MBA Letter Urges Banking Committee Approval of Alanna McCargo to Head Ginnie Mae
Ahead of a confirmation hearing Thursday morning, the Mortgage Bankers Association sent a letter to the Senate Banking Committee in support of Alanna McCargo, the Biden Administration’s nominee for President of Ginnie Mae.
“It is clear Ms. McCargo has the requisite deep understanding of key housing finance policy issues, as well as a demonstrated track record of working collaboratively with industry, government and housing advocates, to lead Ginnie Mae effectively,” wrote MBA President & CEO Robert Broeksmit, CMB.
Broeksmit noted Ginnie Mae has been without a confirmed President for more than four years; the last confirmed President of Ginnie Mae was Ted Tozer, who left the agency in 2017.
The letter said McCargo has substantive experience working on policy matters related to mortgage lending, secondary markets and servicing, which has provided her with a holistic view of housing finance and the ability to tackle a range of diverse housing issues.
“Ginnie Mae’s mission to make affordable housing a reality for millions of low- and moderate-income households aligns with much of Ms. McCargo’s past experience finding solutions to equitably provide credit and capital to low- and moderate-income households and communities,” Broeksmit wrote. “Ms. McCargo has demonstrated the capacity to bring together diverse stakeholders to find consensus on complex housing policy matters. She is well-qualified to maintain Ginnie Mae’s role as a leader in the housing policy arena. I respectfully urge you to report Ms. McCargo’s nomination favorably to the full Senate as soon as possible.
McCargo currently serves as Senior Advisor for housing finance with HUD. She joined the Biden-Harris Administration after serving as Vice President of the Housing Finance Policy Center at the Urban Institute, where she led and developed research programming in collaboration with key housing industry, nonprofit and government agencies to support housing policy research. She also served as Executive Director of the Mortgage Servicing Collaborative, a cross-sector initiative. Before joining the Urban Institute, she held roles as Vice President and Head of Government Solutions with CoreLogic; and as Vice President with JPMorgan Chase’s Home Lending division, as well as stints with Fannie Mae, the Treasury Department and the Federal Housing Finance Agency.
The Banking Committee meets this morning to consider McCargo’s nomination, as well as that of James Arthur Jemison II as HUD Assistant Secretary of Housing and Urban Development; Mark Colon as HUD Assistant Secretary of Housing and Urban Development; and Matthew Axelrod as Assistant Secretary of Commerce.
The hearing begins at 10:00 a.m. ET in Dirksen Senate Office Building room 538 and can be accessed online here.