If there was ever any proof needed that government is run by a bunch of idiots, this is it.After bailing out Fannie Mae and Freddie Mac to the tune of almost a trillion dollars, one might think that government had learned its lesson about loaning money to people for houses who either can't afford it or have proven to be bad risks in the past.Enter Ginnie Mae - the Government National Mortgage Association - whose parent, the FHA, has quadrupled its loan portfolios since 2006. Ginnie has mostly been issuing the same kind of mortgage backed securities to guarantee loans made to bad risks that were made by Fannie Mae.Very good explanation of this in a Wall Street Journal editorial:Ginnie's mission is to bundle, guarantee and then sell mortgages insured by the Federal Housing Administration, which is Uncle Sam's home mortgage shop. Ginnie's growth is a by-product of the FHA's spectacular growth. The FHA now insures $560 billion of mortgages-quadruple the amount in 2006. Among the FHA,...(Read Full Post)