The House passed a bill aimed at shoring up the mortgage industry and preventing foreclosures after the president dropped his veto threat.

The bill passed by a vote of 272-152. The American Housing Rescue & Foreclosure Prevention Act, H.R. 3221, puts a new independent regulator in charge of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, replacing the Office of Federal Housing Enterprise Oversight. The bill provides resources to allow cities and states to buy up and rehabilitate foreclosed properties. It also expands home ownership opportunities and helps returning soldiers avoid foreclosure.

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