The Federal Home Loan Banks are on pace to have spent $3.75 million in lobbying related expenses for 2005, a projected increase of $642,500 over full-year 2004, according to an analysis and ranking by Inside The GSEs. For the first half of last year, the 12 FHLBanks and the Council of Federal Home Loans Banks spent a combined $1.88 million for various lobbying activities, up 20 percent from $1.41 million for the same period…