Monday’s announcement that Alanna McCargo, senior advisor at the Department of Housing and Urban Development, is up for the nomination of Ginnie Mae president put a smile on the face of the mortgage industry.
Fair housing organizations, trade groups, and former Ginnie Mae presidents all expressed relief that a qualified candidate has a solid chance to finally fill a role that has been sitting vacant since early 2017. Ginnie Mae backstopped roughly $2.1 trillion of mortgage-backed securities as of Aug. 31.
The nomination potentially “gives Ginnie more of a plug into HUD and access to the leadership of the department,” said Ted Tozer, who served as Ginnie Mae president from 2010 to 2017 and departed shortly before President Trump took office.
If McCargo is confirmed as president, she will have the opportunity “to talk to politicians and give more substance to the issues that Ginnie is trying to advocate for,” Tozer remarked.
After Tozer’s exit in early 2017, Michael Bright, the current CEO of trade group Structured Finance Association, served as the interim president from 2017 to 2019, but was never confirmed by Congress. Thus, the position sat open for almost five years.