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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 12 June 2024 M O V E R S & S H A K E R S Government FORMER HUD/GINNIE MAE HEADS LAND NEW ROLES Two government housing regulators who recently stepped down from their roles have found new positions, as Alanna McCargo, former President of Ginnie Mae, and Marcia L. Fudge, former Secretary of the U.S. Department of Housing & Urban Development (HUD), have assumed new roles. The Board of Directors of the Fed- eral Home Loan Bank of San Francisco (FHLBank San Francisco) has named McCargo as its new President and CEO, and Taft, ranked the 83rd largest firm in the U.S. in 2024 by revenue by Am Law 100, has named Fudge a Partner and its firmwide Chair of Public Policy after serving in President Joe Biden's Cabinet as the 18th Secretary HUD. As head of Ginnie Mae, McCargo led an agency that connected the nation's housing market to capital markets, provid- ing low-cost financing for federal housing programs through the U.S. Department of Veterans Affairs, HUD's Federal Housing Administration (FHA) and Office of Public and Indian Housing, and the U.S. De- partment of Agriculture's Rural Housing Service. McCargo made history as the first woman and first woman of color appoint- ed to lead Ginnie Mae. McCargo stepped down from her role with Ginnie Mae, effective May 3, 2024, and was replaced by Sam I. Valverde will serve as Acting President. McCargo has served in the Biden Administra- tion since January 2021, first as Senior Advisor for Housing Finance in HUD for former Secretary Fudge, and was later nominated by President Biden to lead Ginnie Mae. McCargo was also VP of the Housing Finance Policy Center at the Urban Institute, and held leadership positions at CoreLogic, JP Morgan Chase, and Fannie Mae. The FHLBank San Francisco is a private member-owned cooperative, providing critical on-demand liquidity to help local lenders in Arizona, California, and Nevada build strong communities, create economic opportunity, and change lives for the better. Throughout her career, McCargo has been committed to advancing access to safe and affordable housing and to promoting evidence-based policies that foster a more equitable housing finance system for all. She has advocated for safe, fair, and sustainable housing, and broadening opportunities that enable credit building, asset accumulation, and wealth creation, especially for the most historically underserved populations. McCargo has been instrumental in mortgage policy related to foreclosure prevention, loan restructuring, and dis- tressed asset management, and has been a voice for ensuring the financial system underpinning America's communities remains strong and resilient through all economic cycles. "We are very excited that Alanna is joining the Bank at this pivotal moment in time for us and our industry," said Dan Siciliano, Chair of the FHLBank San Francisco's Board of Directors. "Alanna is the type of transformative leader we need to continue the innovative and impactful programs the Bank has been delivering under the leadership of Teresa Bryce Bazemore, our current President and CEO. Alanna brings a wealth of hands-on experience from both the pri- vate and public sectors. Throughout her career she has demonstrated a passion for advancing national policy directed at solving this country's affordable housing issues. She has been a strong advocate for closing both the racial homeown- Movers & Shakers ership and wealth gaps and has a deep understanding of the irreplaceable role the FHLBank System plays in maintain- ing the economic health of our financial system and strengthening the communi- ties we serve." McCargo will officially join the FHLBank on June 10, 2024, and in order to ensure a smooth leadership transition, Teresa Bryce Bazemore, the Bank's current President and CEO, has agreed to continue to lead the Bank until McCargo takes over. Bazemore will remain through the end of June as EVP and Senior Advisor, and has agreed to serve as a Consultant for the Bank for a term beginning July 1 through the end of August 2024. "I am looking forward to joining the team at the Federal Home Loan Bank of San Francisco and leading the critical work of providing reliable access to liquidity to Bank members and fulfilling the public mission to support affordable housing and deepen community invest- ment," said McCargo. "The role of the FHLBanks is essential to our financial system and contributes to the economic strength and stability of communities in our nation. Throughout my career, I've driven efforts to improve housing affordability and economic opportunity while managing the risks and the com- plexities of our housing finance system. I am excited to bring a new perspective to the Bank and, alongside my colleagues in the FHLBank System, work to solve the persistent housing challenges impacting the country. Together we'll strengthen the value the Bank brings in meeting the liquidity demands of members and supporting affordable housing and community investment within Arizona, California, Nevada, and beyond. I am thrilled to be joining the Bank at this pivotal time." Former HUD Secretary Fudge joins Taft as a Partner and its firmwide Chair of Public Policy, where she will dedicate a portion of her time to the firm's ongoing efforts to combat the harmful effects of forever chemicals. Her experience and reputation will bolster the firm's relation- ships with governmental and corporate leaders both in her home state of Ohio and across the U.S. McCargo Fudge