The U.S. Senate has approved the confirmation of Senior Advisor for Housing Finance at the U.S. Department of Housing and Urban Development (HUD) Alanna McCargo as President of Ginnie Mae.
Prior to joining the Biden Administration, McCargo served as VP for the Housing Finance Policy Center at the Urban Institute. She also has 10 years of experience at Fannie Mae.
McCargo replaces Michael R. Drayne, Acting EVP/Office of the President in her new role overseeing the wholly-owned government corporation and principal financing arm for government mortgage loans.
“Since the beginning of my tenure as HUD Secretary, Alanna McCargo has served as a senior advisor to me, providing invaluable counsel on housing finance and the Administration’s efforts to create a more equitable housing market for all,” said HUD Secretary Marcia L. Fudge. “As she leaves this role to take to the helm as President of Ginnie Mae, I know the great work she began will only expand and I am incredibly happy that she will remain on my leadership team. I am grateful for the Senate’s swift and unanimous confirmation of Alanna and look forward to her continued service.”
McCargo fills a void in Ginne Mae’s permanent leadership which has lapsed approximately four years when Ted Tozer held the position.
"I have had the privilege of working with Alanna McCargo for more than a decade,” said Ed Delgado, Managing Director, MPA; Chairman, Five Star Global—parent company of DS News and MReport. “She is an insightful and dynamic leader who is a guardian for homeownership and our nation's housing system.”
McCargo joined the Biden-Harris Administration after serving as VP of the Housing Finance Policy Center at the Urban Institute, where she developed a body of work focused on reducing racial homeownership gaps, increasing housing affordability, and reducing barriers to accessing homeownership opportunities. She was officially nominated for the role of Ginnie Mae President in mid-September by President Biden.
Before joining the Urban Institute, McCargo was head of CoreLogic Government Solutions, working with federal and state government agencies, regulators, think-tanks, and academia to deliver custom data and technology solutions to support housing and consumer research. She has held leadership roles with JP Morgan Chase and Fannie Mae, managing borrower solutions, servicing portfolio initiatives, and mortgage transformation and alignment efforts.
From 2008-2011, she led the team supporting the U.S. Treasury on housing recovery programs, including Making Home Affordable and Hardest Hit Funds during the Great Recession, and has a BA in communications from the University of Houston, and an MBA from the University of Maryland, and holds a certificate in Non-Profit Policy Leadership from Georgetown.
"Ginnie Mae is a critically important agency in our housing finance system, and Alanna has a deep understanding of the agency and a demonstrated track record of working with industry, government, and housing advocates on key housing policy issues," said President and CEO of the Mortgage Bankers Association (MBA) Robert D. Broeksmit.