The Senate on Friday voted to fund the Office of Federal Housing Enterprise Oversight at $19.5 million in fiscal 2000, a 22% increase.

The decision reversed a Senate Appropriations Committee vote earlier this month to freeze the agency's budget at $16 million. Senate Banking Chairman Phil Gramm, R-Tex., was among those who argued for the larger budget.

The Housing Enterprise office, which oversees Fannie Mae and Freddie Mac, said it will use most of the additional funds to fill 14 new staff positions. The House approved the $19.5 million budget Sept. 9. -- Scott Barancik

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.