Panel Urges OFHEO Funding Hike

House Financial Services Committee leaders are urging appropriators to provide additional resources for the Office of Federal Housing Enterprise Oversight in a continuing resolution that will fund government operations through Nov. 20.In a letter to the House Appropriations leaders, Financial Services Committee Chairman Michael Oxley and ranking Democrat Barney Frank, D-Mass., called for additional funding for OFHEO. Keeping OFHEO funded at its $39.9 million fiscal year 2004 level would "severely constrain" OFHEO's ability to continue its special examination of Fannie Mae and ongoing litigation with former Freddie Mac officials, according to Reps. Oxley and Frank. However, it appears that the appropriators are not sympathetic. "OFHEO has never managed its resources very well," House Appropriations Committee spokesman John Schofield told MortgageWire. He stressed that the FBI, the Department of Homeland Security, and veterans' medical care are also being funded at their fiscal 2004 levels under the continuing resolution. "We treated everybody the same," Mr. Schofield said. "So they need to get over their paranoia."