On Thursday, May 8, 2008, the House passed a homeowner rescue plan that will provide cheaper, government-backed mortgages to half a million borrowers and has plans to bolster an economy crippled by the housing crisis.

Ignoring the veto threats from President Bush, the House approved the measure by a vote of 266-154, with 39 Republicans supporting it.

It would let the Federal Housing Administration take on up to $300 billion in new mortgages so that financially borrowers facing foreclosure could refinance.