Name Tags in Multiplayer are angled in third-person mode

When in third person mode, name tags in MP are tilted.

What I expected to happen was...:
They would stay straight up, like normal.

What actually happened was...:
Name tags are tilted.

Steps to Reproduce:
1. Go onto a populated MP server.
2. Press F5 to go into third-person mode.
3. Notice the name tags.