Federal Housing Finance Reform Act of 2007

[AI summary unavailable — showing source text] Federal Housing Finance Reform Act of 2007 - Amends the Housing and Community Development Act of 1992 (Act) to establish the Federal Housing Finance Agency (FHFA), which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) ("enterprises") and the Federal Home Loan Banks. Establishes the Federal Housing Enterprise Finance Oversight Board to advise the Director. Authorizes the Director to: (1) raise minimum capital levels to ensure that regulated entities operate in a safe and sound manner; (2) establish temporary minimum capital increases; and (3) establish additional capital and reserve requirements for a particular program. Amends the Federal Financial Institutions Examination Council Act of 1978 to include the Director on the Federal Financial Institutions Examination Council (FFIEC). Transfers from the Department of Housing and Urban Development (HUD) to FHFA, the authority to approve programs and to oversee the mission requirements of the enterprises. Sets forth enterprise conforming loan limits for small family residences, and related requirements. Requ…