The U.S. Senate confirmed Senior Advisor for Housing Finance at the U.S. Department of Housing and Urban Development (HUD) Alanna McCargo as president of Ginnie Mae. Prior to joining the Biden administration, McCargo served as vice president for the Housing Finance Policy Center at the Urban Institute.

McCargo, who also has 10 years of experience at Fannie Mae, replaces Michael Drayne, acting executive vice president. In her new role she will oversee the wholly owned government corporation and principal financing arm for government mortgage loans.

“Since the beginning of my tenure as HUD Secretary, Alanna McCargo has served as a senior advisor to me, providing invaluable counsel on housing finance and the administration’s efforts to create a more equitable housing market for all,” HUD Secretary Marcia Fudge, said in the article. “As she leaves this role to take to the helm as president of Ginnie Mae, I know the great work she began will only expand and I am incredibly happy that she will remain on my leadership team. I am grateful for the Senate’s swift and unanimous confirmation of Alanna and look forward to her continued service.”

McCargo fills a void in Ginnie Mae’s permanent leadership which began with Ted Tozer departure.

McCargo joined the Biden-Harris administration after serving as vice president of the Housing Finance Policy Center at the Urban Institute, where she developed a body of work focused on reducing racial homeownership gaps, increasing housing affordability, and reducing barriers to accessing homeownership opportunities. She was officially nominated for the role of Ginnie Mae president in mid-September by Biden.

Before joining the 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

From 2008-2011, she led the team supporting the U.S. Treasury on housing recovery programs, including Making Home Affordable and Hardest Hit Funds during the Great Recession.