Alanna McCargo has officially been sworn in as the 18th president of Ginnie Mae, becoming the first Senate-confirmed president in five years and the first woman to hold the position.
The position has remained empty since 2017 when Obama-appointed president Toed Tozer stepped down. The interim presidents who followed him, Michael Bright and Maren Kasper, both stepped down to take other positions in the private sector.
McCargo was nominated in September of 2021 and confirmed by the Senate in December 2021.
“It is an honor to lead Ginnie Mae through its next phase of transformation, ensuring our MBS remains a secure, nimble, and reliable vehicle to support the U.S. mortgage market and continues to make affordable homeownership and rental housing available for millions of households and our veterans,” said McCargo in a press release.
“I am joining a solid and committed team that has maintained stability and results for the American people through the pandemic and very trying economic times. I look forward to working with the team and Secretary Fudge to strengthen Ginnie Mae’s impact and advance our important mission.”
She takes Ginnie Mae over from Michael Drayne, acting executive vice president, who has been overseeing the day-to-day operations of the GSE in the absence of a confirmed president.
Prior to her nomination, McCargo served as a senior adviser for housing finance at the U.S. Department of Housing and Urban Development.
She also served as vice president for the Housing Finance Policy Center at the Urban Institute, where she lead the development of research programming and strategy. Her work focused on reducing racial homeownership gaps, removing barriers to ownership, and building wealth equity.
The Biden administration has said affordable housing is one of its top priorities as affordability continues to decline across the country. In Q4 2021, housing affordability dropped in 77% of U.S. counties analyzed by ATTOM Data Solutions.
The mortgage industry has responded positively to McCargo’s confirmation. In a statement, Mortgage Bankers Association (MBA) President and CEO Robert Broeksmit said, “MBA applauds the confirmation of Alanna McCargo to be President of Ginnie Mae. Her experience, knowledge of housing issues, and strong working relationships with a wide array of stakeholders will serve her well in this position.”