Conforming Limit increase Economic Stimulus Bill

"Expresses the sense of Congress that Fannie Mae and Freddie Mac should securitize mortgages acquired pursuant to the increased conforming loan limits of this Act if the manner of securitization does not: (1) impose additional costs for mortgages originated, purchased, or securitized under existing limits; or (2) interfere with the goal of adding liquidity to the market.
(Sec. 202) Establishes a temporary loan limit increase for mortgages in specified high-cost areas for which a borrower received credit approval by December 31, 2008."

Good question, bump.

Talked to mortgage brokers / bank folks, most of them had no idea but one sharp guy told me that even it passes, it may not take effect till summer. He said there will be high surge of applicants (even higher than, he says he is really busy but he also says that some of his coworkers got cut so its even busier).

I tried calling Citi mortgage since last week. I always seem to give up after 45 min on the hold just to get a new application going.

jifjif, thanks for the info. Please keep us posted on this. I am also comparing rates to get a loan to close in April.