Federal Housing Enterprises Transparency and Accountability Act of 2008 - Directs the Federal Housing Board to require each Federal Home Loan Bank, and the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), to carry out a pilot program to reduce risk through the use of electronic platforms to conduct transactions in interest rate swaps and forward rate agreements.