Depending on how you look at Fannie Mae’s and Freddie Mac’s third quarter earnings announcements, there was either very good news at both GSEs or some not-so-good news at Fannie. Fannie and Freddie themselves reported record-breaking “operating” net income for the most recent quarter as profits were up from both a year ago and the second quarter. But on a GAAP basis, Fannie took a significant hit in the third quarter – thanks to