Ginnie Mae President Alanna McCargo Announces Resignation
Industry Update
April 19, 2024
Source: U.S. Department of Housing and Urban Development
The U.S. Department of Housing and Urban Development (HUD) announced that Alanna McCargo, President of the Government National Mortgage Association (Ginnie Mae) will resign, effective May 3, 2024.
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.
Acting Secretary Adrianne Todman shared her gratitude for McCargo’s service and leadership. “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 HUD 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.”
“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. 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,” Ginnie Mae President Alanna McCargo said in a statement.
“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. 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 United States Government.” she said.
Principal Executive Vice President (PEVP) Sam Valverde will serve as Acting President upon President McCargo’s departure. He has served with McCargo for the past 2 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.
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