Alanna McCargo, the most recent Senate-confirmed president of Ginnie Mae who departed last year to become president and CEO of the Federal Home Loan Bank (FHLBank) of San Francisco, has left the bank’s leadership team to assume a new policy position working with the chair of the board of directors.
Joseph E. Amato, the bank’s current executive vice president and chief financial officer, will serve as interim president and CEO while the board launches a search for a new chief executive,” the bank said in its announcement. “Amato will continue to serve as CFO, a position he has held since May 2021. He joined the bank as executive vice president and senior financial officer in October 2020.”
McCargo was nominated for the leadership post at Ginnie Mae by President Joe Biden in the fall of 2021, and she was confirmed by the Senate that December before taking office in early January 2022. Her confirmation marked the first time there had been a Senate-confirmed Ginnie Mae president since the 2017 resignation of her Obama-era predecessor, Ted Tozer.
After serving in the role for roughly two-and-a-half years, McCargo chose to resign from Ginnie Mae in April 2024, soon after then-U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge also left her role. In May, the FHLBank of San Francisco announced that she would serve as its new CEO.
In an announcement of the change, the bank said that both McCargo and its board of directors “jointly determined” that she would immediately step down as president and CEO. The bank said she would continue to work with the board as a special policy adviser. McCargo will be returning to Washington, D.C., as part of the change.
“Alanna is a respected leader with deep expertise in housing finance and policy,” said board chair F. Daniel Siciliano. “Her insights and strategic guidance will be invaluable as we continue to support our members and partners in meeting the credit and investment needs of the communities we all serve.”
McCargo said she is grateful for the chance to continue working to advance the bank’s goals.
“This is a pivotal time for housing and financial markets, and I am pleased to continue working with the Board in this new capacity,” she said. “I look forward to supporting the bank and the broader FHLBank system in advancing policies that promote financial stability and access to capital.”
Prior to serving as Ginnie Mae’s president, McCargo served as a senior adviser for housing finance at HUD and also led housing policy initiatives at the Urban Institute.
