OFHEO Seeking 45% Budget Hike

The Office of Federal Housing Enterprise Oversight is seeking a 45% increase in its budget next year to pay for a larger staff and an ongoing special examination of Fannie Mae that is taking longer than expected.The special accounting examination is "currently being undertaken, and larger resources than anticipated are required to complete it," OFHEO Director Armando Falcon Jr. told a congressional panel. OFHEO is seeking $59.2 million for fiscal year 2005, compared with its current budget of $39.9 million. The increased funding, if approved by Congress, will allow OFHEO to increase its staff to 237 positions by the end of 2005. OFHEO had 178 positions at the start of this year.