WASHINGTON (Reuters) - The director of the White House Budget Office on Friday said that operations of mortgage companies Fannie Mae and Freddie Mac seized by the government last week should not be treated as part of the federal budget.

"While the GSEs (government-sponsored enterprises) will not be included in the budget at this time, I will continue to monitor closely the implementation of the government's arrangement ...and may revisit their budgetary status in the future, if conditions change," Office of Management and Budget directorJim Nussle said.

The Treasury Department and Federal Housing Finance Agency announced last Sunday the two companies were being seized and placed in a conservatorship. Treasury will take an equity stake in them in order to ensure they have enough capital to continue operating.

(Reporting by Glenn Somerville; Editing by Theodore d'Afflisio)

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