Banking

Biden nominates HUD official to be Ginnie Mae president

WASHINGTON — President Biden has nominated Alanna McCargo, a senior advisor at the Department of Housing and Urban Development, to be president of Ginnie Mae.

The quasi-insurance agency has lacked a permanent leader for more than four years. Ginnie provides backing to investors in mortgage-backed securities, ensuring that borrowers of government-backed home loans are able to capture lower interest rates.

Despite the agency’s importance to the housing market, McCargo would be the first Senate-confirmed president at the agency since January 2017.

Before joining the Biden administration, McCargo was vice president of the Urban Institute’s Housing Finance Policy Center and executive director of the Mortgage Servicing Collaborative, an initiative that developed policy recommendations for mortgage servicing reforms.

McCargo has also had roles at CoreLogic, JP Morgan Chase’s Home Lending division and Fannie Mae. While at Fannie from 2008 until 2012, McCargo worked with the Treasury Department to execute the Emergency Economic Stabilization Act of 2008 and led a team supporting the department’s housing recovery programs.

“She was instrumental in foreclosure prevention efforts, loan restructuring, and distressed asset management programs,” the White House said in a release announcing her nomination.



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