Ginnie Mae begins 2022 with a historic milestone: its first confirmed president in nearly five years, and the first female president in its history.
Alanna McCargo, who was nominated for the post by President Biden in September, was confirmed by the Senate in mid-December and sworn in just before Christmas.
The position of Ginnie Mae president had been vacant for more than four years, since Ted Tozer stepped down in January 2017. Since then, the organization has been run by career staff.
The Government National Mortgage Association, known as Ginnie Mae, was established in 1968 with a mission to expand affordable housing by guaranteeing mortgage loans and lowering costs of financing. As of November 2021, more than $2.13 trillion of Ginnie Mae mortgage-backed securities were outstanding, owned by investors in the U.S. and worldwide.
“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,” McCargo said. “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.”
McCargo previously served as senior advisor for housing finance for Marcia L. Fudge,secretary of the U.S. Department of Housing & Urban Development (HUD).
Before joining HUD, McCargo was vice president of the Housing Finance Policy Center at the Urban Institute, where she led and developed evidence-based research and analysis on the U.S housing finance system. She helped to advance the national policy conversation around reducing racial gaps in homeownership and wealth and removing barriers to accessing credit and capital.
McCargo also previously served as executive director of the Mortgage Servicing Collaborative, a cross-sector initiative that identified and developed policy recommendations for mortgage servicing and securitization reforms to enable stability for the housing finance system through all economic cycles.
McCargo has a Bachelor of Arts degree from the University of Houston and an MBA from the University of Maryland.
