Ginnie Mae announces two new leadership appointments
Ginnie Mae President Alanna McCargo announced the appointment of Ginnie Mae’s First Latin Executive Vice President, Sam Valverde and Felecia Rotellini, as Senior Advisor and Chief of Staff to the President.
“Sam and Felecia are great additions to our leadership team and will be an integral part of the organization as we advance our strategic roadmap and strengthen our service to the country’s diverse housing market,” said McCargo. “I am delighted to have their guidance and support as we work with all of our stakeholders to create broader and more equitable access to affordable homeownership and rental housing.”
Valverde most recently served as supervisory legal counsel at the Federal Housing Finance Agency (FHFA) in the Guardianship Oversight and Readiness Division. In this role, Valverde led agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families. He coordinated efforts to develop a post-conservative regulatory framework for government-sponsored companies. Prior to his service at the FHFA, Valverde served as a domestic finance adviser to the U.S. Treasury Department, focusing on consumer and housing finance issues.
Rotellini brings to Ginnie Mae a strong background in corporate governance, regulation, compliance and enforcement. She has expertise in banking supervision and financial services, as well as experience in consumer protection in the subprime credit markets. As a former head of financial services compliance and supervision, her experience in building various coalitions will help advance the public and stakeholder engagement strategy for Ginnie Mae.
In February, it was reported that approximately 191,000 homes and apartments had been financed with mortgage-backed securities (MBS) guaranteed by Ginnie Mae, with Ginnie Mae’s MBS issuance volume for February 2022 reaching 53. .01 billion.
“Remarkably, prepayments related to borrower default occurring in Ginnie Mae’s securities continue their monthly downward trend,” said John Getchis, senior vice president of Ginnie Mae’s capital markets office. “February default-related prepayments were less than 29,000 loans, the lowest level since April 2020, and well below the previous 12-month average of 48,708. This trend improves the value proposition of Ginnie Mae MBS compared to other bond and MBS investments.