The Federal National Mortgage Assn. reported a...

The Federal National Mortgage Assn. reported a $22.7-million third-quarter profit, compared to a $43.1 million loss in the period last year. The government-sponsored company, which buys, packages and resells mortgages to investors, said it had its best quarter in two years because in September it received more interest than it paid out. Because of interest rate fluctuations, that had not happened since December, 1979. FNMA also reported that it borrowed $11.3 billion at 8.8% during the quarter and paid off $9.1 billion in old loans that averaged 11.39% interest. It said it was faced with a write-off of $47.2 million in the third quarter for losses due to foreclosures on homeowners who were not keeping up with their mortgage payments.