At last, Ginnie Mae has a new president. Alanna McCargo was confirmed by the Senate last night — the first time that position will be filled on a permanent basis since Ted Tozer served as president from 2010-2017.
In August, Tozer outlined the important role Ginnie Mae plays in a healthy mortgage market in anop-ed for HousingWire.
"The most salient Ginnie Mae responsibility is managing the government guarantee of mortgage-backed securities (MBS) that lenders issue to fund their origination of Federal Housing Administration (FHA), Veteran Affairs (VA), and Rural Development insured mortgages. Ginnie Mae currently oversees guarantees totaling around $2.1 trillion of privately issued MBS," Tozer wrote.
McCargo, who has been serving as a senior advisor on housing finance at HUD since January, is a well-known industry veteran. She spent five years as vice president of the Housing Finance Policy Center at the Urban Institute and nearly 10 years at Fannie Mae. She has also held positions at CoreLogic and JPMorgan Chase.
MBA President Bob Broeksmit applauded the confirmation, noting that her "experience, knowledge of housing issues, and strong working relationships with a wide array of stakeholders will serve her well in this position."
Until tomorrow —
P.S. With 2022 just around the corner, everyone is eagerly looking for what's next for the housing market. Well, we've got you covered! Tomorrow we're hosting awebinar with Mortgage Cadence on what we can learn from past trends and evolving consumer behaviors. Then on Monday we'll be publishing Lead AnalystLogan Mohtashami's 2022 housing market forecast and discussing that on our HousingWire Daily podcast. Stay tuned!
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