The third quarter of 2003 was very good to Fannie Mae as the GSE reported a record-shattering $2.67 billion in earnings for the three-month period. Fannie’s latest financial results got a big boost from some accounting gains associated with GAAP reporting. Some $472 million in reported income was generated by a gain on purchased options required by FAS 133, while another $185 million reflected a one-time gain associated with the adoption of FAS 149.