Ginnie Mae announced Adetokunbo Lofinmakin was appointed to the Senior Executive Service and named CFO and Thomas Young was named the new Director of Counterparty Risk Management.
Lofinmakin was serving as the acting CFO since January 2018. She will continue to report to Acting President Maren Kasper and Young will report Greg Keith, SVP and Chief Risk Officer.
“Both [Lofinmakin] and Greg bring deep expertise to Ginnie Mae in their respective fields,” Kasper said. “Each will serve in a role that is critical to maintaining the sound financial foundation of our mortgage-backed securities (MBS) program. As we continue to evolve to meet the challenges of today’s operating environment, we look forward to their leadership contributions to the agency.”
As CFO, Lofinmakin oversees the preparation of financial reports in accordance with the standards of the Federal Accounting Standards Advisory Board (FASAB), Financial Accounting Standards Board (FASB), Generally Accepted Accounting Principles (GAAP), and Office of Management and Budget (OMB) Circulars. In addition, she manages all accounting operations for Ginnie Mae’s $2.0 trillion MBS portfolio, including applying financial management policies and procedures, preparation of the annual budget, accounting systems oversight, cash management, investment services, audit readiness, and enhancing internal controls over financial reporting.
Lofinmakin joined Ginnie Mae in 2015 as Controller and was responsible for directing operational accounting transactions for the various aspects of Ginnie Mae in compliance with accounting policies and best practices.
Young is responsible for the initiation of counterparty policy changes, approval of counterparties that enter into business relationships with Ginnie Mae, collaborative monitoring of counterparties, formulation of mitigants to counterparty risk presented, and for the development or enhancement of analytical or process tools to improve the effectiveness of counterparty risk management activities.
With 24 years of experience with the Goldman Sachs Group, including as the Chief Risk Officer of the Goldman Sachs Bank USA, Young brings a wealth of risk management experience to his new role.
Young has served in a variety of risk management positions throughout his career with Goldman Sachs, including Global Head of Credit in Goldman Sachs Group’s Investment Management Division, Head of Credit Risk Management in Asia, and Head of Global Hedge Fund Counterparty Risk. Mr. Young was made a Managing Director of Goldman Sachs in 2005.