WASHINGTON — Hawai'i Reps. Neil Abercrombie and Mazie Hirono supported a housing rescue bill today that could help 400,000 homeowners fend off foreclosure and help keep Fannie Mae and Freddie Mac afloat, if necessary.

"This comprehensive legislation is long overdue to stabilize the housing market and put our economy on the road to recovery," Hirono said.

About $3.9 billion would be used for grants to help communities buy and repair foreclosed properties to prevent neighborhood deterioration.

Abercrombie said Hawai'i could receive $37.2 million to help restore about 600 properties, including about 140 in Honolulu.

The House approved the bill 272-152, sending it to the Senate for its expected consideration by the end of the week.

Earlier in the day, President Bush backed off a threatened veto, saying quick enactment of the bill was needed to help the nation's housing market, financial system and economy.

A key provision of the bill is $300 billion in federal loan guarantees so families at risk of foreclosure could refinance their mortgages.

"To participate, mortgage lenders will have to cut the outstanding balance of the mortgages, which means they are taking a loss," Abercrombie said. "In exchange for a Federal Housing Administration guarantee on their mortgage, homeowners will have to share any profit they made on the resale of the house with the government."

Hirono said other provisions in the bill would help first-time homebuyers and low-income families "living in high-cost housing areas achieve their dream of homeownership."

Under the bill, the government also would be able to help Fannie Mae and Freddie Mac if their financial situation becomes worse and impose more control over the government-sponsored mortgage giants.

Republican opponents call the legislation a bailout for lenders who made risky loans, and some experts doubt it will do much to help the housing market.