Her impending departure will end the tenure of Ginnie's first woman president, who brought stability to the role after a period in which there
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change that put strain on some mortgage companies that were Ginnie's counterparties.
"We commend President McCargo and her staff for their contributions on numerous issues, including supporting mortgage servicers in their commitment to helping struggling homeowners enter and exit COVID-19 forbearance programs," Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement responding to her departure.
Broeksmit also credited McCargo for her work "investing in technology to improve the experience for issuers, and enhancing liquidity for Ginnie Mae mortgage-backed securities" in addition to generally "advancing affordable housing initiatives and improving the function of capital markets during her tenure."
Among Ginnie's accomplishments during her time there was standing up an emergency liquidity facility during the pandemic and also later coordinating with the Federal Housing Finance Agency in the development of a series of modernized counterparty requirements.
While Ginnie
A nonbank risk-based capital rule proposed under McCargo's watch drew some industry criticism but relations with mortgage companies became more conciliatory after Ginnie
During McCargo's time at Ginnie, the agency took
It also has drawn up policies to address more recent risks that have become apparent around
Ginnie guarantees securitizations of mortgages backed at the loan-level by other government agencies like the Federal Housing Administration and the Department of Veterans Affairs, and it helps fund a significant number of loans made to first-time home buyers.
"The past 3.5 years in public service with the Biden-Harris Administration has been the most important and fulfilling work of my 25-year career in housing finance," said McCargo, who plans to leave the agency May 3.
"I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe," she added, alluding to the international investor base for the securities Ginnie guarantees. Ginnie increased outreach to Latin America during her tenure.
McCargo's planned departure will come not long after that of
Todman called McCargo, who brought expertise in areas like small-loan funding challenges and servicing from her previous role at the Urban Institute to Ginnie, "a zealous advocate for housing affordability and ensuring a more equitable housing finance system.
"As president of Ginnie Mae, Alanna has helped expand Ginnie Mae's reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the government," Todman added.
Sam Valverde, principal executive vice president at Ginnie, will take on McCargo's role on an acting basis after she leaves. Laura Kenney, Ginnie's senior advisor for strategic operations and interim chief operating officer, also will take on some of McCargo's former responsibilities.
