Provision 3: Permanently increase "conforming loan" limits

This increases the cap on the size of mortgages guaranteed by Fannie Mae and Freddie Mac to $625,000 from $417,000. It also increases the FHA maximum for high-cost areas to $625,000. Higher loan limits will, in theory, make it easier for borrowers to qualify for mortgages.

If you're looking to buy a home in this market, make sure you get our advice for finding the best mortgage for you.

Provision 4: Give grants to states to buy foreclosed properties

The White House particularly objected to this part of the bill, saying it served to help lenders more than homeowners. It provides $4 billion in block grants to states to buy up and rehabilitate foreclosed properties.

Of course, the states aren't the only ones who can buy foreclosed properties. We hear from plenty of readers wondering if they could get a bargain by investing a foreclosed home. Watch our video Should You Buy a House in Foreclosure to learn about the points you need to consider before taking the plunge.

Provision 5: Giving Fannie and Freddie a boost

For better or worse, Fannie Mae and Freddie Mac own or back $5.2 trillion (yes, trillion) in mortgages. Worries over whether or not they will have enough money to survive future losses in the housing market have caused massive drops in shares of both entities since the beginning of June. The bill empowers the Treasury department to offer Fannie and Freddie an unlimited line of credit, and if necessary, to buy stock in both companies. There are concerns that this unlimited "fail-safe" could leave tax payers with a huge bill to pay, but as we said in our recent article Why You Should be Concerned About Fannie and Freddie, but this is one instance where we agree the government should step in – or the consequences could be disastrous for all of us.

As we said, we don't have high hopes for this bill having a real impact, but we wanted to be sure you were aware of the key provisions and how they may help or hurt you. The housing crisis isn't going away anytime soon, and neither are we. We'll stay on top of it and help you make the smartest moves with your money every step of the way.

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