Two government housing regulators who recently stepped down from their roles have found new positions, as Alanna McCargo, former President of Ginnie Mae, and Marcia L. Fudge, former Secretary of the U.S. Department of Housing & Urban Development (HUD), have assumed new roles.
The Board of Directors of the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has named McCargo as its new President and CEO, and Taft, ranked the 83rd largest firm in the U.S. in 2024 by revenue by Am Law 100, has named Fudge a Partner and its firmwide Chair of Public Policy after serving in President Joe Biden’s Cabinet as the 18th Secretary HUD.
New head of the FHLBank San Francisco
As head of Ginnie Mae, McCargo led an agency that connected the nation’s housing market to capital markets, providing low-cost financing for federal housing programs through the U.S. Department of Veterans Affairs, HUD’s Federal Housing Administration (FHA) and Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service. McCargo made history as the first woman and first woman of color appointed to lead Ginnie Mae.
McCargo stepped down from her role with Ginnie Mae, effective May 3, 2024, and was replaced by Sam I. Valverde will serve as Acting President. McCargo has served in the Biden Administration since January 2021, first as Senior Advisor for Housing Finance in HUD for former Secretary Fudge, and was later nominated by President Biden to lead Ginnie Mae. McCargo was also VP of the Housing Finance Policy Center at the Urban Institute, and held leadership positions at CoreLogic, JP Morgan Chase, and Fannie Mae.
The FHLBank San Francisco is a private member-owned cooperative, providing critical on-demand liquidity to help local lenders in Arizona, California, and Nevada build strong communities, create economic opportunity, and change lives for the better.
Throughout her career, McCargo has been committed to advancing access to safe and affordable housing and to promoting evidence-based policies that foster a more equitable housing finance system for all. She has advocated for safe, fair, and sustainable housing, and broadening opportunities that enable credit building, asset accumulation, and wealth creation, especially for the most historically underserved populations. McCargo has been instrumental in mortgage policy related to foreclosure prevention, loan restructuring, and distressed asset management, and has been a voice for ensuring the financial system underpinning America’s communities remains strong and resilient through all economic cycles.
“We are very excited that Alanna is joining the Bank at this pivotal moment in time for us and our industry,” said Dan Siciliano, Chair of the FHLBank San Francisco’s Board of Directors. “Alanna is the type of transformative leader we need to continue the innovative and impactful programs the Bank has been delivering under the leadership of Teresa Bryce Bazemore, our current President and CEO. Alanna brings a wealth of hands-on experience from both the private and public sectors. Throughout her career she has demonstrated a passion for advancing national policy directed at solving this country’s affordable housing issues. She has been a strong advocate for closing both the racial homeownership and wealth gaps and has a deep understanding of the irreplaceable role the FHLBank System plays in maintaining the economic health of our financial system and strengthening the communities we serve.”
McCargo will officially join the FHLBank on June 10, 2024, and in order to ensure a smooth leadership transition, Teresa Bryce Bazemore, the Bank’s current President and CEO, has agreed to continue to lead the Bank until McCargo takes over. Bazemore will remain through the end of June as EVP and Senior Advisor, and has agreed to serve as a Consultant for the Bank for a term beginning July 1 through the end of August 2024.
“I am looking forward to joining the team at the Federal Home Loan Bank of San Francisco and leading the critical work of providing reliable access to liquidity to Bank members and fulfilling the public mission to support affordable housing and deepen community investment,” said McCargo. “The role of the FHLBanks is essential to our financial system and contributes to the economic strength and stability of communities in our nation. Throughout my career, I’ve driven efforts to improve housing affordability and economic opportunity while managing the risks and the complexities of our housing finance system. I am excited to bring a new perspective to the Bank and, alongside my colleagues in the FHLBank System, work to solve the persistent housing challenges impacting the country. Together we’ll strengthen the value the Bank brings in meeting the liquidity demands of members and supporting affordable housing and community investment within Arizona, California, Nevada, and beyond. I am thrilled to be joining the Bank at this pivotal time.”
New role for former HUD Secretary
Former HUD Secretary Fudge joins Taft as a Partner and its firmwide Chair of Public Policy, where she will dedicate a portion of her time to the firm’s ongoing efforts to combat the harmful effects of forever chemicals. Her experience and reputation will bolster the firm’s relationships with governmental and corporate leaders both in her home state of Ohio and across the U.S.
“My top priority as a leader has always been to develop effective solutions and results for the people and communities I have been called to serve,” said Fudge. “In my transition to life as a private citizen and attorney, it was important for me to land among professionals who are similarly dedicated to solutions-driven work. Taft’s core values, culture, leadership principles, and commitment to its clients strongly align with my personal values, as does its modern approach to service. I greatly look forward to collaborating with my new colleagues in my role as Partner and Chair of Public Policy, which I am honored will allow me to return to my roots in Ohio, and maintain a strong presence in Washington, D.C.”
Fudge announced her resignation as Secretary of HUD back in March. As President-Elect, Joe Biden nominated Fudge as Secretary of HUD on December 10, 2020. The U.S. Senate Committee on Banking, Housing, and Urban Affairs advanced her nomination by a vote of 17-7 on February 4, 2021, and she was confirmed by the Senate as HUD Secretary on March 10, 2021, by a vote of 66-34. She was virtually sworn in by Vice President Kamala Harris on March 10, 2021, becoming the second African-American woman to serve as HUD Secretary.
“I am personally very proud and excited for Taft with this announcement. Bringing someone of Secretary Fudge’s stature and caliber is highly strategic for Taft,” said Taft Chair and Managing Partner Robert J. Hicks. “She is a tremendous leader with an astute vision, impeccable integrity, and a deep passion for serving our nation’s communities. Taft is very fortunate that she has selected this as her professional home. Secretary Fudge’s service-oriented leadership and vast experience will have an extremely positive impact on our clients and the communities we serve.”
Fudge has deep roots in Ohio, having begun her career in public service in the Cuyahoga County, Ohio Prosecutor’s Office and having served as the first woman and first African American person elected Mayor of Warrensville Heights, Ohio. From 2008-2021, Fudge served as the U.S. Representative for the 11th Congressional District of Ohio. She is also a former national president of Delta Sigma Theta Sorority, Incorporated, one of the nation’s largest African-American sororities, and a past chair of the Congressional Black Caucus, or the CBC. It was there that she worked closely with Lacy M. Johnson, Partner-in-Charge of Taft’s Washington, D.C. office and a member of President Biden’s Export Council.
“It is an honor and privilege to welcome Secretary Fudge to Taft,” said Johnson. “What she has achieved in her career is inspirational, and her presence at Taft will be highly impactful for our clients and teams. On a personal level, I know firsthand that she is a great leader, who is insightful and collaborative in everything she does. Secretary Fudge knows how to bring people together–often with disparate viewpoints and experiences–to accomplish goals and to serve the common good.”
Over her tenure as HUD Secretary, Fudge achieved a number of housing goals, including:
- Having helped more than two million families stay in their homes and avoid foreclosure;
- Removed barriers for people with student loan debt trying to buy a home with an FHA mortgage;
- Ensured that positive rental history plays a greater role in determining creditworthiness when trying to obtain a home loan;
- Outpaced the market by insuring FHA mortgages for three times as many Black borrowers and twice as many Hispanic borrowers based on percentage of volume;
- Made mortgages more affordable by reducing the mortgage insurance premium for FHA mortgages;
- Funded more than two million units of public housing and multifamily housing;
- Spent more than 20% of HUD’s procurement dollars with Black, Brown, and other small, disadvantaged businesses in the last year alone, totaling $500 million;
- Ensuring that people who have paid their debt to society can get a fair shot at a second chance and have a home;
- Served or permanently housed more than 1.2 million people experiencing homelessness; and
- Enforced Fair Housing laws and took a stance against racial bias and discrimination in the appraisal market.
Fudge earned her Bachelor’s Degree in Business from Ohio State University, and her law degree from Cleveland State University’s Cleveland-Marshall School of Law.
