable homeownership and rental housing throughout the country,” Broeksmit added.
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