For the first time since its founding more than 50 years ago, Ginnie Mae brought together former presidents of the agency to share their unique experiences leading this pillar of the housing finance system in the United States. The April 28 event, moderated by current president Alanna McCargo and featuring remarks by Department of Housing and Urban Development Secretary Marcia L. Fudge, served as the kickoff of a yearlong Ginnie Mae Summit series. These events will gather experts to discuss how the industry can meet the opportunities and challenges of the nation’s dynamic housing finance market, and learn from stakeholders on key topics/initiatives such as the digital collateral program, ESG disclosure, transformation efforts and an investor forum, to name some examples.
In her remarks, Secretary Fudge commended Ginnie Mae for managing historic growth levels at the agency in the recent period, having ended its fiscal year 2021 with a record $2.13 trillion in securities outstanding.
President McCargo then introduced the panelists: former presidents John Dalton (1977-1979), Ronald Rosenfeld (2001-2004), Robert Couch (2006-2007), Joseph Murin (2008-2009), and Theodore Tozer (2010-2017).
The former presidents shared lessons learned from their tenures with President McCargo on how to further advance Ginnie Mae’s growth and successes. From inflation to high interest rates to the 2008 financial crisis, each president faced unique challenges — and led successes — during their time at the agency. Ultimately, these five Ginnie Mae leaders shared a common goal: make homeownership accessible and affordable for more Americans across the country.
“The challenges the mortgage market faces today — rising home prices and mortgage rates, rapid technological change, and new market entrants — are similar to what past leaders have met and managed,” McCargo said. “Tapping the experience of the presidents who came before me will help inform how to ensure that Ginnie Mae and the consumers it serves will thrive in the future. I look forward to building on the knowledge and legacies of my predecessors.”
During the discussion, President McCargo also emphasized the Biden-Harris administration’s commitment to equitable housing, technology innovation, and the expansion of industry partnerships to break down systemic barriers to enable Americans to safely secure the American dream.
With past and present Ginnie Mae employees in attendance, the event had the feel of a family reunion. Attendees enjoyed seeing each other in person again, as Ginnie Mae’s office had recently reopened since the start of the pandemic. The former presidents and employees expressed their gratitude for one another and celebrated their collective hard work. “It truly takes a village,” President McCargo said in her closing remarks.
The roundtable builds on Ginnie Mae’s continuing role as the government’s leading source of liquidity for America’s housing programs that serve first-time homebuyers, low- and moderate-income borrowers, rural and tribal homeowners, and veterans.
The advice and insight gained through this event from the former presidents will help Ginnie Mae continue to exercise industry leadership, while working with the housing finance industry to face today’s current challenges of increasing inflation, rising mortgage rates, and accelerating home prices. Despite these challenges, Ginnie Mae is steadfast in its commitment to supporting all Americans who benefit from the federal housing finance programs.
“The reason we’re all here is because we want more homeownership,” McCargo said.