Federal Housing Finance Reform Act of 2005

[AI summary unavailable — showing source text] Federal Housing Finance Reform Act of 2005 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency, which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Home Loan Banks, and the Federal Home Loan Bank Finance Corporation; and (2) the Housing Finance Oversight Board. Sets forth operations and administrative provisions, including provisions respecting: (1) capital levels, classifications, and undercapitalized entities; (2) loan levels; (3) housing goals; and (4) enforcement and compliance. Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation, which shall: (1) issue and service the consolidated obligations of the Federal Home Loan Banks; and (2) perform all other necessary functions in relation to the issuance and service of such obligations as fiscal agent on behalf of the Federal Home Loan Banks. Transfers the functions of the Office of Finance of the Federal Home Loan Banks to the Corporation. Amends the Federal Home Loan Bank Act to increase total asse…