Former Ginnie Mae President Alanna McCargo joins FHLB San Francisco; industry and consumer groups support VA supplemental rulemaking on IRRRL program; VA drafting rule on ARMs.

Ginnie seeing strong demand from foreign investors; non-QM demand particularly strong in MBS market; McCargo lands at Federal Home Loan Bank of San Francisco; CMBS downgraded.

Alanna McCargo, the outgoing Ginnie Mae president, is receiving praise for achievements, including obtaining a significant boost in funding from Congress.

Sam Valverde, Ginnie Mae’s principal executive vice president, will serve as acting president, while Laura Kenney, senior advisor for strategic operations, will assume additional duties.

The two resignations in less than two months and in a presidential election year have created some uncertainty over the future of other political appointees in the federal housing sector.

Marcia Fudge, secretary of the Department of Housing and Urban Development, this week announced her retirement, effective March 22. HUD Deputy Secretary Adrianne Todman will step in as acting secretary.

After years of lobbying by the mortgage industry, Congress gave Ginnie Mae’s budget a boost for fiscal year 2024.

Ginnie Mae last week announced revisions to its issuer eligibility requirements to participate in its manufactured housing MBS program.

Ginnie Mae is exploring a new reverse MBS to provide a new form of liquidity to issuers with home equity conversion mortgages above the 98% maximum claim amount.

Warehouse lender Texas Capital Bank claims it lost money after Ginnie Mae extinguished its interest in liens associated with the now-defunct Reverse Mortgage Funding.