Ginnie Mae has first Senate-confirmed leader in nearly 5 years

The Senate confirmed Alanna McCargo, senior advisor at the Department of Housing and Urban Development, as president of Ginnie Mae on Tuesday. McCargo had the backing of President Joe Biden, who nominated her for the role in September.

A longtime affordable housing leader, McCargo joined HUD in early 2021. She previously served as vice president of the Urban Institute’s Housing Finance Policy Center and executive director of the Mortgage Servicing Collaborative, the institute’s program developing policy recommendations for mortgage servicing reforms. McCargo also had prior tenures at CoreLogic, JP Morgan Chase’s home lending division and Fannie Mae, where she worked from 2008-12.

The Mortgage Bankers Association welcomed the appointment of McCargo, Ginnie Mae’s first confirmed president in over four years. The top leadership role had been left unfilled since early 2017, with a succession of acting leaders guiding the organization in the interim, a situation that left many frustrated within the industry. Ted Tozer was its last previous head.

"We look forward to working with her on ways to advance Ginnie Mae modernization initiatives, enhance liquidity for Ginnie Mae mortgage servicing rights and support adequate, affordable homeownership and rental housing throughout the country,” said Robert Broeksmit, the MBA’s president and CEO.

HUD Secretary Marcia Fudge also praised the quick and straightforward confirmation of McCargo. Ginnie Mae operates as a division within HUD responsible for backing and financing federal mortgage programs and providing liquidity to the nation’s housing market.

“Since the beginning of my tenure as HUD Secretary, Alanna McCargo has served as a senior advisor to me, providing invaluable counsel on housing finance and the Administration’s efforts to create a more equitable housing market for all,” Fudge said in a press release.

In its most recent unpaid principal balance report, Ginnie Mae had guarantees on over $2.1 trillion worth of mortgage-backed securities, close to the same amount it reported one year ago.