President George W. Bush has signed into law a bill designed to help struggling US homeowners on July 30, 2008. It is a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac. The Bill is called Hope for Homeowner Rescue Program or H4H.
Thousands of at-risk borrowers will be benefited. They will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program - but the bill allows for as many as 1 million or 2 million borrowers to participate in the program.

Here are the highlights of the bill about who is eligible:

1. Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Read more

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Based on CNN news,  Bush threatens foreclosure bill veto

Here is the whole report in CNNmoney.com

Bush threatens foreclosure bill veto

The White House opposes proposed legislation's $4 billion to help states purchase foreclosed properties with Fannie and Freddie footing the bill

WASHINGTON (AP) — A broad bipartisan coalition supporting a massive foreclosure rescue beat back GOP efforts to gut it Thursday, defying a White House veto threat and quashing a bid to make it victim to revelations about two senators' VIP mortgages.

Administration officials said they oppose the inclusion of $4 billion in the measure to help states buy and rehabilitate foreclosed properties, and a plan to have government-sponsored mortgage giants Fannie Mae (FNM, Fortune 500) and Read more

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