Google has acknowledged that this was an issue in Android 5.0, and has fixed it in Android 5.1: https://code.google.com/p/android-developer-preview/issues/detail?id=608&thanks=608&ts=1404735239
As for getting custom fonts to work on Android 5.0, there is a recommended work around in the issue page that I linked to above. It is post #16 on the issue. You need to convert your TTF font file to TTX and then convert it from TTX to TTF. You can use this tool to do so: https://github.com/behdad/fonttools/
I found these guides to be helpful for setting up fonttools:
Windows: http://glyphrstudio.com/ttx/
OSX:http://www.fontgeek.net/blog/?p=435
After installed, in terminal or the command prompt navigate to the directory where your TTF file is and run the command:
ttx font_file.ttf
Where "font_file" is the name of your, well, font file. This will output a font_file.ttx file in the directory you are currently in. Then, on this new font_file.ttx file, simply run the command:
ttx font_file.ttx
This will output a new TTF file of your font, and you can use this one in your Android project. These steps worked for me.