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Meet the Next Fannie Mae

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Ginnie Mae, or the Government National Mortgage Association, will soon join Fannie Mae (FNM) and Freddie Mac (FRE) as a trillion-dollar packager of subprime mortgages, the Wall Street Journal writes in an opinion piece. "Only last week, Ginnie announced that it issued a monthly record of $43 billion in mortgage-backed securities in June. Ginnie Mae President Joseph Murin sounded almost giddy as he cheered this “phenomenal growth,” the Journal says.

"Giddy" is the technical term used to describe chief executive behavior right before their business comes unraveled