Alanna McCargo Steps Down As Ginnie Mae President

Ginnie Mae’s Alanna McCargo is leaving the company and returning to private life, the Department of Housing and Urban Development announced.

McCargo, who has served a president of the Government National Mortgage Association (Ginnie Mae) since January 2022, called the move a “deeply personal decision.”

“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,” she said in a statement.

Her resignation will go into effect on May 1.

Principal Executive Vice President Sam Valverde will serve as acting president upon her departure. In the past two years, he has led critical initiatives and worked in the global investment community to expand the value proposition of Ginnie Mae’s mortgage-backed securities program.

McCargo joined Ginnie Mae in 2021 as a senior advisor for Housing Finance. She was later nominated for president by former Secretary Marcia L. Fudge.

She became the first Senate-confirmed president in five years and the first woman to hold the position.

At that time, the position had been empty since 2017 when Obama-appointed president Toed Tozer stepped down.

“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.

“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.”