Ginnie Mae acting president steps down

Sam Valverde has resigned as the acting president of Ginnie Mae, in what might be one of the first consequences from the change of control at the White House.

Valverde stepped into the job after Alana McCargo retired in April; she was the first and only Senate-approved nominee to head Ginnie Mae since Ted Tozer left at the end of the Obama administration.

In Pres.-elect Trump's first term, while a full-time president was nominated, Michael Bright stepped aside and was never confirmed by the Senate. Project 2025, a document touted as part of the agenda for a second Trump administration, but one Trump has distanced himself from, calls for a "right-sizing" of Ginnie Mae.

"The opportunity to lead Ginnie Mae has been the most impactful and rewarding work of my career in public service," Valverde said in a press release. "I am deeply honored to have had the chance to serve my country while championing a borrower-focused and market-driven housing finance agenda."

Valverde joined Ginnie Mae as executive vice president and chief operating officer in March 2022 and the following January was promoted to principal executive vice president.

Prior to joining Ginnie Mae, Valverde was supervisory attorney advisor at the Federal Housing Finance Agency Division of Conservatorship Oversight and Readiness. He began his career as a securities lawyer at Davis Polk & Wardell.

For now, Senior Vice President and Chief Risk Officer Gregory Keith will assume the responsibilities of the Ginnie Mae president.

Keith has over 35 years of housing finance experience. He has been responsible for Ginnie Mae's risk and compliance functions since October 2010.

"Gregory Keith has been a key leader at Ginnie Mae for over a decade, bringing a holistic perspective on housing finance that will serve the organization well at this critical time," Valverde said.

Department of Housing and Urban Development Agency Head Adrianne Todman thanked Valverde, the first Latino executive at Ginnie Mae. "Valverde's tenure has been ground-breaking and has set the foundation for a people-first philosophy in Ginnie Mae's crucial mission to support affordable housing for people across the nation."

A request for further information from Ginnie Mae about Valverde's next steps was not returned by press time.