The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Finally, some sunshine in housing. On Nov. 9, Ginnie Mae, a government corporation within the U.S. Housing and Urban Development (HUD), reported record earnings of $1.2 billion for the fiscal year ending Sept. 30. Ginnie Mae said it financed nearly 60% of all U.S. home purchases during the year. Credit was given to the FHA's increasing role; it insured about half of Ginnie Mae's loans. The CEO of Ginnie Mae, Ted Tozer, an Obama appointee didn't mention that Ginnie Mae has been picking up the high-risk-loan slack from Fannie Mae ( FNM) and Freddie Mac ( FRE). According to the National Association of Realtors (NAR), Federal Housing Administration (FHA) loan-to-values (LTVs) have been rising to unprecedented levels. LTVs over 97% were 17% in 1991. Between 2000 and 2008 it rose to 51%. In 2010 it reached 68.2%.