WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) has announced that Alanna McCargo, President of the Government National Mortgage Association (Ginnie Mae), will step down from her role on May 3, 2024.
Since joining the Biden-Harris Administration in January 2021, McCargo has significantly contributed to housing finance, initially as a Senior Advisor at HUD under former Secretary Marcia L. Fudge, and subsequently as the leader of Ginnie Mae. Her confirmation by the U.S. Senate, which received bipartisan support, marked a historic milestone as she became the first woman and woman of color to lead the government corporation.
HUD’s Acting Secretary, Adrianne Todman, expressed appreciation for McCargo’s dedication and achievements. “I am grateful for President McCargo’s commitment to our nation and HUD. During her tenure, she fervently promoted housing affordability and a fairer housing finance system. As Ginnie Mae’s President, she played a crucial role in extending the agency’s impact on underserved communities and pushed forward initiatives that enhance government mortgage programs,” stated Todman. “Working with President McCargo has been a privilege, and she leaves Ginnie Mae in a stronger position, exemplifying outstanding leadership.”
Reflecting on her tenure, McCargo remarked, “The past three and a half years serving with the Biden-Harris Administration have been the pinnacle of my 25-year career in housing finance. I am immensely thankful for the chance to lead Ginnie Mae and promote an ambitious housing agenda worldwide. It’s been a personal choice to transition back to the private sector.”
McCargo also praised her team, “I am incredibly proud of the dedicated team at Ginnie Mae. Their skill, commitment, and the critical role they play daily in managing our complex $2.5 trillion guarantee business are extraordinary. I am satisfied with the progress we’ve made and the foundation set for Ginnie Mae’s future growth and continued mission in affordable housing and capital markets on behalf of the U.S. Government.”
Upon McCargo’s departure, Sam Valverde, the Principal Executive Vice President of Ginnie Mae, will assume the role of Acting President. Valverde has worked closely with McCargo over the past two years, leading several key initiatives and promoting Ginnie Mae’s mortgage-backed securities program to global investors.
For more information, read the original press release from: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_082