The U.S. Department of Housing and Urban Development (HUD) today announced that Alanna McCargo, president of the Government National Mortgage Association (Ginnie Mae), will resign, effective May 3, 2024.
McCargo has served in the Biden-Harris Administration since January 2021, first as senior advisor for housing finance in the Department of Housing and Urban Development (HUD) for former Secretary Marcia L. Fudge and later nominated by President Biden to lead Ginnie Mae.
Confirmed with bipartisan support by the U.S. Senate, McCargo was the first woman and woman of color at the helm of Ginnie Mae.
McCargo said in the press release announcing her plans to resign, “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. 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."
Principal Executive Vice President (PEVP) Sam Valverde will serve as Acting President upon President McCargo’s departure. He has served with McCargo for the past two years, leading the agency through numerous critical initiatives and spearheading9 work in the global investment community to expand the value proposition of Ginnie Mae’s mortgage-backed securities program.
“I thank President McCargo for her service to our country and at HUD," Acting Secretary Adrianne Todman said in a press release. "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."
