Washington, D.C. – Ginnie Mae recently announced the appointment of two leadership staff positions: Adetokunbo “Toky” Lofinmakin was appointed to the Senior Executive Service and named Chief Financial Officer (CFO) after serving in the role in an acting capacity since January 2018; and Thomas “Greg” Young was named Director of Counterparty Risk Management. Ms. Lofinmakin will continue to report to Acting President, Maren Kasper. Mr. Young will report to Greg Keith, Senior Vice President and Chief Risk Officer.
“Both Toky and Greg bring deep expertise to Ginnie Mae in their respective fields,” said Kasper. “Each will serve in a role that is critical to maintaining the sound financial foundation of our mortgage-backed securities (MBS) program. As we continue to evolve to meet the challenges of today’s operating environment, we look forward to their leadership contributions to the agency.”
As CFO, Ms. Lofinmakin oversees the preparation of financial reports in accordance with the standards of the Federal Accounting Standards Advisory Board (FASAB), Financial Accounting Standards Board (FASB), Generally Accepted Accounting Principles (GAAP), and Office of Management and Budget (OMB) Circulars. In addition, she manages all accounting operations for Ginnie Mae’s $2.0 trillion MBS portfolio, including applying financial management policies and procedures, preparation of the annual budget, accounting systems oversight, cash management, investment services, audit readiness, and enhancing internal controls over financial reporting.
Ms. Lofinmakin joined Ginnie Mae in 2015 as Controller and was responsible for directing operational accounting transactions for the various aspects of Ginnie Mae in compliance with accounting policies and best practices. Ms. Lofinmakin managed the daily operations of the accounting department including developing and implementing systems and processes for collecting, analyzing, and reporting financial information.
As Director of Counterparty Risk Management, Mr. Young is responsible for the initiation of counterparty policy changes, approval of counterparties that enter into business relationships with Ginnie Mae, collaborative monitoring of counterparties, formulation of mitigants to counterparty risk presented, and for the development or enhancement of analytical or process tools to improve the effectiveness of counterparty risk management activities. In this capacity, Mr. Young will work closely with Ginnie Mae’s Strategic Planning and Policy unit to continue the agency’s leadership in shaping the oversight response to changes in the residential finance industry.
With 24 years of experience with the Goldman Sachs Group, including as the Chief Risk Officer of the Goldman Sachs Bank USA, Mr. Young brings a wealth of risk management experience to his new role. Mr. Young has served in a variety of risk management positions throughout his career with Goldman Sachs, including Global Head of Credit in Goldman Sachs Group’s Investment Management Division, Head of Credit Risk Management in Asia, and Head of Global Hedge Fund Counterparty Risk. Mr. Young was made a Managing Director of Goldman Sachs in 2005.
About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae mortgage-backed securities (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.