The Biden administration announced it intends to nominate senior HUD official Alanna McCargo to be president of Ginnie Mae.
Prior to joining HUD at the beginning of this year, McCargo served as vice president for the Housing Finance Policy Center at the Urban Institute. Her work focused on reducing racial homeownership gaps, removing barriers to ownership and building wealth equity.
Before joining 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.
Ginnie Mae is a wholly owned government corporation that attracts global capital into the U.S. housing finance system. Ginnie Mae guarantees investors the timely payment of principal and interest on mortgage-backed securities (MBS) issued by private lenders that are backed by pools of Federal Housing Administration, Veterans Affairs, Rural Housing Service and Public and Indian Housing mortgage loans.
The full faith and credit guarantee of the federal government that Ginnie Mae places on these MBS lowers the cost of mortgage financing for government-backed loans, supporting homeownership for veterans and millions of home owners throughout the country.
McCargo will need to be confirmed by the Senate before taking the helm at Ginnie Mae.