The House approved a sweeping plan Wednesday to ease the country’s most serious housing crisis since the Great Depression by providing aid to homeowners facing foreclosure and a federal backstop for struggling mortgage giants Fannie Mae and Freddie Mac, the L.A. Times reports.

In a sign of election-year anxiety over the economy, the White House dropped its veto threat and signaled that President Bush would sign the bill, despite his opposition to a provision to provide $4 billion to communities to buy and fix up vacant properties.

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