Alanna McCargo has resigned from her post as president of Ginnie Mae, effective May 3.
Sam Valverde, principal executive vice president, will serve as acting president upon McCargo’s departure.
Valverde has served with McCargo for the past two years, leading the agency through numerous critical initiatives and has spearheaded work in the global investment community to expand the value proposition of Ginnie Mae’s mortgage-backed securities program.
McCargo has served in the Biden-Harris administration since January 2021, first as senior advisor for housing finance in the Department of Housing and Urban Development (HUD) for former Secretary Marcia L. Fudge and later nominated by President Biden to lead Ginnie Mae.
McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of the government corporation.
“I thank President McCargo for her service to our country and at HUD,” says Acting Secretary Adrianne Todman, in a release. “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,” Todman adds. “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.”
“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 says. “I am incredibly proud of what we have accomplished together and grateful for the housing leadership this Administration and agency have demonstrated since our first day in office. This has been a deeply personal decision to return to private life.
“I am most proud of the team of career public servants at Ginnie Mae that I have had the privilege of working alongside since my confirmation,” McCargo adds. “The talent, commitment, and dedication of the Ginnie Mae team is breathtaking, and the enormity of responsibility they carry out each day in our complex $2.5 Trillion guarantee business is remarkable.
“I am pleased with the progress and accomplishments Ginnie Mae has achieved during my tenure, the precision with which the team executes on our obligations and authorities, and the groundwork that we have laid for Ginnie Mae to grow and build the capacity needed to meet its crucial affordable housing and capital markets mission on behalf of the U.S, Government,” McCargo says.
“The Mortgage Bankers Association thanks Alanna McCargo for her leadership in advancing affordable housing initiatives and improving the function of capital markets during her tenure as Ginnie Mae President,” Bob Broeksmit, CMB, president and CEO of the MBA, says in a separate statement. “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.”
“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 adds.
