As
In an interview with National Mortgage News on International Women’s Day, McCargo noted the importance of increasing access to Ginnie Mae for small nonbanks in order to narrow a gender gap in homeownership. She’ll be keeping that in mind as she revisits the
McCargo also expressed interest in working within the mortgage-finance system to address other business challenges that may be hurdles to the Biden administration’s affordable housing aims.
From per-unit costs that discourage the creation of smaller balance loans to operational challenges in processing modifications as forbearance ends, McCargo noted the importance of balancing stakeholder needs while preparing for a return to a more “normal” market environment. The latest numbers show that monthly issuance has returned to where it was pre-pandemic, and that default-related prepayments have fallen to the lowest level since April 2020.
In that light, a comment McCargo made about Ginnie Mae’s work with other housing agencies on the capital plan has broader applicability as it returns to long-term planning.
“It’s not easy, but I do believe we have to strike…the right balance,” she said.
What follows are further excerpts from the interview with McCargo, edited for clarity and length.