The Federal Housing Finance Agency released its performance review of first-quarter earnings for the GSEs this week and it stands to reason that Fannie Mae and Freddie Mac could post strong earnings for the second quarter. Here’s why: loan production was decent, which means guaranty fee income should be as well. But the real gain could come from rising interest rates. When rates fell during the first quarter, Fannie and Freddie booked $4.2 billion losses from the markdown on the value of derivative securities they use to hedge. Rates increased in the second quarter, which means the question now becomes: how much of a gain will the two book? Fannie Mae and Freddie Mac reported continued profitability in the first quarter of 2015...