Fannie Mae and Freddie Mac improved their capital positions at year-end, easily meeting their risk-based capital requirements for the second straight quarter that the new standards have been in effect, the GSEs’ regulator reported this week. But as was the case in previous periods, Fannie and Freddie had a tougher time meeting their minimum capital requirements than their RBC test. And in Fannie’s case, the GSE cleared its minimum capital standard by less than