Ginnie Mae President Alanna McCargo to resign

Ginnie Mae President Alanna McCargo is resigning from her position at the government-owned company effective May 3, according to an announcement issued Friday by the U.S. Department of Housing and Urban Development (HUD).

Ginnie Mae principal executive vice president Sam Valverde will serve as acting president of the company upon her departure.

“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.

“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.”

Alanna McCargo

She went on to commend the team of career public servants employed at the company, adding that she is “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.”

McCargo’s resignation follows soon after the departure of Marcia Fudge as HUD secretary, which was similarly announced shortly before the resignation took effect.

HUD acting secretary Adrianne Todman thanked McCargo for her service.

“In her time at the agency, she has been a zealous advocate for housing affordability and ensuring a more equitable housing finance system,” Todman said in a statement. “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 added that the condition of the company is “stronger than when she arrived,” saying “her tenure sets a high standard for servant leadership.”

Bob Broeksmit, president and CEO of the Mortgage Bankers Association, released a statement in which the organization praised McCargo’s leadership.

“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.

“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.”

This story was updated with comments from the Mortgage Bankers Association.

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