Government-Sponsored Enterprises Free Market Reform Act of 2008

Government-Sponsored Enterprises Free Market Reform Act of 2008 - Sets a deadline for the Director of the Federal Housing Finance Agency to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.)

Requires the Director to appoint the Federal Housing Finance Agency immediately as receiver of either enterprise if it is found not to be financially viable.

Restricts the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship.

Requires the Director to establish mandatory minimum capital levels for the enterprises.

Amends the Economic Stimulus Act of 2008 to repeal the temporary conforming loan limit increase for the enterprises.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.

Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.

Requires the enterprises to pay state and local taxes.

Instructs the Director to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit the enterprise receives from federal guarantees for its obligations and financial viability.

Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from such federal guarantees.

Requires the wind down and dissolution of an enterprise whose charter is not renewed.