Sam I. Valverde, Acting President of Ginnie Mae, has announced that effective November 30, 2024, he will resign from his role as head of the wholly owned government corporation. Valverde has served in the Biden Administration as the Acting President of Ginnie Mae since May 2024, after previously holding the roles of Principal EVP and COO, since joining the organization in March 2022. His appointment marked a historic milestone as he became Ginnie Mae’s first Latino executive and, later, its first Latino leader.
“The opportunity to lead Ginnie Mae has been the most impactful and rewarding work of my career in public service. I am deeply honored to have had the chance to serve my country while championing a borrower-focused and market-driven housing finance agenda,” Valverde said. “I am immensely proud of all that we have achieved on behalf of the borrowers, issuers, and investors that we serve.”
U.S. Department of Housing & Urban Development (HUD) Acting Secretary Adrianne Todman added, “I would like to thank Acting President Valverde for his innovative leadership at Ginnie Mae and years of public service. Mr. Valverde’s tenure has been groundbreaking and has set the foundation for a people-first philosophy in Ginnie Mae’s crucial mission to support affordable housing for people across the nation.”
Upon Valverde’s departure, current SVP and Chief Risk Officer (CRO) Gregory Keith will assume the responsibilities of Ginnie Mae President.
“Gregory Keith has been a key leader at Ginnie Mae for over a decade, bringing a holistic perspective on housing finance that will serve the organization well at this critical time,” Valverde said.
Keith brings more than 35 years of housing finance experience to the role as incoming Ginnie Mae President, having led Ginnie Mae’s risk and compliance functions since October 2010. His work has been instrumental in stabilizing Ginnie Mae’s portfolio, implementing robust risk management practices, and overseeing key operational policies to safeguard the organization’s mission.
Much of Keith’s experience has been in mortgage- and asset-backed finance. Prior to joining Ginnie Mae, Keith spent nine years in various roles at Fannie Mae—across multiple disciplines, including strategy, risk, and finance. Most recently, he served as Director of Counterparty Risk Management, where he structured, monitored, and mitigated financial risk with business partners.
In 2001, Keith came to Fannie Mae from First Union Capital Markets, where he was VP of Business Integration. There, he managed the implementation of business strategies and tactical business requirements for the Structured Products Group of the Corporate and Investment Bank. Previously, Keith also served as a Manager at KPMG Consulting, focusing on the execution of strategic, financial, and operational engagements. Prior to joining KPMG, Keith worked as a Forecasting and Planning Analyst at the American Residential Mortgage Corporation and as a Financial Analyst at Great American Bank.
Prior to joining Ginnie Mae, Valverde served as Supervisory Attorney Advisor at the Federal Housing Finance Agency (FHFA) in the Division of Conservatorship Oversight and Readiness, leading agency-wide projects intended to support greater access to mortgage credit and affordable rental opportunities for working families. In addition, Valverde led successful efforts to transition the government-sponsored enterprises (GSEs) away from utilizing LIBOR for a range of variable rate product offerings. He also coordinated efforts to develop a post-conservatorship regulatory framework for the GSEs and provided technical assistance on a variety of housing finance legislation.
Prior to his service at FHFA, Valverde served as a Counselor for Domestic Finance at the U.S. Department of the Treasury, focusing on housing and consumer finance issues. While at Treasury, Valverde worked on issues related to the ongoing conservatorships of the GSEs and implementation of the housing programs under the Housing and Economic Recovery Act of 2008 (HERA). He also led development of the Department’s first retirement savings product and efforts on multiemployer pension reform. While at the Treasury Department, Valverde was instrumental to the creation of its Puerto Rico Task Force, charged with developing policy solutions to the Commonwealth’s fiscal crisis.
Prior to joining public service, Valverde began his career as a securities lawyer at Davis Polk & Wardell LLP. He received his J.D. from Yale Law School and an A.B. from Dartmouth College.
“I owe a debt of gratitude to the team of career public servants who work tirelessly to uphold our mission,” said Valverde. “The talent and dedication of the Ginnie Mae team are unmatched, and the enormity of their daily responsibilities in managing our $2.658 trillion-guarantee business is inspiring. I am pleased with our progress and confident in the foundation we’ve built to enhance Ginnie Mae’s capacity to meet its essential affordable housing and capital markets mission on behalf of the U.S. government.”
The post Ginnie Mae President Valverde Announces Resignation first appeared on The MortgagePoint.
