Federal Housing Finance Regulatory Reform Act of 2008

[AI summary unavailable — showing source text] Federal Housing Finance Regulatory Reform Act of 2008 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to replace the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) with the Federal Housing Finance Agency (Agency), headed by a Director with regulatory authority over the following entities: (1) the Office of Finance; and (2) the Federal Home Loan Banks (FHLBs); (3) the Federal National Mortgage Association (Fannie Mae); and (4) the Federal Home Loan Mortgage Corporation (Freddie Mac). Establishes the Federal Housing Finance Oversight Board to advise the Director. Authorizes the Director to require such entities to submit regular reports of condition. Establishes within the Agency: (1) an Office of Inspector General; and (2) Office of the Ombudsman. Requires the Director to: (1) collect from such entities assessments to provide for Agency expenses; (2) establish criteria to ensure that entity portfolios are backed by sufficient capital; and (3) establish risk-based capital requirements to maintain sufficient capital and reserves to support risks in enterprise operations and management. Amends …