“Sam and Felecia are great complements to our executive leadership team and will be integral to the organization as we advance our strategic roadmap and strengthen our service to the nation’s diverse housing market,” said McCargo. “I am thrilled to have their counsel and support as we work with all of our stakeholders to create broader and more equitable access to affordable homeownership and rental housing.”
Valverde was most recently Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness. In that role, Valverde led agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families. He coordinated efforts to develop a post-conservatorship regulatory framework for the government-sponsored enterprises. Prior to his service at FHFA, Valverde served as a Counselor for Domestic Finance at the U.S. Treasury Department, focusing on consumer and housing finance issues.
Rotellini brings to Ginnie Mae a deep background in corporate governance, regulation, compliance, and enforcement. She has bank supervisory and financial services expertise, as well as consumer protection experience in the sub-prime credit markets. As a former leader in financial services compliance and supervision, her experience in building diverse coalitions will help advance the public and stakeholder engagement strategy for Ginnie Mae.
In February, it was reported that approximately 191,000 homes and apartment units were financed by Ginnie Mae guaranteed mortgage-backed securities (MBS), as Ginnie Mae’s MBS issuance volume for February 2022 hit $53.01 billion.
“Noticeably, borrower default-related prepayments occurring in Ginnie Mae’s securities continue their trend of monthly declines,” said Ginnie Mae Office of Capital Markets SVP John Getchis. “February’s default-related prepayments consisted of less than 29,000 loans, the lowest level since April 2020, and well below the 48,708 average of the preceding 12-months. This trend improves the value proposition of Ginnie Mae MBS relative to other fixed-income and MBS investments.”