Here are some key points:
1) the loan limits will be raised to $727,000 in high cost areas,
2) the tax credit will be raised to $8,000 with NO payback [a true credit],
3) interest rates have come down 125-150 basis points, and
4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages, and
5) Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.  There are going to be guidelines on this that I will report later.  This is set to be effective March 1st 2009.  What great news for all the investors who want to take advantage of the current market.