S.2574 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to allow the use of qualified mortgage revenue bonds for refinancing mortgages and to provide a temporary increase in the volume cap for such bonds.

Mortgage Refinancing Initiative Act of 2008 - Amends the Internal Revenue Code to: (1) allow, until December 31, 2009, proceeds of qualified mortgage bonds to be used to refinance an existing mortgage; and (2) increase in 2008 and 2009 the national limitation amount for such bonds.