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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 10 May 2024 M O V E R S & S H A K E R S Government MCCARGO TO STEP DOWN AS GINNIE MAE PRESIDENT Ginnie Mae President Alanna McCargo has announced that she is stepping down from her role as head of the public office. Ginnie Mae Principal EVP Sam Valverde will serve as the Acting President upon President McCargo's departure. McCargo has served in the Biden administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing & Urban Development (HUD) for former Secretary Marcia L. Fudge, and was later nominated by President Biden to lead Ginnie Mae. McCargo's confirmation, with bipartisan support by the U.S. Sen- ate, made history as she became the first woman and woman of color at the helm of this U.S. government corporation. "The past 3.5 years in public service with the Biden-Harris Administration has been the most important and fulfill- ing 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," McCargo said. "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." Prior to joining the Biden-Harris administration, McCargo served as VP 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 market. She also 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 hous- ing finance system through all economic cycles. McCargo held roles as VP and Head of Government Solutions with CoreLog- ic, and was VP with JP Morgan Chase's Home Lending Division. She worked for Fannie Mae from 2002-2012 on secondary mortgage market and policy develop- ment and programs. While at the GSE, McCargo worked in partnership with the U.S. Treasury Department at the height of the Great Recession and housing crisis in 2008, executing on the Housing and Economic Recovery Act of 2008, includ- ing implementation of new housing and mortgage programs to promote mortgage servicing reforms, foreclosure preven- tion, and loss mitigation solutions. "I am most proud of the team of career public servants at Ginnie Mae that I have had the privilege of working alongside since my confirmation," Mc- Cargo added. "The talent, commitment, and dedication of the Ginnie Mae team are breathtaking, and the enormity of responsibility they carry out each day in our complex $2.5 trillion guarantee busi- ness is remarkable. I am pleased with the progress and accomplishments Ginnie Mae has achieved during my tenure, the precision with which the team executes on our obligations and authorities, and the groundwork that we have laid for Ginnie Mae to grow and build the capac- ity needed to meet its crucial affordable housing and capital markets mission on behalf of the United States Government." Prior to joining public service, McCargo served in her personal and professional capacity on nonprofit boards focused on housing security and affordability efforts including Doorways Movers & Shakers for Women and Families, Women in Housing and Finance Foundation, and in advisory roles with the Aspen Institute's Expanding Prosperity Impact Collaborative (EPIC) for housing, and with Habitat for Humanity of Washington, D.C. Valverde has served with McCargo for the past two years, leading the agency through numerous critical initiatives and spearheading work in the global investment community to expand the value proposition of Ginnie Mae's mortgage-backed securities program. Ginnie Mae Senior Advisor for Strategic Operations and Interim Chief Operating Officer Laura M. Kenney will assume additional responsibilities as part of the McCargo-Valverde leadership transition. "I have complete confidence in Sam and Laura and the entire career executive leadership team to continue to provide leadership continuity and to execute the ongoing priorities that Ginnie Mae has worked on during my tenure," McCargo said. Valverde began his tenure at Ginnie Mae in March 2022 as EVP and COO, and in January 2023, he was appointed to serve as Principal EVP. He brings more than 15 years of housing finance, policy, and legal experience to Ginnie Mae. Across his career in public service, he has worked to develop market-based solutions to improve economic outcomes for all Americans. Prior to joining Ginnie Mae, Valverde was Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservator- ship Oversight and Readiness where he led agencywide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families. In addition, Valverde led successful efforts to transition Fannie Mae and Freddie Mac (GSEs) away from utilizing LIBOR for a range of variable rate product offerings. He also coordinat- ed efforts to develop a post-conservator- ship regulatory framework for the GSEs and provided technical assistance on a variety of housing finance legislation. Prior to joining the FHFA, Valverde served as a Counselor for Domestic Finance at the U.S. Department of the McCargo Valverde