Conforming Loan Limit Temporary Adjustment Act of 2008 - Increases the maximum original principal obligation of certain mortgages originated between July 1, 2007, and December 31, 2008, that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac).
Allows a loan whose principal amount is 125% of the area median price for a residence of applicable size, up to 175% of the regular loan limitation.
Expresses the sense of Congress that: (1) securitization of mortgages by Fannie Mae and Freddie Mac plays an important role in providing liquidity to the U.S. housing markets; and (2) Congress, therefore, encourages Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits established in this Act.