The headquarters of mortgage lender Fannie Mae is shown in northwest Washington October 3, 2006.(Xinhua/Reuters Photo)

The US House of Representative Wednesday approved a wide-ranging housing rescue bill that will offer up to 300 billion dollars in assistance to troubled mortgage giants and homeowners.

US mortgage firm Freddie Mac headquarters is pictured in McLean, Virginia July 13, 2008.(Xinhua/Reuters Photo) 

The bill, passed by 272 votes to 152, will then go to the Senate for a final vote and was expected to become law as early as this week.

"It is the product of a very significant set of compromises," said Rep. Barney Frank, the Financial Services Committee chairman.

"We are dealing with the consequences of bad decisions and inaction and malfeasance from years before. Obviously, it requires a joint effort," he said.

The White House also hailed the approval, saying parts of the bill are "too important to the stability of our nation's housing market, financial system and the broader economy not to be enacted immediately."

The White House has voiced its objections to the 3.9 billion dollar provision in the bill, saying that it was aimed at helping bankers and lenders, not homeowners who are in trouble. But Treasury Secretary Henry Paulson said he has urged President George W. Bush to drop his veto threat over this provision because of the other important elements in the bill.

"This is a very important message that we are sending to investors around the world," Paulson said before the voting, noting the bill would play a key role in turning the corner on the housing crisis.

(Xinhua News Agency July 24, 2008)