To many GSE observers, there were two sides to Office of Federal Housing Enterprise Oversight Director Armando Falcon, who last week tendered his resignation effective May 20. One was that of an ineffective regulator who did little for most of his five-year term and was caught with his pants down when Freddie Mac’s new independent auditor uncovered major accounting problems at the GSE that had flown undetected from OFHEO’s regulatory radar. …